Look what you can get for $1.7M in LA!

[Slegnaac]

On 7/23/2021 at 10:17 PM, Lou said:

Tuscaloosa

Now I am thinking about Communism.

[Lou]

3 minutes ago, Slegnaac said:

Now I am thinking about Communism.

So completely off.

[ten ocho recon scout]

On 7/23/2021 at 12:19 PM, failos said:

F’n boomers, man. I could technically buy a house right now and afford the mortgage, but home prices are way too damn high. It’s weird because I’m not sure they’ll ever go down at this point.

Theyll come down.... just not as much as you would like, probably.

Once the rates go back up, and construction gets going again, more houses will list. More houses will drop the market, etc etc.

 

 

[failos]

2 hours ago, ten ocho recon scout said:

Theyll come down.... just not as much as you would like, probably.

Once the rates go back up, and construction gets going again, more houses will list. More houses will drop the market, etc etc.

 

 

Hopefully. I mean, if I can get a nice house in OC/Corona for a good price I'll bite--I don't care too much about the low interest rates right now since it doesn't matter when homes are already too expensive.

 

I really want to move back to CO, though. Homes there are skyrocketing--kinda sucks.

Edited July 26, 2021 by failos

[ten ocho recon scout]

1 minute ago, failos said:

Hopefully. I mean, if I can get a nice house in OC/Corona for a good price I'll bite--I don't care too much about the low interest rates right now since it doesn't matter when homes are already too expensive.

 

I really want to move back to CO, though. Homes there are skyrocketing--kinda sucks.

Homes are high everywhere right now. (Though funny enough, some places back east Ive looked up are still affordable)

But dont look at todays prices set in stone. Prices just since the first of the year have gone up. Its a bubble.... it will go away in time. (Not like 2007, but they will)

Once covid is done done, it will change. New builds will pop up, and evictions will lead to new homes, etc etc

Right now is a bad time to buy. Save your money and give it another year or so

[failos]

8 minutes ago, ten ocho recon scout said:

Homes are high everywhere right now. (Though funny enough, some places back east Ive looked up are still affordable)

But dont look at todays prices set in stone. Prices just since the first of the year have gone up. Its a bubble.... it will go away in time. (Not like 2007, but they will)

Once covid is done done, it will change. New builds will pop up, and evictions will lead to new homes, etc etc

Right now is a bad time to buy. Save your money and give it another year or so

Absolutely. Home are even skyrocketing in places like PA and NC. But CO is a bit different, it's booming--so many people are moving there so it's a tricky situation. I'm sure homes will eventually go down, but homes in Boulder/Denver cost as much as homes in OC.

Still though, I'm with you--I think homes prices everywhere will go down a bit (at least I hope so).

[Slegnaac]

7 hours ago, Lou said:

So completely off.

Not completely.....

Tuscaloosa 

Captain Spaulding

Groucho 

Marx

Communism 

[Blarg]

When you buy a house in Virginia for over a million dollars you get a million dollar home.

https://www.zillow.com/homedetails/5876-Elena-Vista-Dr-Roanoke-VA-24018/12578425_zpid/

$1,450,000 

5 bedrooms, 7 bathroom, 6,374 sqft, 5 car garage and 20 acres. 

 

[Lou]

Everyone always says,"For $XXX you can buy a huge house in ____ "

They never do because it's not somewhere they want to live. 

[Lou]

12 hours ago, Slegnaac said:

Not completely.....

Tuscaloosa 

Captain Spaulding

Groucho 

Marx

Communism 

No clue who Captain Spaulding is.

[Brandon]

I don't think there ever is an ideal time to buy or time any market. Even I did that after the market crash thinking I got a steal and was wrong. I also feel like over 20 years in my industry at least once daily I hear "rates are going to go up soon!!" and they never fluctuate in either direction, same with housing prices. You'll have minor pockets or windows, but in my experience, the longer people wait they seem to miss out.

[Adam]

On 7/24/2021 at 9:16 AM, Taylor said:

Yeah, we've already determined we'll never be able to own a home in OC.

Why did you make that determination?

