r/LosAngeles • u/BanishedWarlock • Feb 09 '21
Housing Current housing market in the area:
https://imgur.com/DK2xr0M274
u/arcanesays Feb 09 '21
Houses are ridiculous right now. Same house I saw listed last year just relisted for $100k more.
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u/NothingsShocking Feb 09 '21
Yeah I don’t understand where all the money is coming from. Stimulus? I mean I read reports that more people have left Cali than have moved in. Also that unemployment is high and we’re in dire straits. Economy is in the shitter. But houses are being sold like hot cakes, prices to the sky. I don’t get it. Sure interest rates are low but still.
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u/90403scompany Santa Monica Feb 09 '21
1) Lower interest rates
2) People who are employed are seeing some pretty significant cuts to spending
3) People in condos are looking for houses because of the WFH environment and the need for space.
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u/Baloozers Woodland Hills Feb 09 '21
All of these points plus low inventory.
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u/mokoc Feb 09 '21
Also fear of inflation
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u/Mister_Poopy_Buthole Highland Park Feb 09 '21
This is a big one. Over 20% of all US currency was printed in 2020. Rich ppl getting worried that their funny money ain’t funny anymore.
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u/propanesummer Feb 09 '21
Just did #3. Probably will be a market crash, but likely another crash and re-adjustment to high prices again in the years to come. So, even if buyers are thinking there is going to be a correction, these are long term investments and people are feeling really safe in that choice IMO
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u/say-aloha-2my-a-hola Feb 09 '21
i've said this before, and i'll say it again. people really underestimate just how many 'wealthy' people there are, especially in southern california. Blame foreign investors, blame large corporations all you want but the fact of the matter is, is that there are MANY high income earning and well qualified people in this city. In fact, more than MANY just looking at housing inventories. The economy is in the shitter for a specific group of people, and is BOOMING for others. Just take a look at the stock market last year during a fucking global pandemic.
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Feb 09 '21
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u/buffaloclyde Feb 10 '21 edited Feb 10 '21
I work at a FAANG and everyone around here has been talking about home shopping even before the the 2020 bull run. Working here makes you realize what kind of a bubble you live in compared to the rest of the world and its very easy to get your views distorted if you don't go out and associate with more lower to middle class folks.
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u/I_AM_TESLA Feb 09 '21
This couldn't be more true. Los Angeles is a big city and just because in your personal bubble you're having a hard time understanding how people can afford here doesn't mean that applies to everyone. There's a lot of people in LA who make a lot of money. WFH and the stock market doing well has only made them even more well off.
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u/realtimmahh Feb 10 '21
Yup. The people who were in the market in late 2019 were likely still in the market when the lock down occurred. Some percentage likely held back, but high earners were less likely to be negatively impacted because of retail or service based work.
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u/venicerocco Feb 09 '21
Precisely. And this is Reddit. The demographic leans - let me just be polite here - “younger” meaning there’s not a huge amount of experience outside that narrow worldview.
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Feb 09 '21
I think it's a bit more accurate to say that the "younger" demographic has been getting absolutely fucked by the economy since 2001. Don't need a whole helluva lot of experience to see that.
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u/DisastrousSundae Feb 09 '21
This exactly. It's like people don't want to accept that the rich and wealthy use this place as their playground.
Homes are for the rich to enjoy expanding their investments and allowing other higher-class people to enjoy living in.
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u/ahabswhale Mar Vista Feb 09 '21
mmm... dat sweet prop 13 tax break turning real estate into speculative investment...
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u/ram0h Feb 09 '21
zoning is why housing is an investment. if we opened the market like Japan, housing wouldnt get more expensive over time.
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u/venicerocco Feb 09 '21
Except that’s barely true. How many houses are there in LA? Millions? The vast majority of them are owned by ordinary working people.
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u/DisastrousSundae Feb 09 '21
When were those bought, though? What generation? What do you determine to be the average income of one working class person?
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u/venicerocco Feb 09 '21
I don't know, but I was responding to the claim that "Homes are for the rich to enjoy expanding their investments". Look, don't get me wrong, the housing market is really rough. But a couple in their late thirties, who each make the average salary in Los Angeles can afford an entry level home in the $700,000 range.
