In his latest column for MarketWatch, The Agency’s Edward Fitz offers his take on the current state of the Los Angeles real estate market. With housing inventories close to historic lows and prices at historic highs, he looks to the city’s new wave of transplants—the young, the aspiring, the driven and the rich of the world—who are transforming L.A. into a global megalopolis.
Silicon Beach is stealing talent and funding from Northern California tech firms, Venice is a hub for new investment, housing and commercial development, and the return of the L.A. Rams is bringing tremendous investment to Inglewood. In addition, visionary businessmen are bringing new life and vitality to the city. Eli Broad opened his fantastic self-named museum downtown, and L.A. will soon be home to the Berggruen Institute, founded by the German “homeless billionaire” Nicolas Berggruen.