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Old 09-11-2014, 12:35 PM
 
Location: San Antonio Texas
11,431 posts, read 16,764,063 times
Reputation: 5224

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Quote:
Originally Posted by jm1982 View Post
Yeah that is true , once someone leaves it reverts to market rent . But , a lot of people don't leave for this reason.

Recently met a woman living in an apt in West LA that has been there for 39 years!

It sounded like market rents were $1600, but I'm not sure what she was paying .
Yeah, of course, I feel foolish now for leaving, but the place was so small and had no kitchen. I had just accepted a good job that required me to live and work in Orange Cty. I never really anticipated that the costs of living in west hollywood would go out of sight in such a short time. A friend showed me a gawdy apartment "condo" one street over which was going for $86,000 at the time. Now, it's $440,000 for a piddly 600 sq ft.
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Old 09-11-2014, 04:00 PM
 
Location: Pasadena, CA
401 posts, read 648,260 times
Reputation: 397
Quote:
Originally Posted by wehotex View Post
Yeah, of course, I feel foolish now for leaving, but the place was so small and had no kitchen. I had just accepted a good job that required me to live and work in Orange Cty. I never really anticipated that the costs of living in west hollywood would go out of sight in such a short time. A friend showed me a gawdy apartment "condo" one street over which was going for $86,000 at the time. Now, it's $440,000 for a piddly 600 sq ft.
That's why they say: "hindsight is 20/20"

During the dot-com boom (I was in tech), my then roommate cashed out and bought a condo at the beach. I thought he was stupid, given the massive appreciations in tech equity compared to real estate at the time.

Of course, he got the last laugh on that one
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Old 09-11-2014, 04:27 PM
 
Location: Los Angeles (Native)
25,306 posts, read 16,135,063 times
Reputation: 12185
Quote:
Originally Posted by wehotex View Post
Yeah, of course, I feel foolish now for leaving, but the place was so small and had no kitchen. I had just accepted a good job that required me to live and work in Orange Cty. I never really anticipated that the costs of living in west hollywood would go out of sight in such a short time. A friend showed me a gawdy apartment "condo" one street over which was going for $86,000 at the time. Now, it's $440,000 for a piddly 600 sq ft.
Wow, 86k to 440k...I'm not surprised though, but that's just how crazy L.A real estate has appreciated.

What year was this with the 86k condo?
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Old 09-11-2014, 06:06 PM
 
Location: San Antonio Texas
11,431 posts, read 16,764,063 times
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Quote:
Originally Posted by jm1982 View Post
Wow, 86k to 440k...I'm not surprised though, but that's just how crazy L.A real estate has appreciated.

What year was this with the 86k condo?
1996, i think. The Directors Guild built right next door to this place, and it's still a gawdy salmon pink color on the outside. It reminded me of a swingin '60s type of place.
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Old 09-11-2014, 06:22 PM
 
Location: Los Angeles (Native)
25,306 posts, read 16,135,063 times
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Haha sounds like L.A for sure...prices go up 500% but things still look run down or outdated.
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Old 09-12-2014, 09:21 AM
 
Location: Living on the Coast in Oxnard CA
16,242 posts, read 27,515,819 times
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Quote:
Originally Posted by True Freedom View Post
That's why they say: "hindsight is 20/20"

During the dot-com boom (I was in tech), my then roommate cashed out and bought a condo at the beach. I thought he was stupid, given the massive appreciations in tech equity compared to real estate at the time.

Of course, he got the last laugh on that one
Heard of another guy that did a similar thing. Had made 10's of millions and cashed out to retire young. His friends were saying, we are just going and like many believed that things would always be on the upward move in value. He still has his, they ended up starting over.
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Old 09-12-2014, 09:23 AM
 
Location: Living on the Coast in Oxnard CA
16,242 posts, read 27,515,819 times
Reputation: 21547
Quote:
Originally Posted by jm1982 View Post
Haha sounds like L.A for sure...prices go up 500% but things still look run down or outdated.
True, still many will buy a place and then upgrade it. We are doing that on our street, although we are in Oxnard. Still a 50+ year old home needs to be changed every now and then.

It is funny to see older homes mixed with a few more modern looking places.
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Old 09-12-2014, 11:23 AM
 
Location: TOVCCA
8,452 posts, read 11,908,028 times
Reputation: 12370
Quote:
Originally Posted by wehotex View Post
My understanding is that rent stabilization started a phase out out in 1997.
It's still in place. Even in Santa Monica, where some are available for a "bargain" at $2,800. for a 2-bedroom.
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Old 09-12-2014, 05:29 PM
 
Location: Chandler, AZ
5,801 posts, read 5,585,073 times
Reputation: 3119
Dr. Housing Bubble Blog is the best website that I know of for learning all about the insanity of SoCal's housing market that you never hear about on your local evening newscast.

$700K or more for a 900 square foot or less shack built in any of numerous communities when Calvin Coolidge was President pretty much sums it up.
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Old 09-13-2014, 01:42 AM
 
Location: Los Angeles (Native)
25,306 posts, read 16,135,063 times
Reputation: 12185
Cheapest house in the city of Santa Monica right now , and it's actually on the border of West L.A

https://www.redfin.com/CA/Santa-Moni...4/home/6764528

or you could buy this condo and hope the tenant moves or dies or something...listing doesn't say how much the tenant pays, but it seems if they moved out the condo would be worth $500,000 or more

https://www.redfin.com/CA/Santa-Moni...2/home/6774477

Looks like it's under something called TORCA
http://jamescolincampbell.com/torca/
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