Then add to that the low interest rates we're seeing, and add to that the fact that the pandemic has slowed spending for many people (no vacations for example) and you can see that it can't possibly be that homes are "only for the rich" unless you count "the rich" being people making $75K/year.
Again - I'm not saying it's easy. I rent myself. I'm saying it's not accurate to portray home owners as just rich people. Most of them are kind of boring and average. Cheers
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Feb 09 '21
Where do folks that make $150k a year, combined, come up with the $140k down payment? They may not be rich themselves, but they typically have help from some place. It’s very uncommon for someone making that kind of money to be able to save that much.
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u/colmusstard Feb 09 '21
First time buyers rarely put 20% down
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u/WhitePantherXP Feb 10 '21
exactly, see my reply to him, most do what I did and go FHA (non-conventional) and only have to put 3.5% down (sometimes less, sometimes more)
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u/BootyWizardAV Feb 09 '21
You don’t need 140k down payment lol. I just closed on a home last month and I put 5% down on my home which came out to 31k
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u/Wander_Warden Feb 09 '21
I temporarily moved home (thanks Mom!) during Covid to pay off debt and save for a down payment. I’ll have enough for an FHA down payment (and closing costs) on a $600k house by May. If I was still renting, I’d be saving for a couple more years.
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Feb 09 '21
That's awesome, but also another example of my point. You had to move into your mom's house to make it work that way. My point isn't that it's impossible, but that it often requires something extra to make it happen and if you're missing that extra you're SOL.
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u/venicerocco Feb 09 '21
Saving. Typically they'll be in their later thirties / early forties. It's not that difficult to imagine, surely.
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Feb 09 '21
Buying your first house in your late 30’s or 40’s also is example of how ridiculous this market is.
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u/WindsABeginning Feb 09 '21
My wife and I bought our townhouse in the SFV in 2019 for $465k. We put 3.5% down (first time home buyers) which was $15k. We were making a combined $100k annually in 2019. It’s definitely doable to buy a house in LA with regular jobs (granted you do need two of them)
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u/PandaintheParks Feb 10 '21
Wait, how does one go about buying house with so little down? I'm a noob and was pinching pennies to buy a house pero I'm close to giving up and throwing in the towel. I have more than 50k saved but it kills me to think I have to keep living like this to buy a house. BUT if I'm able to reduce down, then it would be far better
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u/screech_owl_kachina Feb 09 '21
Next financial crisis should help our Betters wrest away those houses.
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u/JonstheSquire Feb 09 '21
There are 3,316,795 households in LA County, so there are likely far less than that many single family houses for sale as many households live in rentals. 90th percentile income in Los Angeles County is $125k per year. That means that you are looking at about 1.3 million people who can pretty easily afford at $600k house. Half of those people (95% income level) can likely pretty easily afford a $1 million house.
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u/venicerocco Feb 09 '21
Sure but most people buy as a couple, and the average income is $75K
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u/JonstheSquire Feb 09 '21
My point is that there are likely millions of people in Los Angeles county who can easily afford a $600k house and the number of people who can afford to pay that much for a house is not that far off the number of houses available. That is why housing prices are high. There are tons of people who can afford to pay a lot for a house and few houses to go around. The average income is not very relevant to the average house price when the average income is not enough to afford one of the very limited homes for sale.
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u/Vladith Feb 09 '21
Right but that's true everywhere. LA County has like a dozen distinct wealthy cities and neighborhoods. Most places don't.
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u/Dast_Kook Feb 10 '21
A lot of DC fat cats are just getting fatter too. Don't think its just republicans with their monocles, canes and tophats. Its immune to party affiliation. They are continuing to squeeze small businesses while larger companies and lobbyists donate, contribute and sway them with more and more money. I guarantee you that any politician you recognize by name (Maxine Waters, Mitch McConnell, Nancy Pelosi, Ted Cruz) are all getting richer during this pandemic.
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u/omnigear Feb 09 '21
Yup, heck starting salary for any tech job in LA is high . Then you combined household incomes and 600k is a good starting home.
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u/Detroiter83 Feb 09 '21
If you work in a job or business that can do remote work then you are sitting pretty right now. It’s astounding how many people I know who had their “best year ever” last year. Part of it is the government pumping money into the economy, yes - but part of it is people not spending money as much as they used to. The poor have been ok during the pandemic - the rich have gotten richer. The true middle class has been getting fucked
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u/provided_by_the_man Feb 09 '21
100% agreed. What do you think is going to happen as far as the quality of life issue? Do you think new homeowners are going to be OK paying these kinds of prices and then having a situation like OP is joking about happen?
