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Old 06-18-2018, 12:03 PM
 
Location: Los Angeles (Native)
25,306 posts, read 16,452,153 times
Reputation: 12186

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Quote:
Originally Posted by Miss Pip View Post
Haha
Oh yeah , I forgot East L.A is totally gentrified now right ?
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Old 06-18-2018, 12:57 PM
 
Location: Los Angeles-Houston-DFW
2,059 posts, read 1,051,519 times
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Quote:
Originally Posted by Miss Pip View Post
Haha
Quote:
Originally Posted by jm1982 View Post
Oh yeah , I forgot East L.A is totally gentrified now right ?
Miss Pip is right. East LA has a LONG way to go. Places around East LA will continue to gentrify, like Boyle Heights and City Terrace (and even the cities of Montebello and Monterey Park) but not unincorporated East LA for a while. Still a pretty gang infested area, even though there are nice streets sprinkled here and there (mostly on the northern side closest to City Terrace).
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Old 06-18-2018, 01:07 PM
 
Location: Los Angeles (Native)
25,306 posts, read 16,452,153 times
Reputation: 12186
Quote:
Originally Posted by DabOnEm View Post
Miss Pip is right. East LA has a LONG way to go. Places around East LA will continue to gentrify, like Boyle Heights and City Terrace (and even the cities of Montebello and Monterey Park) but not unincorporated East LA for a while. Still a pretty gang infested area, even though there are nice streets sprinkled here and there (mostly on the northern side closest to City Terrace).
In a previous post she had claimed that it was already “too late “ in regards to East L.A as if it was already gentrified .

I do agree with you , gentrification happens slow in L.A due to rent control and other things .

Still a lot of crime and low income folks in these areas.
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Old 06-18-2018, 02:16 PM
 
83 posts, read 75,271 times
Reputation: 107
2+ bedroom apartments in Inglewood are renting for $2k+/month
https://www.zillow.com/homes/for_ren...89_rect/14_zm/
https://www.zillow.com/homes/for_ren...89_rect/14_zm/

3+ bedroom HOUSES are renting for $3k+/month
https://www.zillow.com/homes/for_ren...14_rect/14_zm/
https://www.zillow.com/homes/for_ren...75_rect/14_zm/

If you bought a house under $600k and put a good downpayment, your mortgage is not much more than the rent. You are also building equity and getting the interest tax deduction.

Home values increased 9% on purchase price of house (not the smaller downpayment). You wouldn't have gotten that same return in the stock market either. Of course you don't make the money till you sell the house, but your net worth DOES increase. Just like I don't have my "retirement" money until I cash it out (it could go up or down), but you sure bet I'm going to keep putting money in my retirement for the future.

$500k-$600k entry is also a point where not "poverty"-stricken people can buy. You still need a decent paying job, probably double incomes, to afford. I wouldn't buy in a $200k-$300k type development in Los Angeles, but when you get to a certain price range, it is starting to weed out the riff raffs because they can no longer afford the area.
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Old 06-18-2018, 05:06 PM
 
Location: Los Angeles (Native)
25,306 posts, read 16,452,153 times
Reputation: 12186
Quote:
Originally Posted by Tuscan80 View Post
2+ bedroom apartments in Inglewood are renting for $2k+/month
https://www.zillow.com/homes/for_ren...89_rect/14_zm/
https://www.zillow.com/homes/for_ren...89_rect/14_zm/

3+ bedroom HOUSES are renting for $3k+/month
https://www.zillow.com/homes/for_ren...14_rect/14_zm/
https://www.zillow.com/homes/for_ren...75_rect/14_zm/

If you bought a house under $600k and put a good downpayment, your mortgage is not much more than the rent. You are also building equity and getting the interest tax deduction.

Home values increased 9% on purchase price of house (not the smaller downpayment). You wouldn't have gotten that same return in the stock market either. Of course you don't make the money till you sell the house, but your net worth DOES increase. Just like I don't have my "retirement" money until I cash it out (it could go up or down), but you sure bet I'm going to keep putting money in my retirement for the future.

$500k-$600k entry is also a point where not "poverty"-stricken people can buy. You still need a decent paying job, probably double incomes, to afford. I wouldn't buy in a $200k-$300k type development in Los Angeles, but when you get to a certain price range, it is starting to weed out the riff raffs because they can no longer afford the area.

