LA Really is Different / Special

NEW -> Contingent Buyer Assistance Program
A

ABC123_IHB

New member
Last weekend I saw an episode of Flip this House. This guy bought a 3 bedroom 1700 sqft house for $900,000 and put it on the market for $1.7. Sadly, the show ended by saying he as yet to receive any offers. LA Still has quite a few WTF prices

541 LILLIAN WayLOS ANGELES, CA 90004

genMid.08-264359_5.jpg


Price: $1,099,000

Beds: 1

Baths: 1

SQ.FT.: 1,057 Lot Size: -

Last Sale: $385,000 (04/23/1999)

8814 ROSEWOOD Ave WEST HOLLYWOOD, CA 90048

genMid.08-271701_0.jpg


Price: $1,025,000

Beds: 2

Baths: 1.5

SQ.FT.: 1,134

$/SQ.FT.: $904

2217 PARNELL Ave LOS ANGELES, CA 90064

genMid.08-279161_0.jpg


Price: $1,149,000

Beds: 2

Baths: 2 -

SQ.FT.: 1,162

$/SQ.FT.: $989

Last Sale: $940,000 (06/10/2004)
 
These properties are trying to appeal to the emotional side of the buyers rather than the practical financial judgement side. The homes are charming and they are in the trendy and desirable neighborhoods. Since the Grove opened in 2002 properties nearby experienced a revitalization and influx of wealthy dinks and mature family with a young kid. It is all about locations.
 
I'd buy that for a dollar.

Seriously, I don't even like Santa Monica that much. I'd happily take Laguna Beach instead.

BK, what do you think of Santa Monica's Feng Shui?

The prices on these properties are way too high.

IMO, housing prices of:

* < 3 x median family income = cheap (can be purchased with 15 year loan)

* 3 x median family income = inexpensive (can be purchased with 30 year loan, or larger down payment + 15 year loan)

* 5 x median family income = average (requires larger down-payment and 30 year loan)

* 7 x median family income = expensive (requires even larger down payment plus 30 year loan)

* 10x median family income = un-affordable ("hi mom, I need to borrow some money...")

* >10x median family income = buy a lotto ticket today!
 
Santa Monica is way over rated. Celebrities often frequent there but they live in Malibu and Palisade. It is convenient to the Wilshire corridor as well as the homes of rich and famous. That should not justified the WTF pricings.

momopi said:
I'd buy that for a dollar.

Seriously, I don't even like Santa Monica that much. I'd happily take Laguna Beach instead.

BK, what do you think of Santa Monica's Feng Shui?

The prices on these properties are way too high.

IMO, housing prices of:

* < 3 x median family income = cheap (can be purchased with 15 year loan)

* 3 x median family income = inexpensive (can be purchased with 30 year loan, or larger down payment + 15 year loan)

* 5 x median family income = average (requires larger down-payment and 30 year loan)

* 7 x median family income = expensive (requires even larger down payment plus 30 year loan)

* 10x+ median family income = un-affordable ("hi mom, I need to borrow some money...")
Click to expand...
 
momopi said:
I

IMO, housing prices of:

* < 3 x median family income = cheap (can be purchased with 15 year loan)

* 3 x median family income = inexpensive (can be purchased with 30 year loan, or larger down payment + 15 year loan)

* 5 x median family income = average (requires larger down-payment and 30 year loan)

* 7 x median family income = expensive (requires even larger down payment plus 30 year loan)

* 10x median family income = un-affordable ("hi mom, I need to borrow some money...")

* >10x median family income = buy a lotto ticket today!
Click to expand...

Do you really think that 5X is "average"?

Isn't that around 50% DTI? To me, that means no retirement savings/college savings/private school.
 
Are you people nutz?

Those are charming blue collar houses that ought to sell for a couple

hundred grand. I try to refrain from making judgments on prices for

a place I've never been, but I think you all have been acclimatized to

insanity.

Sorry, the emperor has no clothes.
 
Are you people nutz? Those are charming blue collar houses that ought to sell for a couple hundred grand. I try to refrain from making judgments on prices for a place I’ve never been, but I think you all have been acclimatized to insanity. Sorry, the emperor has no clothes.
Click to expand...
Totally agree. Liz. That's why we are renting. :-)
 
Surprisingly, that Santa Monica home isn't even in the desirable part of Santa Monica. It's south of the 10. YUCK!! ;)
 
You must log in or register to reply here.
Back
Top