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Old 05-05-2021, 10:33 AM
 
3,322 posts, read 7,927,262 times
Reputation: 2851

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SoCal as a whole has become unmanageable due to foreign money. When I lived in San Gabriel in 2005, I'd have real estate agents come up to me as I'd get the mail. They'd offer 700k for a tiny 2 bedroom, 1 bedroom house built in 1955. The lot was large enough to build two units. We called those "Asian Mansions" in the SGV. Technically large enough SQFT to be mansions but don't have the lot size to be a real mansion.

All my high schools have moved to the IE or out of state. I'm about to leave the state. The IE is disgusting and I will not move out there again.

OC is so vanilla. If you're not near the coast there's nothing redeeming about paying so much to live in OC. Just buying a whatever house and being 30 minutes away from the beach isn't much fun and is very stressful to manage finance wise.
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Old 05-05-2021, 10:48 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,284 posts, read 8,443,687 times
Reputation: 16509
Quote:
Originally Posted by Dub D View Post
SoCal as a whole has become unmanageable due to foreign money. When I lived in San Gabriel in 2005, I'd have real estate agents come up to me as I'd get the mail. They'd offer 700k for a tiny 2 bedroom, 1 bedroom house built in 1955. The lot was large enough to build two units. We called those "Asian Mansions" in the SGV. Technically large enough SQFT to be mansions but don't have the lot size to be a real mansion.

All my high schools have moved to the IE or out of state. I'm about to leave the state. The IE is disgusting and I will not move out there again.

OC is so vanilla. If you're not near the coast there's nothing redeeming about paying so much to live in OC. Just buying a whatever house and being 30 minutes away from the beach isn't much fun and is very stressful to manage finance wise.
I agree that while the weather is great, unless you’re on the beach, to me it’s not worth the huge premium to live there compared to other lower cost areas that offer the same for less.
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Old 05-05-2021, 11:17 AM
 
4,026 posts, read 4,411,878 times
Reputation: 1880
There is a hyper individualistic mindset with California's well off boomers. A kind of "pull your self up by your bootstraps" mentality directed towards millennials and then there is the NIMBY issue which makes it almost impossible for millennials to start families and added on that White liberal boomers, do not' believe in any birthright for their decedents such as selling their homes to foreign investors while their children leave the state due to the cost of living.
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Old 05-05-2021, 11:50 AM
 
1,355 posts, read 1,909,174 times
Reputation: 904
Quote:
Originally Posted by Dub D View Post
SoCal as a whole has become unmanageable due to foreign money. When I lived in San Gabriel in 2005, I'd have real estate agents come up to me as I'd get the mail. They'd offer 700k for a tiny 2 bedroom, 1 bedroom house built in 1955. The lot was large enough to build two units. We called those "Asian Mansions" in the SGV. Technically large enough SQFT to be mansions but don't have the lot size to be a real mansion.
This Chinese investor wants to demolish this property, and rebuild/resell it again with two new large units for up to $4 million total.
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Old 05-05-2021, 01:45 PM
 
Location: Southern California
1,240 posts, read 1,022,072 times
Reputation: 4393
Quote:
Originally Posted by aslowdodge View Post
I agree that while the weather is great, unless you’re on the beach, to me it’s not worth the huge premium to live there compared to other lower cost areas that offer the same for less.

Agreed. Why would one pay $800k to live in an older home in La Habra or Buena Park, when they can go to Corona, Eastvale, Wildomar or Menifee and pay the same or less for a newer build and newer amenities?
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Old 05-05-2021, 01:58 PM
 
Location: Southern California
1,240 posts, read 1,022,072 times
Reputation: 4393
Quote:
Originally Posted by Dave Coe View Post
There is a hyper individualistic mindset with California's well off boomers. A kind of "pull your self up by your bootstraps" mentality directed towards millennials and then there is the NIMBY issue which makes it almost impossible for millennials to start families and added on that White liberal boomers, do not' believe in any birthright for their decedents such as selling their homes to foreign investors while their children leave the state due to the cost of living.

The "pull yourself up by your bootstraps" mantra that the Boomers keep repeating is what really grates a lot of the younger generation. For one thing, very few Boomers actually adhere to this mindset in the first place. Most of them were born into (ca. 1950s) a US economy that was gilded by a generous social safety net. They grew up as beneficiaries of government expansion and planning, job protection, good wages, guaranteed pensions, stable households and a hearty welfare state. At the time of their childhoods, the US was as close to a European social democracy as it could be.

Then gradually, as the Boomers wrestled more and more power away from the Silent Generation and Greatest Generation, they began to strip away all of those things that benefited them and gave them a healthy nest to start off life in. In stripping away the very things that gave them a head start, they chided the younger generations about having a work ethic, being an individual and a "go getter", etc., they stripped the safety net back and emboldened Wall Street executives and promoted things like outsourcing, foreign investment in US real estate, foreign trade and illegal immigration. The lazes fare attitude towards casual sex and drug use was their answer for the younger generations in how to "cope" with the simultaneous destruction and personal enrichment they were engaging in.

