Work in Rosemead (Pasadena, Orange, El Monte: appointed, real estate, renters)

[MIpaul]

I am relocating to Rosemead area from Michigan and I am looking for nice neighborhoods close to that area.

My budget limits are around $500k. I have two small children and a wife and dog.

We currently have a 2300 sq ft home, and I know I will need to change my expectations for California.

Things that are improtant to me:

Safety (neighborhood)
Schools
Drive ( I currently drive 1 hour each way so that is my limit)
Shopping

ANy options out there?

[nmnita]

Yes, you will have to come down on square footage quite a bit. Here are the best school districts and the safest areas around Rosemead, all are very family oriented. I don't know if all are in your price range, someone else will be able to help there I am sure:

Arcadia
So Pasa
Temple City
probably San Gabriel (I am not sure)
San Marino, but property in San Marino I know will be out of the ball park.
Further east and north would be Glendora (probably too far) and maybe Monrovia. Heading south you are talking about the north part of Orange county or toward there: again, might be out of your price range.
Check Diamond Bar for starters.

Nita

[JohnG72]

You should probably rent for a while.

[drshang]

IMO rent in Arcadia or South Pas. Both have awesome school districts, are super nice and for your budget to buy you can very easily rent. Housing is still dropping pretty steadily in the nicer areas and those areas should be affordable for you after renting for a couple years. Plus you really should get familiar with the LA area and different neighborhoods before you buy. Especially since the economy here is very poor and we're in the greatest real estate bear market in pretty much all of our lifetimes, and California (esp LA) is at the epicenter of it.

It will cost you 2000-2500 to rent a house that will cost you 3500-4500 a month to own. Do the math.

[nmnita]

Originally Posted by drshang

IMO rent in Arcadia or South Pas. Both have awesome school districts, are super nice and for your budget to buy you can very easily rent. Housing is still dropping pretty steadily in the nicer areas and those areas should be affordable for you after renting for a couple years. Plus you really should get familiar with the LA area and different neighborhoods before you buy. Especially since the economy here is very poor and we're in the greatest real estate bear market in pretty much all of our lifetimes, and California (esp LA) is at the epicenter of it.

It will cost you 2000-2500 to rent a house that will cost you 3500-4500 a month to own. Do the math.

I am not sure your figures are right plus property in these areas are not dropping nearly as fast as a year ago and if they take an upswing, then one would pay a lot more for a home. I just still feel buying is the best if you intend on staying 5 years or more.

Nita

[JohnG72]

Originally Posted by nmnita

I am not sure your figures are right plus property in these areas are not dropping nearly as fast as a year ago and if they take an upswing, then one would pay a lot more for a home. I just still feel buying is the best if you intend on staying 5 years or more.

Nita

There isn't much in that area available at under $500K. A quick search of San Gabriel, Rosemead, Temple City, and Monrovia of homes under $500K, 3 bed, 2 bath 1500Sq Ft produced only a handful of results. Expand to the latino neighborhoods(El Monte, Pico Rivera, Montebello) and there is still very few properties available.

Right now, everyone is just kinda hanging on and hoping the federal government will help out again. The banks are waiting for a bailout, the realtorsand private sellers are hoping there will be another credit for homebuyers.

Prices are grossly out of adjustment with incomes and prices have much further to drop. Families with 50K incomes aren't buying houses at all and families with $100K incomes shouldn't be buying $500K houses.

[RosemeadDriver]

I recommend Alhambra, Pasadena and San Gabriel 91775

[MIpaul]

thanks for the feedback so far - i appreciate it. Yes my wife and I were pretty disappointed after looking at the MLS

What is it with so many houses with fences around the front yard - bad area? Or just what they do in California?

[uptown_urbanist]

I agree. Rent first. Many of my neighbors in South Pasadena chose to rent, not buy; the people right next to us had actually sold a house in Pasadena but chose to rent in South Pasadena (they moved for the schools) because they could rent something much nicer than they could afford to buy. We paid $1900/month for a house that was valued around $600,000. Yes, prices have dropped, but not so much that houses for $500k in nice neighborhoods with good schools are readily available. Better to rent first to get a sense of the area; you could save up whatever extra money you would have put towards a larger mortgage and use it towards buying a house in a couple of years if you decide you're going to stick around in the long run. Maybe it depends on the part of the LA area, but at least among the people I knew there was no stigma attached to renting, and many renters stayed in their homes for years. That's different than some other parts of the country I've lived in (including my home state of MN), I think because there is so much of a difference between what you can get for your rent versus what you get if you buy. If your mortgage would be about the same as your rent then it makes sense to buy, but that's not the case in many parts of southern CA.

Even if you have $500,000 in cash and can buy a house today, I would still rent for a little bit to get to know the various areas before you buy.

South Pasadena was great for families, and there are a lot of really nice rental houses. And keep in mind that while your square footage will probably go down dramatically, you also might get a garage with the house; I don't know anyone who actually uses their garage to park a car. Most people use them for storage or for secondary living space. Plus, if you rent a place with some outdoor space you'll get to use it for much more of the year than you would in the Midwest, so that will unofficially expand your living space, too.

I know someone who lives in Rosemead itself and likes it, by the way.

[uptown_urbanist]

Originally Posted by MIpaul

thanks for the feedback so far - i appreciate it. Yes my wife and I were pretty disappointed after looking at the MLS

What is it with so many houses with fences around the front yard - bad area? Or just what they do in California?

No, not bad area, at least not necessarily; I've never thought about it before, and am not sure exactly what type of fencing you're referring to, but I think in many cases it's just an aesthetics thing. I can think of a lot of places in South Pasadena with fences in the front, and they certainly aren't in a bad area. Front yards are living spaces, and they help keep kids, toys, and pets from going into the street, for one thing.