hmmm
Rabbitt Bartholomew status
Reged: 01/13/02
Posts: 9790
|
|
 
--------------------
Cool waves and shaka-to-ya-frada-cause-youre-nothing-but-a-bradda
|
ringer
Rabbitt Bartholomew status
Reged: 08/02/02
Posts: 9518
Loc: Huntington Beach, California
|
|
Hop on in a few months, if you can comfortably afford the monthlies and plan to be there for awhile....
|
stu dog
Duke status
Reged: 01/15/03
Posts: 21705
Loc: CA
|
|
seen a couple LA condos hit my price range this weekend in parts of the city i'm looking at. previously it was the same listing for about 1/2 year+. but the "reduced" price ones are only a couple. giving to give it more time. got to believe prices are going to drop to levels of 5+ years ago 
|
k_uno
Michael Peterson status
Reged: 01/20/08
Posts: 2014
Loc: Valley Isle
|
|
Quote:
seen a couple LA condos hit my price range this weekend in parts of the city i'm looking at. previously it was the same listing for about 1/2 year+. but the "reduced" price ones are only a couple. giving to give it more time. got to believe prices are going to drop to levels of 5+ years ago
PM kaser1, he's in the biz, he can fill you in on what it takes. how much cash you'll need, and what it takes to qualify.
he's the best!
|
Anonymous
Unregistered
|
|
|
hmmm
Rabbitt Bartholomew status
Reged: 01/13/02
Posts: 9790
|
|
Quote:
seen a couple LA condos hit my price range this weekend in parts of the city i'm looking at. previously it was the same listing for about 1/2 year+. but the "reduced" price ones are only a couple. giving to give it more time. got to believe prices are going to drop to levels of 5+ years ago
right LA is in need for a big correction...
--------------------
Cool waves and shaka-to-ya-frada-cause-youre-nothing-but-a-bradda
|
ringer
Rabbitt Bartholomew status
Reged: 08/02/02
Posts: 9518
Loc: Huntington Beach, California
|
|
Quote:
Quote:
seen a couple LA condos hit my price range this weekend in parts of the city i'm looking at. previously it was the same listing for about 1/2 year+. but the "reduced" price ones are only a couple. giving to give it more time. got to believe prices are going to drop to levels of 5+ years ago
PM kaser1, he's in the biz, he can fill you in on what it takes. how much cash you'll need, and what it takes to qualify.
he's the best!
|
stu dog
Duke status
Reged: 01/15/03
Posts: 21705
Loc: CA
|
|
Quote:
Quote:
seen a couple LA condos hit my price range this weekend in parts of the city i'm looking at. previously it was the same listing for about 1/2 year+. but the "reduced" price ones are only a couple. giving to give it more time. got to believe prices are going to drop to levels of 5+ years ago
right LA is in need for a big correction...
might not be as much as other parts of the country 
have a feeling lots of LA condos are going to be bought up and turned into rentals.
|
SouthCoastSurfer
Michael Peterson status
Reged: 02/23/07
Posts: 1931
|
|
Who cares if you can afford to buy a house if no one will lend you the money? 
Just got our loan funded and escaped from underwriting by the skin of our teeth with an awesome rate. Underwriters were nit picking everything to hell.
Tier 1 credit, low DTI, etc. etc. etc.
|
PNWownedguy
Grom
Reged: 09/21/08
Posts: 2
|
|
Personal home ownership is a crime. The government should be the sole owners of all real estate, dwellings, buildings, etc. Items of need, housing, food, healthcare, should all be free.
|
blakestah
Phil Edwards status
Reged: 09/10/02
Posts: 6139
|
|
Quote:
All a question of getting yourself good financing.
Up around here, $150,000 annual salary, no credit card/
auto loan debt will get you in around $700,000.
The new realitys
I am guessing you haven't been to a mortgage broker this week.
Cash is king. If you have cash you will be able to get a killer home in LA or SF.
If not, it will be 10-20% down, and no more than three times your salary, and you better be able to establish your earnings.
So that $150,000 a yr gets you a $700k home iif you have $250k down.
I bet someone that prices in my neighborhood at the end of 2005 would be higher than the prices at the end of 2015, and I still think that is correct. Prices will come down, mostly in the next 24 months, but affordability will come down even more. If you couldn't afford a 30 year mortgage at the peak, you won't be able to afford one in two years unless your earnings goes up a lot.
