the housing market is insane right now out here if you are buying. However keep in mind that it is california real estate. Unless something drastic happens its not going to come down at all. It amy slow dow its price growth rate a bit though...
tell that to all the folks who ended up upside down in the early 1990s. dont bet on it requiring anything drastic for house prices to fall here. lots of dumbasses in interest only and 3-5 year arm loans that are going to be screwed when their loans reclaibrate. if appreciation slows and wage growth rates stay constant, there will be lots of forclosures and the flood in supply will drop prices.
Some girl the other day was tellin me about that shit along with something called 'liquid virgin' and it made me queasy and she was hot and I was not attracted to her after that.
the housing market is insane right now out here if you are buying. However keep in mind that it is california real estate. Unless something drastic happens its not going to come down at all. It amy slow dow its price growth rate a bit though...
tell that to all the folks who ended up upside down in the early 1990s. dont bet on it requiring anything drastic for house prices to fall here. lots of dumbasses in interest only and 3-5 year arm loans that are going to be screwed when their loans reclaibrate. if appreciation slows and wage growth rates stay constant, there will be lots of forclosures and the flood in supply will drop prices.
Word. That's good to hear... Although SF went crazy in the internet boom and never came back down... that is all I am worried about...
Just to emphasize what others have pointed out - I don't live in LA anymore but I still have a lot of fam down there and my wife and I were talking about making a move down there because the real estate market in S.F. is so fucking out of control.
What everyone has told you is basically correct - I think what you need to determine is this:
Rent or own? If it's rent, you have a lot more options. If you want to buy...well, you got some challenges ahead of you. L.A. has been in the midst of a huge real estate bubble over the last 5-10 years and while it's not as bad as S.F. (yet), a lot of modest homes for middle class families are quickly disappearing and the whole market is getting priced up and up. While there might still be some neighborhoods lower than others, the situation in LA seems to bear some resemblance to SF despite being far bigger. There's just a lot of demand for family housing and that's causing prices to skyrocket. I've heard it's been around 20-30% over the last 5-7 years but I might have my stats wrong.
In terms of neighborhood, as someone who grew up in the San Gabriel Valley, just realize that the region is still very segregated. You cross 280 in Pasadena and suddenly, it's notably black but south of the freeway? White and Asian. Also - the smog out in that area is spectacularly bad and culturally, the region is pretty dull to boot. On the flipside, there are pastrami dips at The Hat on Lake. Mmmmmmmmmm...pastrami dip. (The schools are good out there though.)
Personally, I really like the neighborhoods out by Chavez Canyon like Mt. Washington as well as Los Felix. My friends really love Echo Park. Silverlake is prob going to be a bit too hipsterish for your taste.
And record shopping suuuuucks. But I know this is about fam
I'd say if you're gonna make the move rent for a few years and wait for housing prices to drop. The real estate market is due for a correction of anwhere from 1/5 to 1/3. Certain areas have tripled in value in the last eight years, just impossible to keep up with that kind of drastic growth. Buy low!
I'd say if you're gonna make the move rent for a few years and wait for housing prices to drop. The real estate market is due for a correction of anwhere from 1/5 to 1/3. Certain areas have tripled in value in the last eight years, just impossible to keep up with that kind of drastic growth. Buy low!
I'm not doubting you but everything thinks there's going to be a "correction" up here in the bay and there hasn't been a goddamn thing like that for 10 years.
Folks shouldn't panic buy but waiting may not prove fruitful.
I'd say if you're gonna make the move rent for a few years and wait for housing prices to drop. The real estate market is due for a correction of anwhere from 1/5 to 1/3. Certain areas have tripled in value in the last eight years, just impossible to keep up with that kind of drastic growth. Buy low!
I'm not doubting you but everything thinks there's going to be a "correction" up here in the bay and there hasn't been a goddamn thing like that for 10 years.
