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Old 01-07-2012, 07:26 PM
 
Location: Olympus Mons, Mars
6,277 posts, read 9,075,025 times
Reputation: 6591

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So, I was near little India today in Artesia enjoying some good Indian food after which I thought I would take a detour and explore the surrounding areas using surface streets instead of taking the freeways back...so off I went, south on Pioneer Blvd. into the adjoining city. The street sign said "City of Hawaiian Gardens", I had heard this area to be a slightly below average neighborhood but seemed residential but clearly ghetto-ish.

So, I decide to pull over, whip out my trusty iPhone and fire up the Redfin app to see what exactly these houses are going for. Asked redfin to show nearby houses for sale and I could not believe my eyes...

1700 sqft SFRs listed between $500,000-600,000, most of the homes looked OLD (60s or 70s construction). BEYOND INSANE! Half a million DOLLARS in Hawaiian Gardens?? Yes, it's a good time to buy...sure A few blocks down was Long Beach and the houses were even more expensive here, around $600,000+

The ocean was still very far off and I didn't see anything in this neighborhood for it to deserve this kind of price tag, 4 times the national median!!

I feel sorry for the sucker who paid half a million dollars to buy a 3 bedroom house that is 40 years old in the semi-ghetto of Hawaiian Gardens
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Old 01-07-2012, 07:32 PM
 
1,964 posts, read 4,738,382 times
Reputation: 1624
I don't know Hawaiian Gardens but may be the homes along that road are zoned for factory/industrial or other commercial usage, and their high prices reflect that.
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Old 01-07-2012, 07:54 PM
 
Location: Los Angeles, CA
1,045 posts, read 1,679,844 times
Reputation: 690
Sounds like you may have actually been in Cerritos, NOT Hawaiin Gardens.

As you go south on Pioneer from Artesia you first go through Cerritos, then Lakewood, then Hawaiin Gardens.

Single-family homes in Hawaiin Gardens are generally in the $150,000 to $300,000 range.

Cerritos (which has VERY good public schools) is more in the $400,000 to $600,000 range.

But yes, California real estate prices are pretty ridiculous, even post-bust it's not cheap.
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Old 01-07-2012, 08:07 PM
 
Location: Los Angeles, CA
1,045 posts, read 1,679,844 times
Reputation: 690
Not sure if this link (zillow.com) will work but it shows single-family homes sold in Hawaiin Gardens over the last 6 months: the dominant price category is $150,000 to $275,000. Nothing even over $300,000.

Hawaiin Gardens California Homes for Sale & Hawaiin Gardens Real Estate - Zillow
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Old 01-07-2012, 09:12 PM
 
Location: My Own Private Island
258 posts, read 543,115 times
Reputation: 263
My Grandpa used to say ' ... you can't teach stupid. '

Modern Day Slavery = Citizens of California
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Old 01-07-2012, 10:42 PM
 
Location: Here&There
2,209 posts, read 3,705,968 times
Reputation: 2424
Quote:
Originally Posted by k374 View Post
So, I was near little India today in Artesia enjoying some good Indian food after which I thought I would take a detour and explore the surrounding areas using surface streets instead of taking the freeways back...so off I went, south on Pioneer Blvd. into the adjoining city. The street sign said "City of Hawaiian Gardens", I had heard this area to be a slightly below average neighborhood but seemed residential but clearly ghetto-ish.

So, I decide to pull over, whip out my trusty iPhone and fire up the Redfin app to see what exactly these houses are going for. Asked redfin to show nearby houses for sale and I could not believe my eyes...

1700 sqft SFRs listed between $500,000-600,000, most of the homes looked OLD (60s or 70s construction). BEYOND INSANE! Half a million DOLLARS in Hawaiian Gardens?? Yes, it's a good time to buy...sure A few blocks down was Long Beach and the houses were even more expensive here, around $600,000+

The ocean was still very far off and I didn't see anything in this neighborhood for it to deserve this kind of price tag, 4 times the national median!!

I feel sorry for the sucker who paid half a million dollars to buy a 3 bedroom house that is 40 years old in the semi-ghetto of Hawaiian Gardens
All this proves is that Redfin doesn't work.
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Old 01-08-2012, 11:32 AM
 
Location: West Los Angeles
1,112 posts, read 1,604,010 times
Reputation: 863
600k for a house in Cerritos is also insane in the CD poster's honest opinion.
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Old 01-08-2012, 12:25 PM
 
Location: Los Angeles
14,372 posts, read 8,324,286 times
Reputation: 6645
Cost of living in LA has gone up wildly. Even though homes have lost 40% in the last 4 years, it's 40% down from a 300% bubble. As an example the homes in N. Torrance, which is a massive improvement over Long Beach, better schools than Cerritos, have dropped nearly 50% to $4-500k for a 40-60 year old 3/2. There are a few 2/1 available for $350k which were $120-150k just 15 years ago. Even Compton homes are running 200k+ for a bung hole in the worst areas.

Zillow.com is quite accurate
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Old 01-08-2012, 02:33 PM
 
4,261 posts, read 9,010,386 times
Reputation: 3262
Quote:
Originally Posted by BVitamin View Post
All this proves is that Redfin doesn't work.
Redfin does work.

People can ask whatever price they want. Listing prices mean nothing, sold prices are everything.

Sal has it correct.

Cerritos shows 19 homes between 1500-2000 sq ft sold in the past three months with prices from $240-680K. The low and high prices are outliers and it seems that this size homes in the lesser portions of Cerritos sell for around $350K, and the homes in the better areas for around $550-600K.

Neighboring Lakewood shows 42 homes sold in that size in the past three months, with selling prices from $250-600K with most sales being between $350-450K.

Hawaiian Gardens shows two homes sold in the past three months in that size range...one at $229K and one at $416k.

There is TONS of shadiness going on in the real estate market nowdays and its acute in So Cal. Theres pending stuff in HG right now....I'll bet $1000 that the current list price on the pendings is no where near what the homes will sell at. Agents intentionally list short sales very very high so that no one will even look at the property. Then they can steer the sale towards a family member, friend, or someone who is giving them a kickback.
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Old 01-08-2012, 02:35 PM
 
4,261 posts, read 9,010,386 times
Reputation: 3262
Quote:
Originally Posted by steven_h View Post
Cost of living in LA has gone up wildly. Even though homes have lost 40% in the last 4 years, it's 40% down from a 300% bubble. As an example the homes in N. Torrance, which is a massive improvement over Long Beach, better schools than Cerritos, have dropped nearly 50% to $4-500k for a 40-60 year old 3/2. There are a few 2/1 available for $350k which were $120-150k just 15 years ago. Even Compton homes are running 200k+ for a bung hole in the worst areas.

Zillow.com is quite accurate
Torrance isn't a "massive" improvement over Long Beach, at least the area south of the traffic circle. And in fact, its not as nice or wealthy as Belmont Shores.

Cerritos has the top high school(from a score perspective) in the state.
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