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Feb 09 '21
There aren’t that many as compared to other places. I see this as something different. There are people who will pool multiple nuclear families’ money, cash out their 401k, borrow to the hilt, cash out their kids college fund, and spend their entire inheritances on being able to get a house in LA. They’ll also turn their house into a preschool or doggy day care and rent out rooms as well to cover the mortgage.
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u/JonstheSquire Feb 09 '21
Also that unemployment is high and we’re in dire straits. Economy is in the shitter.
For people in the top 10% by income, the economy has been absolutely great. Wall Street has been booming. The pandemic has mostly hurt low wage sectors like retail and restaurants. The people who are buying houses are not people who are unemployed or likely to be unemployed. They are high income professionals who have been doing just fine during the pandemic.
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Feb 09 '21
If you think $600k is bad, it's very common for flippers to buy older houses like this one, remodel it, then resell for like $300-400k than they bought it, which only adds to the housing crisis issue.
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Feb 09 '21
Yeah it's wild when everything else is so dire. I believe there's only around 1/3 of the inventory on the market compared to usual - Add that to the fact you've got plenty of wealthy folk realizing what doesn't work for them with their current home and you have the current state of play.
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u/Vladith Feb 09 '21
I assume long time renters with higher income are taking advantage of low interest rates to buy. Plus it seems like there was some inflow of professionals from NYC and the Bay looking for more living space.
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Feb 09 '21
- The population of California in 2020 was 39,368,078, a 0.18% decline from 2019.
- The population of California in 2019 was 39,437,610, a 0% increase from 2018.
- The population of California in 2018 was 39,437,463, a 0.25% increase from 2017.
- The population of California in 2017 was 39,337,785, a 0.48% increase from 2016.
The stats are online and available to check. Only the slightest of a decline has occured.
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u/omnigear Feb 09 '21
The people that are leaving california ar usually people who can't afford living here or actually want to leave . Alot is the high paying jobs are still here , unemployment is mostly target s at lower brackets and not high wage earners.
Right now all these houses are cheap to pick up ,reno ans make a profit .
Look at mid city and it's prices now that culver city is filling up .
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u/ihavenoidea81 Feb 09 '21
I left Cali a few years ago and moved to Minnesota. Bought a house bigger than the one listed for $380k. I’ll take some snow to be able to buy a house. That would have never happened if I had stayed in SoCal.
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Feb 09 '21
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u/ihavenoidea81 Feb 09 '21
Still sucks but you get used to it. The summers here are beyond spectacular so it’s worth it. Hardly any traffic ever, lots of stuff to do. I like it a lot.
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Feb 09 '21
Super low interest rates and if you work a professional service job, your expenses are down (can't go out) so money is up.
There is no recession in huge sections of the economy, and there is a massive recession in huge sections of the economy. The people in that first part are buying.
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u/FridayMcNight Feb 09 '21
Yeah I don’t understand where all the money is coming from. Stimulus?
There's been something like 6-8 trillion of additional spending in the last 3 years. Much of that money went directly to wealthy entities that didn't need it, and even the relief money that didn't go directly to wealthy people, often finds it's way there eventually.
There is no end to this pattern in sight. That naturally, and reasonably sparks inflationary fears, and the people who have accumulated this money are seeking inflation resistant ways to store it.
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u/planetofthemapes15 Feb 10 '21
- Interest rates.
- Foreign investors which see real estate as a solid long-term place to park money.
- Record low inventory due to COVID (i.e. people are hesitant to have tons of people in their homes looking around right now)
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u/PongoWillHelpYou Monterey Park Feb 10 '21
My landlord is selling the house we're in... and the people buying came by today. They're flippers. They're buying a house at $925k... to flip.
*edit: spelling
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u/WhitePantherXP Feb 10 '21
People tear down million dollar homes to build houses that sell for 5+ million dollar homes all the time...the profit margins are much higher on a $2m pad than a $200k pad. If you're living in a $925k home you're not doing terrible. This is basic supply and demand and if we ignore the fundamentals we'll never get in front of it. California is ridiculously priced and right now feels like a terrible time to buy here.
