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Avalon is a resort community and has a primarily tourist-based economy. As of 2016, 38.4% of the employed population worked in the arts, entertainment, recreation, accommodation and food services industries. An additional 13% worked in retail trade and 7% in real estate, rental, and leasing.
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments. As of January 31, 2021, the company owned 79,856 apartment units in New England, the New York City metropolitan area, the Washington, D.C. metropolitan area, Seattle and California. It is the 3rd largest owner of apartments in the United ...
The first owner to try to develop Avalon into a resort destination was George Shatto, a real estate speculator from Grand Rapids, Michigan. Shatto purchased the island for $200,000 (equivalent to $5.9 million in 2023 [13]) from the Lick estate at the height of the real estate boom in Southern California in 1887. [14]
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Avalon Beach is a surfing beach and has a 25-metre salt water rock pool at the south end. It is renowned for its rich orange-coloured sand (that indicate the presence of iron oxide), which contrasts to the typical yellow coloured beaches in the eastern suburbs. [17] Avalon Beach SLSC members patrol Avalon Beach. [18]
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