Ventura New Home Construction (Los Angeles, Oxnard: for sale, rent, mortgage)

[Daveydoe]

I looked at some houses under construction in East Ventura and they were very nice (small community of 47) although they have extremely small lots. They will likely all be sold prior to my decision to purchase something. I generally prefer older, renovated homes, but I have to say that these new homes were very nice inside and out (other than the lack of decent sized yards).

Does anyone know of any plans for more single family home construction in Ventura?

[nightlysparrow]

The construction permit process in Ventura County is very slow. The unofficial County thinking is, "We don't want to look like Los Angeles."

The LA Times reported 2 days ago that CA home prices went up 22% in the past year. Sure you want to wait to buy?

[user_id]

Originally Posted by nightlysparrow

The LA Times reported 2 days ago that CA home prices went up 22% in the past year. Sure you want to wait to buy?

That is the median, actual prices haven't gone up that high. Though they are up significantly from ~2 years ago, unfortunate too, as a lot of purchases are cash deals from investors looking to flip the homes.

Its funny, 5+ years ago it was individuals driving the market with crazy loans....now its big investment groups unloading billions on homes to flip and in some cases rent out. Buying a home is now like buying a stock.....

Regardless, I don't know of any plans for new homes in Ventura....you'll have better luck with new homes in Oxnard or Camarillo.

[SOON2BNSURPRISE]

Our former neighbor just sold her home for $70,000 more than what we paid in December of 2010. She had been asking $39,900 more than we had bought for and ended up with 14 solid offers. The couple that bought it are living there now. Was kind of scared someone would buy it and rent it out. Not that it matters because all situations are differant and since we are not selling it is all acedemic. Still, the homes on our street are all similar, either 3 bedroom 2 bath, 3 bedroom 2 and a half bath, or 4 bedroom 2 and a half bath, our home being a 4 bedroom home while the home that sold was a 3 bedroom 2 and a half bath place.

Not sure where things are going or how long they will continue going up

[user_id]

Yeah, things are going fast right now. There are so few houses coming on the market.....too many home owners are over loaded with debt to sale.

[SOON2BNSURPRISE]

Is that the case? I am not so sure. In my area most of the people have lived in their homes for many years. The majority of people on my street have paid off thier homes. Maybe it does depend on neighborhoods. I am thinking that you have a lot of people that have owned their homes for a long time and have far less debt than equity. I was amazed by one friend that bought his home 20 some years ago. He is an accountant and always lived rather cheaply. He drove the same car for more than a dozen years. His wife did the same. we were talking one day and I mentioned that life must be good. His kids are all grown up and his home should be close to being paid off. He told me that they owed just about as much as what their mortgage was for their home when they bought it. That amazed me because they were so much into stretching a buck. He did say that the home is worth 3 X what he owes so he doesn't feel so bad.

A couple of other friends that we have did pay off their homes and are living the debt free lifestyles. And then their is me, the last to buy a home and with many more years on my mortgage.

[user_id]

Originally Posted by SOON2BNSURPRISE

Is that the case? I am not so sure. In my area most of the people have lived in their homes for many years.

Yes......there is a historic amount of underwater and near underwater home owners in Southern California. But obviously it can differ from neighborhood to neighborhood and not everyone is underwater.

Homes are selling fast right now, but there isn't a lot coming on the market.......that is a strange phenomena. It will be interesting to see what happens with the investors, a good number of homes coming on the market are flips purchased 1~2 years ago. As these groups exit, they will increase supply while reducing demand.

[SOON2BNSURPRISE]

Originally Posted by user_id

Yes......there is a historic amount of underwater and near underwater home owners in Southern California. But obviously it can differ from neighborhood to neighborhood and not everyone is underwater.

Homes are selling fast right now, but there isn't a lot coming on the market.......that is a strange phenomena. It will be interesting to see what happens with the investors, a good number of homes coming on the market are flips purchased 1~2 years ago. As these groups exit, they will increase supply while reducing demand.

Well in that case hold on to your hats people, we may be in for another bumpy ride. LOL Then again as I have said before, we are not planning on selling our home, just plan to pay it off and live the dream.

[nightlysparrow]

Houses up 20% in my T.O. zip; two houses sold on my block in October 2012, now a third is up for sale, but asking is $95,000 above sales price of the other two! Yikes!

[user_id]

Originally Posted by SOON2BNSURPRISE

Well in that case hold on to your hats people, we may be in for another bumpy ride. LOL Then again as I have said before, we are not planning on selling our home, just plan to pay it off and live the dream.

The problem is that the high prices, which are well beyond new residents incomes, will slowly hallow out the state economy. So much is being done to keep prices high, but you don't get something for nothing....