Best Place To Spend $500k on a Home in/around L.A.? (Los Angeles: fit in)

[S.Holmes]

Hello! I've been a long-time lurker here; thanks for all of the info so far. You guys have been an awesome help.

In the upcoming year I will be moving with my family to the Los Angeles area. I will be working in Hollywood. We will be looking to purchase a home for $500k or so.

What so you suggest? My one and only concern is safety for my family (scenery and "type" of city don't matter). I don't mind driving an hour or more into Hollywood to work if the house and neighborhood are right.

Thoughts? Thanks in advance!

All the best,

S.Holmes

[Charles]

Originally Posted by S.Holmes

In the upcoming year

I will be working in Hollywood.

looking to purchase a home for $500k or so.

concern is safety for my family

don't mind driving an hour or more

Married?
Kids? Ages?

Would you consider renting for a year or so?

[S.Holmes]

Hi there, Charles. Currently no kids but we plan on some. I'd prefer to buy rather than rent, if possible...

Thanks!

[Charles]

Does it appear Hollywood will be a long time location for employment? Enough to base a housing purchasing decision on?

A lot of people like South Pasadena, Burbank, La Crescenta, La Canada, ...looking at a map and trying to find reputable places without wiping you out on a commute - though you will probably be wiped out on a commute anyway. Maybe the southern fringes of the San Fernando Valley too.

Work this too:

California School Performance Maps

[S.Holmes]

Thanks! It would be a commitment of a few years, so perhaps I should evaluate renting. So, in the areas that you listed, can $500k get us something decent, or just enough to get into the area?

[Charles]

Probably should look for yourself. Probably moderately decent. Try redfin for a pretty good real estate search tool. A lot of people expect prices to drop in the next couple years too.

Also, check out this thread I started with tons of useful stuff:

http://www.city-data.com/forum/orang...ing-tools.html

[S.Holmes]

Nice! Thanks, my friend. I'll let you know what I come up with.

[drshang]

You should rent for a year...prices are expected to drop at least another 20% before they hit bottom. If prices drop 20% you've wiped out 100,000 dollars in downpayments and equity. Even if they drop 10% you wipe out a 50,000 downpayment. Furthermore, you should also rent for a year to figure out what parts of the LA area you like the best. Making a 10 year commitment on a house without a good feel for which neighborhood you truely fit in could be a mistake. One thing to keep in mind about the LA area is each neighborhood is very, very different compared to another.