Recently, the Orange County Register published an article about Los Angeles and the surrounding communities that are leading the state and the nation in the real estate recovery from the Great Recession. With that recovery in full swing, residents and investors are taking notice of Playa Vista. Located in the lower Westside of Los Angeles, Playa Vista boasts a variety of up-and-coming business, residential and commercial developments.

Playa Vista is located north of the Los Angeles International Airport and Southeast of Marina del Rey, in an area with great potential for development. Technology companies are looking to the area for spacious, affordable commercial land. Emerging media startups are moving in, fueled by visionary young people who play as hard as they work. Developers are eyeing the area to build homes, condos, apartments and plenty of high-end retail and entertainment venues to keep the market going strong.

Companies like Fox Sports Interactive Media, Microsoft, GameFly and YouTube are cropping up in the area. The growth of these new businesses will help fuel the real estate recovery even more. Not only do the younger tech-centric entrepreneurs have cash to spend, they are expected to grow their businesses and their families in the area, resulting in a more stabilized housing market over the long-term.

There’s some excellent master planning going on in the community. The housing crisis and recession had left the Promenade at Howard Hughes Center without anchor stores and other major tenants. The recent push to redevelop the mall as a place for dining and entertainment is all part of the plan, according to director of leasing for Passco Cos, Howard Wong. “We want to take advantage of what’s happening in the market,” said Wong.

There are also areas planned for new development near Marina del Rey. The Runway at Playa Vista is a master planned $260 million project with over 3,000 residential properties. The four city block area will be a place where the community can gather for commerce and entertainment. The developer says preliminary work is already complete and by the end of the year, residents and tourists will start to see the development taking shape.

If you’re in the real estate market, remember that it’s important to keep up with the local real estate news. Momentum Realty Group can help you stay up-to-date and ahead of the latest trends. Contact us today!