Folks shouldn't panic buy but waiting may not prove fruitful.
true. it is pretty much inevitable that there is some sort of correction, but with interest rates so low, you may still be better off buying high. such a fucked up market that ordinary rational economic principles dont really apply.
f***. i was just going to ask yesterday in the gas thread if anybody had any experience with real-estate... i'm in no position to bankroll my idea but know there has got to be ways to get a bank or third party lender to help with some loans. i doubt i could even pay for a 10% up-front of the cost to buy a building and fix it up. but i know it has to be a profitable idea. btw im not talking about a single family house (which i doubt i can afford the mortgage on either), im looking at a something i can carve a few rentals out of (but not a typical apartment building either). am i trying to dive head first into the shallow end?
am i trying to dive head first into the shallow end?
yes, no smoking 30 minutes before you swim. i got a property for you. actually i got 3 really fucking dope ones, but you gotta find about 150 large for a split on the downpayment for the best of 'em. 100gs on the other 2 (matching pair). both are winnners. call me tonight, i'll give you the scoop.
I lived in the North Hollywood Arts District (transient/renters/hoodish) and our rent for a one bedroom apartment was $875.
Benefits: young beautiful women of all ethnicities!, lots of restaraunts, clubs, things to do, close to subway.
Downside: people stealing your shit, parking hassles, urban possums (no fear of humans), not cool for kids
We now live in Sylmar in a 4 bedroom 3 bath 3 car garage where our rent is $2350 a month with gardener. People in my neighborhood have rv's, jet skis, boats, and hot rods being built next to their late model sedans and suvs. Behind my yard is the Los Angeles National Forest...mountains!
Benefits: quiet, privacy, yard, space for EVERYTHING, bbq, i can leave my car windows down overnight, clean streets, parks, hiking, mountain biking, you can actually see the stars at night
Downside: No good restaraunts except for mexican, no decent stores (unless your a Sams Club guy), no night life, further away commute is longer, coyotes, racoons, squirrels/
The house is valued at 650k. Sylmar is about 30-45 min. from L.A. proper. The same house in the heart of L.A. would easily be over $1 mil. We found a house with similar ammenities in L.A. but the rent was $3200! We chose Sylmar. My neighbors are families- Asian, Black, and Latino and nobody has tripped on us- 4 single dudes with tons of friends and visitors. Again I live in the best part and it's more mixed. Sylmar is predominantly woring class and latino. Most of my driving is to Burbank, Sherman Oaks, Northridge or Santa Clarita. Those places have malls, dining, jobs- stuff to do! All are within 20 minutes from me.
Valencia/Santa Clarita is booming with new housing and about 15 minutes north of where I'm at. Everything is brand new..houses, stores, etc. Lots of open space and your money will go farther in getting a house. Think high desert...heat and sand. Some areas have green. Ethnicity is majority white but there are blacks, latinos, and asians as well. I have experienced some subtle profiling/prejudice there but only from older people.
Lancaster/Palmdale is even further out than Valencia but you can get more bang for your buck. I know several older L.A. rappers who now live out there. Again, high desert. Not too sure about people there. Too far for me.
Pasadena is beautiful..small town look and feel hidden in the big city. Not far from L.A. proper (15 min.) I was near The Hat on Lake last week and I was actually surprised at the different ethnicities I saw...it wasn't all white.
Glendale is cool. Montrose, La Crescenta, La Canada are nicer parts with small town feels. Major ethnicity is Armenian. I've seen all races there though. Again, money...the color green suppresses blatant prejudice or racism. Learn a little Armenian and you'll really know what they're saying!
Other family friendly spots in the valley with spacious lots and houses: Northridge, Chatsworth, Mission Hills....a ton man.
These are all far away enough to be priced right yet still close enough to L.A. Really tho I'm sure you already know basic neighbor rules: if you're a professional, keep your yard looking right, keep your car maintained, don't wild out etc...people will respect you and be friendly no matter what you are. The key is to find out before you commit if your neighbors follow those same rules.
