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Familiar with both the westside market and property you were targeting. Hang in there.
Have you considered west LA (90025)? Can probably get a bit more value, although still expensive. Hopefully you've requested a commission rebate from your Realtor and maybe even considered writing through the listing agent (while still offsetting as much of your closing costs as possible) to maximize the seller's net proceeds.
Familiar with both the westside market and property you were targeting. Hang in there.
Have you considered west LA (90025)? Can probably get a bit more value, although still expensive. Hopefully you've requested a commission rebate from your Realtor and maybe even considered writing through the listing agent (while still offsetting as much of your closing costs as possible) to maximize the seller's net proceeds.
Good luck and keep us posted!
Yes, I've looked at 90025, 90064, 90034, etc.. I'd purchase in any of those areas for the right deal. Obviously not as desirable as 90405 but if I could find a underpriced condo that I could put some sweat equity into it.. I'd snag it.
Obviously not as desirable as 90405 but if I could...
My daughter and her family lived there for a couple of years.
With the growing baby they needed more room...
but the best they could put together is a rental out in Simi.
A sure solution to the insane real estate prices in Santa Monica, and other Southern CA coastal communities, is to exile the Nimby's to Catalina Island for 5 years, and you'd soon see a forest of cranes and 2 bedroom condo's selling for $250k, just like Nimby-less Dade County!
Small wonder! The Nimby's in Santa Monica are all but having a heart attack over the prospect of an iconic Gehry-designed 21 story high rise condo there, first high rise to be built there since 1970!
There's a method to their madness: control the number of housing units, and watch the prices soar to the Stratosphere!
A sure solution to the insane real estate prices in Santa Monica, and other Southern CA coastal communities, is to exile the Nimby's to Catalina Island for 5 years, and you'd soon see a forest of cranes and 2 bedroom condo's selling for $250k, just like Nimby-less Dade County!
hahaha That the complete opposite from what's needed solution.
There is far too much built up as it is.
LA (and coastal CA in general) need to shed themselves of about HALF their population.
Housing prive (and water) problem solved.
Yeah, you do sound like a bit of a sucker. You've be amazed at what you could buy in Michigan for that price!
No joke. Here in TX, you could get a NICE 3/2/2 built in 2006-2009 with 2000+ sq ft for 165K. I truly do not understand the appeal of CA. My father and I lived in the Bay area for years when I was younger, and I don't understand the attraction, nor how anyone can afford it.
Quote:
Originally Posted by iama30something
I earn $105k, not $90k.
In addition to my 20% downpayment, I have cash saved and plan to rent out the master bed / ba for $1750/month which will help.
ADDENDUM: Don't depend on rental income, (especially a certain dollar amount) to make the mortgage. People move out, things break, relationships fail, etc. It sounds like you really can't afford it, and there are few things more stressful than being house poor. Also, it's probably a good idea to save your savings for an emergency.
[quote=tijlover;39056540]A sure solution to the insane real estate prices in Santa Monica, and other Southern CA coastal communities, is to exile the Nimby's to Catalina Island for 5 years, and you'd soon see a forest of cranes and 2 bedroom condo's selling for $250k, just like Nimby-less Dade County!
Small wonder! The Nimby's in Santa Monica are all but having a heart attack over the prospect of an iconic Gehry-designed 21 story high rise condo there, first high rise to be built there since 1970!
There's a method to their madness: control the number of housing units, and watch the prices soar to the Stratosphere
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