1966

socal78

socal78

Well-known member
Courtesy of "Sweet Home Yorba Linda" on FB:

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Wow, you could buy 30 of those houses for what you can get for one now.  Wish my parents bought ten of those and passed it down to me.  :p
 
Will our kids say the same thing?  "Wish my parents bought 10 motor court homes and passed them down to me?"
 
even if I can afford 10 motor court homes today, I rather buy a couple ocean view properties by the beach.

rkp said:
Will our kids say the same thing?  "Wish my parents bought 10 motor court homes and passed them down to me?"
Click to expand...
 
Unless the stupidity of the last bubble is repeated many times (which won't surprise me if it happens again), I can't see our homes gaining like these ones in 1966.  It'll go up for sure but probably not as much.

The spoiled kids around here will probably say, "why didn't my parents buy 10 Newport Coast ocean view properties for me instead of these 10 useless motor court properties that I inherited"?  :p

rkp said:
Will our kids say the same thing?  "Wish my parents bought 10 motor court homes and passed them down to me?"
Click to expand...
 
That 1966 map is awesome.  Great OC history lesson.  All those aerospace industries and no 57 freeway.  The map has a DC3 taking off from SNA, now that's cool.  There's actually is a DC3 at SNA right now, at the Lyon Air Museum.
 
When I see "old-timey" price data, I go to the BLS Inflation Calculator. Some prices for food, etc. haven't really moved on a relative basis, but housing prices sure have. $29,900 in 1966 dollars today is $215,674. Couldn't touch a 1br condo in the area even at that price. 

Crazy.

Link for the curious: http://data.bls.gov/cgi-bin/cpicalc.pl
 
You don't even have to go back to 1966.

In 2000, $350k could get you a 4br/3ba SFR in Irvine... today that's $475k... any SFRs for that price?
 
times are completely different:

FHA/GFE
FCB
LCB (gap between 1% and 99%, or landlords % of investment properties)
mortgage interest rate
longer term fixed rate mortgage more prevalent today;
more non-conventional loans (ARM, IO loans) today
dual income vs. single income
 
My friend's parents bought their new home in Cerritos shortly after they were married.  I believe this was around late 60's to early 70's.  The new home costed them $20,000 back then and, his father commented "we killed ourselves to pay for it".

Back in 1989 I drove my parents to Irvine looking for a house.  I recall new 3 bed 2 bath homes were in the lower $100k range then.  My parents commented "nice house, but we don't want to live on a farm".  We ended up buying a house in Buena Park instead.  @_@
 
momopi said:
My friend's parents bought their new home in Cerritos shortly after they were married.  I believe this was around late 60's to early 70's.  The new home costed them $20,000 back then and, his father commented "we killed ourselves to pay for it".

Back in 1989 I drove my parents to Irvine looking for a house.  I recall new 3 bed 2 bath homes were in the lower $100k range then.  My parents commented "nice house, but we don't want to live on a farm".  We ended up buying a house in Buena Park instead.  @_@
Click to expand...

When my parent bought our home in Cerritos back in 1978, the price already gone up to around $85k and most of our neighbors who bought their home brand new back in 1969 paid only around $20K-$25k.  There's fierce inflation in the 70's and the home price quadrupled in one decade. 

My parent's mortgage interest rate back then was something like 19%
 
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