Nearly all these places (minus lancaster/palmdale; Valencia/Santa Clarita is not in L.A. county) are in "The Valley." Hipsters and True L.A. dudes might say it ain't L.A. but really the valley is where a lot of stuff pops off- porn, music studios, tv/film studios. All kinds of stuff. Don't let the naysayers fool you into thinking it's whiteyville, squareville, lame. Your commute might be further, but really most companies are building in the burbs for the same reason you'd wanna move there- cheaper real estate.
f***. i was just going to ask yesterday in the gas thread if anybody had any experience with real-estate... i'm in no position to bankroll my idea but know there has got to be ways to get a bank or third party lender to help with some loans. i doubt i could even pay for a 10% up-front of the cost to buy a building and fix it up. but i know it has to be a profitable idea. btw im not talking about a single family house (which i doubt i can afford the mortgage on either), im looking at a something i can carve a few rentals out of (but not a typical apartment building either). am i trying to dive head first into the shallow end?
No, but you probably won't get 10% down. Most lenders want 20% down on a commercial property. One tactic that works sometimes is moving into a building and taking out a residential loan, where you can get as low as 5 or even 3% down, plus a lower interest rate. A lot of it depends on lender, but there is usually a residence clause - from what I've read 1 year seems to be common - that's how long you must live there. You can get a residental loan on a single fam, duplex, triplex, or quadplex I think.
I haven't done any of this (yet) but hey, I've read like 12 books.
say hello to the gentlemen representing Park Village Compton...[/b]
Phil..
i'm not the type of person to give advice on life changing decisions ..so i'll just give you my situation...
If i was not born and raised in Los Angeles County i would hate this place...the cost of living is not as expensive as New York...but raising kids and dealing with our cost of living is miserable...i (like you) have 2 children and a Mrs and make a pretty damn good living and sometimes i want to move away from this place...i'm enrolling my children in private school this year and the tuition is BONKERS and i'm trying to move into a larger home and the houses i'm looking at are in the $500,000+ range and these are MODEST 3 bedroom 2 baths....not to mention the freeway shootings..gangs..random crime..racial tensions in schools..car jackings..FAKE ASS L.A. TYPES..etc.. etc..
f***. i was just going to ask yesterday in the gas thread if anybody had any experience with real-estate... i'm in no position to bankroll my idea but know there has got to be ways to get a bank or third party lender to help with some loans. i doubt i could even pay for a 10% up-front of the cost to buy a building and fix it up. but i know it has to be a profitable idea. btw im not talking about a single family house (which i doubt i can afford the mortgage on either), im looking at a something i can carve a few rentals out of (but not a typical apartment building either). am i trying to dive head first into the shallow end?
No, but you probably won't get 10% down. Most lenders want 20% down on a commercial property. One tactic that works sometimes is moving into a building and taking out a residential loan, where you can get as low as 5 or even 3% down, plus a lower interest rate. A lot of it depends on lender, but there is usually a residence clause - from what I've read 1 year seems to be common - that's how long you must live there. You can get a residental loan on a single fam, duplex, triplex, or quadplex I think.
I haven't done any of this (yet) but hey, I've read like 12 books.
thanks for the tips. i do plan on living there anyways. at least for the forseeable future. it wouldn't be a traditional residence though. read: loft type living situations (with a twist).
say hello to the gentlemen representing Park Village Compton...[/b]
Phil..
i'm not the type of person to give advice on life changing decisions ..so i'll just give you my situation...
If i was not born and raised in Los Angeles County i would hate this place...the cost of living is not as expensive as New York...but raising kids and dealing with our cost of living is miserable...i (like you) have 2 children and a Mrs and make a pretty damn good living and sometimes i want to move away from this place...i'm enrolling my children in private school this year and the tuition is BONKERS and i'm trying to move into a larger home and the houses i'm looking at are in the $500,000+ range and these are MODEST 3 bedroom 2 baths....not to mention the freeway shootings..gangs..random crime..racial tensions in schools..car jackings..FAKE ASS L.A. TITTIES..etc.. etc..
