Why hasn't Trump come out here yet!?!?!

[greggd]

Originally Posted by JackSparrow

Can you hear them moaning about housing prices 20 years ago?

I'm sure their landlord could! hahahaha

Yeah its a story that has played many times in santa monica. wasted lives holding onto a $300-400 savings each month. Sometimes you just have to go for it and take chances to succeed.

to keep this on topic. Thats what Trump did although he had some serious help in the beginning.

[motoman]

Originally Posted by greggd

I know an owner in Santa Monica who has had the same tenant for over 20 years. Started out as a couple, then married, had 3 kids. Had they bought a place 15 years ago, they could have built substantial equity and had a place of there own in the same neighborhood but a single family home. Now all they have is low rent in a 1940's old building and 3 kids that grew up in a small apartment.

Acording to the wife, they've had the money for a downpayment until these past 7 years or so, but lost the ability when the market shot up. They never made the move because they didnt want to give up the savings on the rental unit. penny wise pound foolish.

How many people do you know can afford to spend $40,000 per year on a place to live? That is what it would cost to get into the median priced house now. They were selling condos in my area for $700,000-$800,000. At these prices it makes absolutely no sense to buy. Absolutely no sense. Five years ago was a totally different situation because houses were half what they are now, or less in some areas.

My current rent would be the equivalent to buying a $230,000 house. Those don't exist in LA. I would have to more than double my housing costs to get into even a starter home. And given that prices are going to fall considerably, right now it would be ridiculous to buy a house unless you don't mind having an investment that isn't going to make you any many for another 10+ years.

[Winston Smith]

Originally Posted by jessemh431

Why wont Trump build something in LA? We really need him.

Didn't Donald Trump attempt to acquire the property of the Ambassador Hotel? Seem to remember him fighting over it with the LAUSD, who proposed a new high school and won. Fact or fiction?

[greggd]

Originally Posted by cre8

Didn't Donald Trump attempt to acquire the property of the Ambassador Hotel? Seem to remember him fighting over it with the LAUSD, who proposed a new high school and won. Fact or fiction?

Thats true, see my post above. Im sure if you search trump and ambassador, the details will show up.

[Winston Smith]

Originally Posted by greggd

Thats true, see my post above. Im sure if you search trump and ambassador, the details will show up.

Oh, I missed it. Sorry about that. I did skim the posts looking and was surprised that the Ambassador property hadn't been mentioned. Turns out you mentioned it.

[Winston Smith]

Originally Posted by greggd

Trump did buy the Ambassador hotel about 15-20 years ago with plans to develop a high rise hotel along Wilshire blvd.

This would have been great economic boost to the Wilshire area.

Then, LAUSD took possession of the property to build a school. They like to do that. It sat for many years, tied up in law suits and is now under construction.

Why a school would be built on such valuable real estate, along wilshire blvd, in the middle of a major business district seems odd to me.

I think smaller schools a few blocks south in the residential areas would have been a better plan for the children, the community-both residential and business, and all of the tax payers subsidizing this folly.

Typical LAUSD maneuver.

[greggd]

Originally Posted by motoman

How many people do you know can afford to spend $40,000 per year on a place to live? That is what it would cost to get into the median priced house now. They were selling condos in my area for $700,000-$800,000. At these prices it makes absolutely no sense to buy. Absolutely no sense. Five years ago was a totally different situation because houses were half what they are now, or less in some areas.

My current rent would be the equivalent to buying a $230,000 house. Those don't exist in LA. I would have to more than double my housing costs to get into even a starter home. And given that prices are going to fall considerably, right now it would be ridiculous to buy a house unless you don't mind having an investment that isn't going to make you any many for another 10+ years.

Yes, right now they are stuck in the apartment. The neighborhood is beyond their financial reach, by far probably. I'm sure they didnt even hold onto the money saved by being under rent control.

But, about 10 - 15 years ago they could have bought a home or very nice condo for an affordable price. They had the down payment to buy, they just wanted to hold onto that rent controlled unit and save the $300 or so a month.

[motoman]

Originally Posted by greggd

Yes, right now they are stuck in the apartment. The neighborhood is beyond their financial reach, by far probably. I'm sure they didnt even hold onto the money saved by being under rent control.

But, about 10 - 15 years ago they could have bought a home or very nice condo for an affordable price. They had the down payment to buy, they just wanted to hold onto that rent controlled unit and save the $300 or so a month.

Yeah, when the cost to own vs rent is pretty close, as I am sure it was then, it doesn't make sense to keep renting unless you are planning to move within a year or two.

I wish I had lived out here 6 or 7 years ago, because I might have been able to afford a place and could have made a little money in the process. I would be all too willing to sell at bubble prices and then buy back again when things correct.