Business & Tech
Interest In SoCal's Luxury Housing Market Soars After SpaceX IPO: Report
At the end of trading on June 12, SpaceX raised $75 billion becoming the largest IPO in history.
EL SEGUNDO, CA — SpaceX's long-awaited initial public offering has reportedly had a surprising affect on Southern California's luxury home prices as early investors jockey for the chance to own prime real estate in the Southland.
The company's record-breaking IPO created overnight millionaires and triggered fears of a tighter housing market. Some real estate agents in high-income markets such as Manhattan Beach, Santa Monica, Venice and more have already begun fielding inquiries on $5-million-plus properties, the Los Angeles Times reported.
At the end of trading on June 12, SpaceX raised $75 billion becoming the largest IPO in history, more than double the IPO of Saudi Arabia's state-owned oil giant Saudi Aramco.
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Economists say bidding wars in Southern California's high-end housing markets could heat up toward the end of the year when IPO lockups — the date when early investors are allowed to sell shares they acquired before a company went public — expire.
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