Oh, HELL naw!!! I'm keepin' my brown ass in Philly, holmes! Schitt looks like it's waaaaay more expensive to live in LA than it is is right hurrr. Although real estate prices are exploding in the Philly area, too, which means if I sell my house I will make a HUGE profit... which would ease the strain of having to spend 600K+ for mi casa in the city of angels. Plus, as I stated initially, if I come out there it would be because my cake situation is gonna be off the meat hooks, so when ya put it all together, who knows... maybe it would be doable. I think I'm more worried about the smog, gang activity and the prospect of seeing the Lakers on tv all the damn time than I am about the financial situation at this point! Regardless, sounds like there's a lot of good things about SoCal life, especially the weather (I am really sick of shovelling snow, mane).
Thanks to urrrbody for the info (I always know I can count on y'all dudes to come wit it... soulstrut is the SCHITT).
P.S.: the fake ass titties are indeed a problem, too
Phill, my lady and I have been here a year and will probably be here for a couple more but in all honesty, when we are ready to buy, best belive it will be in the mid-atlantic...philly, b-more area. I like it here, the weather is nice, lots of things to do and there's lots of money to be made but the traffic and smog will get old after a while. Not to mention $10 matinees, $2.80 Regular gas, bad uninsured drivers and self obsessed wanna be stars ... day in and day out. We came here knowing it was a pit stop. My adivce to you would be to stay put. Maybe sell your house and move into something bigger in the same area.
I live in Hollywood and the next door neighbors just purchased a 3 bedroom 2 bathroom house for 1.2 million....shit is ridiculous! Espeically considering that a 5 minute drive will put you smack dab in the middle of transvetites and meth smokers/dealers.
The parking situation out here is TERRIBLE...not even a parking permit helps anymore. Out of the 8 apartment complxes on my block only one of them has thier own parking lot! I almost got into a fight with someome over a spot couple weeks ago till thier girlfriend came out.
The "appeal" of Hollywood is that you're in the middle of the city and everything is 20 minutes away. If you're gonna consider this area I'd look at the west hollywood/beverly hills area and next to the beverly center.
The futher east you go towards the city and the tourist part of hollywood (boardwalk of fame) the more it becomes a cess pool.
Comments
tell that to all the folks who ended up upside down in the early 1990s. dont bet on it requiring anything drastic for house prices to fall here. lots of dumbasses in interest only and 3-5 year arm loans that are going to be screwed when their loans reclaibrate. if appreciation slows and wage growth rates stay constant, there will be lots of forclosures and the flood in supply will drop prices.
Not at all. It just makes it look prettier.
Nah from what I gather its like a temporary thing in a visine looking dropper.
Word. That's good to hear... Although SF went crazy in the internet boom and never came back down... that is all I am worried about...
According to that calculator, my wife and I can make $60,000 less in Phoenix for what we're doing here in L.A.
Just to emphasize what others have pointed out - I don't live in LA anymore but I still have a lot of fam down there and my wife and I were talking about making a move down there because the real estate market in S.F. is so fucking out of control.
What everyone has told you is basically correct - I think what you need to determine is this:
Rent or own? If it's rent, you have a lot more options. If you want to buy...well, you got some challenges ahead of you. L.A. has been in the midst of a huge real estate bubble over the last 5-10 years and while it's not as bad as S.F. (yet), a lot of modest homes for middle class families are quickly disappearing and the whole market is getting priced up and up. While there might still be some neighborhoods lower than others, the situation in LA seems to bear some resemblance to SF despite being far bigger. There's just a lot of demand for family housing and that's causing prices to skyrocket. I've heard it's been around 20-30% over the last 5-7 years but I might have my stats wrong.
In terms of neighborhood, as someone who grew up in the San Gabriel Valley, just realize that the region is still very segregated. You cross 280 in Pasadena and suddenly, it's notably black but south of the freeway? White and Asian. Also - the smog out in that area is spectacularly bad and culturally, the region is pretty dull to boot. On the flipside, there are pastrami dips at The Hat on Lake. Mmmmmmmmmm...pastrami dip.
