Move from NYC to South Pasadena - does this plan make any sense ? (Santa Monica: for sale, real estate market)

[ramurphy25]

I recently received a job offer to work in an LA hospital and we are planning to move from NYC to an LA suburb in July. My wife and I have two young kids so our main priority is schools.

But we cannot afford to buy a house in the towns we liked best, in particular South Pasadena. In NY we are used to high prices but in South Pas there are houses selling for more than 600K that are in terrible shape !

So our plan is to rent for a year or two and see if some more interesting houses come on the market in South Pas in our price range of 600 - 750 K.

Does this plan make any sense? Any other towns in the South Pas area with excellent schools we should consider ?

thanks for any advice !

[Shinhiryuu]

Originally Posted by ramurphy25

I recently received a job offer to work in an LA hospital and we are planning to move from NYC to an LA suburb in July. My wife and I have two young kids so our main priority is schools.

But we cannot afford to buy a house in the towns we liked best, in particular South Pasadena. In NY we are used to high prices but in South Pas there are houses selling for more than 600K that are in terrible shape !

So our plan is to rent for a year or two and see if some more interesting houses come on the market in South Pas in our price range of 600 - 750 K.

Does this plan make any sense? Any other towns in the South Pas area with excellent schools we should consider ?

thanks for any advice !

If you can live in south pasedena then go for it. Bad shape is caused by a lot of things, unlike NY where snow wears and tears at you, here the sun cracks paint etc. Also in NYC you pay your building to fix it up, here its all you. Youll love backyards and porches. South Pasedena is beautiful and even into a few blocks of el Serreno, then you hit ugly ahahaha. If you can afford that much your have the pick of the litter in places to live, check out San Marino as well. Pasedena has the rose parade, good schools and shopping, honestly, I'd live there if I could afford it . Good luck!

P.S. Renting will be good because you can check out other places before buying, you might fall in love with other places!

[BRinSM]

south pas is a great city to live in if the hospital you will be working at is nearby. which hospital will you be at if you don't mind sharing? i also agree that it would be a good idea to rent for a while before jumping into the real estate market.

[JohnG72]

Originally Posted by ramurphy25

So our plan is to rent for a year or two and see if some more interesting houses come on the market in South Pas in our price range of 600 - 750 K.

Does this plan make any sense? Any other towns in the South Pas area with excellent schools we should consider ?

thanks for any advice !

You're brighter than most who posted here. As others said, it depends where your work is. There are other communities nearby with excellent schools, but all are further from la than S. Pasadena is. Temple City and La Crescenta are less expensive. Arcadia, San Marino, and La Canada are all more expensive.

[uptown_urbanist]

Originally Posted by ramurphy25

I recently received a job offer to work in an LA hospital and we are planning to move from NYC to an LA suburb in July. My wife and I have two young kids so our main priority is schools.

But we cannot afford to buy a house in the towns we liked best, in particular South Pasadena. In NY we are used to high prices but in South Pas there are houses selling for more than 600K that are in terrible shape !

So our plan is to rent for a year or two and see if some more interesting houses come on the market in South Pas in our price range of 600 - 750 K.

Does this plan make any sense? Any other towns in the South Pas area with excellent schools we should consider ?

thanks for any advice !

Makes sense. It's not just about schools, though, but also neighborhood; San Marino and South Pasadena share a border, for example, but have completely different personalities (but since you're unlikely to find a house for sale in San Marino at your price point, probably a moot point.) San Marino is known for its schools, but I'd personally find it a very boring, inconvenient place to live.

I know prices are falling, but I think that LA is still one of those areas where it makes more sense to rent than to buy. It's been a few years since we've lived in South Pasadena, but I think that goes double there. You're paying partly for school district. (several of our neighbors had sold homes in nearby cities and chosen to rent, not buy, in South Pasadena; it made more financial sense for them.)

In any case, I think your plan makes sense. There are some nice rentals out there, you don't have to pay for the upkeep, you'll likely be paying far less for a decent rental than you would for a mortgage for the same property, and then you can leisurely look for houses in a year or two if and when you decide that you'd prefer to buy.

[nmnita]

Originally Posted by ramurphy25

I recently received a job offer to work in an LA hospital and we are planning to move from NYC to an LA suburb in July. My wife and I have two young kids so our main priority is schools.

But we cannot afford to buy a house in the towns we liked best, in particular South Pasadena. In NY we are used to high prices but in South Pas there are houses selling for more than 600K that are in terrible shape !

So our plan is to rent for a year or two and see if some more interesting houses come on the market in South Pas in our price range of 600 - 750 K.

Does this plan make any sense? Any other towns in the South Pas area with excellent schools we should consider ?

thanks for any advice !

Like many things in life, it is a gamble but life is full of gambles. So Pasadena has been pricey since I was a kid in the 50s. I don't see it going down any further and now, with signs of a economic recovery, I can see prices going up or stablizing.

the advantage of renting for say, a year, is you will have no maintainance to worry about and you can get a good feel for the city. It is one of the nicest in the area.

[JohnG72]

Originally Posted by nmnita

Like many things in life, it is a gamble but life is full of gambles. So Pasadena has been pricey since I was a kid in the 50s. I don't see it going down any further and now, with signs of a economic recovery, I can see prices going up or stablizing.

the advantage of renting for say, a year, is you will have no maintainance to worry about and you can get a good feel for the city. It is one of the nicest in the area.

Thats not correct. It was quite inexpensive for about 20 years in the 80's and 90's.

And its one of the biggest bubbles in LA from a price:income ratio.

Not that prices are coming down to a $250K median there again, but 1500 sq ft places going for $800K+ are going to fall significantly.

[Shinhiryuu]

Originally Posted by JohnG72

Thats not correct. It was quite inexpensive for about 20 years in the 80's and 90's.

And its one of the biggest bubbles in LA from a price:income ratio.

Not that prices are coming down to a $250K median there again, but 1500 sq ft places going for $800K+ are going to fall significantly.

their taking steps to keep riff raff out to make sure it doesnt fall. seen the no parking on streets without a permit? im thinking their scared homeless trailers will park just like santa monica and drive down prices. those homes are dreamy tho

[Harrier]

LOL @ Peoples Republic of Santa Monica reference in a South Pasadena thread! I don't doubt you are right shinhiryuu - i've only been in s.pas a few times - just am agreeing with you on Santa Monica - everyone thinks it is so great - yeah riiight!

[CA4Now]

Originally Posted by JohnG72

Thats not correct. It was quite inexpensive for about 20 years in the 80's and 90's.

That's relative. Prices started to climb around 1987-88 everywhere here and peaked (for that bubble, anyway) in the early part of 1990. It also depends on what what area of South Pas you're referring to.