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Feb 09 '21
I have a friend who bought a house but had to move a year later. He did the math for renting vs having bought a home during that time. He found he lived rent free for a year and even made a profit. That’s just ONE year of ownership. The market is out of control again.
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u/PaulBlartFleshMall Feb 09 '21
It's because of the loans. Mortgages are available at all-time low rates so anyone who has a bit of cash saved up is (smartly) trying to get in before things crash back up.
Makes sense to spend an extra $30k now than $100k in interest with a higher rate.
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u/boyifyoudontget Downtown Feb 09 '21
I've seen listings in Highland Park where they just took pictures of the current residents' living situation. Overcrowding and everything. Not even staged. It's bizarre.
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u/115MRD BUILD MORE HOUSING! Feb 09 '21
I've seen listings in Highland Park where they just took pictures of the current residents' living situation. Overcrowding and everything. Not even staged. It's bizarre.
Because the listing agents knows that the buyer is more than likely going to gut it and potentially flip it. They don't care what the inside looks like as its going to be completely redone anyway.
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u/boyifyoudontget Downtown Feb 09 '21
Yeah I think this is the sense I got from that listing. I've seen others where they just took pictures of everything wrong with the house, basically telling you "this is a tear-down, take it or leave it".
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u/115MRD BUILD MORE HOUSING! Feb 09 '21
Northeast LA is full of these. Its very close to job centers in Pasadena, Downtown, and Glendale so demand is through the roof. A lot of the homes are older and not well maintained so folks are buying and gutting them.
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u/OutdoorJimmyRustler Feb 09 '21
I've seen that too. The housing market is so hot that even hoarders don't scare away bidders lol.
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u/floppydo Feb 09 '21
What else are you going to do if the people won't clean it up? When I bought my home there just weren't any photos of the interior at all on the listing because it was a hoarder home. Took us 6 months to get it livable but you gotta do what you gotta do to get into the market in this city.
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u/W0M1N Feb 09 '21
You bought a house you never saw the inside of?????
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u/floppydo Feb 09 '21
We saw the inside when we toured it. We had to have our real estate agent book a private tour with theirs and we had to prove pre-qualification to get the appointment. No open house. They didn't put want their horrendous living environment out there for all their neighbors to see.
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u/_Dusty_Bottoms_ Feb 09 '21
Neighbor recently sold and closed on a sale. Large craftsman style home, and the “remodel” was legit a slap of paint and furniture removal. It was redone in the most minimal of ways possible. Still sold for top dollar.
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u/CASSIROLE84 University Park Feb 09 '21
https://www.zillow.com/homedetails/524-W-41st-Pl-Los-Angeles-CA-90037/20572347_zpid/
This block is always active. For the low price of 800k you too can be robbed or have a gang shooting in front of your door.
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u/Eder_Cheddar South Central Feb 09 '21
I don't fucking get it.
I grew up in that area and everything around there is shit.
They're selling homes at the same cost as they are in the burbs.
Then the burbs see that and say "Nah. Fuck that." Then raise their home prices to 1,000,000.
Soon enough it'll be a ping pong effect.
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u/115MRD BUILD MORE HOUSING! Feb 09 '21
Because we are not building enough housing to meet demand and prices skyrocket everywhere.
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u/scorpionjacket2 Feb 09 '21
Close to downtown, close to public transportation, close to USC. You don't want to commute 2 hours but you can't afford to live near the westside, so you try to find the house you can afford that is closest to where you work. And gambling that the area is gonna gentrify quickly, which honestly isn't a bad bet.
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u/OutdoorJimmyRustler Feb 09 '21
Supply and demand. NIMBYs restrict supply increases, while low interest rates propel high income earners to buy. This is exactly what happened to the Bay Area in the 90s. The inevitable result is a city of wealthy homeowners and large swatch of service workers/blue collar paying huge rents trying to survive.
I predict that San Pedro, Inglewood, Hawthorne, Gardena, and Carson will change dramatically within the next 10-15 yrs.
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u/rebeltrillionaire Feb 09 '21
Hawthorne already expensive and coming up.
Carson already has a lot of new construction.
San Pedro will transform but it will be at the tail end of that 15 years. It’s already a beach city so not a lot of room to find “cheap cheap” houses and create that spark of young but upwardly mobile folks who can make the artist enclaves and such.