(The schools are good out there though.)
Personally, I really like the neighborhoods out by Chavez Canyon like Mt. Washington as well as Los Felix. My friends really love Echo Park. Silverlake is prob going to be a bit too hipsterish for your taste.
And record shopping suuuuucks. But I know this is about fam
Mmmmmmmmmm...
I'm not doubting you but everything thinks there's going to be a "correction" up here in the bay and there hasn't been a goddamn thing like that for 10 years.
Folks shouldn't panic buy but waiting may not prove fruitful.
so very, very wrong.
true. it is pretty much inevitable that there is some sort of correction, but with interest rates so low, you may still be better off buying high. such a fucked up market that ordinary rational economic principles dont really apply.
f***. i was just going to ask yesterday in the gas thread if anybody had any experience with real-estate... i'm in no position to bankroll my idea but know there has got to be ways to get a bank or third party lender to help with some loans. i doubt i could even pay for a 10% up-front of the cost to buy a building and fix it up. but i know it has to be a profitable idea. btw im not talking about a single family house (which i doubt i can afford the mortgage on either), im looking at a something i can carve a few rentals out of (but not a typical apartment building either). am i trying to dive head first into the shallow end?
yes, no smoking 30 minutes before you swim. i got a property for you. actually i got 3 really fucking dope ones, but you gotta find about 150 large for a split on the downpayment for the best of 'em. 100gs on the other 2 (matching pair). both are winnners. call me tonight, i'll give you the scoop.
Benefits: young beautiful women of all ethnicities!, lots of restaraunts, clubs, things to do, close to subway.
Downside: people stealing your shit, parking hassles, urban possums (no fear of humans), not cool for kids
We now live in Sylmar in a 4 bedroom 3 bath 3 car garage where our rent is $2350 a month with gardener. People in my neighborhood have rv's, jet skis, boats, and hot rods being built next to their late model sedans and suvs. Behind my yard is the Los Angeles National Forest...mountains!
Benefits: quiet, privacy, yard, space for EVERYTHING, bbq, i can leave my car windows down overnight, clean streets, parks, hiking, mountain biking, you can actually see the stars at night
Downside: No good restaraunts except for mexican, no decent stores (unless your a Sams Club guy), no night life, further away commute is longer, coyotes, racoons, squirrels/
The house is valued at 650k. Sylmar is about 30-45 min. from L.A. proper. The same house in the heart of L.A. would easily be over $1 mil. We found a house with similar ammenities in L.A. but the rent was $3200! We chose Sylmar. My neighbors are families- Asian, Black, and Latino and nobody has tripped on us- 4 single dudes with tons of friends and visitors. Again I live in the best part and it's more mixed. Sylmar is predominantly woring class and latino. Most of my driving is to Burbank, Sherman Oaks, Northridge or Santa Clarita. Those places have malls, dining, jobs- stuff to do! All are within 20 minutes from me.
Valencia/Santa Clarita is booming with new housing and about 15 minutes north of where I'm at. Everything is brand new..houses, stores, etc. Lots of open space and your money will go farther in getting a house. Think high desert...heat and sand. Some areas have green. Ethnicity is majority white but there are blacks, latinos, and asians as well. I have experienced some subtle profiling/prejudice there but only from older people.
Lancaster/Palmdale is even further out than Valencia but you can get more bang for your buck. I know several older L.A. rappers who now live out there. Again, high desert. Not too sure about people there. Too far for me.
Pasadena is beautiful..small town look and feel hidden in the big city. Not far from L.A. proper (15 min.) I was near The Hat on Lake last week and I was actually surprised at the different ethnicities I saw...it wasn't all white.
Glendale is cool. Montrose, La Crescenta, La Canada are nicer parts with small town feels. Major ethnicity is Armenian. I've seen all races there though. Again, money...the color green suppresses blatant prejudice or racism. Learn a little Armenian and you'll really know what they're saying!
Other family friendly spots in the valley with spacious lots and houses: Northridge, Chatsworth, Mission Hills....a ton man.
