SOCAL Real Estate! Still going down? How long will the window be open?

[HS Lifter]

Looking to buy within the next year(got a room for now).

Someone school me on the current state of SOCAL real estate....

 

[The Race The Hunt]

Depends on where you are talking about.

I randomly stopped at a For Sale sign the other day in San Diego, close to Mission Bay. One story house, 2 br, 1.5 bath. Built in 1950. No views or anything. A few blocks from the bay.

$625K

Ridiculous.

 

[HS Lifter]

Depends on where you are talking about.

I randomly stopped at a For Sale sign the other day in San Diego, close to Mission Bay. One story house, 2 br, 1.5 bath. Built in 1950. No views or anything. A few blocks from the bay.

$625K

Ridiculous.

Interested in Huntington Beach, Long Beach, Burbank, Glendale.....

635$ seems crazy for a house that old. Not even big....

 

[HAYEZ]

asking price means nothing, need to find a realtor that can send you current listings ,and recently sold listings so you can get an idea of whats really happening price wise by the time they are closed

 

[HS Lifter]

asking price means nothing, need to find a realtor that can send you current listings ,and recently sold listings so you can get an idea of whats really happening price wise by the time they are closed

Good advice!

Think I want a condo close to the water..... Whether it's an OC or LA beach....

 

[palmdale_memories]

Good advice!

Think I want a condo close to the water..... Whether it's an OC or LA beach....

ok Ill help out here
.

The inland empire is a mess and will continue to be a mess (riverside, san B) and home prices will continue to fall as more and more foreclosures occur everyday. Plus all the NEG AMT loans still really havent hit So cal yet which will lead to more foreclosures.


where at in so cal do you want to do buy? what town or city? what price range are you looking at?

personally I wouldnt buy a home in So cal for at least 12 months.

also get your finances in check as geting loans are getting harder and harder

condos are scary to buy in this market as when others dont pay the HOA fees you are going to be stuck with the bill.


here is a good QandA about buying your first home
http://www.hud.gov/buying/

personally there is no need to buy a condo if you can rent the same unit cheaper on a month by month basis and in this market Ive seen 1mm units rent for 3500 a month

 

[HS Lifter]

ok Ill help out here
.

The inland empire is a mess and will continue to be a mess (riverside, san B) and home prices will continue to fall as more and more foreclosures occur everyday. Plus all the NEG AMT loans still really havent hit So cal yet which will lead to more foreclosures.


where at in so cal do you want to do buy? what town or city? what price range are you looking at?

personally I wouldnt buy a home in So cal for at least 12 months.

also get your finances in check as geting loans are getting harder and harder

condos are scary to buy in this market as when others dont pay the HOA fees you are going to be stuck with the bill.


here is a good QandA about buying your first home
http://www.hud.gov/buying/

personally there is no need to buy a condo if you can rent the same unit cheaper on a month by month basis and in this market Ive seen 1mm units rent for 3500 a month

Thanks man!

I will be buying in about a year. So the timing is good.

Cities I like: On the OC side: Huntington Beach, Irvine, Anaheim/Hills, Long Beach. GArden Grove, Fullerton. etc....

LA County: Burbank, Glendale, Torrance, Santa Monica, Manhattan/Redondo etc.....

Im pretty flexible, just want to find an awesome deal and want to be within 30 minutes of the water......

So condo's arent great huh? Thought they would be cheaper then a house. And I dont want to rent if possible, want to own.

Shit Using that calculator, the most "home" I will be able to afford is about 350,000.

That limits my options, hopefully I can snag something nice, thats close next year....

WHats everypne's advice here?

 

[palmdale_memories]

Thanks man!

I will be buying in about a year. So the timing is good.

Cities I like: On the OC side: Huntington Beach, Irvine, Anaheim/Hills, Long Beach. GArden Grove, Fullerton. etc....

LA County: Burbank, Glendale, Torrance, Santa Monica, Manhattan/Redondo etc.....

Im pretty flexible, just want to find an awesome deal and want to be within 30 minutes of the water......

So condo's arent great huh? Thought they would be cheaper then a house. And I dont want to rent if possible, want to own.

Shit Using that calculator, the most "home" I will be able to afford is about 350,000.

That limits my options, hopefully I can snag something nice, thats close next year....

WHats everypne's advice here?

dont forget you will buy new tvs, sofas etc then if you buy a condo add in HOA fees. on a condo you can bet HOA fees will be from $200-$500 a decent condo a month, so you have the payment + plus the HOA fees and property taxes.

If taxes are 3000 a year (normal on the light side in so cal) you can add an $250 a month to the payment.

then you will to put money down on the loan too..no more 100% financing,

just rent man......not worth it in todays market and plus you can rent a much nicer placer then you can finance. look at what craigslist will get you in your price range for rent.

again Ive seen million dollar lofts rent for $3500 a month.

financing a mm is about a 7k monthly payment.

the tax write off is decent but if your only reason to buy is a tax write off your missing the boat.

rent and continue to save and you dont have to worry about home prices going up to the point where you will be priced out of the market because that isnt happening anytime soon.

rent and save...dont jump in as once you jump in on buying a home today you aint going to sell anytime fast

 

[HS Lifter]

dont forget you will buy new tvs, sofas etc then if you buy a condo add in HOA fees. on a condo you can bet HOA fees will be from $200-$500 a decent condo a month, so you have the payment + plus the HOA fees and property taxes.