If you have the time to read it, I'd encourage a read of "Boomers: The Men and Women Who Promised Freedom and Delivered Disaster" by Helen Andrews. It's a pretty scathing critique of how one generation has decimated the American political, cultural, economic and social landscape.
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Old 05-05-2021, 02:12 PM
 
Location: Corona del Mar, CA - Coronado, CA
4,477 posts, read 3,260,938 times
Reputation: 5609
Quote:
Originally Posted by waltchan View Post
China was a poor country back then when Baby Boomers could afford the home with good supply, so zero demand 30 years ago. Now today is global competition buying up all the available homes, so higher demand, higher price, less supply. Look at Irvine today, most of the owners are Chinese investors, and they don't live inside them.
We had the Japanese. In case you hadn't noticed Orange County has (or had) major presences from Toshiba, Mitsubishi Auto, Kyocera, Toyota, Shimano, Panasonic, Mitsubishi Electric, Mazda and 84 other Japanese companies and all their plants were built by Kajima Construction. LA County has 300 more Japanese companies.

Quote:
Originally Posted by RG1981 View Post
LOL Obviously you have no idea what you're talking about. Roxbury and Dorchester and about 500x worse than Santa Ana. Those are the slums.
I know exactly what Roxbury and Dorchester are like. I chose them because they have similar socioeconomic conditions and crime rates as Santa Ana (OCs least desirable area). I could have compared Boston's most desirable neighborhood (Beacon Hill) to Newport Beach, but the disparity in home value is even greater, under $1m for Beacon Hill, $1.1m for Brookline and $2.5m in Newport Beach for the median home value.

In neither case do the homeowners set the price, it is the market in both cases.

The point you keep missing is that you can't start at the top. You buy in a less desirable area because you an afford it and you move up.

Quote:
Originally Posted by RG1981 View Post
Also you have to look at the what you're getting in Boston vs. OC. An 800 sq. ft. condo in a nice area of Boston is comparable to the price of a 3 bd house in Orange County.
The homes I was talking about were three bedroom homes.

Quote:
Originally Posted by RG1981 View Post
LOL here we are again with the "we worked SOOO hard!" You didn't. You didn't work any harder than any generation before or after you, the difference is that you were REWARDED for your work. You got more for it, so it feels like you worked harder. But the facts don't care about your feelings.
I am not sure where I said my generation worker any harder than previous generations. I do know that in general my generation works longer and harder than Gen Y, again in general, because I hire and manage a lot of Gen Y & Gen Xers. It would serve you well to read The Most-Praised Generation Goes to Work by Jeffrey Zaslow.

I've had several of my Gen Y employees not understand why they went on Performance Improvement Plans for not attaining their performance benchmarks and further stunned when their employment was terminated for failing to meet the basic requirements of their job.

Quote:
Originally Posted by RG1981 View Post
Millennials work longer hours for less pay and in most cases, we start off our careers working for free, as unpaid internships and such are the norm.
It is a documented myth that Millennials work longer hours. In what industry do people start career jobs as interns? I know college students who take internships, but that are internships and short term jobs, not the first rung on a career ladder.

And let's talk competition. Just in sheer numbers we have hurdles your generation couldn't even imagine.

Quote:
Originally Posted by RG1981 View Post
My father lived in a very densely populated urban area and his graduating class in 1969 consisted of ~250 people. When I finished HS, we were living in a sparsely populated rural area and my graduating class consisted of 765.
What a completely meaningless anecdote.

Quote:
Originally Posted by RG1981 View Post
That's a lot more competition for jobs. That competition for jobs allows employers to be more choosy, thereby driving wages down. Way down.
I graduated from Berkeley in 1980. In the decade following (1980-1990) the population growth of CA averaged 2.33% year over year. Since 1991 that year over year growth has been 0.92% with only one year over 2%. CA actually saw negative population growth in 2020. By your theory I should have had a hard time finding a job (so many people and growth) and easy for you (declining growth rate).

Quote:
Originally Posted by RG1981 View Post
There are thousands of qualified candidates for every crummy, entry-level position. All of whose headhunting is done online.
You really have zero clue about the labor market. Thousands of qualified candidates for a single job?I don't think so.

I'll place a job notice on my company's website and layout the qualifications. An example for a typical jobs qualifications might include a 4 year degree in finance or related field, 5 years experience in financial management or related field and professional designations.

We do get hundreds of resumes because it SO EASY to apply online now, cut and paste and click and you can do it in your underwear. Only 30 to 40 of the resumes that get to my desk meet the basic requirements. People with 2 year degrees, no degrees and degrees in art history apply. Those are NOT qualified candidates for the job I am trying to fill, but since applying is so easy, many do apply. They think applying to dozens of jobs a day they are not qualified for is a good use of their time.

My generation didn't have the "benefit"of person to person contact, we had the hard work of finding out who in the company to send our resume to (you NEVER sent it to HR); we had to type a cover letter that was compelling (on top grade business stationary and on a typewriter, no computer to store old letters and just spit out a slightly different version of your last letter), combine that with a resume on the same top grade business stationary that you had printed by a print shop with a matching envelope (that you then had to type the address on) slap on a 15¢ stamp and send it off.

