The company is expected to go public in early 2017 with an IPO reportedly valued at $25 billion, and doing so could mean “dozens, if not hundreds, of newly created millionaires will be hitting the market,” says The Hollywood Reporter. It seems fairly likely that much of that big money will go toward buying houses in Venice, considering how entrenched in the neighborhood Snap already is.
Sure, there are other Silicon Beach neighborhoods where the newly wealthy could invest their money. There are stylish, modern houses going up in Playa Vista, and there’s always neighboring Santa Monica. But, says Juliette Hohnen of Douglas Elliman: "Venice is as solid as a rock. If you are a New Yorker or from San Francisco, this is where they all want to live."
Where will the new hotspots be? A handful of brokers told THR they expect to see a lot of interest in Millwood Avenue between popular shopping street Abbot Kinney and Lincoln Boulevard. A few celebs have moved in there, including Game of Thrones star Emilia Clarke.
Partners Trust broker Mark Kitching foresees the area of Venice north of Oakwood Park being another hot ticket, because it’s close to Abbot Kinney and increasingly hip Rose Avenue.
Both locations are walkable to cool shopping and eating streets; walkability really resonates with “tech buyers,” Kitching says, as does having a one-of-a-kind house. (The $5.7-million Wave House in Venice was pictured in the THR article as a type of residence that would probably attract a Snap employee.)
Wherever Snap employees decide to buy, Halton Pardee + Partners founder Tami Pardee seems confident that the influx of new, monied buyers will happen gradually. She told THR that when Google came to Silicon Beach, the market “didn't go crazy overnight.”
But, Pardee says, she is already working with “a number” of Snap workers.
- The L.A. Hood Where Snapchat Millionaires Will Snap Up Houses Post-IPO [THR]
- Is Inexpensive Venice Housing so Rare That Snapchat Is Renting Some for Its Workers? [Curbed LA]
- Snapchat Taking Over Tons of Space at Santa Monica Airport [Curbed LA]
- Snapchat is Being a Very Sore Winner About Taking Over Venice [Curbed LA]
- A Partial List of Venice Businesses Potentially Pushed Out By Unstoppable Snapchat [Curbed LA]