Yeah it adds to your net worth today...but what we learned the last time around is that equity can disappear too.



$500,000 homes in the L.A area went down to $250,000 for example in some areas.


Like I said if you're holding long term then it's one thing..but it seems the main appeal of Inglewood and South L.A neighborhoods is that it's cheaper...rather than a great area people WANT to live in.



The homes are pretty pricey these days but a lot of people paid a lot less for their homes so not everyone in the area could buy there today if they had to pay 500-600k.


Whenever you have a lot of people that have lower income in an area they are more affected when the economy goes down. There will be a recession at some point again, but we don't know when.


On average people in the more prime areas will have other options besides selling cheap or getting foreclosed on.

Maybe these 500-600k homes will be $1 million soon..but it's all speculation.
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Old 06-18-2018, 07:41 PM
 
Location: Where the sun always shines
2,061 posts, read 2,709,273 times
Reputation: 3959
Quote:
Originally Posted by DabOnEm View Post
Miss Pip is right. East LA has a LONG way to go. Places around East LA will continue to gentrify, like Boyle Heights and City Terrace (and even the cities of Montebello and Monterey Park) but not unincorporated East LA for a while. Still a pretty gang infested area, even though there are nice streets sprinkled here and there (mostly on the northern side closest to City Terrace).
Monterey Park? That neighborhood is fine as it is. DOesn't need any gentrification. It's predominantly Asian, not necessarily know from high crime. Mark Keppel High is probably one of the best High Schools in the whole state.

Even Montebello doesn't really need a cleanup. There's a decent amount of low income folks, but many middle class houselhold there also. The problem with Montebello like many areas in the eastern portion of LA COunty is that they are far from anything central. They basically operate in their own world.
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Old 06-18-2018, 10:14 PM
 
309 posts, read 192,497 times
Reputation: 435
Quote:
Originally Posted by jacktravern View Post
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
You continue to try to justify buying that house, but In spite of what you might have paid for housing, that neighborhood is still an area where 21% of the households live below the poverty line. And most likely, another 30% is right at the poverty line if not more. ANd thats just the legal citizens we know about. Numbers like that usually bring about alot of quality of life issues. No thanks. Look at the articles osted by Jim above. That's fairly recent violent theater, and not even coming to a town near you.........you're already in that town
Ok? you're not saying anything that people don't already know. I never said I'm living in Beverly Hills. On average, South LA has less income than other parts of LA...got it.

Quote:
Originally Posted by jacktravern View Post
1)I was using 60K as a baseline for a middle class person with no kids. I'm aware you make more, but arent you personally almost on the verge of quitting or losing your job which will turn living situation into a wreck? You probably couln't move now even if you wanted to.
Things at work aren't going well, however I'm looking for other opportunities at similar compensation levels. I'm confident in my skills and abilities. We also have a nice cushion for emergencies that we could dip into if needed and be fine for several months. Lastly, I will need to put a roof over my head anyway.. so if I lost my job, I'd still have rent to pay... might as well have some of the money go toward the principal on a house.

Quote:
Originally Posted by jacktravern View Post
2)You name these things as if its so great. Living close to Downtown ain't that special, unless you work there, or you plan to attend like 20 Laker games and 10 concerts a year. Besides, LA County has MANY downtown type areas which are much better. And living close to the airport is not that great unless you leave town on business often or are alwyas visiting family. There tends to be more congestion and the annoyance of planes constantly overhead. The same applies to Atlanta,...the housing by the major airport is cheaper, but those neighborhoods are terrible.
My point is, South LA has mobility like a lot of Los Angeles doesn't have. Yes, both my wife and I travel multiple times a month for business and our family is spread out throughout the country... we are at LAX often. I hated venturing past the 405 when I was in Santa Monica and I hated dealing with La Cienega when I was living in Weho.

Quote:
Originally Posted by jacktravern View Post
Just curious, Do you plan to send your kids to the Inglewood school district or nearby LAUSD school public school?
No, we plan to move out of state and cash out when kiddos show up. However, I wouldn't send my kids to any public schools in LA, regardless where we lived (except for maybe the Palisades).

