Buying a townhouse near Plummer Park 90046

[wehotex]

Originally Posted by DaBeez

I didnt know there were ANY townhomes in that area. Its primarily all single family residences and apartment buildings.

Plummer Park aka Russian Park and the surrounding areas mostly along Santa Monica Blvd is probably where you'll find the most heavily concentrated area of Russians outside of Europe. I know because my wife is Russian and we used to go to Plummer Park every weekend. I must say, that the typical Russian attitude in LA may come across as being mean or arrogant, but usually the people are very nice once you get to know them. Its just their culture which is why the come across like that.

As far as the racist issue, Im not so sure about that. Plummer Park is where I seen the most beautiful baby (who happend to be mixed race) in my life. Mom was a tall blonde Russian woman and Dad was black. Babies (one in stroller and other walking) both had blonde hair, blue eyes and very tan skin. I mean, these babies were absolutely beautiful.

a few years ago, the stolichnaya "bakery" was on a CBS news show with leslie Stahl. The owners were being sued by the Cty for welfare fraud. That part of weho is littered with phoney businesses that are fronts for crime and welfare abuse. The russians are the rudest immigrants that i've ever met in my life, and in LA you meet them from seemingly every country. They are also all on welfare, living in their subsidized housing. this has to being down the values on any property that you consider buying in that area.

[motoman]

Originally Posted by LeavingLaguna

My question is this... Am I being too sensitive about the street? Again, it's not bad but it's not pretty either. The general area seems decent. It's not Beverly Hills but it's not the "hood". Is it worth the trade-off to buy the great townhouse on the so-so street or should I wait and pay ($250k) more to live in the great townhouse on the great street?

I'm a great bit biased about housing prices in California, LA in particular, because I know how few people can actually afford them, even though they pretend they can. That said, I'll say this.

No, you aren't being picky about the house on the street you don't particularly care for, but you do seem quite unattached from reality given that you think $500 / sq. ft. for a house is even remotely reasonable and you think paying another $250k to be on a better street is a rational thought.

A better question to ask is, why should I be willing to pay $500 / sq. ft. for a house that just five or so years ago was selling for $250 / sq. ft.?

People don't make much more money today than they did five years ago. People had to have a place to live five years ago, just like they do today. So why weren't people willing to pay $500 / sq. ft. five years ago?

Might the price you are looking to pay be just a tad bit irrational? California, and LA, had this thing called a real estate bubble. A bubble that makes the '90s bubble look like mere child's play. And we're still in the middle of it.

Smart ass comment follows:
There is an apartment complex down the street from me asking $3,300 per month for a two bedroom apartment. Should I rent that one or the one in Century City for $4,500 per month? Which do you think is a better deal?

A more rational comment would be:
I could rent the $3,300 per month two bedroom apartment, or I could walk across the street and rent the $1,800 per month two bedroom apartment. Why should I be willing to pay an additional $1,500 per month to live on the other side of the street? Am I really going to get an additional $18,000 per year in enjoyment and satisfaction living across the street? What other, more fun, enjoyable, and satisfying things could I do with $18,000 per year other than pay for a place to sleep? Or maybe I'll actually save it and invest it. $18,000 per year, invested at 8%, over 30 years, is a mere $2MM. Why would I give that $2MM to my landlord rather than to myself?