Don't come to LA unless you have a couple million $$$ in your bank account (Los Angeles: cul-de-sac, sales) - California (CA) - City-Data Forum

Stevedr83 · 11-01-2006, 11:33 PM

If you don't have the big dollars stay away, all you're going to do is end up in some small apartment with roommates clogging up our freeways. If you can put together enough cash to get into a house, plan on $500,000 for a 1200-1500 sq foot house on a 5000 sq ft lot in a neighborhood where your neighbors will not speak english, this is the reality of Los Angeles. Repeat, there is no entry level housing, and you don't want to end up like the rest of the sheep sitting on $500,000 mortgage with a 1% teaser rate scheduled to reset to 8% in say 6 months. I was down in Manhattan Beach the other day talking to an 80 year old man, he was telling me how they were just giving MB lots away in 1950, he bought three, see you missed buying LA real estate by 40 years. However if you still want to come, I have a house you can buy, let's start at $700,000 it's paid for, I call it my pension.

Need_affordable_home · 11-04-2006, 01:07 PM

LA is great for movie stars, models and businessmen and anyone rich and/or famous. For the typical middle class person, its no place to be. Most of those people in $500k houses paid significently less a few years ago. Few can afford one today and most dont want this lifestyle either. What would you consider an "entry" level house in a good neighboor that speaks english and doesnt contain illegals?

jlrobe · 11-04-2006, 04:21 PM

Quote:

Originally Posted by Stevedr83

If you don't have the big dollars stay away, all you're going to do is end up in some small apartment with roommates clogging up our freeways. If you can put together enough cash to get into a house, plan on $500,000 for a 1200-1500 sq foot house on a 5000 sq ft lot in a neighborhood where your neighbors will not speak english, this is the reality of Los Angeles. Repeat, there is no entry level housing, and you don't want to end up like the rest of the sheep sitting on $500,000 mortgage with a 1% teaser rate scheduled to reset to 8% in say 6 months. I was down in Manhattan Beach the other day talking to an 80 year old man, he was telling me how they were just giving MB lots away in 1950, he bought three, see you missed buying LA real estate by 40 years. However if you still want to come, I have a house you can buy, let's start at $700,000 it's paid for, I call it my pension.

LA is almost as expensive as SF. That is sad. As for manhattan beach, you are correct. MB is expensive, but it is quite a nice place. I would buy a house in MB in a heart beat if it cost 900k for a nice house. I would not even blink. The current 1.75 million dollar price tag is a big much for me though!.

jlrobe · 11-04-2006, 04:25 PM

Quote:

Originally Posted by Need_affordable_home

LA is great for movie stars, models and businessmen and anyone rich and/or famous. For the typical middle class person, its no place to be. Most of those people in $500k houses paid significently less a few years ago. Few can afford one today and most dont want this lifestyle either. What would you consider an "entry" level house in a good neighboor that speaks english and doesnt contain illegals?

700k. The house would be small and old, but in a nice neighborhood. Also, 2 bedroom condos run around 575k in nice neighborhoods.

Need_affordable_home · 11-05-2006, 08:43 AM

LA is more expensive than SD? I hear SD is a far better place to live in if you arent rich and famous. The crime and illegals is lower in SD as well. Ive seen 1 bedroom condos in nice neighboorhoods for $250k to $300k, 2 beds for around $350k in SD. Mailibu is indeed expensive but I believe mobile homes can be had affordably there plus lot fees.

puffle · 11-05-2006, 11:09 AM

I had a very nice house in a very upscale neighborhood in Ventura County which used to be more affordable than L.A. We bought it in 1998 for $680,000..it was 2900 sq. feet on half an acre with only six other homes on a cul-de-sac. We had to sell it in 2002 when it sold for $850K. We couldn't buy it back if we wanted to now that it is worth $1.4 million. Same with our first home that we bought 1996 that was 1700 sq. ft. for $274K.. it now sells for $650K. We are now renting a condo nearby that is 1200 sq. ft. with no backyard (patio) for $2500, which is double our first mortgage in 1996. Get the picture?

Need_affordable_home · 11-05-2006, 11:21 AM

whoa! That 1.4m house comes out to $483 a square foot! That house doubled in value in only 8 years! So did most other houses all over America! Bet you made lots of equity. Are you renting and just waiting for house prices to drop then get a nice house out of California for like $200k?

puffle · 11-05-2006, 01:04 PM

Quote:

Originally Posted by Need_affordable_home

whoa! That 1.4m house comes out to $483 a square foot! That house doubled in value in only 8 years! So did most other houses all over America! Bet you made lots of equity. Are you renting and just waiting for house prices to drop then get a nice house out of California for like $200k?

Unfortunetly, selling the house was a divorce issue and not about equity since ex had stopped paying the mortgage. We are renting because we cannot buy unless we do %100 financed loan which is not what I want. We also are planning on moving next year to Boston, suburbs, renting and then buying. If people in Ma. think their taxes are high and home prices too, try Calfornia. Our sales tax is 8.5% and well, you read about property costs. So, Ma. is a welcome change in every aspect, for us anyway.

brian_2 · 11-05-2006, 01:57 PM

"I had a very nice house in a very upscale neighborhood in Ventura County which used to be more affordable than L.A. We bought it in 1998 for $680,000..it was 2900 sq. feet on half an acre with only six other homes on a cul-de-sac. We had to sell it in 2002 when it sold for $850K. We couldn't buy it back if we wanted to now that it is worth $1.4 million. Same with our first home that we bought 1996 that was 1700 sq. ft. for $274K.. it now sells for $650K. We are now renting a condo nearby that is 1200 sq. ft. with no backyard (patio) for $2500, which is double our first mortgage in 1996. Get the picture?"

Oh my, that's a sad tale. I wonder how many others share a similar California story? There is no safety net, we all have to always be thinking of the what & if's in finance and liability - wish it wasn't so, but it is.

fairweathergolfer · 11-05-2006, 09:52 PM

How frustrating puffle. I know the new move will bring some wonderful new change. Divorces are hard enough and the financial and moving changes that come along with them are just almost too much to bear at such a already very stressful time.

California is so expensive and in someways what a relief to be able to go somewhere where absolutely everything does not have to do with money, money, money. May there be many, many beautiful miracles coming your way!