House prices in SoCal

[goodtimes]

It's no better here. I bought mine 6 months ago for $145K, if I were to have this house built again (I bought new, and there are still some un-sold lots in this development), it would cost me $169K (15% in 6 months), and I hear that there is another price increase on Monday.

Personally, I don't think prices will ever go down. I am certain that at some point the prices will level off and stop going up so fast, but I doubt that they will never go down. Land is one thing that they are not making any more of. As long as the population continues to increase, so will the desire for land.

[NAILER341]

Personally, I don't think prices will ever go down. I am certain that at some point the prices will level off and stop going up so fast, but I doubt that they will never go down.

I totally agree with you on this, goodtimes. it makes it pretty damn rough for the average family to ever own a house. i know i feel the payments at the end of each month for a $169,000 house. i could in no way afford to buy it for what it is worth now. i'd be in the bowels of comption, or in some far away desert community.

[JeepGal]

Originally posted by NAILER341
... or in some far away desert community.

Sarah would LOVE to have you up there

Tam

[igofshn]

If yopu all remember the early 90's people in So Cal lost their butts when they couldn't sell their homes for what they paid for them. The market will slow and even drop. Wait till interest rates rise.

[brian4.2]

I bought a forclosure in the early 90s. It had fallen out of escrow 4 times in 14 months.The guy had borrowed HEAVY in the 80s when things were good, he walked away with a LOT of the banks money. The house is worth 4 times what I paid for it. I dont know how someone could be buying into this madness at this point.

[cbremer]

Originally posted by NAILER341
cbremer, how do you get those prices?
what do you have for cerritos, and lakewood?

erik: http://www.car.org/index.php?id=MzM2NTk=

that's a summary, and within it is a link to a table of prices by city/county.


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Cerritos $540,000.00 $377,500.00 43.0%

Lakewood $410,000.00 $314,750.00 30.3%

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btw, as of march, the statewide median price is $428,300, and a potential buyer would have to make at least $97,340 to afford a median priced home (with 20% down)

[Chris_L]

Me and deb scored a house in Lomita {5 minutes from the beach} for $335 two years ago. It's now worth over 5 bills. Cool thing is that we bought it from her perents and still pay the taxes that her parents paid. Now we are looking for income property.

[01Sport]

You all freakin depress me. Yes Tam, my wife and I are looking to move out there. She was offered a job working for Loma Linda University. He sister lives in Redlands. We will be out next Wednesday to look at the job and try to scrounge for houses. We will have to live with her sister for a while.
Hopefully our house in TN will sell fast. We bought it 2 years ago for $132,000. Its a 3 bdrm, 2 bth, 2 car garage (1500 sq ft). It will be a big change moving from here. We have it good here with the cost of living. We will see.

We must get out of this stupid humidity.

[igofshn]

Great wheeling in SoCal.

[01Sport]

I know. Maybe someday I could meet up with you southerners. My sister-in-law and her husband have a CJ that is sitting on jack stands right now. Its slowly getting a lift.

[Black & Tan TJ]

Originally posted by 01Sport
You all freakin depress me. Yes Tam, my wife and I are looking to move out there. She was offered a job working for Loma Linda University. He sister lives in Redlands. We will be out next Wednesday to look at the job and try to scrounge for houses. We will have to live with her sister for a while.
Hopefully our house in TN will sell fast. We bought it 2 years ago for $132,000. Its a 3 bdrm, 2 bth, 2 car garage (1500 sq ft). It will be a big change moving from here. We have it good here with the cost of living. We will see.

We must get out of this stupid humidity.

01 Sport,
Hold out if you can. From what my real estate friends are saying, in 2005-2006 we'll probably start to see a bunch of forclosures. I think this might be true. I've recently notice "Interest Only" loans being advertised (bad thing to do). With this many will over extend themselves and have to get out. When this happens those waiting in the wings with cash (or capitol) on hand will make out. Still be prepared, this is not a cheap state to live in but creative possibilites do exist. Just remember, location, location, location. You can always change the house. Also keep your money, put down as little as possible, 5% seem to be the norm lately. That way you'll have money for furniture, lift kits, the important things. Plus as the property goes up you've made money. If it goes the other way you still have your money. WIn Win!

Best luck, as you said it's a big change, B&T TJ

[sarah]

Originally posted by 01Sport
I know. Maybe someday I could meet up with you southerners. My sister-in-law and her husband have a CJ that is sitting on jack stands right now. Its slowly getting a lift.

for sure! rick and i both moved out here from michigan, and its just great!

another thing you can think of doing is moving to the high desert. i'm in apple valley along with rick and i commute to riverside while he commutes to glendora. you can also think about oak hills, which is at the top of the pass, try looking them up online and see what you think. homes are ALOT LOT cheaper and the drive is beautiful!

and i'm sure we can meet up with you right away, since most of us are in SOCal

[01Sport]

If only we could wait. My wife and I both have interviews on Thursday, the 17th, (shes already been offered the job). Looks like we will just have to dive in. We will look around and see what we can find.
Thanks for all the feedback. You've all been a big help.

As the song says, "we're going going, back back to Cali Cali ."

I'm originally from Santa Rosa and my wife lived in the Bay Area. It will be nice to be back close to family. And now that I'm obsessed with Jeeps, it makes it even better

[Bumpy]

[QUOTE]Originally posted by 01Sport
[B]If only we could wait.QUOTE]

Just a thought...could you rent a place for a year or 2? I know to some it's throwing your money away to someone else, but if you can find a good deal on a house in a couple of years, then it might be financially worth it. Just a thought.

[01Sport]

We'd rather not. We will see.