Home buying thread

Burnesto · May 31, 2018

TJT said:
What I learned in buying a house a few years ago. You gotta move fast. Like you look the day its listed and offer that same day or you're probably fucked.

Eh, it depends entirely on location. Looking at homes listed for weeks and then a month long negotiation process isn't completely unheard of in my area. I was able to sell my own within 4 days, but there was barely any other comparable inventory in January.

Mizake · May 31, 2018

Screamfeeder said:
I'm actually looking more on the East Side. Specifically Mt. Washington, Highland Park, Cypress Park(saw a 5x4 today on a 10,000sqft lot that was perfect), Atwater Village, Frog Town etc and even as far as South Pasadena. Both me and my girl work in film & TV and while she is locked into working in Hollywood I have more flexibility. Silverlake/HH are just STUPID overpriced for the dumpiest homes. Had I been looking 5 years ago (when I didn't have the kind of money I do now) that would have been a better area.

So long as I can drive into certain areas in a few hours (Culver City, Palisades etc) I don't care about being inland so long as I'm not out in the goddamn boondocks. Plus, I can get to the beach in under an hour on my bike from all those areas so I don't mind at all.

We settled on a realtor we like and after spending this weekend looking at places all over the city, I am feeling much better about my options for a 30+ year property.

I really think you are ovethinking the whole process. I know you are worried about timing the market, but that shit is unpredictable. I think if you plan on staying in LA long term, then go ahead and buy. Obviously the hot area today may be cold in a few decades, and visa versa. Basically LA boils down to $2,000/sq ft by the beach, $1000/sq ft for nicer inland neighborhoods, and $400-500 sq/ft for suburbia. After that it just depends on where you want to live relative to work, and what kind of neighborhood you want to get into.

I remember when I was in San Diego in 1995, I had a chance to buy a beachfront home in Pacific Beach for $400,000. Literally open front door onto the sand. Of course, in 1995 I didn't have $4,000 to my name. When I left 10 years later that same home was going for over 2 million.

I ended up buying a home inland in San Diego in 2000 for like $500k. Had to move a year later to LA, sold it in 2001 for $600k.....was crazy to me at that time to think I made $100k in a year just to live in a house I already wanted.

Rented for a while, took that money, bought a home in LA in 2005 for $770k. Recession hits a few years later, that home went down to something like $450 at the nadir. I still have that home today (although now I use it as a rental), and even now it's only worth $650k. It will probably take until I retire until I break even on that home.

In 2011 I bought a home for $800,000. I sold that home in 2016 for 1.2 million.

I guess I'm sharing this with you to show you what can happen if you don't worry about the market, and just worry about where you want to live. I've lost and made money on my homes, but in the end it doesn't really matter that much because I know I will always live in LA until I retire, and I can ride out the bad waves as well as benefit from the good ones. I don't know how old you are.....I don't think you are over 50. 30s? 40s? If so, you have plenty of time to make more income and build equity into a home. If you were older, then renting would make more sense, because you wouldn't be able to adapt to the volatility of the housing market. Since I assume you are like me and in the prime of your money-making years, then just focus on finding a place you will enjoy living at, and buy there.

Mizake · May 31, 2018

Oh, and if you are young and hip, or think you are, then I recommend Venice Beach, Calabasas, Ventura, NoHo, or Manhattan Beach.

Middle age? Santa Monica, Burbank, Glendale, Pasadena.

Old school? BH, Bel Air, Encino, Pasadena, Malibu, or if you're like me, plan to get the fuck out of this state.

Screamfeeder · May 31, 2018

Mizake said:
I guess I'm sharing this with you to show you what can happen if you don't worry about the market, and just worry about where you want to live.

I'm learning that quickly. I stopped doing all the research and instead just focused on exactly where I want to be long term. Not worrying about how much potential future money I could lose/make on somewhere I want to live long term was super helpful.

It's down to a couple places all in Mt. Washington. Put an offer on a place with a million dollar yard/view and a pool but it will go $400k over asking and I was feeling lucky.

Screamfeeder · May 31, 2018

Mizake said:
Oh, and if you are young and hip, or think you are, then I recommend Venice Beach, Calabasas, Ventura, NoHo, or Manhattan Beach.

