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Holy crap! I do not have the proper words to describe just how much this disgusts me. A bus full of newly "Stupid rich" Asians buying up U.S. Properties and inflating the market to a point where the average American family has to spend nearly half a million or more on a dump just to get a roof over there head. If you sell to one of these "investors" it is a form of treason!
Right. Because apparently one single group of foreign buyers can drive the entire market.
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Been looking for a place in West LA or Pico Robertson area or close by. Priced out of single family homes so started to look at condos. Saw two not extravagant, around 1500 and 1200 sq feet. Considered placing an offer on the smaller but came to find out one was $900,000, the other one $700,000 and both were going for over asking and multiple ALL CASH offers!
And for those unfamiliar with the inventory, much of LA is very old, build in the 1920s and 30s and I doubt will withstand the next earthquake. Much of it is very, very poorly maintained, shockingly so.
I'm so old that I remember when you always offered less, not more, for a property and real estate was a leveraged investment.
So the new norm is all cash? How does anyone come up with close to a million CASH?? And thanks to Air B N B rents are outrageous!! Can someone please explain what the heck is going on???
I am seriously perplexed!!!
As politely as I can say it, your entire post demonstrates that you know absolutely nothing about the LA real estate market. You're looking for a deal in West LA and Beverlywood ???? Not gonna happen. You need to find a good realtor, explain your financial constraints and let him/her find you a nice place in an area that you can afford. There ARE areas that have not yet been driven up to the moon, you just need some help to find them. And BTW, Air BNB has nothing to do with the rental rates. As markets rise and people can't afford to buy, they rent out of necessity. There are also still a lot of people who lost their homes and were forced to rent. More renters = more demand = higher prices.
Been looking for a place in West LA or Pico Robertson area or close by. Priced out of single family homes so started to look at condos. Saw two not extravagant, around 1500 and 1200 sq feet. Considered placing an offer on the smaller but came to find out one was $900,000, the other one $700,000 and both were going for over asking and multiple ALL CASH offers!
And for those unfamiliar with the inventory, much of LA is very old, build in the 1920s and 30s and I doubt will withstand the next earthquake. Much of it is very, very poorly maintained, shockingly so.
I'm so old that I remember when you always offered less, not more, for a property and real estate was a leveraged investment.
So the new norm is all cash? How does anyone come up with close to a million CASH?? And thanks to Air B N B rents are outrageous!! Can someone please explain what the heck is going on???
As politely as I can say it, your entire post demonstrates that you know absolutely nothing about the LA real estate market. You're looking for a deal in West LA and Beverlywood ???? Not gonna happen. You need to find a good realtor, explain your financial constraints and let him/her find you a nice place in an area that you can afford. There ARE areas that have not yet been driven up to the moon, you just need some help to find them. And BTW, Air BNB has nothing to do with the rental rates. As markets rise and people can't afford to buy, they rent out of necessity. There are also still a lot of people who lost their homes and were forced to rent. More renters = more demand = higher prices.
I wouldn't call being willing to pay asking price for a property with over 20% down 'looking for a deal."
The effects of Airbnb is not entirely known. At best, it's a speculation that they drive up rental prices. Imo, they are merely a symptom, not the cause, of expensive real estate.
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We're in a bubble, just the start of it.
The last 2 months sales volumes are down, lots of price reductions, houses on the market for much longer. I've seen a few selling for over $100k below asking price this last month.
No one left can afford them, and these people listing their crap-shacks for $700k plus need to get a grip.
Hold off and wait another 6 months to a year and the market will look a lot different.
Location: When you take flak it means you are on target
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Quote:
Originally Posted by beb0p
You do know that these shows are mostly fictional right?
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No - they are real. Remember back in the first couple of seasons, Chad, the kid with the silly Black hair and sexy girlfriend.
He would always "chop" all the pillows.
Well, he had a listing a few doors from my house at the beach a few years back. Just for fun I went to the open house and went through ALL the rooms and straightened out and fluffed ALL the pillows!
I always wondered if he needed therapy after that.
You do know that these shows are mostly fictional right?
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not to mention 90 % of California home owners don't get insurance for earthquakes because earthquake coverage is crazy expensive, has ridiculous deductibles and in general not worth it.
No - they are real. Remember back in the first couple of seasons, Chad, the kid with the silly Black hair and sexy girlfriend.
He would always "chop" all the pillows.
Well, he had a listing a few doors from my house at the beach a few years back. Just for fun I went to the open house and went through ALL the rooms and straightened out and fluffed ALL the pillows!
I always wondered if he needed therapy after that.
I was on one of these shows. They are mostly fake. Just because you confirm one thing from one episode doesn't prove anything.
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