As residents of Silicon Alley (a clever knockoff of California’s original Silicon Valley), we don’t have much room to mock other cities around the country for attempting to claim a piece of the tech pie all for themselves. But we couldn’t help but notice in a Wall Street Journal real estate feature that Los Angeles–despite the fact that it’s already well-known for being the entertainment capital of the world–is still trying to make “Silicon Beach” a thing. SMH.
The Journal reports that tech bigwigs like Peter Thiel, Mars enthusiast Elon Musk, Romney critic and investor Ray Lane, Matt Jacobson, Facebook’s stylish head of market development, the Winklevii and Oracle CEO Larry Ellison have all recently plunked down millions of dollars for vast palatial compounds in the land of smog and nose jobs. The newly blurry line between tech, media and entertainment is enticing young techies with money to burn to ditch the fog for beachfront stunners.
Ever since Google opened its Venice Beach headquarters, home prices in the area have skyrocketed–despite the fact that tech stocks, on the whole, are kind of tanking. And apparently tech titans are much more annoying to work with than even your typical home buyer. “They will challenge your knowledge of the market. And only if you pass will they trust you,” one broker said, exercising great restraint by not using the term “know-it-all.”
Of course, there’s another reason besides the good weather that has “Silicon Beach” filling up.
“A lot of these guys are young, they have cashed out, they are bachelors, they like to party,” one real estate broker told the Journal. “And let’s be honest, the partying in Hollywood is way better than in Silicon Valley.”
Ah, it really is 1999 all over again, isn’t it?