$260K budget for house in LA. Possible? (Los Angeles, Riverside: condos, credit)

[Joe Van Fossen]

Originally Posted by JohnG72

LA Times

What I find amazing is that the above property....there has not been one single action taken to resolve this loft by the bank. That is, no Notice of Delinquency, no eviction, no foreclosure, no auction, no nothing. For YEARS now.

Doesn't anyone wonder how many more of these there are? NO ONE KNOWS because they aren't measured in any report.

This is the shadow inventory that's impossible to quantify. I wonder if any REA have any comments to make?

This type of thing has certainly been a fairly common occurrence in the past several years, but I have to agree with you in that it's nearly impossible to quantify. As such, we only have anecdotal evidence to go by. It's easy to over blow the situation when there are no hard numbers. It's definitely a continuing problem, but I don't think it's nearly as sensational as a lot of people make it out to be.

The article mentions banks sitting on their thumbs because they don't want to pay association fees, which I can't imagine is true. I think it has more to do with the banks' ineptitude.

Another LA Times article on shadow inventory.

[jm1982]

I guess from the banks perspective they aren't going to make money on the deal because values haven't gone up so they feel they'll just take their sweet time...If the executives knew they were going to be making profit you'd see how fast they would get it done.

[JohnG72]

Originally Posted by Joe Van Fossen

This type of thing has certainly been a fairly common occurrence in the past several years, but I have to agree with you in that it's nearly impossible to quantify. As such, we only have anecdotal evidence to go by. It's easy to over blow the situation when there are no hard numbers. It's definitely a continuing problem, but I don't think it's nearly as sensational as a lot of people make it out to be.

The article mentions banks sitting on their thumbs because they don't want to pay association fees, which I can't imagine is true. I think it has more to do with the banks' ineptitude.

Another LA Times article on shadow inventory.

Maybe, but its really difficult in this situation to trust the president. His entire economic policy depends on the recovery of housing prices(or the bonds the fed keeps buying become worthless). So the sudden release of numbers as to the actual amount of shadow inventory could potentially be devastating, even if that inventory is not for sale.

[Count David]

I found all kinds of listings in South LA, but we don't really talk about living there.

[JG-WLA]

Originally Posted by amonsa

Hello,

My wife and I are considering moving to LA in the near future. We have around a $260K budget and are looking to purchase a property (small house/condo/apt). Is this feasible? If so, are there any decent neighborhoods anyone can recommend in that price range? Any other thoughts are welcome too.

Thanks for the insight.

Originally Posted by amonsa

My job would be downtown and my wife would most likely work from home. I wouldn't mind a 40-50 min commute, and prefer living in a smaller space/nice neighborhood than larger/crappy neighborhood.

If you want a 40-50 minute commute with that price range, it would be very
difficult.
There are some nice properties in Silver Lake up in the hills. It may be a bit
more expensive.

Nice neighborhoods around the area are Los Feliz and Pasadena but it would
be a farther commute and a bit more expensive.

[Spikett]

I've been in Atwater - next to Los Feliz but a bit cheaper - and a small 2 BR bungalow on a small lot recently sold for over $400K.

[Carlite]

Well, Trulia lists Downtown condos starting at $185,000 (not counting foreclosed units), so you might actually be able to get something small there.

[socalmommie]

What constitutes a "nice neighborhood" for you? Everyone has different expectations - I once had a client who specifically wanted to buy a condo that faced the 101 freeway... she was from Wyoming and felt like the condo gave her that "city life" vibe. On the flip side, you might want something much quieter - perhaps tucked away in the Hollywood Hills - on a quirky winding road...

For starters, you should definitely be thinking in terms of condo/townhouse & not single family residence, no matter where you go.

Secondly, I would suggest renting for a year or so to see how you like whatever neighborhood you're considering. After a year in West Hollywood, I was DONE with the traffic & happily migrated to the suburbs... no more decisions about whether to have Russian cuisine or Cuban fusion & no more strolls down 3rd Street on a lazy Sunday morning to poke around little independent shops, but I also didn't have to claw my way to work every AM through traffic.

You might even consider downtown - NOT a place to raise kids, but there is definitely a DT revival happening with some amazing loft properties, nightlife, etc.

If not downtown, you could take the commuter train to areas like Glendale (great city feel, but small enough to be navigable) & Burbank. Pasadena is a tough but short drive into the financial district with its own amazing downtown drag (Colorado) & close proximity to a number of lovely spots to visit, including the Huntington Library, Descanso Gardens, the Rose Bowl...

Good luck to you!!

[JohnG72]

Originally Posted by Carlite

Well, Trulia lists Downtown condos starting at $185,000 (not counting foreclosed units), so you might actually be able to get something small there.

Either on the border of Skid Row or in an all cash building like SB Grand at 5th/Broadway(HOA issues so banks won't lend on the building)

[Fontucky]

~11 mile commute.

2513 West 101ST St, Inglewood, CA 90303 | MLS# 22170731 | Redfin