real estate LA - banging my head against the wall

J

jasonjm

Hey all... I moved to los angeles in 2003

So I finally got my life in a groove and decided maybe now I should look at buying a house for the first time

So i first thing i did was went to a financial calculator, and worked out how much I should spend on a house if I was sane.... which I am

so i put in my income of 200k, put in i was willing to put in 200k for a downpayment, and it said I should buy a house that costs NO more than

$783 000

now i know that very few people in my area earn what I earn and even less have 200k for a downpayment

I dont even think a house exists in my zip code for 783 000 (zip code 90025) - and this is not a bel air zip code BTW. And BTW I dont consider anything less than 3 bedrooms, 2000 sqft+ and decent condition a house.

I just dont get it, if i cant afford a house, who the hell can in my zip?

this is just retarded
 
LOL!!!! LA downtown lofts are the way to go... But you are right LA housing is just unbelievable. Its baffling with these prices and what people normally make. but tells you many who can't afford buy anyways and take the risk and end up doing well becasue LA housing just keeps going up.
 
Quote from jasonjm:

Hey all... I moved to los angeles in 2003

So I finally got my life in a groove and decided maybe now I should look at buying a house for the first time

So i first thing i did was went to a financial calculator, and worked out how much I should spend on a house if I was sane.... which I am

so i put in my income of 200k, put in i was willing to put in 200k for a downpayment, and it said I shouldnt buy a house that costs NO more than

$783 000

now i know that very few people in my area earn what I earn and even less have 200k for a downpayment

I dont even think a house exists in my zip code for 783 000 (zip code 90025) - and this is not a bel air zip code BTW. And BTW I dont consider anything less than 3 bedrooms, 2000 sqft+ and decent condition a house.

I just dont get it, if i cant afford a house, who the hell can in my zip?

this is just retarded
More...

We all moved from CA when we started making real money...heck, even at $200K, you're paying $1800 per month to Arnold....move to Nevada, buy a 5 bdrm with pool and all for $400K. You can take the new "mag-lev" train back and forth to visit any friends you might have there. (Of course, we've been waiting for that train to get built for a decade or more)..but it's only a 3.5 hour drive.

Don:)
 
I even downplayed my income, thats 200k as a small business owner with a mountain of tax writeoffs, so my effective income is much higher

grrrrrrrrr

this is bull****

I'm just going to rent for the next 10 or 15 years and continue investing / trading my money and then move out of state with like millions in cash it seems


BTW nevada doesnt have an ocean thats the only problem
 
That's why I moved from OC to Denver. 300k buys a 4 bdm 1800sft with basement on the outskirts of the city. My mom's townhouse in Costa Mesa is 700k and it needs work. Forget it, the weather aint that great. Taxes are half here too!Just go on Realtor.com and look around you will be amazed at valuations in some areas. Heck they even put 500k condos in the old Tustin Marine Base. That's a toxic dump. No thanks would I want to live on top of that soil.
 
Quote from jasonjm:

I even downplayed my income, thats 200k as a small business owner with a mountain of tax writeoffs, so my effective income is much higher

grrrrrrrrr

this is bull****

I'm just going to rent for the next 10 or 15 years and continue investing / trading my money and then move out of state with like millions in cash it seems


BTW nevada doesnt have an ocean thats the only problem
More...

I have surfed since the 1960's, but the last decade or so, I just seem to be too busy and happy to get around to it much (and too damn fat, LOL). And, for that kind of money, you can buy your own ocean with waves and everything, or design a "Holodeck" in your house, LOL.

California is wonderful, I lived there most my life, but after getting past the 6 figure income, it just didn't make sense for us.

I do miss going to Duke's on the pier in Huntington, hanging with my old pals, Corky Carroll and Robert August (just saw Robert last year, we got caught up a bit)...oh well...

One of our very top traders stays in CA, actually bought himself a whole darn Marina in Long Beach...but he has stayed up with the RE market and made a bunch with a few houses....(he's now flat or short the RE market in CA, BTW).

All the best,
Don
 
Welcome to LaLa....it's has no correlation to anything so put away the formulas.

little story:

Moved to L.A. in '89 bought a 1500sqft 3bd2ba pool/spa for 180K thought that was insane at time (91423).

'93 put 170K into a remodel now a 2700s 3bd/3.5ba pool/spa.

'03 it sold for 975K..thought that was insane too.


took the proceeds from that and bought 5200sft 4bd3.5ba pool/spa on 6 acres close to Lake Tahoe. Thought that price was insane too.

get used to being surprised it doesn't any better

BTW: this country needs a good ol' fashioned depression.

:D :cool:
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Quote from jasonjm:

Hey all... I moved to los angeles in 2003

So I finally got my life in a groove and decided maybe now I should look at buying a house for the first time

So i first thing i did was went to a financial calculator, and worked out how much I should spend on a house if I was sane.... which I am

so i put in my income of 200k, put in i was willing to put in 200k for a downpayment, and it said I should buy a house that costs NO more than

$783 000

now i know that very few people in my area earn what I earn and even less have 200k for a downpayment

I dont even think a house exists in my zip code for 783 000 (zip code 90025) - and this is not a bel air zip code BTW. And BTW I dont consider anything less than 3 bedrooms, 2000 sqft+ and decent condition a house.

I just dont get it, if i cant afford a house, who the hell can in my zip?

this is just retarded
More...
 
Quote from mindmerge2k:

LOL!!!! LA downtown lofts are the way to go... But you are right LA housing is just unbelievable. Its baffling with these prices and what people normally make. but tells you many who can't afford buy anyways and take the risk and end up doing well becasue LA housing just keeps going up.
More...

How can this market keep going? Its ridiculous

I know 2 income families with both employed in the medical field that cant afford a home. They are priced out!

I personally love the lofts in downtown but I get the impression they maybe over building.

Some of those loft buildings are built so cheaply and need some major improvements before you can move in.
 
Quote from TRADERBM:

How can this market keep going? Its ridiculous
More...

Don't look now, but it has already stopped.

Our grandma's house in LB, 900 sq. feet, built in 1951, she was offered $650K for it 6 months ago, now lucky to get $500K, which is still "insane" as we keep saying.

Don
 
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