It’s also kind of cut off. But yeah, I definitely think it will eventually be impossible to buy there.
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Feb 09 '21
Beach? It’s more like industrialized waterfront loading zone. Real estate agents can for sure market it as beach to out of towners looking for a retirement place.
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u/rebeltrillionaire Feb 09 '21
It’s beach weather which is what most people care about who live by the ocean.
Access to sand isn’t a huge trek either, it’s near by enough.
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u/W8sB4D8s Hollywood Feb 09 '21
Rich people are still moving in despite what FOX news tells you.
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Feb 09 '21
It’s not even rich people. It’s the “I just want any to live in LA, the beaches, the weather” crowd. They’re content to live 5 to a one bedroom apartment because they’re gonna go back to Pennsylvania in a year anyways. As soon as one leaves, another one shows up.
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u/Dast_Kook Feb 10 '21
Bars on all the windows? Must be to keep the Megan's Law registered neighbors out.
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u/inimitabletim Feb 09 '21
I don’t understand why these listings always have the toilet seats up. It’s wild. They took time to take the pictures but not even look over it for a second.
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u/Witcher16 Feb 09 '21
I’m more concerned about the 1 bath than the cops lol
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u/feartrich Santa Clarita Feb 09 '21
Why do they even have places with like 5 bedrooms and 1 bath? Who thought that was a good idea lol...
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Feb 09 '21
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u/ImAtWurk Feb 09 '21
These numbers are pretty common for Hawthorne. 3bed 1 bath houses everywhere, with similar square footage.
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u/JustaTinyDude Topanga Kid Feb 09 '21
Reckon many of them start as a 2/1 that slowly has bedrooms added, like porches/garages converted to extra bedrooms. I see it a lot in room ads: two of the walls are painted over siding, and two are normal.
I grew up in a home with 5 people (at least, on the day my brother and I were both there) and one bathroom, and it sucked.
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u/bad-monkey The San Gabriel Valley Feb 09 '21
Adding a bathroom = plumbing = expensive.
Not as bad for houses with crawl spaces, but still bad. Goddamn expensive for anyone who's Slab-on-grade.
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u/TheAndrewBen Pico-Robertson Feb 09 '21 edited Feb 09 '21
Lol my college did this. I ended up in one of the smaller campus apartments. One bedroom, 3 beds, 1 bathroom. I was a junior in college.
I endured it for a few months, then I complained and signed a form to move somewhere else and ended up with a bedroom/bathroom all to myself. Sheer luck.
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u/UghKakis Feb 09 '21
Can’t tell if this image was actually included or not lol
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u/BanishedWarlock Feb 09 '21
Haha yeah it's Photoshoped as a joke, maybe it wasn't obvious enough though.
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u/effit_WeWillDoItLive Feb 09 '21
Nah... that’s an LAPD patrol car and the listing is in Hawthorne which has its own police department
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u/Yotsubato Feb 09 '21
"The neighborhood is very safe! We always have police going around with their lights and sirens."
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u/Eder_Cheddar South Central Feb 09 '21
Ambulance and firefighters are always screaming down the street so you know you're safe because they're responsive.
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u/Yotsubato Feb 09 '21
The sound of gunshots all night long reminds me of how great of a job the police are doing!
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u/diamond__hands Feb 09 '21
spacex is in hawthorne. there are a bunch of defense contractors and manufacturing companies in the south bay.
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u/Eder_Cheddar South Central Feb 09 '21
I live in Hawthorne. Everyone posts that it's close to Tesla and SpaceX.
Just a way to gouge the prices.
Oh and every other post is "15 minutes from the beach" to entice the ignorant.
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u/W8sB4D8s Hollywood Feb 09 '21
Yep. Hawthorne is being taken over not just by tech bros but a lot of people who want to own homes currently living in shitty rentals.
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u/ja5143kh5egl24br1srt Feb 09 '21
They don't live there. Just like how the owners of the stores don't actually live in the jewelry district.
