Los Angeles is a desirable place to live. Just look at the weather going on around the country right now. And Google LOVES us. Google has just leased 100,000 sq. ft. of space in there buildings in Venice, CA. One of them is the Frank Gehry Binoculars Building, previously leased by the advertising giant Chiat/Day. This lease is part of a major expansion by Google in Southern California, and is great news for Los Angeles as the company focuses on hiring around 6,000 new employees this year.
Why is Google expanding in the Los Angeles area?
Google is fighting for top talent with rivals such as Facebook, Twitter and the like. Los Angeles is still a very desirable place to live and Venice properties are extremely close to the beaches with 300 days of sun to take advantage of them. Being close to the entertainment industry and access to the technical know-how of graduates from local universities doesn't hurt either. The average sales price for single family homes in Venice Los Angeles in 2010 was $1,153,235 with 154 h0mes sold. Average days on the market for homes sold were 70. There are presently 79 Venice Los Angeles homes for sale at an average price of $1,514,998. The average sales price for condos in Venice Los Angeles in 2010 was $1,009,336 with 37 sold. Average days on the market for those condos was 55. There are currently 14 condos on the market in Venice Los Angeles for an average price of $1,049,500. Based on last year's sales, both the single family home and the condo markets are primarily a buyer's with around 7 months of inventory. 6 months is a balanced market. If you are considering moving to the Venice Los Angeles area, now is a good time to buy. <Map of Google's New Venice Los Angeles Home
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That's very cool news, Jane. But what a great area!! Even better if they decide to buy property in teh area, That alone would escalate the property values in the area. What a cool neighbor to have! And it means some more jobs.
Jeff
Jeff, I love the idea of the jobs. That is the best news.
Awesome news, another mega giant moving to LA. Property values in Venice and surrounding areas should skyrocket.
Leolinda, it certainly is good news for the Westside of Los Angeles for sure.
I'd say you were the local expert! Excellent post.
Google is definitely expanding. I hadn't heard of their expansion to your area, but they are also planning on adding several thousand jobs here in the Silicon Valley I learned today from a commercial real estate agent. The energy is definitely back.
Marcie, thank you.
Lottie, that is great news for you guys to. Google rocks.
Jane, great news for Venice and you. With the average selling price of homes in Venice as high as it is...Google must be paying very well. Location, Location, Location!
Nick, indeed. Google is going to have to pay very well. They have competition.
Jane - that is AWESOME news! If you can now get a discount on Google Juice, please send a case for my birthday!!
Hi Jane. Excellent local market report... and great news about Google moving into your neighborhood!
That's great news for the entire State, Jane. California is starting a rebound right now, and it's very exciting. SaleForce.com is expanding their campus into the City, and there's a lot of buzz talk about it...things are moving and shaking.
Great news Jane... any uptick in Google hiring (or any other major company hiring) is good for the economy... woohoo!
Lori, if you tell me the flavor I will send it.
Bill, it is, isn't it.
David, not sure I want the shaking.
Peggy, absolutely. Woohoo indeed.
I certainly hope this post gets you lots of Google juice! LOL