Quote:
Originally Posted by jacktravern View Post
And how can you say it's been a great investment? If you sold now, with the prices rising everytwhere, could you actually move into a nicer neighborhood? I'm sure Hancock Park prices haven't stayed stagnant while only Inglewood's has gone up.
We have built about $60k in equity since we bought last fall. Granted, we had some expenses when we purchased and we will have some when we sell. We don't plan on moving to any other houses while living in LA, however.. if we wanted to, we just continue to save every month and couple our savings with the equity we have in the home in a few years and we will have a much bigger down payment than we would've had if we just continued to rent and save.

Last edited by ima30something; 06-18-2018 at 10:26 PM..
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Old 06-19-2018, 09:26 AM
 
83 posts, read 75,271 times
Reputation: 107
Quote:
Originally Posted by jm1982 View Post
Yeah it adds to your net worth today...but what we learned the last time around is that equity can disappear too.



$500,000 homes in the L.A area went down to $250,000 for example in some areas.


Like I said if you're holding long term then it's one thing..but it seems the main appeal of Inglewood and South L.A neighborhoods is that it's cheaper...rather than a great area people WANT to live in.



The homes are pretty pricey these days but a lot of people paid a lot less for their homes so not everyone in the area could buy there today if they had to pay 500-600k.


Whenever you have a lot of people that have lower income in an area they are more affected when the economy goes down. There will be a recession at some point again, but we don't know when.


On average people in the more prime areas will have other options besides selling cheap or getting foreclosed on.

Maybe these 500-600k homes will be $1 million soon..but it's all speculation.

If price/cheaper was the only reason people were buying houses in Inglewood, why not just buy in Victorville. Clearly it is not the only reason. The other big reason is pretty big: LOCATION - proximity to Playa Vista Jobs, LAX, beach cities. Very central location that allows easy access to South Bay or Westside. The other reason: there is current development happening and if you look at the Redfin data, prices in the area are increasing faster than other areas. There was a similar pattern with the Seattle housing market.
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Old 06-19-2018, 10:37 AM
 
Location: Los Angeles (Native)
25,306 posts, read 16,452,153 times
Reputation: 12186
Quote:
Originally Posted by Tuscan80 View Post
If price/cheaper was the only reason people were buying houses in Inglewood, why not just buy in Victorville. Clearly it is not the only reason. The other big reason is pretty big: LOCATION - proximity to Playa Vista Jobs, LAX, beach cities. Very central location that allows easy access to South Bay or Westside. The other reason: there is current development happening and if you look at the Redfin data, prices in the area are increasing faster than other areas. There was a similar pattern with the Seattle housing market.
Yeah price and geographic location . Just saying right now it’s an area people are buying because they can’t afford the westside areas. They aren’t moving there for good schools or great amenities and restaurants etc .
At least that’s what it seems like .


I can see the appeal of buying there if one works nearby and hope the area improves more along with south la
But also saw that the prices dropped a lot last housing downturn .

When prices have increased so much you also got to wonder how sustainable it is .
The prices can increase rapidly at the lower end because those homes are more affordable of course so more people can buy them to live in or invest in .
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Old 06-19-2018, 04:37 PM
 
309 posts, read 192,497 times
Reputation: 435
Quote:
Originally Posted by jm1982 View Post
Yeah price and geographic location . Just saying right now it’s an area people are buying because they can’t afford the westside areas. They aren’t moving there for good schools or great amenities and restaurants etc .
At least that’s what it seems like .


I can see the appeal of buying there if one works nearby and hope the area improves more along with south la
But also saw that the prices dropped a lot last housing downturn .

When prices have increased so much you also got to wonder how sustainable it is .
The prices can increase rapidly at the lower end because those homes are more affordable of course so more people can buy them to live in or invest in .
This is correct. Price meets geographic location. Myself and several of my neighbors I've spoken with have all been priced out of the Westside. Since the homes are "affordable" here and we are only 20 minutes from the beach, it's a decent option.

Agree with you that the home prices will temporarily dip under current market rates more than the desirable neighborhoods in the next correction. However, one could also argue that home buyers who purchase now are locking in their rate forever and who knows when the next correction is? (my guess is 2020, but nobody really knows) If someone put 20% down and has a fixed rate mortgage, historically real estate is a good bet regardless of the hills and valleys.
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