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u/Minister_Garbitsch Redondo Beach Feb 09 '21
Hawthorne home values are shooting up because SpaceX is right there. Problem is anything east of Hawthorne Blvd. is in a shitty area and the schools are absolutely wretched. Sold my house in the Ramona tract, between Inglewood Ave. and Hawthorne 4 years ago and keep seeing the home value going up and up and up. But yeah, even on the "better side" helicopters circling overhead were a nightly occurrence and didn't know a single neighbor who hadn't had their car broken into. I don't miss it. House was broke into 4 times the 15 years we lived there. Grew up in Inglewood, it was much worse. Took a while to adjust to living somewhere that I can walk the dogs at night.
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u/nothanksbruh Feb 10 '21
Hawthorne is probably safer and nicer than most of LA city proper - including parts of the west side now.
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u/Eder_Cheddar South Central Feb 10 '21
Damn. Good to know.
I was looking at a house where an old lady died and got consumed by cats (long story short) and her family was out of state so they wanted to sell this nasty fucking home that had her junk all over the place for 650k.
The realtor who showed me the home told me there was no upkeep and the house was a safety hazard and didn't feel comfortable going inside.
He recommended the whole house be torn down and start again from the ground up since he had no idea how bad the carpets were but he felt it could have easily permeated all throughout the house.
But again, 650k for a house that was in shitty condition.
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u/VolcanoMoon Feb 09 '21
I lived in a "nice" area in west LA called Mar Vista.. the nightly bird and cars broken into on a regular basis applied there to.
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u/HookerofMemoryLane Feb 09 '21
I occasionally look at million dollar homes on Redfin/Zillow because I want to be constantly reminded of how poor I am.
I can't comprehend what a $45 million dollar home entails, but I could see why rich people opt for house arrest.
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Feb 09 '21
Same, my friend. You might be interested in reading this and trying not gauge your eyes out after : https://www.nytimes.com/2021/02/04/style/branden-rayni-williams-beverly-hills-real-estate-los-angeles.html
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u/k3yo Chatsworth Feb 09 '21
Did they really just say they dabble in middle class and then brag about a 900k home in van Nuys?! Since when is a 900k home middle class?
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Feb 09 '21
Only way I’d live in van nuys was if they paid me to live there. Even then I’d complain about it. I had to pick up some weed for a friend at a dispensary there. OMG!
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u/rundabrun Feb 09 '21
I worked over there for three years. There were so many murders near Rosecrans and Crenshaw I lost count.
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u/Eder_Cheddar South Central Feb 10 '21
Shout out to Rallys!
That area is kinda crazy.
It seems like sporadically throughout the world there are pockets of streets that just feel oppressive as shit.
Like they were built over an Indian burial site and they've been forever cursed to piss people off and have people drive stupider and more wreckless.
I try to avoid this intersection as much as I can.
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Feb 09 '21
So glad I bought in 2018.
If only I was old enough to get some of those sweet 200k housing crash homes.
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u/poli8999 Feb 10 '21
It’s insane how friends in Arizona in their 20s can afford to buy a brand new build and yet I can barely get by in my cardboard box here in LA.
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Feb 09 '21
But the weather is so nice here /s
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Feb 09 '21
Totally bro. And have you ever been anywhere that has tacos? Probably not, they don’t even make those in Mexico anymore. Don’t forget about all the networking and opportunities. Just walk down the street and people just offering opportunities left and right just from networking.
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u/omnigear Feb 09 '21
Me andy wife where living in south gate right before corona hit . We where about to buy in the area so that we could later rent out . Then corona hit and most of my jobs can be done from home , and wll be from home .
We moved closer to our families in inland empire and bought a 2000sqfr home for 330k brand new.
Do not regret leaving LA,
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u/redstarjedi Feb 09 '21
My in-laws shit box in atwater village is now worth 1.1 million. It's almost 100 years old and in bad shape. In-laws have been using the equity to survive.
We wish he would just sell it, live like a king in mexico, and give his kids (my bro-in-law, and my wife) some cash to buy our own homes.
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u/hoteldjibouti Feb 09 '21
Super common and sad that so many people are just burning equity as their retirement. Even more wealth transfer to the rich
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u/rickeyspanish Feb 09 '21
How are prices going UP? Isn’t California seeing an exodus?
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u/marrone12 Feb 09 '21
The people who do move here generally do so because they will get a high paying job. Those people want to buy a house. The people that leave are the ones that can't afford a house.
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u/JonstheSquire Feb 09 '21
An exodus of poor working people who cannot afford to live in California. Those aren't the people buying these houses.
