How "crazy" is it for me to buy a home in Mid City? (Brea: sales)

[Petemon]

Hi All,

To start i've read pretty much every article on City Data, Curbed LA and anything else I can find on Google. Just looking for some advice from people who know the area.

I'm an early 30s white professional male originally form the UK. I work in consulting so I travel a lot.

My issue is my budget for a home is $350k which limits the areas I can afford in LA. After reading that Mid City is centrally located and may be the next area for gentrification I've started looking in the area and have 4 properties to look at, two are South of Pico, North of the 10 and between Hausser and Crenshaw. another couple are South of the 10 a couple of blocks from Arlington in the 30-35 st range.

I'm not fussed about anyone's skin color or income for that matter, but I do want peace and quiet and relative safety. After looking around I can see a lot of potential but I'm a bit concerned I could be making a 350k mistake (i'm a first time buyer). Is there any areas which are known for regular noise and trouble that I should stay away from? I did get a few looks driving my Prius on Rimpau which I thought was a bit odd.

Thanks All

Pete

[LASam]

Just out of curiosity, why are you set on buying at $350K (a very low price point for LA which precludes pretty much anything desirable) instead of renting?

[BRinSM]

If you travel a lot, you may consider a condo. a house takes a lot of work, i know, i bought my first house last summer.

[Petemon]

Why 350k simply because that's all I can afford and I've been priced out of the market before.

Why not rent? I'm tired of it, 1400-2000 a month for a place I stay in 1 week a month on average, more often than not the places are basic but in a decent location (WeHo and Venice). On top of that at some point the market will take off and I'm left with no option but to rent.

Re Condos I just want space between me and the next person. I'm tired of working 60-80 hour weeks and staying in a hotel to get home to noisy neighbors next door.

[jamills21]

^Not at all... One of the most diverse parts of LA (Whites, Blacks, Hispanics, and Asians) all represented pretty equally; Easy Access to the 10; Central location where you can get to Hollywood, Downtown, or beach within 20 min on Streets; Great homes architecturally; Growing amenities, Economically Diverse, Ethically diverse food options; Great size homes for your money (bang for your buck); and one of the most underrated things about mid city is there is not much traffic in this part of town even though we are right in the middle of the 2nd biggest city in America.

[Ceece]

Well I think it's crazy to buy a SFH that you will only be at and average of 1 week a month. When do you plan to do maintenance on it?

[LASam]

Originally Posted by Petemon

Why 350k simply because that's all I can afford and I've been priced out of the market before.

Why not rent? I'm tired of it, 1400-2000 a month for a place I stay in 1 week a month on average, more often than not the places are basic but in a decent location (WeHo and Venice). On top of that at some point the market will take off and I'm left with no option but to rent.

Re Condos I just want space between me and the next person. I'm tired of working 60-80 hour weeks and staying in a hotel to get home to noisy neighbors next door.

What makes you think the market will take off if you purchase in an area with SFHs at the 350K price point? I don't think it's necessarily a given that we will see that happen like it has in the past given the tougher lending standards in place now. At least right now you don't have to worry about repairs if you come back to the house and a pipe has burst. Also, have you seen comp sales in the area at $350K or are people just listing low and waiting for bidding wars? I'm just asking these questions because I'm in a similar position to yourself (minus the travel) and have been asking myself these questions as well. I appreciate hearing your perspective and don't intend to come across as if I'm criticizing you personally for considering buying.

[saybanana]

You might want to look into an area that is really close within 1/4-1mile of a current Metro line station. Since you are looking near the 10 fwy, try checking out homes near Expo La Brea and La Cienega Stations or maybe Crenshaw station since a N-S rail to LAX and eventually north to Wilshire Blvd, if not Hollywood. The current trend is to build higher density mixed use housing and shops next to the rail lines (currently next to the Expo line is still undeveloped in many areas). Many homes near the expo line will retain value because it will be more desirable if you can get to SM beach, or DTLA within 30 minutes of rush hour traffic, even if you dont plan to ever use the rail lines.

[bophisto]

Yeah I think this is a good strategy too, buying near metro lines. We don't think this way yet in L.A ..but in NYC property near subways is more desirable.

[OyCrumbler]

Would you mind taking on a bit of extra work and listing your place on AirBnB for all the weeks you won't be there? If so, then perhaps you can get something a bit better.