Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > Orange County
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-20-2007, 02:50 PM
 
36 posts, read 157,198 times
Reputation: 19

Advertisements

Hi, we're considering a move to another part of California where new homes are probably 25% less (though that is not the reason we'd move). The plan would be to rent a newer home in an area we liked there, until we 1) found the neighborhood that suited us and 2) decided that the time/prices were right.

The great debate is whether we should rent out our current house in OC for a few years (the average rent for a nicely kept home in this area is right in line with our monthly mortgage + escrow total) or sell now. I understand there is a large supply and it might sit on the market for awhile, but the big question is...is the Westside ever going to really take off? People are fixing up their homes like crazy around me and we have multiple $1 million homes on this street (not my house though!) Folks with 2 story houses on my street can see the ocean. Little funky nightclubs are cropping up near us...in short, will this area ever turn into Corona Del Mar or Laguna with that type of demand and cache...? If you are an agent I would like to hear your perspective/predictions. Thanks.
Reply With Quote Quick reply to this message

 
Old 05-23-2007, 05:13 AM
 
1,156 posts, read 3,783,828 times
Reputation: 778
The housing market is taking a slide right now, but you could put it up for sale just to see what kind of bites you're getting. If the offers aren't high enough then take it off the market. As foreclosures mount and illegal immigration continues I think it could put more upward pressure on the apartment market. Those folks losing their homes have to go somewhere and they aren't going to be moving back in with mom and dad. So it is a matter of what kind of gamble you take. Generally, renters aren't as fastidious about properties they don't own. So at the end of the line you will have to pour a fair amount of cash into fixing your place up once you have booted the renters so that you can take advantage of the neighborhood gentrifying. You will also probably have to wait at least five years, too, for equity to begin rising again. So it is a risk.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2022 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > Orange County
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top