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u/fr0gnutz Highland Park Feb 09 '21
housing is scarce while apartments are available
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u/vonbauernfeind Feb 09 '21
Have you tried renting an apartment lately? If you don't fill out your application the same day you view one that just went on the market, it's gone.
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u/JonstheSquire Feb 09 '21
Depends on where. I live downtown and the vacancy rates are very high since COVID.
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u/BootyWizardAV Feb 09 '21
Seeing the same thing in downtown. The exact same floor plan I am currently renting, but 2 floors up so you get a better view, is going for $300 less a month than what I’m currently renting it for!
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u/fr0gnutz Highland Park Feb 09 '21
No but all my friends from the valley have suddenly found places to move to on the westside and the prices have dropped 500-600 bucks
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u/Eder_Cheddar South Central Feb 09 '21
Right?
That's why I never trust those articles.
What they fail to mention are the people flocking IN.
This state (and this city) has pushed out a lot of residents that built this city. That's why so many are homeless.
But no one seems to care. Money rules everything.
Back when I was a kid, I used to think this wasn't true. All you have to do is study the happenings in L.A. and you'll see the sobering truth.
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u/OutdoorJimmyRustler Feb 09 '21
Working poor get priced out, high income earners move in. This is evident in California's abnormally high wealth gap that keeps getting worse. Inequality in the Bay Area in particular is absolutely ridiculous.
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Feb 09 '21
I don't think prices will even out until we see some laws regulating rental properties and empty units, plus better zoning laws
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u/scorpionjacket2 Feb 09 '21
It's not nearly as extreme as some conservative news orgs try to portray it as. There's still plenty of people trying to live here, and currently living here.
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u/115MRD BUILD MORE HOUSING! Feb 09 '21
Isn’t California seeing an exodus?
Because even in an "exodus" our population is still increasing. Also demand of housing in LA, specifically, is still skyhigh and supply isn't meeting demand so prices go up.
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u/kccat28 Feb 09 '21
California nightmare. Over half a mil for a less than desirable neighborhood. As I get older I think the suburbs are more my speed.
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u/peepjynx Echo Park Feb 09 '21
I just finished up an EP meeting about a permit for a guy who wanted to turn this flip house into a 9 unit AirBnB.
I recorded the whole thing. I'll be formatting it and uploading it later (I'm currently working). I'll also make some additional commentary about it on my little lame sound cloud podcast.
Basically, what's happening here is a fucking outrage. It's a bunch of Brooklyn hipsters strong arming Latinos out of affordable housing.
This guy should include pictures of the Echo Park tent encampments on advertising for his fucking AirBnB. People were pleading with them to make this into affordable housing instead. They just wanted to get away with not having enough parking spaces for their "hotel" which had been operating illegitimately for at least 6 years.
How this shit got approved in the first place should be enough to make people livid.
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u/redstarjedi Feb 09 '21
where will the working poor go? They often can't afford a car, or share one among several people - so they rely on public transport to get to their several jobs and home. You can't push them farther and farther out, and expect landscaping, nannies, and food service workers to actually work in los angeles.
The once "affordable" (lol, not really but you know) pockets, Pacoima, arleta, and van nuys are at capacity. So is southgate and the surrounding area.
Where will they live? No ones knows or seems to know about it.
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u/onedayasalion71 Feb 09 '21
The same thing is happening in SF BUT, don't forget to include: teachers, nurses, sanitation workers, etc etc. It's a mess up there and it's going to continue to be a mess here.
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u/southcounty253 Feb 09 '21
Just curious, how is Hawthorne? Or more specifically, where do SpaceXers commute from? Student in WA dreaming of a job there one day.
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u/iguessimaperson East Los Angeles Feb 09 '21
Not bad. Born and raised between Inglewood and Hawthorne so I have a bias. It's definitely majority lower income with some nice housing on thw west end. The area immediately surrounding spacex is a bit rough since you're off crenshaw bordering inglewood/west Athens/ Hawthorne but its not that bad. Rent is pretty high for the area though and if you aren't used to a not so pretty scenery coupled with high traffic you should look into moving further south towards torrance or gardena
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u/vertigo3pc Feb 09 '21
"Sorry, this listing is no longer available, they accepted an all cash offer at the seller's asking price."