Over the last decade, Venice Beach has become one of the most sought after real estate location in California, especially for millennials. The artsy beach town is so diverse and unique that people are fighting for a stake in the market. But, what makes Venice so appealing? And what does this boom mean if you already own a home here?
Venice Beach is one of those places that once you visit you’ll never want to leave. The atmosphere is unlike any other, with an artistic vibe that is almost palpable. From the beachfront all the way to Abbot Kinney, the Venice Beach brand never changes. It alters slightly from eclectic art along the water, to high-end galleries and boutiques, but the soul of the community remains the same.
The fact that you can be on the beach one moment, and in an entirely other world minutes later on Abbot Kinney is so appealing to the trending California lifestyle. Another appealing part of living in Venice are the one-of-a-kind Walking Streets and old venetian Canals. You can be popping in and out of popular boutiques one moment, and then wandering back in time down a Walking Street the next. For those of you who don’t know, the Venice Walking Streets are pedestrian only avenues tucked away in the fabric of Venice. They were designed in 1900’s are a way to make Venice Beach look more like its name-sake in Italy. Today, they are just a scenic way to get from Lincoln Boulevard to Abbot Kinney Boulevard. The Canals were constructed for a similar purpose, but today are more a beautiful place to visit than an actual way of transporting around the city.
If you own a home in Venice, then you probably are already well aware of the beauty that your community holds. You’re probably also aware that more and more people are moving into the town. Over the last few years, Venice has become on of the most expensive neighborhoods in Los Angeles, being coined the “Beverly Hills by the beach.” The median home value today is $1,578,200 coming in just behind the real Beverly Hills. Venice is also the most expensive place to rent in all of LA. So what does this mean if you own a home? Well, if you are looking to sell now could be the time. Those who bought homes 20 years ago bought their homes at $251,000 on average, meaning they could make over a million dollars by selling their place. If you have real estate that you are looking to rent out, the average cost of rent in Venice Beach is $1,200 a month according to areavibes.com. Meaning you could have a pretty great extra income if you were to rent out your property.
Venice Beach is truly like no other place in this country, and its not going unnoticed.