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Old 09-25-2017, 06:04 PM
 
4,369 posts, read 3,723,819 times
Reputation: 2479

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Check out this home at Realtor.com
$350,000
1beds · 1baths
2222 Avenue of the Stars Unit 116, Los Angeles
http://www.realtor.com/realestateand...7_M26766-52966

The fancier parts of la are a massive bargain compared to the Bay Area!
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Old 09-25-2017, 06:51 PM
 
4,795 posts, read 4,823,491 times
Reputation: 7348
$2500/mo
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Old 09-25-2017, 07:16 PM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by ryanms3030 View Post
$2500/mo
Really? I don't see why there's an affordability crisis, I see houses in low income neighborhoods for 400k that actually at a commutable distance. That doesn't exist except 50 miles out in the Bay Area. I really should consider picking up a rental down there..... you do have weather that doesn't murder you in the summer.
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Old 09-25-2017, 08:13 PM
 
4,795 posts, read 4,823,491 times
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Quote:
Originally Posted by Perma Bear View Post
Really? I don't see why there's an affordability crisis, I see houses in low income neighborhoods for 400k that actually at a commutable distance. That doesn't exist except 50 miles out in the Bay Area. I really should consider picking up a rental down there..... you do have weather that doesn't murder you in the summer.
If you search the 2bed/2bath in that same building are going for $4000/mo and other 1 beds in the area are getting up to $3000 so I would guess that unit would get $2000-3000/mo based on market. I live in Santa Clarita and people are paying $2800 for 2 bed apartments here and it's definitely not as hot of a zip code as the building you posted about

Last edited by ryanms3030; 09-25-2017 at 08:23 PM..
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Old 09-25-2017, 08:26 PM
 
4,369 posts, read 3,723,819 times
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Quote:
Originally Posted by ryanms3030 View Post
If you search the 2bed/2bath in that same building are going for $4000/mo and other 1 beds in the area are getting up to $3000 so I would guess that unit would get $2000-3000/mo based on market. I live in Santa Clarita and people are paying $2800 for 2 bed apartments here and it's definitely not as hot of a zip code as the building you posted about
I really should consider buying down there, the rents are nearly as much as the Bay Area but for half the price.
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Old 09-25-2017, 08:45 PM
 
Location: Los Angeles (Native)
25,303 posts, read 21,458,447 times
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That condo unit on Avenue of the Stars is tiny at 242 sq ft. per square foot it's $1446 which is not cheap.

Also did you see the price history, pretty interesting..

09/25/2017 Listed $350,000 $1,446 CLAW 06/02/2017 Sold $140,000 $579
10/24/2016 Listed $199,000 $822 CLAW 10/03/2001 Sold $50,000 $207
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Old 09-25-2017, 08:46 PM
 
5,681 posts, read 5,159,715 times
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242 sq ft doesn't give anyone pause?
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Old 09-25-2017, 08:46 PM
 
Location: Los Angeles (Native)
25,303 posts, read 21,458,447 times
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Quote:
Originally Posted by Perma Bear View Post
Really? I don't see why there's an affordability crisis, I see houses in low income neighborhoods for 400k that actually at a commutable distance. That doesn't exist except 50 miles out in the Bay Area. I really should consider picking up a rental down there..... you do have weather that doesn't murder you in the summer.
By houses do you mean single family homes or including condos/townhomes?

'commutable distance' is relative.

Also when you add up all the actual expenses you will see these properties won't cash flow.
Maybe you can cash flow if you find an off market or a heavy fixer.
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Old 09-25-2017, 08:48 PM
 
Location: Encino, CA
4,565 posts, read 5,419,304 times
Reputation: 8249
Quote:
Originally Posted by Perma Bear View Post
Check out this home at Realtor.com
$350,000
1beds · 1baths
2222 Avenue of the Stars Unit 116, Los Angeles
http://www.realtor.com/realestateand...7_M26766-52966

The fancier parts of la are a massive bargain compared to the Bay Area!
I have a hard time believing the accuracy of the square footage listed. It says 242 sq feet. Im thinking they meant to say 1242 sq feet. Also, no matter what the owner would charge for rent, the monthly HOA is $1700. So this is a pretty bad investment no matter how you look at it. One bedroom condos are actually some of the WORST things to buy.
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Old 09-25-2017, 08:51 PM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by jm1982 View Post
By houses do you mean single family homes or including condos/townhomes?

'commutable distance' is relative.

Also when you add up all the actual expenses you will see these properties won't cash flow.
Maybe you can cash flow if you find an off market or a heavy fixer.
2 bedroom dumps here in bad neighborhoods go for 1 mil and even 1 bedroom condos go for 450-500k+ here so yeah, it's a steal down there. I've seen condos down there for 200-250k!
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