Middle age? Santa Monica, Burbank, Glendale, Pasadena.

Old school? BH, Bel Air, Encino, Pasadena, or if you're like me, plan to get the fuck out of this state.

I'm in Santa Monica currently. I have one of my writers offices in Eagle Rock/Pasadena area and fell in love with NELA so I'll be over there.

Mizake · May 31, 2018

Good luck on your Mt. Washington bid.

Santa Monica is nice, but it's so overpriced because of the schools, especially north of Montana. Since you don't have kids it would be stupid to pay the premium.

I love the Pasadena area, especially Old Pas. Lots to do there, and sounds like it's close to your work. Only downside is traffic, the 210 is a bitch nowadays, and you kinda far from the beaches.

I also really like the Glendale area, that part of the city is growing quickly. Lots to do also just like Pasadena, and you are more central to the freeways so you can get around town quickly. It's more vertical urban living, so probably not ideal for you if you want a yard for your dog. Although Mt. Washington is probably close enough, and you mentioned you looked in Silverlake and Atwater as well. Great vibe in that whole part of town.

Also will pass on a piece of advice to you I got from my favorite realtor who handles all my investment properties. When it comes to Los Angeles, the areas that will hold their value the best tend to be in areas that are more central and well established. The reason being that there can be no more real growth in that area (more land isn't just gonna pop up there right?), so the property values tend to remain high. As homes age they just get torn down and new ones built, but the land it's sitting on will always retain a high value.

Where housing values tend to be more volatile is at the periphery.....suburbia. The reason is more homes and neighborhoods can be built on currently unsettled land. Therefore homes in those areas won't appreciate as well.....who wants to buy a old home when there is a brand new one 5 miles away for the same cost? For example, there is an entire new city going up along the 126 where Newhall land is, so homes in that area won't experience as much appreciation because so many more homes are going to flood that region soon.

So I would feel good purchasing a home in the areas you are currently looking at.

Oblio · Jun 1, 2018

Mizake said:
Good luck on your Mt. Washington bid.

Santa Monica is nice, but it's so overpriced because of the schools, especially north of Montana. Since you don't have kids it would be stupid to pay the premium.

I love the Pasadena area, especially Old Pas. Lots to do there, and sounds like it's close to your work. Only downside is traffic, the 210 is a bitch nowadays, and you kinda far from the beaches.

I also really like the Glendale area, that part of the city is growing quickly. Lots to do also just like Pasadena, and you are more central to the freeways so you can get around town quickly. It's more vertical urban living, so probably not ideal for you if you want a yard for your dog. Although Mt. Washington is probably close enough, and you mentioned you looked in Silverlake and Atwater as well. Great vibe in that whole part of town.

Also will pass on a piece of advice to you I got from my favorite realtor who handles all my investment properties. When it comes to Los Angeles, the areas that will hold their value the best tend to be in areas that are more central and well established. The reason being that there can be no more real growth in that area (more land isn't just gonna pop up there right?), so the property values tend to remain high. As homes age they just get torn down and new ones built, but the land it's sitting on will always retain a high value.

Where housing values tend to be more volatile is at the periphery.....suburbia. The reason is more homes and neighborhoods can be built on currently unsettled land. Therefore homes in those areas won't appreciate as well.....who wants to buy a old home when there is a brand new one 5 miles away for the same cost? For example, there is an entire new city going up along the 126 where Newhall land is, so homes in that area won't experience as much appreciation because so many more homes are going to flood that region soon.

So I would feel good purchasing a home in the areas you are currently looking at.

Are you a Real Estate Agent?

Screamfeeder · Jun 1, 2018

Oblio said:
Are you a Real Estate Agent?

No shit.

He sounds exactly like my guy.

Mizake said:
Good luck on your Mt. Washington bid.

Santa Monica is nice, but it's so overpriced because of the schools, especially north of Montana. Since you don't have kids it would be stupid to pay the premium.

I love the Pasadena area, especially Old Pas. Lots to do there, and sounds like it's close to your work. Only downside is traffic, the 210 is a bitch nowadays, and you kinda far from the beaches.