If taxes are 3000 a year (normal on the light side in so cal) you can add an $250 a month to the payment.

then you will to put money down on the loan too..no more 100% financing,

just rent man......not worth it in todays market and plus you can rent a much nicer placer then you can finance. look at what craigslist will get you in your price range for rent.

again Ive seen million dollar lofts rent for $3500 a month.

financing a mm is about a 7k monthly payment.

the tax write off is decent but if your only reason to buy is a tax write off your missing the boat.

rent and continue to save and you dont have to worry about home prices going up to the point where you will be priced out of the market because that isnt happening anytime soon.

rent and save...dont jump in as once you jump in on buying a home today you aint going to sell anytime fast

Rent? ok.... Thought Id take advantage of this "home crisis" and buy...

 

[Lestat]

The window isn't even open if you ask me, still too much uncertainty in the market and prices on the decline. I'll get serious in the 2nd half of 09 with a target of sometime in 2010 to own 1 or more properties (assuming conditions are right).

 

[gotmilk]

Contact local realty companies and see if they have any clients in need of a short sale. You might luck out and time one...

 

[calveless wonder]

The window isn't even open if you ask me, still too much uncertainty in the market and prices on the decline. I'll get serious in the 2nd half of 09 with a target of sometime in 2010 to own 1 or more properties (assuming conditions are right).

lmao.....dude, no offense. but you have zero idea what you're talking about.

with what you say you have in savings you should have purchased a property a long time ago

 

[calveless wonder]

asking price means nothing, need to find a realtor that can send you current listings ,and recently sold listings so you can get an idea of whats really happening price wise by the time they are closed

correct.
the supply right now is so high but you still have those dumbasses who are trying to list their properties for 2006 values. it'll just sit on the market forever and not move. these people gradually drop their prices but never to what the real market value is (unless its a distressed property and they need to get rid if it asap)

 

[calveless wonder]

you actually have the financial means to purchase property right now and you don't, you're an absolute idiot.

this is where the rich get richer....

 

[HS Lifter]

more advice please

 

[calveless wonder]

more advice please

look for foreclosures, short sales (pain in the ass tho) and pre-forclosures.

most of the time the agents will let you know whats what with the property. if you have an appraiser or realtor look at conservative comparable sales, and you can walk into some REAL equity...then pull the trigger. patience is everything, really. you can find so many good deals just have to be diligent about it


i've had clients in the past year walk into anywhere from 50-100k equity just because people had to get out of the properties. those values are not inflated either. they're the declining values of todays market. in 3 years or so those people will be ecstatic

 

[gotmilk]

those values are not inflated they're the declining values of todays market.

I almost bought a place in Florida four years ago but MTS told me that specific block was being flipped constantly. Same house came back on the market last week for 23% less than 4 years ago. Right on the beach, completely repainted, etc..

 

[Grumpy Old Man]

look for foreclosures, short sales (pain in the ass tho) and pre-forclosures.

most of the time the agents will let you know whats what with the property. if you have an appraiser or realtor look at conservative comparable sales, and you can walk into some REAL equity...then pull the trigger. patience is everything, really. you can find so many good deals just have to be diligent about it


i've had clients in the past year walk into anywhere from 50-100k equity just because people had to get out of the properties. those values are not inflated either. they're the declining values of todays market. in 3 years or so those people will be ecstatic

the market is down from 16.5% and 37% from San Diego to the Oregon border, unless these people have had the house for 22 yrs and then they aren't at a loan amount that makes sense. My guys are buying properties from the banks and they are not in CA FL NV too many years to hold a prop. Unless you have really deep pockets then you have contacts that will give you 1996 values. Otherwise put your cash in a box cause there is more shit coming. A property needs 3 things. A buyer, a seller and someone that can afford to be both.

 

[calveless wonder]

the market is down from 16.5% and 37% from San Diego to the Oregon border, unless these people have had the house for 22 yrs and then they aren't at a loan amount that makes sense. My guys are buying properties from the banks and they are not in CA FL NV too many years to hold a prop. Unless you have really deep pockets then you have contacts that will give you 1996 values. Otherwise put your cash in a box cause there is more shit coming. A property needs 3 things. A buyer, a seller and someone that can afford to be both.

your grammar confused the shit out of me here lol.

in FL you probably have to hold a property for a couple of years, but the markets with the biggest decline is where the most opportunity is.

if you have the money, it's a worthy investment. granted, you will prolly have to come out of pocket for PITI on the property (assuming it's not your primary) and you have to factor that in to the total investment but it'll have a ridiculous ROI in the long term.

 

[Grumpy Old Man]

your grammar confused the shit out of me here lol.

in FL you probably have to hold a property for a couple of years, but the markets with the biggest decline is where the most opportunity is.

if you have the money, it's a worthy investment. granted, you will prolly have to come out of pocket for PITI on the property (assuming it's not your primary) and you have to factor that in to the total investment but it'll have a ridiculous ROI in the long term.

I am difficult to comprehend at times. If you are not a major player save your cash. To have a ROI that is more than usual for long term risky ventures, save so you don't lose your ass. If you have a net worth of multiple seven figures then you can play in these markets and hold peoperty. I have a number of my investors doing just that. They bought an Island in FL destroyed by Katrina, holding it with the improvements made by the developer that went broke. Holding commercial and residential projects that generate a cash flow less than debt service, negotiating with the bank for a new value and note.

Bottom line, pretend or wish investments won't work. If there was the cash for this type of investment you would have never heard of EF. Let the big boys play there. By the way I have immense respect for you now after reading some of your latest posts. No shit, I am serious! Now that you might have heard me speak You might get an idea. You are an ok guy.

Just sayin.

 

[ortiz34]

cw does know his shiat
Jnev too

 

[ortiz34]

lotta nOObs up in here 2