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Old 12-05-2006, 06:06 PM
 
4 posts, read 18,331 times
Reputation: 10

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Need some advice from you guys. I will be moving to LA from AZ next year around Feb-Mar time frame. I'm looking into a house either rent or buy but not sure what to do. People have been telling us to rent for a year.

My fiance is now living in Hermosa Beach for over a year and loving it. We want to get something around this area or close to El Segundo where she works.

So, my questions are...
1. Is now a good time to buy? We could probably afford a house around 4-600k (with 600k at the most, we only make around 160 a yr)
2. If buying is not a good idea, when I can look for house, townhouse renting? I've been looking over craiglist but there isn't much to chose from in the south bay area.

Any help or inputs is appreciated.
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Old 12-05-2006, 06:14 PM
 
4 posts, read 18,331 times
Reputation: 10
I meant to say where can I look for house renting.
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Old 12-05-2006, 06:55 PM
 
Location: Sherman Oaks, CA
6,588 posts, read 17,543,963 times
Reputation: 9462
I'd advise you to rent for now. It gives you more options in case you find out that the neighborhood wasn't all you thought it would be. Rents in Hermosa Beach seem to run between $1350 for a 400 ft. studio apartment to $2,500 for a 2 br. I only looked on one website, though, so that might not be the best indicator.

Also, please be aware that the housing prices anywhere in a beach community are going to be astronomical! I just did a search on Hermosa Beach properties, and even the 1 br 1 ba condos are going for over $450,000. If you're willing to go further inland the prices might drop a little, but you also might be looking in some iffy areas.

Best of luck to you on your relocation!
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Old 12-06-2006, 01:52 PM
 
4 posts, read 18,331 times
Reputation: 10
SandyCo, Thank you for your response. I found this one house in Lawndale and just wondering if it is a good area. I was also told that Lawndale is not good but the house is close to what I have now and space wise. When ppl say that it's not a good area...what kind of problems can I expected? The house address is this:
14600 Eastwood Ave Lawndale, CA 90260
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Old 12-06-2006, 03:00 PM
 
97 posts, read 646,541 times
Reputation: 90
I would rent for now.The housing market according to most economists seems to be falling in major markets.You might be able to buy more for your money in 12-18 months than right now.I would also advise you to move somewhere else besides LA.Read the posts from the residents.
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Old 12-06-2006, 03:18 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 14,081,398 times
Reputation: 1033
I agree with the responses. I wouldnt move to LA but if you made your mind up, definately rent! If you are unhappy, move out once your rental term expires. If you buy, good luck selling and when you sell youll take a loss. At those prices, I wouldnt buy anything in LA, even a $500k house(which is more than the 3x rule incidentally) is rather small and modest and in a questionable neighboorhood.

http://homepics.realtor.com/image2/http/itech/listings/large/025/12083243.jpg (broken link)
http://homepics.realtor.com/image10/http/socalmls/listings/large/074/y64315.jpg (broken link)
http://homepics.realtor.com/image2/http/itech/listings/large/003/12079947.jpg (broken link)
http://homepics.realtor.com/image2/http/westernla/listings/large/084/06-137345.jpg (broken link)

Is that what you and your family want for almost half million in Los Angeles? Yes I know prices are crazy!
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Old 12-06-2006, 04:02 PM
 
9,525 posts, read 30,463,921 times
Reputation: 6435
unless you already know LA well , I would rent for a while (maybe 6 months to 1 year) just to get the lay of the land. At least at this point it doesn't look like LA prices are going to go down too much...
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Old 12-06-2006, 05:35 PM
 
4 posts, read 18,331 times
Reputation: 10
My fiance moved to LA about 18 months ago so I kinda know the area for a little bit. Yeah, I know what you guys are saying...if it's my choice I would stay in AZ. But you know how it is...women always have their way. I've been trying to convince her to come back for almost 2 yrs now. Since I can work remotely..she wants me to move to LA instead. Will see how this work out. Thanks for all the inputs!
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Old 12-06-2006, 06:03 PM
 
Location: Sherman Oaks, CA
6,588 posts, read 17,543,963 times
Reputation: 9462
Default I'm not familiar with Lawndale.

Someone else posted in a different thread that parts of Lawndale may be questionable. Like so much of L.A., that probably means that the area varies by street. Unless you've seen the house and walked through the neighborhood, and especially gotten a feel for what happens during the late night hours, I'd definitely stay away from buying it. Many bad areas are quiet and calm during the day because all of the party people are sleeping.
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Old 01-02-2007, 05:07 PM
 
Location: HOLLYWOOD CA
1 posts, read 4,578 times
Reputation: 10
Default Hi There

HI, AS A REAL ESTATE AGENT I WOULD SAY NOW WOULD BE A GOOD TIME TO BUY SINCE THE HOUSE INVENTORY I PRETTY HIGH. IN MY OPINION IN 2007 SUMMER PRICES ARE GOING TO BE MORE FIRM, AND THE SELLERS WONT WORK ON THEIR PRICE AS THEY WOULD NOW .

Quote:
Originally Posted by mos67t View Post
Need some advice from you guys. I will be moving to LA from AZ next year around Feb-Mar time frame. I'm looking into a house either rent or buy but not sure what to do. People have been telling us to rent for a year.

My fiance is now living in Hermosa Beach for over a year and loving it. We want to get something around this area or close to El Segundo where she works.

So, my questions are...
1. Is now a good time to buy? We could probably afford a house around 4-600k (with 600k at the most, we only make around 160 a yr)
2. If buying is not a good idea, when I can look for house, townhouse renting? I've been looking over craiglist but there isn't much to chose from in the south bay area.

Any help or inputs is appreciated.
Reply With Quote Quick reply to this message
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