I also really like the Glendale area, that part of the city is growing quickly. Lots to do also just like Pasadena, and you are more central to the freeways so you can get around town quickly. It's more vertical urban living, so probably not ideal for you if you want a yard for your dog. Although Mt. Washington is probably close enough, and you mentioned you looked in Silverlake and Atwater as well. Great vibe in that whole part of town.

Also will pass on a piece of advice to you I got from my favorite realtor who handles all my investment properties. When it comes to Los Angeles, the areas that will hold their value the best tend to be in areas that are more central and well established. The reason being that there can be no more real growth in that area (more land isn't just gonna pop up there right?), so the property values tend to remain high. As homes age they just get torn down and new ones built, but the land it's sitting on will always retain a high value.

Where housing values tend to be more volatile is at the periphery.....suburbia. The reason is more homes and neighborhoods can be built on currently unsettled land. Therefore homes in those areas won't appreciate as well.....who wants to buy a old home when there is a brand new one 5 miles away for the same cost? For example, there is an entire new city going up along the 126 where Newhall land is, so homes in that area won't experience as much appreciation because so many more homes are going to flood that region soon.

So I would feel good purchasing a home in the areas you are currently looking at.

Thanks for the info and it reflects what I have been told from other LA natives. I do want kids and the Mt. Washington area for some reason seems like a place I would like to grow up in (this coming from a New Mexico Farm Boy). I don't mind the traffic or the long drives (I have a massive commute from home in Santa Monica to studios and offices all over SC). I shot a feature in South Pasadena and love it there but for some reason it's just a bit to disconnected from "LA proper" than I want.

Lanx · Jun 1, 2018

Screamfeeder said:
No shit.

He sounds exactly like my guy.

Thanks for the info and it reflects what I have been told from other LA natives. I do want kids and the Mt. Washington area for some reason seems like a place I would like to grow up in (this coming from a New Mexico Farm Boy). I don't mind the traffic or the long drives (I have a massive commute from home in Santa Monica to studios and offices all over SC). I shot a feature in South Pasadena and love it there but for some reason it's just a bit to disconnected from "LA proper" than I want.

does this affect you at all?

Screamfeeder · Jun 1, 2018

Lanx said:
does this affect you at all?

It does when we are budgeting a production. Has nothing to do with where I live though. Everywhere has a "zone" and it's roughly the same size. When I am filming in New Mexico or New York or Atlanta the zone is set and you work hard to keep it into the zone. Going outside it gets really complicated. I have worked with hundreds of crew members that are "local" Angelinos but actually live out of state. The amount of regulations and rules is mind bottling and why I try and stay away from being an on-set Producer when I can.

Mizake · Jun 1, 2018

Oblio said:
Are you a Real Estate Agent?

Lol, no. I'm more MOTU than worker bee.

Real estate is the largest portion of my investment portfolio. I like the fact it generates income while paying off it's own debt schedule.....how many other investment vehicles can accomplish that? It will (hopefully) become my primary source of income after retirement.

I've lived in Los Angeles for most of my life, over 40 years. I've also lived all over LA, and I have friends/business partners all over the city as well, so I know LA pretty well. Buying property can be tricky unless you know the area you are buying in, and I'm fortunate that I have a great agent who knows the city better than even myself, so between the two of us I can select the best properties to invest in. Real estate is a passionate hobby for me.

Oblio · Jun 1, 2018

Mizake said:
Lol, no. I'm more MOTU than worker bee.

Real estate is the largest portion of my investment portfolio. I like the fact it generates income while paying off it's own debt schedule.....how many other investment vehicles can accomplish that? It will (hopefully) become my primary source of income after retirement.

I've lived in Los Angeles for most of my life, over 40 years. I've also lived all over LA, and I have friends/business partners all over the city as well, so I know LA pretty well. Buying property can be tricky unless you know the area you are buying in, and I'm fortunate that I have a great agent who knows the city better than even myself, so between the two of us I can select the best properties to invest in. Real estate is a passionate hobby for me.

I am an Appraiser and the main reason I jumped through all the hoops to become an Appraiser is so that I can make sound real estate investments based off my own research.

Also, you forgot to mention the hidden gem that is my home town of Montrose.

Mizake · Jun 1, 2018

Oblio said:
I am an Appraiser and the main reason I jumped through all the hoops to become an Appraiser is so that I can make sound real estate investments based off my own research.

