If you had $1 Million Budget to buy a home in LA in 2021, where would you choose and why (Los Angeles: 2015, condo)

[Tops1234]

As the title states, $1M budget, where would you choose to buy in LA and why? This is with 2021 pricing, so I know it won’t get you what it used to, but curious to know people’s thoughts.

Thanks,
Tops

[waltchan]

Originally Posted by Tops1234

As the title states, $1M budget, where would you choose to buy in LA and why? This is with 2021 pricing, so I know it won’t get you what it used to, but curious to know people’s thoughts.

Thanks,
Tops

Cypress, CA for 1,800 sq. ft. average. If strictly in Los Angeles county, then Torrance, CA.

[PDR2015]

OP: depends on...

Do you work (from home) and is there anywhere you have to routinely visit? It all starts here.

Do you have kids? Can be very important.

What features are you looking for in a home or neighborhood? Yard, pool, beach, restaurants... etc

What are you optimizing for? Quality or profit?

[VikingsToValhalla]

Location is the most important factor for me.
I'd forgo square footage in order to live in a nicer area.

Maybe a small condo in Brentwood or Westwood would fit the bill for that price range, or possibly in Atwater/Glendale.

[Tops1234]

Originally Posted by PDR2015

OP: depends on...

Do you work (from home) and is there anywhere you have to routinely visit? It all starts here.

Do you have kids? Can be very important.

What features are you looking for in a home or neighborhood? Yard, pool, beach, restaurants... etc

What are you optimizing for? Quality or profit?

-Would prefer a home, not a condo

-Travel to LAX a couple times a month and Pasadena daily

-no kids

-I’d like a neighborhood with things to do, so I don’t have to travel too far to go to grocery, restaurants, gyms, etc. some yard would be nice, doesn’t need to be huge

-safety, something good quality and if possible, something that will appreciate in the long run

[Cloudwalker]

Try Pasadena, Eagle Rock, Glendale, Burbank, Studio City. You want to keep your daily commute as short as possible. Eagle Rock and Studio City in particular are a good blend of interesting neighborhoods, lots of things to do/places to eat, comparatively safe, not too far to travel to work, relative value for money.

If you are looking for capital gain, focus more on lot size and location than the dwelling itself. You don't want to live in a hovel, obviously, but unless it's a brand new/near new build, most of the value is in the land, not the structure, especially now that the state has loosened restrictions on building ADUs. Properties with a lot size over 5000sqf will have more long term potential for future development through ADUs or rebuilds, and are therefore likely to have greater appreciation and at a faster rate.

[Tops1234]

Originally Posted by Cloudwalker

Try Pasadena, Eagle Rock, Glendale, Burbank, Studio City. You want to keep your daily commute as short as possible. Eagle Rock and Studio City in particular are a good blend of interesting neighborhoods, lots of things to do/places to eat, comparatively safe, not too far to travel to work, relative value for money.

If you are looking for capital gain, focus more on lot size and location than the dwelling itself. You don't want to live in a hovel, obviously, but unless it's a brand new/near new build, most of the value is in the land, not the structure, especially now that the state has loosened restrictions on building ADUs. Properties with a lot size over 5000sqf will have more long term potential for future development through ADUs or rebuilds, and are therefore likely to have greater appreciation and at a faster rate.

Solid advice, what about places like Highland Park, Glassell Park, Mt Washington, and those surrounding communities?

Anywhere else, a bit further away? If the pandemic situation continues/worsens, my commute to Pasadena won't be as important

[Cloudwalker]

Highland Park is good, but it has already had a lot of appreciation in the last few years so you may find your money does not go as far. Mt Washington is great and some places have incredible views, but just be sure you understand any building restrictions around hillside structures, it can be more onerous than you might think. Don't know too much about Glassell Park, but same general area so probably similar factors.

One thing to think about around that area is air quality, many freeways, and there's a lot of industrial traffic using the 5, so better to have some distance from that if you can.

If you wanted to look further west, but still have an ok commute, try some of the mid city areas like Country Club Park, parts of Harvard Heights, West Adams. There are still some incredible properties in those areas if you are willing to spend a little time and do some research. Some large lot sizes, some large houses built in the twenties, fairly close to the 10, not quite as dense or gritty as Koreatown (although you still have to pay attention and be thoughtful of your surroundings), it's mostly residential, mostly working families. I'd be careful of Jefferson Park, next to West Adams. Some great properties there, but sadly still seems to be quite a bit of gun violence. The other areas I mentioned are generally reasonably safe, or at least as safe as most of the rest of the city.

Closer to the coast, I'd look at Del Rey, Ladera Heights, Westchester, View Park-Windsor Hills, northwest part of Inglewood. You'll need to be more patient, but there are definitely places under $1mil to be found. You'd still be close to the 405 and very close to the airport, and you'd have the moderating effect of the ocean keeping temperatures comfortable. Plus proximity to Silicon Beach and new stadium means properties will likely hold their value.

[1200RT]

Originally Posted by Tops1234

-Would prefer a home, not a condo

-Travel to LAX a couple times a month and Pasadena daily

-no kids

-I’d like a neighborhood with things to do, so I don’t have to travel too far to go to grocery, restaurants, gyms, etc. some yard would be nice, doesn’t need to be huge

-safety, something good quality and if possible, something that will appreciate in the long run

Given this - my recommendation would be Pasadena, without hesitation. Budget is a tad light, but not far off. LAX commute is manageable (I did the same from Pas 2-3 times a week, and dont forget about BUR). If you need to be in Pasadena daily, seems to make the most sense, especially with no kids (although we find it very family friendly).

[Suburban_Guy]

Downtown Los Angeles, Monterey Park, El Segundo.