Then you had to follow up calling the hiring manager, figure out a way past his gatekeeper, be persistent without being annoying and get yourself in for an interview. It was LOTS of hard work.

Quote:
Originally Posted by RG1981 View Post
Again with your inflated ego. Yea, everything you got you earned...buy by "earn" you mean you worked 40 hours a week and could therefore afford.
Work 40 hours a week, that is hilarious. The last time I worked a 40 hour week was my summer job at Disneyland in the 1970s. 50 is the minimum I work, 60 is the norm and 70 isn't uncommon as I do work at home on weekends.

Quote:
Originally Posted by RG1981 View Post
You cannot tell me that your generation faced a similar challenge in earning a living. You just can't. Because it's not true and you know it.
I can tell you and have told you, but you won't listen because it is easier to whine.

Quote:
Originally Posted by RG1981 View Post
We have global competition in everything that the Boomers didn't have. The factory jobs that they got in the Midwest that paid a great wage in the 60's and 70's are long gone. Not even an option for us.
Boomers were born between 1946 and 1964. The early boomers were just coming of work age in late 1960s. Many were drafted and sent off to Vietnam.

And this topic is about ORANGE COUNTY, CA not BOSTON or the MIDWEST. That said, many of the good factory jobs were killed off by outrageous union demands and **** poor management who agreed to the union contracts that made their products non-competitive. Which still has NOTHING to do with ORANGE COUNTY, CA.

Quote:
Originally Posted by RG1981 View Post
I honestly can't speak to the influence of overseas investors on real estate prices because I really don't know enough about it, but I doubt it's done anything to lower prices.
You don't really don't know enough about any of the things you've commented on, but it hasn't stopped you so far.

Quote:
Originally Posted by RG1981 View Post
Also, banks today have ridiculous amounts of money in real estate that they didn't have in the Boomers' time.
Here is a PRIME example of where you really don't know enough about a topic to comment on it. Perhaps you should revisit the S&L collapse.
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Old 05-05-2021, 09:05 PM
 
3,322 posts, read 7,927,262 times
Reputation: 2851
Quote:
Originally Posted by waltchan View Post
This Chinese investor wants to demolish this property, and rebuild/resell it again with two new large units for up to $4 million total.
Oh I’m well aware. Happened all the time.

Hence my small lot size comment.
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Old 05-06-2021, 12:25 AM
 
Location: NNV
3,433 posts, read 3,686,526 times
Reputation: 6732
Quote:
Originally Posted by Dave Coe View Post
There is a hyper individualistic mindset with California's well off boomers. A kind of "pull your self up by your bootstraps" mentality directed towards millennials and then there is the NIMBY issue which makes it almost impossible for millennials to start families and added on that White liberal boomers, do not' believe in any birthright for their decedents such as selling their homes to foreign investors while their children leave the state due to the cost of living.
That's right, make excuses for them and let them off easy. And cut it out with that "White liberal boomer" stuff. I was wondering when you would throw in race.

I know a lot of millennials and none of them seem to have a problem making it in this environment.

Last edited by Vic Romano; 05-06-2021 at 12:48 AM..
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Old 05-06-2021, 01:11 AM
 
427 posts, read 348,302 times
Reputation: 963
Quote:
Originally Posted by apple92680 View Post
Agreed. Why would one pay $800k to live in an older home in La Habra or Buena Park, when they can go to Corona, Eastvale, Wildomar or Menifee and pay the same or less for a newer build and newer amenities?
Average high in Menifee in the August is 98 degrees.


These are the largest employers in Menifee:

# Employer # of Employees
1 Mt. San Jacinto College District 1,068
2 Menifee Union School District 1,040
3 Romoland Elementary School District 597
4 Target Corporation 364
5 Menifee Valley Medical Center 356
6 Stater Brothers 270
7 Southern California Edison 202
8 Texas Roadhouse 167
9 Life Care Center of Menifee 161
10 Lowe's 154

It's 60 miles (1 hour without traffic) from Menifee to Irvine, which is the closest job center.

Average high in Buena Park in the summer is 91 degrees.

These are the largest employers in Buena Park:

# Employer # of employees
1 Knott's Berry Farm 5,071
2 Prologis 800
3 Leach 483
4 Access Business Group 479
5 PepsiCo 477
6 J. C. Penney 382
7 ADP 358
8 Yamaha 342
9 RIA Financial Services 308
10 City of Buena Park 303

Buena Park is 20 miles to Irvine, 21 miles to DTLA, and 21 miles to Long Beach where there are thousands more jobs.




And you're seriously asking why people would live in Buena Park over Menifee? Newer Amenities in Menifee is what, the Olive Garden and Red Lobster? What a joke. Nobody wants to live in Menifee. If you're going to live in the damn desert you may as well move to Phoenix or Vegas where you don't have to deal with California income tax nonsense, ridiculous gas prices, and dysfunctional union pandering government.

Last edited by amokk; 05-06-2021 at 01:36 AM..
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