Also, you forgot to mention the hidden gem that is my home town of Montrose.

Montrose is cool, laid back vibe that I like, kind of like how I prefer Ventura to Malibu.

There's that good boba place off of Ocean View......I remember trying the Black Cow and thinking it was overrated. Also some sewing store on the same street as Black Cow that is owned by some young guy with his giant English bulldog is his store that is etched in my memory.

I didn't forget to mention it, just didn't feel like something I thought Screamfeeder would be interested in. He's wants closer to his Hollywood stuff, so Montrose is a bit too far north for him imo.

Screamfeeder · Jun 6, 2018

Mizake said:
Montrose is cool, laid back vibe that I like, kind of like how I prefer Ventura to Malibu.

There's that good boba place off of Ocean View......I remember trying the Black Cow and thinking it was overrated. Also some sewing store on the same street as Black Cow that is owned by some young guy with his giant English bulldog is his store that is etched in my memory.

I didn't forget to mention it, just didn't feel like something I thought Screamfeeder would be interested in. He's wants closer to his Hollywood stuff, so Montrose is a bit too far north for him imo.

I looked into La Crescenta and Montrose. I love the somewhat mountain feel you get there (I am from the mountains and will always want to live there if possible).

But I heard from other people that currently or have lived their long term that the pollution can sometimes settle in that little valley and make those views/vibe totally moot. Also it was just a bit to away from my "action".

My Mt. Washington bid never came back with a counter and the house is now under escrow so I assume they got an offer WAY over asking (My offer was 80k over asking). But three more places up in that area have come up recently and after doing more walking around that entire area with my girl, we are pretty dead set unless something amazing comes along elsewhere.

Pops · Jun 11, 2018

Screamfeeder said:
I looked into La Crescenta and Montrose. I love the somewhat mountain feel you get there (I am from the mountains and will always want to live there if possible).

But I heard from other people that currently or have lived their long term that the pollution can sometimes settle in that little valley and make those views/vibe totally moot. Also it was just a bit to away from my "action".

My Mt. Washington bid never came back with a counter and the house is now under escrow so I assume they got an offer WAY over asking (My offer was 80k over asking). But three more places up in that area have come up recently and after doing more walking around that entire area with my girl, we are pretty dead set unless something amazing comes along elsewhere.

That's too bad. Your broker should have guided your offer better. The haze can get bad up against those mountains. I grew up in Rancho Palos Verdes, ever check that area out?

Screamfeeder · Jun 11, 2018

Pops said:
That's too bad. Your broker should have guided your offer better. The haze can get bad up against those mountains. I grew up in Rancho Palos Verdes, ever check that area out?

Sure did. Only places I considered had me thinking I was better of still renting in Santa Monica.

Cad · Jun 11, 2018

Screamfeeder said:
Sure did. Only places I considered had me thinking I was better of still renting in Santa Monica.

There’s probably more fags for you to roll in Santa Monica, so you should consider your social life.

Screamfeeder · Jun 11, 2018

Cad said:
There’s probably more fags for you to roll in Santa Monica, so you should consider your social life.

Thanks for the adult response and advice, counsel.

In fact the neighborhood I am looking at has seen a massive spike in same-sex couples buying out and displacing older Catholic families, so if you wanted to go for that 2002 angle of "lol scream is a fag", you probably should have done a bit more research. I know you Porsche obsessed, McMansion living Texan try-hards are feeling the pressure, but at least put in SOME effort.

Grow up bro.

Cad · Jun 11, 2018

Screamfeeder said:
In fact the neighborhood I am looking at has seen a massive spike in same-sex couples

Makes sense that you’d be interested in it then. Carry on.

Screamfeeder · Jun 11, 2018

Cad said:
Makes sense that you’d be interested in it then. Carry on.

Maybe I am for that reason Cad. Maybe my partner is a dude. Why should that matter when I am looking for Home Buying Advice from others that have done so already. This is the Grown Up area homie and you deciding to step in out of the blue with your "lol fag" nonsense needs to be put in check. I'm going to assume you self reported your post so I don't have to.

I am willing to bet we never see a warning pop up on your post though.

EDIT - I guess my bullshit does get some notice now and again.

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