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Old 12-22-2015, 01:15 AM
 
Location: Los Angeles
4,627 posts, read 3,397,342 times
Reputation: 6148

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Quote:
Originally Posted by WizardOfRadical View Post
LOL yea that sounds like a dumb gamble. Wouldn't it make more sense to stay in the condo, wait till the next crash and buy a new home and rent the condo out?
Hard to bank on a black swan event twice in one's life. That said, the poster you are responding to did not want to wait: the condo market is the first to fall and the last to rise. In retrospect, this market still has room to run...especially in supply constrained LA County.

 
Old 12-22-2015, 01:19 AM
 
Location: Los Angeles
4,627 posts, read 3,397,342 times
Reputation: 6148
Quote:
Originally Posted by AJT123 View Post
We left because we didn't have a good enough QOL for the obscene amount of $ we paid to live there at the end of the day. It just wasn't worth it. Luckily someone took over our lease so we saved some $, but our landlord said the rent on our old apt would be going up $350(!!!) once the lease was renewed. That's just bonkers.
Glad to hear you left. Now go have fun with your boat on a lake.


https://www.youtube.com/watch?v=otTW0JczoGQ

We come a thousand miles from a guitar town...when my boots hit the board I'm a brand new man.
 
Old 12-22-2015, 02:12 AM
 
Location: Knoxville, TN
5,818 posts, read 2,672,260 times
Reputation: 5707
Quote:
Originally Posted by Astral_Weeks View Post
Glad to hear you left. Now go have fun with your boat on a lake.


https://www.youtube.com/watch?v=otTW0JczoGQ

We come a thousand miles from a guitar town...when my boots hit the board I'm a brand new man.
Ha, will do as soon as spring hits, trust me.

Last edited by Mister 7; 12-22-2015 at 02:39 AM..
 
Old 12-22-2015, 05:45 AM
 
Location: So Ca
26,739 posts, read 26,828,098 times
Reputation: 24795
Quote:
Originally Posted by maxutilperusd View Post
I've come here to rant....When I sold my condo in 2014, I thought it was a good time to sell and I indeed cashed out at a profit. I'm waiting for the next crash to buy again. When will the next market correction come?
You actually sold the home you lived in just to make a profit? ("Market correction"...okay. )
 
Old 12-22-2015, 09:30 AM
 
27 posts, read 28,053 times
Reputation: 19
I'm not sure what the backlash is for. I think it's perfectly reasonable for someone to sell a home to make a profit, start renting, and buy again when prices decline.

I'm a young professional and selling my home helped me move much closer to work, shaving off 30 min of driving time going home.
 
Old 12-22-2015, 09:34 AM
 
27 posts, read 28,053 times
Reputation: 19
Quote:
Originally Posted by WizardOfRadical View Post
LOL yea that sounds like a dumb gamble. Wouldn't it make more sense to stay in the condo, wait till the next crash and buy a new home and rent the condo out?
I would say no, that does not make sense. Most buyers are priced out of reasonable SFH's. If I left my money in the condo, how am I going to buy the new home? I need the equity in the condo to upgrade to a nicer house.
 
Old 12-22-2015, 10:26 AM
 
Location: Los Angeles
4,627 posts, read 3,397,342 times
Reputation: 6148
Quote:
Originally Posted by maxutilperusd View Post
I'm not sure what the backlash is for. I think it's perfectly reasonable for someone to sell a home to make a profit, start renting, and buy again when prices decline.

I'm a young professional and selling my home helped me move much closer to work, shaving off 30 min of driving time going home.

I don't think you did anything wrong. Since you sold your condo during the up cycle (when it was a seller's market) and you apparently did not want to stay in the same area. That said, I think the "backlash" (if we can call it that) is it not very prudent to expect any major price declines. Anything is possible but that is just not a likely scenario.
 
Old 12-22-2015, 11:05 AM
 
Location: Los Angeles
4,627 posts, read 3,397,342 times
Reputation: 6148
Quote:
Originally Posted by AJT123 View Post
Ha, will do as soon as spring hits, trust me.

I am not into boats. I'd rather surf. Much more fun (for me), cheaper and less of a hassle than maintaining a boat. To each their own.


Tennessee is a nice place but I could never live there. You came to Los Angeles and were shocked housing is so costly by comparison? Not really a big secret. LA is the big leagues...it can eat you alive if you are not careful.
 
Old 12-22-2015, 07:00 PM
 
Location: Knoxville, TN
5,818 posts, read 2,672,260 times
Reputation: 5707
Quote:
Originally Posted by Astral_Weeks View Post
I am not into boats. I'd rather surf. Much more fun (for me), cheaper and less of a hassle than maintaining a boat. To each their own.
Boating is a passion of mine, as I grew up on the lake(s) here. There is NOTHING, IN THE WORLD, that I'd rather be doing than driving my boat and/or sitting out on the lake with friends, in the middle of nowhere (read: around no people), drinking, and blaring 80s music as loud as it will go on the bangin' sound system I installed. I did enjoy Abalone Cove (the most beautiful beach I've ever seen) on many occasions there, but every time I'd see a boat offshore that looked similar to mine I would get ridiculously homesick.

I'm sure surfing is fun, but I'd be like a pig on rollerskates attempting it. Boats are a hassle, I won't deny that, but I've kept mine up and it's surprisingly trouble free; I simply pay about $400 each season for normal maintenance and never have issues. But like I said, I won't deny how big of a PITA they can be. But cruising around the lake is totally worth every penny, to me. Counting down days until March when I can get her out on the water and throw that stick down.

Quote:
Originally Posted by Astral_Weeks View Post
Tennessee is a nice place but I could never live there. You came to Los Angeles and were shocked housing is so costly by comparison? Not really a big secret. LA is the big leagues...it can eat you alive if you are not careful.
Of course I wasn't shocked. We did our homework. We spent 5 months chewing on whether to make the move or not (and we don't regret the experience). It's common sense that housing is outrageous, and we weren't surprised at the prices. What more I'm getting at is just the fact that it gnaws at your brain that people can make such good money (like us), and still homeownership is completely out of reach. We brought in 6 figures and had to be careful spending, limit going out to eat, etc, plan ahead for airfare back home, all while trying to amass a comfortable 401k, etc. for retirement. That is craziness, and it just wasn't worth it long-term. They even offered to bump my husbands salary by 65% to entice us to stay and we still left, because even that much still wouldn't have given us the QOL we had here in TN. No amount of money would have made me not stress out every time I had to run an errand there, with the traffic and congestion, etc, so many people in your face. This is the reason I've always said if you're rich enough to afford a home and hire help for your errands, etc., LA is complete and utter paradise. For the middle and upper middle class, it's a circlejerk.

LA was a great ride and man, I have stories to tell, but we are glad we left. Our time out there wasn't going to be permanent anyway, but we did leave a few years early. We miss precisely nothing other than maybe looking at the skyline and walking around DTLA, and walking around Beverly Hills.
 
Old 12-23-2015, 05:32 AM
 
Location: So Ca
26,739 posts, read 26,828,098 times
Reputation: 24795
Quote:
Originally Posted by maxutilperusd View Post
I'm not sure what the backlash is for. I think it's perfectly reasonable for someone to sell a home to make a profit, start renting, and buy again when prices decline.
But possibly not hope for the market to decline so h/she can personally benefit.

The OP stated that he could not afford to buy a house here while supporting a family....any house, anywhere in southern CA. He apparently didn't see that changing in the near future.
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