I used to think it was Housing Bubble 2.0 (Los Angeles: property taxes, to live)

[TR95]

Originally Posted by jm1982

Did you try to time the market ? I'm sure those that sold in 2007 or so and waited to buy again in 2009 were very happy they did .
Maybe waiting until bad news or the data starts showing prices dropping is a good strategy .
People were still buying when homes were going down in price but homes were sitting on the market a lot longer than now .

Not if they bought between 1990 and 2002. Prices in 2009 were still above those years in most places. Sure, you cash out and pocket, but then buy back in at higher prices than your original cost with higher property taxes than you originally had.

[Teckeeee]

What I just read the bank of China is doing may cause property to go down a bit.

A lot of Chinese fled China with illegal money and now the BOC is going after them starting in Vancouver BC, look it up. They are starting to foreclose on homes in BC.

How do you think some of these Chinese millionaires are buying for cash when they just arrive........some of them with stolen money from Chinese banks.

[kasuga888]

The story repeats again. I have a friend who was in a roommate living situation paying 800 a month, she decided to but a 750k house and her monthly outflow is around 5-6k. Disregarding tax benefits, that's about 10k a year vs 65k a year. She is in a carreer that ranges in the 100-150k, maybe she is in the upper end and can sorta afford it, but that's really just 1 layoff away from a possible lower wage.

There is a huge demand in housing in LA simply because all the hip cats are moving here to live the YOLO city life. Give it a few years when people realized its really unstainable to be living in a 2k single or sharing a 2bd for 1500. Food that once cost under 10 have all been hipsterfy to cost 15-20. Beer for under 7?? Rare. No- starbucks coffee range from 4-8. The big corporations are leaving the area , the movie industry are moving from the area. Tech has supposedly come in, but who knows. Startup bubble mania... most will die off soon.

[SUPbud]

Hey this thread got me thinking about % of foreign ownership.

Some places like Mexico along the coast, foreign nationals/nonMexican citizens cannot OWN property, you can only lease it. It's written into the law.

How would Los Angeles real estate change, if suddenly every wealthy Chinese, Russian mafia, and Sheik Yourbooti was DISPOSSESSED of their real estate holdings, and only valid US citizens and legal Resident Aliens were allowed to own property? They could still RENT, but legally they could not own...

[MN_Ski]

Not a direct correlation to LA, but inventory has surged about 25% in the Denver metro area. Similar thing is happening in Seattle and Portland (we all share the same problem in these "hot" markets).

Prices are high because no one is selling. Because no one is selling, no one is able to upgrade to a level up home. Now that the median home price has started to level off, people are more willing to sell. I think a lot of the people that bought before the bubble have been waiting for prices to come back up so they do not have to deal with their losses, and they want to see how high the market will go. Once inventory goes back to normal, and the market becomes more fluid at all price points, things should calm down.

[disgruntled la native]

Originally Posted by SUPbud

Hey this thread got me thinking about % of foreign ownership.

Some places like Mexico along the coast, foreign nationals/nonMexican citizens cannot OWN property, you can only lease it. It's written into the law.

How would Los Angeles real estate change, if suddenly every wealthy Chinese, Russian mafia, and Sheik Yourbooti was DISPOSSESSED of their real estate holdings, and only valid US citizens and legal Resident Aliens were allowed to own property? They could still RENT, but legally they could not own...

that's a dream come true.. i think i just.. myself

[Yermum]

Originally Posted by disgruntled la native

that's a dream come true.. i think i just.. myself

You won't be owning any property regardless. Why would it matter to you?

[disgruntled la native]

Originally Posted by Yermum

You won't be owning any property regardless. Why would it matter to you?

ill have your property one day, "by any means necessary"

[Yermum]

Originally Posted by disgruntled la native

ill have your property one day, "by any means necessary"

gl with that.

[jm1982]

Originally Posted by kasuga888

The story repeats again. I have a friend who was in a roommate living situation paying 800 a month, she decided to but a 750k house and her monthly outflow is around 5-6k. Disregarding tax benefits, that's about 10k a year vs 65k a year. She is in a carreer that ranges in the 100-150k, maybe she is in the upper end and can sorta afford it, but that's really just 1 layoff away from a possible lower wage.

There is a huge demand in housing in LA simply because all the hip cats are moving here to live the YOLO city life. Give it a few years when people realized its really unstainable to be living in a 2k single or sharing a 2bd for 1500. Food that once cost under 10 have all been hipsterfy to cost 15-20. Beer for under 7?? Rare. No- starbucks coffee range from 4-8. The big corporations are leaving the area , the movie industry are moving from the area. Tech has supposedly come in, but who knows. Startup bubble mania... most will die off soon.

Yeah I know what you mean . Things were a lot more affordable across the board during the recession .
If course unemployment was higher , but most people were employed too of course .
Now it seem everyone feels they can charge top dollar for things because " the economy is good"

Also regarding the film industry and startups , a lot of those employees get laid off too, people will work on a show and then get laid off and go on unemployment . This is why you see so many people just hanging out during the day in LA. Also of course with startups they have high failure rates . There seems to be a lot of talk of a tech crash , but who knows when for sure .

This Tech Bubble Is Bursting - WSJ