And I hate to break the news to people, but if this bailout doesn't go through, somewhere between 1 in 6 and 1 in 5 people will lose their jobs.
Credit being extended to businesses small and large is already contracting substantially. The retail slowdown is already unprecedented in our lifetimes. When business loses income, it lays people off.
Be sure to thank the Congress that passed Gramm-Leach-Bliley - which is both parties.
|
Paul
Legend (inyourownmind)
Reged: 01/12/02
Posts: 318
Loc: australia
|
|
i own my home but im glad prices are falling drastically giving poor people/ young people a chance.
all the investors have been milking it for years (while the govenment turns a blind eye) and now its their turn to suffer 
--------------------
Godzilla pure mothafuckin' filler....to keep your eyes off the real killer
|
LAisntsobad
Rabbitt Bartholomew status
Reged: 10/21/03
Posts: 9300
|
|
Quote:
i own my home but im glad prices are falling drastically giving poor people/ young people a chance.
all the investors have been milking it for years (while the govenment turns a blind eye) and now its their turn to suffer
If that's how it ends up, I agree. Then again, easy for me to say as I bought mine well before the boom to begin with so I'm still at over 350%. Basically, we need to go into WW3 defcon 1 before I lose $ on it
--------------------
SIMA:"Promoting participation in surfing, which will result in increased sales of members' products"
|
afoaf
Rabbitt Bartholomew status
Reged: 06/25/08
Posts: 9848
|
|
you forgot to knock on wood.
--------------------
(although I wouldn't put it past me to eventually have a quiver of Bonsais around the house)
|
LAisntsobad
Rabbitt Bartholomew status
Reged: 10/21/03
Posts: 9300
|
|
Quote:
you forgot to knock on wood.
Believe me, I count my blessings everyday and fully understand it's about as lucky as I'm going to get in my lifetime. Plus it's small but I like living there. Best location one could ask for before pre-kids.
Best part of it is that I don't need to worry about having a place for my parents to live later on. As an only child, that's huge.
--------------------
SIMA:"Promoting participation in surfing, which will result in increased sales of members' products"
|
Hdip
Gerry Lopez status
Reged: 04/23/05
Posts: 1095
Loc: Malibu, CA
|
|
Quote:
All a question of getting yourself good financing.
If not, it will be 10-20% down,
Well for first time home buyers they have FHA financing going again. That's only 3% down. Of course FHA has all it's own rules too but I am seeing more FHA work finally. (Real Estate Appraisal)
|
el_calvo
Michael Peterson status
Reged: 03/16/04
Posts: 2443
|
|
Prices are still falling so I would not be in a hurry to buy.
Once the market stabilizes, I don't see prices going back up quickly, so; keep your powder dry and wait until you see the whites of their eyes.
--------------------
I'd like to try surfing but everyone knows there aren't any waves on the East Coast.
|
flummoxacus
Nep status
Reged: 05/08/08
Posts: 663
Loc: rent free in your head
|
|
Quote:
Will I actually soon be able to afford a home in LA now?
No, however you can afford a home in Detroit. Please quit surfing (if you still surf) and move there as soon as possible.
Thanks.
http://mjperry.blogspot.com/2007/11/buy-houses-in-detroit-for-250-monthly.html
|
hallucinogenic_toreador
Phil Edwards status
Reged: 03/31/06
Posts: 5952
Loc: socal beachbreak barrels
|
|
Quote:
Quote:
Quote:
seen a couple LA condos hit my price range this weekend in parts of the city i'm looking at. previously it was the same listing for about 1/2 year+. but the "reduced" price ones are only a couple. giving to give it more time. got to believe prices are going to drop to levels of 5+ years ago
right LA is in need for a big correction...
might not be as much as other parts of the country
have a feeling lots of LA condos are going to be bought up and turned into rentals.
man, there are empty condo units everywhere in my complex, multiplying monthly...evenly divided between those with 'for sale' signs and those with 'for rent' signs hanging for months.
if you can get the financing, it would be possible to pick up a couple, undercut the existing rental rates significantly, and still easily cover the mortgages.
--------------------
"...we woke up to perfect lefts, and that was our mission."
|
Bonzer5Fin
Tom Curren status
Reged: 05/09/06
Posts: 10099
Loc: Souther Hell
|
|
Affordable L.A. homes? You mean Watts, Compton, and Lynwood, right?
--------------------
"We should all go straight and flap while doing it."
|
Previous
Index
Next
Threaded
Edit
Reply
Quote
