real estate LA - banging my head against the wall

bah, all you naysayers are wrong

in LA county, only 1.9% of the population can afford the median priced house....

so..... now tell me, does 1.9% of the population sound like "joe shmoe" to you guys?

something is really wrong here....

major crash coming..... wait and see...... I dont care how badly the wannabees need to live in west LA, it still has to be affordable to more than 1.9% of the people here...
 
Just curious, what is the rental market like these days in SoCal.? Perhaps as a percentage of housing prices.

I lived through periods where the rental market got you twice the house for the same monthly outgo (rent vs. payment and taxes). I've also seen where 1% of house value as average.

But, with an $800K house, even 1% is pretty high, so maybe half of 1 percent?

What are your thoughts? I've never felt like it was necessary to "own" a home (if you have to finance, you don't "own" anyway) just for the sake of being smug to "renters"....and, after I was able to write a check for a house, didn't feel compelled to be grandiose with conspicuous consumption....but, if you're going to live "high on the hog" without all the money, may as well rent in my opinion.

(Hope that makes some sense to you guys)....

????


Don
 
rental market was moving up quickly first 6 months of this year but now it hit a wall....

to rent the place I am in is (for me) $2100 per month, for a new renter would probably be $2500-2700 per month

to buy the same place with no money down, 30 year fixed, property tax, etc etc, would cost me $8 000 per month.

Tax writeoffs not included in this calculation
 
Quote from Don Bright:

Just curious, what is the rental market like these days in SoCal.? Perhaps as a percentage of housing prices.

I lived through periods where the rental market got you twice the house for the same monthly outgo (rent vs. payment and taxes). I've also seen where 1% of house value as average.

But, with an $800K house, even 1% is pretty high, so maybe half of 1 percent?

What are your thoughts? I've never felt like it was necessary to "own" a home (if you have to finance, you don't "own" anyway) just for the sake of being smug to "renters"....and, after I was able to write a check for a house, didn't feel compelled to be grandiose with conspicuous consumption....but, if you're going to live "high on the hog" without all the money, may as well rent in my opinion.

(Hope that makes some sense to you guys)....

????


Don
More...

I live in LaQuinta/Indio near Palm Springs. The place I currently rent is selling for the low 400's, when I began renting it was in the low 500's. Rent is 1700/mo roughly .33 when I began. Now I can get the same place or slightly large for around 1400. Ratio has remained fairly constant in the .3x range. You'll never see a 1.0 ratio here unless something very extreme occurs.

Lots of vacant, never lived in places with owners hoping for a rebound... sound familiar to year 2001 NASDAQ? Meanwhile, carrying costs are eating them up.

A bunch of homes in the community just fell out of escrow due to current home sale contingencies.
 
Quote from jasonjm:

bah, all you naysayers are wrong

in LA county, only 1.9% of the population can afford the median priced house....

so..... now tell me, does 1.9% of the population sound like "joe shmoe" to you guys?

something is really wrong here....

major crash coming..... wait and see...... I dont care how badly the wannabees need to live in west LA, it still has to be affordable to more than 1.9% of the people here...
More...

I grew up in west LA, but I wouldn't move back to Pacific Palisades if you paid me. I hate that god damn place.

RoughTrader
 
I'm sitting up here in Santa Cruz these days and I've never seen so many for sale signs at such high prices in my life. Even the real estate agents think it got out of hand.

Having said that, my guess is that it will be a flat to slightly down market here unless the economy tanks and they start serious layoffs in Silicon Valley. People aren't rushing to lower their prices unless they are desperate. They just take their homes off the market.

On the other side, my sister just sold her place in Thousand Oaks for $1.4M. It took her three weeks with an ask of $1.5M. The market can't be too shabby down there.
 
Quote from RoughTrader:

I grew up in west LA, but I wouldn't move back to Pacific Palisades if you paid me. I hate that god damn place.

RoughTrader
More...

Hate LA?

Join the club!

Then again, I was raised in N Cal, so I have to hate LA. Its sort of like a sport.

Speaking of which, us Giants fans are now just waiting for the 3 day finale with the Dodgers this weekend. We are out of it, but knocking LA out too is almost as good as winning the series. The amount of bad blood is mind boggling.
 
Quote from Jayford:

Hate LA?

Join the club!

Then again, I was raised in N Cal, so I have to hate LA. Its sort of like a sport.

Speaking of which, us Giants fans are now just waiting for the 3 day finale with the Dodgers this weekend. We are out of it, but knocking LA out too is almost as good as winning the series. The amount of bad blood is mind boggling.
More...

pls root for the Giants jayford, we need help in SD facing the cards all week on the road!!!!

small bombs starting to go off around here for guys who bought first and cant unload old property...its gonna get ugly
 
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