[Taylor]

1 minute ago, Adam said:

Why did you make that determination?

Unless our income level drastically increases and/or housing prices dramatically decrease, I just don't see it happening. Most of the families I know are still renting in their late 30s and beyond.

[Adam]

1 minute ago, Taylor said:

Unless our income level drastically increases and/or housing prices dramatically decrease, I just don't see it happening. Most of the families I know are still renting in their late 30s and beyond.

We were fortunate. My wife (gf at the time) had lived at home for 5 years after college and saved $30K. She bought a condo at the bottom of the recession in 2008. We sold it in 2013 and made $100K on the sale. Found a fixer upper for $650K and jumped on it. 

[Adam]

Circumstances and economic climates change all the time. Never say never. 

[Taylor]

1 minute ago, Adam said:

We were fortunate. My wife (gf at the time) had lived at home for 5 years after college and saved $30K. She bought a condo at the bottom of the recession in 2008. We sold it in 2013 and made $100K on the sale. Found a fixer upper for $650K and jumped on it. 

Not bad. But even the fact that a fixer upper is $650,000 is ridiculous. Homes built in the 70s are going for $800,000+ in Lake Forest.

[Catwhoshatinthehat]

I've yet to come across anyone in the real estate industry that every says it's a bad time to buy.  Buyers who believe they're going to miss out seem likely to get in over their heads when they stretch themselves too far.  I'm not in the industry and I don't pretend to be able to predict where the housing market will go especially the SoCal housing market which seems to go against common sense but the median home prices in some areas are now 10x+ the median household income.  Anyone who owns is likely better off on paper and anyone looking to downsize or get out of a pricier area can make a nice profit but a lot of people who grew up in certain areas have been priced out.  We'd like to make the move to a house but I can't justify dropping almost $1M on a run of the mill almost 60 year old house in our current area and prices only go up for anything that's been updated or built out.        

[Catwhoshatinthehat]

2 minutes ago, Taylor said:

Not bad. But even the fact that a fixer upper is $650,000 is ridiculous. Homes built in the 70s are going for $800,000+ in Lake Forest.

If you think $650,000 for a fixer in certain parts of OC is ridiculous then you haven't been watching the housing market for longer than a few years.  

[Adam]

3 minutes ago, Taylor said:

Not bad. But even the fact that a fixer upper is $650,000 is ridiculous. Homes built in the 70s are going for $800,000+ in Lake Forest.

Our model just sold for 1.2M in my neighborhood. My house is going to end up being my retirement

[Catwhoshatinthehat]

1 minute ago, Adam said:

Our model just sold for 1.2M in my neighborhood. My house is going to end up being my retirement

I was going to say that I'd bet even without updates your place would go for over $1M at this point.  The fact that some areas have jumped that much in 3-5 years or even less in some areas is crazy because incomes obviously aren't anywhere near in line with that.

[Adam]

Just now, Catwhoshatinthehat said:

I was going to say that I'd bet even without updates your place would go for over $1M at this point.  The fact that some areas have jumped that much in 3-5 years or even less in some areas is crazy because incomes obviously aren't anywhere near in line with that.

Well it's partly inflation too. That's one reason why these hedge funds are buying up houses

[Taylor]

44 minutes ago, Catwhoshatinthehat said:

If you think $650,000 for a fixer in certain parts of OC is ridiculous then you haven't been watching the housing market for longer than a few years.  

I think it's ridiculous period, whether you're living in SoCal or next door to Blarg in Virginia.

[Lou]

5 minutes ago, Taylor said:

I think it's ridiculous period, whether you're living in SoCal or next door to Blarg in Virginia.

in 2025

 

maybe 

[Blarg]

11 minutes ago, Taylor said:

I think it's ridiculous period, whether you're living in SoCal or next door to Blarg in Virginia.

I agree.  However sitting in lake Forrest and complaining about the high cost of real estate is like shopping at Neiman Marcus and saying you can't afford a wardrobe.

Shop where you can afford to. It's not like you and your wife can't move your soon to be newborn to another place where the cost of living is in balance for what you two can do in the job market. 

[Lou]

I'm going to look in Panama.