These are all far away enough to be priced right yet still close enough to L.A.
Really tho I'm sure you already know basic neighbor rules: if you're a professional, keep your yard looking right, keep your car maintained, don't wild out etc...people will respect you and be friendly no matter what you are. The key is to find out before you commit if your neighbors follow those same rules.
Nearly all these places (minus lancaster/palmdale; Valencia/Santa Clarita is not in L.A. county) are in "The Valley." Hipsters and True L.A. dudes might say it ain't L.A. but really the valley is where a lot of stuff pops off- porn, music studios, tv/film studios. All kinds of stuff. Don't let the naysayers fool you into thinking it's whiteyville, squareville, lame. Your commute might be further, but really most companies are building in the burbs for the same reason you'd wanna move there- cheaper real estate.
No, but you probably won't get 10% down. Most lenders want 20% down on a commercial property. One tactic that works sometimes is moving into a building and taking out a residential loan, where you can get as low as 5 or even 3% down, plus a lower interest rate. A lot of it depends on lender, but there is usually a residence clause - from what I've read 1 year seems to be common - that's how long you must live there. You can get a residental loan on a single fam, duplex, triplex, or quadplex I think.
I haven't done any of this (yet) but hey, I've read like 12 books.
say hello to the gentlemen representing Park Village Compton...[/b]
Phil..
i'm not the type of person to give advice on life changing decisions ..so i'll just give you my situation...
If i was not born and raised in Los Angeles County i would hate this place...the cost of living is not as expensive as New York...but raising kids and dealing with our cost of living is miserable...i (like you) have 2 children and a Mrs and make a pretty damn good living and sometimes i want to move away from this place...i'm enrolling my children in private school this year and the tuition is BONKERS and i'm trying to move into a larger home and the houses i'm looking at are in the $500,000+ range and these are MODEST 3 bedroom 2 baths....not to mention the freeway shootings..gangs..random crime..racial tensions in schools..car jackings..FAKE ASS L.A. TYPES..etc.. etc..
Exhibit A[/b]
DOES THIS LOOK LIKE A 1/2 A FUCKING MILLION DOLLAR HOUSE ??!!!???
thanks for the tips. i do plan on living there anyways. at least for the forseeable future. it wouldn't be a traditional residence though. read: loft type living situations (with a twist).
any recommendations on good books to read?
dude it has curb appeal!
but yeah that is pretty much what i'm running into as well.
Oh, HELL naw!!! I'm keepin' my brown ass in Philly, holmes! Schitt looks like it's waaaaay more expensive to live in LA than it is is right hurrr. Although real estate prices are exploding in the Philly area, too, which means if I sell my house I will make a HUGE profit... which would ease the strain of having to spend 600K+ for mi casa in the city of angels. Plus, as I stated initially, if I come out there it would be because my cake situation is gonna be off the meat hooks, so when ya put it all together, who knows... maybe it would be doable. I think I'm more worried about the smog, gang activity and the prospect of seeing the Lakers on tv all the damn time than I am about the financial situation at this point!
Thanks to urrrbody for the info (I always know I can count on y'all dudes to come wit it... soulstrut is the SCHITT).
P.S.: the fake ass titties are indeed a problem, too
I love Ohio.
$499,900 will get you
t.
Bedrooms: 3
Baths: 2.5
Home sq. ft.: 2,700
Lot Size: 5?? acres
$849,000
Only a 5-6 hour commute. No gangs.
wesofoeliania!
The parking situation out here is TERRIBLE...not even a parking permit helps anymore. Out of the 8 apartment complxes on my block only one of them has thier own parking lot! I almost got into a fight with someome over a spot couple weeks ago till thier girlfriend came out.
The "appeal" of Hollywood is that you're in the middle of the city and everything is 20 minutes away. If you're gonna consider this area I'd look at the west hollywood/beverly hills area and next to the beverly center.
The futher east you go towards the city and the tourist part of hollywood (boardwalk of fame) the more it becomes a cess pool.