Realities of the 600K and under housing market in San Gabriel Valley (Glendale: sales, renting)

[ryanms3030]

Originally Posted by jacktravern

This post is kind of all over the place, or you didn't express yourself clearly. In one moment, you're encouraging the OP to look way up north in Antelope Valley, not taking their work situation into account, then you saying living in the San Gabriel Valley is the equivalent of living in Phoneix or Barstow if you want to enjoy the LA beaches You're literally comparing a 35 miles to one that is well over 100.

Then in another moment, you say how those who "don't live west of the 405 are not part of the cool kids club", but then type how you sold your enormous house in Rancho Cucamonga and bought a studio in Manhattan Beach, and then go on to say coastal residents are snobby for their thinking. And Azuza is not Redondo Beach, sorry.




You can sell for $370 but
1) Have you not paid for any maintenance at all, or at $345 its been all easy going like a brand new house?
2) If you sold for 370, will that $370 get you something nicer and more inland than where you live right now?

Sometimes the equity only counts for anything if you are going to leave town, move to a neighborhood that's worst or downsize

I hear you. I have no plans to sell until I eventually leave town. Even then it may make more sense to keep it as a rental property. Right now I'm just enjoying knowing that my monthly housing payment is fixed and not going to get jacked up 35% after a year like my last place

[jacktravern]

Originally Posted by ryanms3030

I hear you. I have no plans to sell until I eventually leave town. Even then it may make more sense to keep it as a rental property. Right now I'm just enjoying knowing that my monthly housing payment is fixed and not going to get jacked up 35% after a year like my last place

Yeah, thankfully I haven't had to experience any madness of a jump like that. If i was paying the 2K per month neighborhood, I'd probably investigate the condo route a bit more In fact from nightmare stories I hear from other renters in LA, I think I will kick it here in my spot for awhile

The OP seems like they are willing to shell out a decent coin. But to get what they are looking for, perhaps they will have to shell out a bit more. Orrrrr, check for a location with lower cost.

[CA4Now]

Originally Posted by ryanms3030

Yes it's typical especially in SGV where you are competing with Chinese cash buyers.

Agreed.
Mega-mansions in this L.A. suburb used to sell to Chinese buyers in days. Now they're sitting empty for months - LA Times

[ragnarkar]

Originally Posted by CA4Now

Agreed.
Mega-mansions in this L.A. suburb used to sell to Chinese buyers in days. Now they're sitting empty for months - LA Times

I'm generally in favor of free markets but there's got to be some sort of regulation against this sort of behavior of buying up houses and letting them sit vacant. At least they should rent out the properties - there's plenty of people who will be willing to rent them, and they'd make even more money that way.

[ragnarkar]

Have you looked at Duarte? It's pretty much the only safe area in the SGV that is at least somewhat reasonably priced.

[SportyandMisty]

Originally Posted by zenifying

We've been looking around a bit and have gone to a few open houses. We are looking for a family friendly area (with decent public or proximate to good private schools) at least 2bd, 1 bath with a fenced backyard. It seems like the competition is super steep here. We were looking at a house listed at 599K and it went for 675K. Is this typical? Any thoughts or guidance?

Once. Just once. Once I would love to see a post where someone says "looking for a house in an crime-ridden, run-down area with crummy schools."

[jm1982]

Originally Posted by ragnarkar

I'm generally in favor of free markets but there's got to be some sort of regulation against this sort of behavior of buying up houses and letting them sit vacant. At least they should rent out the properties - there's plenty of people who will be willing to rent them, and they'd make even more money that way.

I think I remember reading that article . It sounds like perhaps the house was built as a spec house.
It said the $9.8 million home was in the market for 2 months that's really not long for a house that expensive even in a hot market .

The San Gabriel Valley is very popular with wealthy Chinese buyers and China has cracked down on people taking money out of the country .

[jm1982]

Originally Posted by SportyandMisty

Once. Just once. Once I would love to see a post where someone says "looking for a house in an crime-ridden, run-down area with crummy schools."

That's always pretty easy to do though just look for the cheapest homes in L.A .

[Des-Lab]

Originally Posted by ragnarkar

I'm generally in favor of free markets but there's got to be some sort of regulation against this sort of behavior of buying up houses and letting them sit vacant. At least they should rent out the properties - there's plenty of people who will be willing to rent them, and they'd make even more money that way.

I disagree. He who has the gold makes the rules. If these people are buying houses, that is their right. Who is anyone to question WHY they are buying....even if the objective is to get inventory off the market in order to intentionally drive up prices even further? Is it a crummy thing to do? Yeah, perhaps it is. Is it fair? It is if both buyer and seller agree on the terms. The whims and desires of an outside uninvolved third party such as yourself are completely irrelevant. Is it illegal? Should it be illegal? My answer is an emphatic NO.

If you want the house, all you have to do is keep increasing your offer price until a seller accepts. If you are unable or unwilling to do so, then perhaps YOU are the problem. Maybe a readjustment of your wish list is in order. But no seller should be compelled or forced to accept a LOWER price just because it makes your life easier.

And let's be honest. If the shoe was on the other foot, you too would be selling to the highest bidder. I don't believe for a second that ANY of you would leave money on the table just out of a sense of altruistic, from your heart kindness. You made your sale. You get your money. Who cares what the buyer intends to do with the purchase or like I said-even why they bought it. All of this groveling is nothing more than pedantic grousing from disgruntled priced out renters who have expectations that are simply unreasonable and unrealistic given how disconnected they are from the realities of the market.

Pay up or move on.

[expatCA]

Originally Posted by Des-Lab

I disagree. He who has the gold makes the rules. If these people are buying houses, that is their right. Who is anyone to question WHY they are buying....even if the objective is to get inventory off the market in order to intentionally drive up prices even further? Is it a crummy thing to do? Yeah, perhaps it is. Is it fair? It is if both buyer and seller agree on the terms. The whims and desires of an outside uninvolved third party such as yourself are completely irrelevant. Is it illegal? Should it be illegal? My answer is an emphatic NO.

If you want the house, all you have to do is keep increasing your offer price until a seller accepts. If you are unable or unwilling to do so, then perhaps YOU are the problem. Maybe a readjustment of your wish list is in order. But no seller should be compelled or forced to accept a LOWER price just because it makes your life easier.

And let's be honest. If the shoe was on the other foot, you too would be selling to the highest bidder. I don't believe for a second that ANY of you would leave money on the table just out of a sense of altruistic, from your heart kindness. You made your sale. You get your money. Who cares what the buyer intends to do with the purchase or like I said-even why they bought it. All of this groveling is nothing more than pedantic grousing from disgruntled priced out renters who have expectations that are simply unreasonable and unrealistic given how disconnected they are from the realities of the market.

Pay up or move on.

Uncomfortable for many, but true.