SANTA MONICA, CA / ACCESSWIRE / November 8, 2017 / Los Angeles has long been associated with the movie industry, immediately conjuring up images of the iconic Hollywood sign, the grand Beverly Hills mansions, and the beachfront splendor of Santa Monica. Incidentally, these areas are part of West LA, which is now benefiting from the keen interest that real estate developers are exhibiting in the film mecca. LA will undoubtedly remain the symbol of movie magic, but the State of California is now also emerging as a highly desired destination for technology companies, which is bound to spur real estate development, both commercial and residential, according to Neil Shekhter, founder and CEO of Santa Monica-based NMS Properties.

Earlier this year, British investment bank Schroders declared LA the world's best city for real estate investment, putting it before London in the third edition of its annual Global Cities 30 Index. One thing that impressed the bank was the city's strong educational establishment, with names worthy of special mention including the Westside-located University of California, Los Angeles (UCLA). More importantly, LA is becoming a magnet for technology start-ups and some of those calling the city their home have already broken into the top ranks of the industry. A few of them are headquartered in the Westside, such as instant messaging service Snapchat, online dating platform eHarmony, and grooming products vendor Dollar Shave Club. As new industries set their sights on LA, the city is starting to attract residents from Northern California, as well as foreign real estate investment: Chinese developers are more interested in LA than in Miami and New York, Neil Shekhter points out. "The scale and economic depth of LA makes it a compelling location to work and live. One of its key economic strengths is that it doesn't have to rely on only one industry. The technology sector, in particular, has grown substantially over the past few years, and this has not only boosted demand for office space but also for residential property, much of it due to the increased hiring of Millennials," according to Tom Walker, co-head of Schroders' global real estate division.

Median home prices in LA County hit a new record in August 2017 after rising in each of the preceding four months, surpassing levels recorded before the 2007 recession, data from CoreLogic showed. Demand is vastly outpacing supply as LA creates jobs much faster than it can accommodate buyers through new housing development, Neil Shekhter notes. This creates tremendous opportunities for real estate investors and West LA in particular has witnessed a flurry of new project announcements in recent months.

Launching NMS Properties in 1988, Neil Shekhter assumed the role of CEO in January 1995. The real estate management company focuses on multi-family and mixed-use properties in the Greater Los Angeles area and in Santa Monica. At present, NMS manages more than 70 properties.

Neil Shekhter - Founder and CEO of NMS Properties: http://www.neilshekhternews.com
Apartments For Rent In Los Angeles And More - NMS Residential: http://www.nmsresidential.com
NMS Properties - Real Estate Management Firm: http://nmspropertiesnews.com

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SOURCE: Neil Shekhter