Are home values still rising? (Culver City: foreclosures, lenders, broker)

[YoungTraveler2011]

my condo value went up almost 60k since about a year ago. and this doesn't take into account my 50k renovations.

[jm1982]

Keep in mind if you sell you will have 6 percent real estate commission and closing costs
So right there is like 8% less you'll net from the sales price .

Of course there are discount brokers and stuff too but still .

Then if you haven't lived in the home 2 years taxes on any profit too .

So people up like 8 percent on their property aren't really up

[JustMike77]

Yes, things are still going up. Inventory is tight and most of the purchases I'm appraising are multiple offer situations with the purchase price exceeding the listed price, sometimes significantly. Feels a lot like 2006 to me, but most of the other contributing elements of 2006 are not in place, so that helps. What I can't figure out is where these people find the money. I did a small house in Culver City a few weeks ago for $ 1,400,000 and the buyers were a married couple, a cop and a teacher. Guess I didn't realize that they earn that much.

[ryanms3030]

Originally Posted by YoungTraveler2011

my condo value went up almost 60k since about a year ago. and this doesn't take into account my 50k renovations.

So basically it went up 10k

[ryanms3030]

Originally Posted by JustMike77

Yes, things are still going up. Inventory is tight and most of the purchases I'm appraising are multiple offer situations with the purchase price exceeding the listed price, sometimes significantly. Feels a lot like 2006 to me, but most of the other contributing elements of 2006 are not in place, so that helps. What I can't figure out is where these people find the money. I did a small house in Culver City a few weeks ago for $ 1,400,000 and the buyers were a married couple, a cop and a teacher. Guess I didn't realize that they earn that much.

You can make a lot of money working for LAPD. The last stats I saw are from 2010 and 92 cops made over $150k and I believe there were 10 patrol officers that made over $200k, 16 commanders over $180k, 10 deputies over $195k. And that doesn't include overtime and private detail work...or bribes, cash from evidence locker and other ways cops make money. I know a few cops that live around me in Santa Clarita who have kids and wives that don't work and they live in houses that are worth $750k-1 million and drive 50-60k cars, have new car for the wife and boats, motorcycles too. Being a cop can be pretty lucrative especially in LA

[jm1982]

Originally Posted by JustMike77

Yes, things are still going up. Inventory is tight and most of the purchases I'm appraising are multiple offer situations with the purchase price exceeding the listed price, sometimes significantly. Feels a lot like 2006 to me, but most of the other contributing elements of 2006 are not in place, so that helps. What I can't figure out is where these people find the money. I did a small house in Culver City a few weeks ago for $ 1,400,000 and the buyers were a married couple, a cop and a teacher. Guess I didn't realize that they earn that much.

Yeah I know some teachers and cops can earn good money . But that is a big home purchase .

Maybe they put a big down payment or had family help with one ?

It looks like smaller homes in Santa Monica are about $2 million so I guess 1.4 million in Culver City looks like a good deal to people .

Out of state you can buy a good sized apartment building or commercial building for $1.4 million seems kind of crazy to spend that much on a small home .

It's a lot of money overheard for something that doesn't generate income .

[jm1982]

Originally Posted by ryanms3030

You can make a lot of money working for LAPD. The last stats I saw are from 2010 and 92 cops made over $150k and I believe there were 10 patrol officers that made over $200k, 16 commanders over $180k, 10 deputies over $195k. And that doesn't include overtime and private detail work...or bribes, cash from evidence locker and other ways cops make money. I know a few cops that live around me in Santa Clarita who have kids and wives that don't work and they live in houses that are worth $750k-1 million and drive 50-60k cars, have new car for the wife and boats, motorcycles too. Being a cop can be pretty lucrative especially in LA

yeah I understand it's a stressful job but at some level it becomes excessive

You see the same thing in public admin with administrators etc or just some government jobs in general .

But there are government workers that bust their butt and don't make a ton .

Pensions are like 20% of the budget now and it's gone up a lot in a short period of time .
It's a dangerous situation brewing .

[ryanms3030]

Originally Posted by jm1982

yeah I understand it's a stressful job but at some level it becomes excessive

You see the same thing in public admin with administrators etc or just some government jobs in general .

But there are government workers that bust their butt and don't make a ton .

Pensions are like 20% of the budget now and it's gone up a lot in a short period of time .
It's a dangerous situation brewing .

It's true. My wife used to work for the city and just the abuse/fraud of paid leaves that she told me about was ridiculous. She worked with several people that were getting paid for years without working by faking injuries or family illnesses to beat the system. She worked with one lady that was on medical leave for a year and the first day back at work she fell out of her chair and went back on leave for another year. Apparently that's not uncommon because due to union protections and things it's very hard to fire anyone that works for the city or government in general. And yes the pensions are ridiculous when almost no private companies provide them anymore and most won't even match your 401k these days.

But I have no problem with cops and teachers making decent living. It's hard work especially in LA. And cops have targets on their backs everywhere they go these days so that is a lot of stress

[jm1982]

Originally Posted by ryanms3030

It's true. My wife used to work for the city and just the abuse/fraud of paid leaves that she told me about was ridiculous. She worked with several people that were getting paid for years without working by faking injuries or family illnesses to beat the system. She worked with one lady that was on medical leave for a year and the first day back at work she fell out of her chair and went back on leave for another year. Apparently that's not uncommon because due to union protections and things it's very hard to fire anyone that works for the city or government in general. And yes the pensions are ridiculous when almost no private companies provide them anymore and most won't even match your 401k these days.

But I have no problem with cops and teachers making decent living. It's hard work especially in LA. And cops have targets on their backs everywhere they go these days so that is a lot of stress

Wow that's crazy about people being gone for years and getting paid .

Unfortunately if people know they can take advantage of a situation some will do it .

I guess they figure they are entitled or want to justify It .

Yeah I don't imagine LAPD would be an easy gig or working in LAUSD . Grandmother worked in public schools in la years ago and had some stories even back then .
It's much worse now I'm sure .

I feel we should pay public employees decent but not to the point where it can but the whole city in financial danger long term .

[YoungTraveler2011]

Originally Posted by ryanms3030

So basically it went up 10k

can't tell if you're trolling or not.

it DOESN'T take into account my renovations. with it, it probably went up 100k.