Publisher’s Note from Dreams People Issue 2017
Our last issue, THE ULTIMATE ESTATES, featuring Los Angeles and global estates listed from $10 million to $250 million, began our story telling of the significant change taking place in our backyard. This issue takes you inside The New Angeleno Power.
Our economic growth in the LA region is being fueled by global investments and new entrepreneurs in many sectors. We are now a true GLOBAL REGION of ultra-wealth, just like Hong Kong, Dubai, London and NYC.
What this major transformation means to many native Angelenos however, is significant when it comes to real estate prices. Competing for homes and estates in the most prestigious neighborhoods is no longer fellow Angelenos, but global buyers.
Location. Location. Location.
The Southern California Dream post World War II was fueled by military men that were stationed on the West Coast, along with young East and Midwest people seeking to achieve the American Dream with endless opportunities. For more than 60 years, these dreamers created one of the most dynamic, innovative, and wealthiest regions in the world.
Today, the LA DREAM is being fueled by global investors coming from the Pacific Rim and the Middle East. They have the same desire to achieve the American Dream, and are focused on real estate, education, business, technology and trade. The major difference is that many of those coming from the Pacific Rim and Middle East have substantial family wealth to fuel their dreams. Many individuals from these countries are protecting and investing their wealth in our region because we are the most desirable location in the world. This new global investment has created a “supply and demand” equation that is now based on international economics and not merely California or American economies of wealth.
New Desert Oasis.
Extending from this concentrated region of wealth is the leisure and entertainment corridor, which now runs direct to Las Vegas. Emerging as the number one region for Californians to invest in real estate, Vegas has seen a large influx of Baby Boomers who have cashed out of their homes and moved into the new exclusive guard-gated communities of Las Vegas for several reasons.
The absence of personal income taxes, 24-hour entertainment that is not available in Palm Springs or other California communities, and the cost per square foot for an estate is substantially lower than California. Forbes recently listed Las Vegas as one of the TOP 10 places to invest in real estate, and the region has seen many foreign investors buying into this desert dream.
An Expanding Global Region.
The significance of this global expansion into Southern California is that government boundaries of cities and states are blurring. Colleges, universities, research centers, ports and airports, transportation systems, and expanded housing markets are developing to meet demand.
If you draw a circle on a map, the NEW GLOBAL REGION is centered in Los Angeles and extends south to San Diego and east to Las Vegas, with more than 25 million residents and 80 million annual visitors. Now that’s global impact!
Steve Tobia, Publisher Dreams Magazine
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