Current state of SOCAL Real Estate.

[sixxer]

Any words? Speculation?

How long will the market be down for? When will it rebound?

Good cities to buy in?(Within 50 miles of LA)

Any other feedback?

Thanks!

[pkagel]

You want speculation, I'll give it to you. It will be down for at least another year. As far as where to live w/i 50 miles of LA, I wouldn't live that far away if you are working there. Long Beach is about as far away as I'd get. You really need to look at the neighborhoods yourself and spend some time in SoCal to decide as what I like you may hate. That said, I like Lakewood/Long Beach/Cerittos. You can get a nice middle class house and know your neighbors in those neighborhoods. A lot of the richer places you can live in for 5 years and not know the first name of your next door neighbor. I especially like the 30's bungalos in Long Beach.

[IMachU]

It will rebound, but right now it's a buyer's market.

Good cities...hmm....there are a TON of places. Orange County is 35-45 miles south west of downtowm Los Angeles, and a lot of coppers live there. La Verne, Los Alamitos, Seal Beach, WEST Garden Grove, Huntington Beach, Anaheim Hills, Orange, Yorba Linda, and the list goes on.

[syphon157]

Great time to buy is all I can say.

[willowdared]

I think part of it is a correction to prices that were way out of wack.

[LA DEP]

The market is going to be down for at least a year....houses are going DOWN an average of 1-2% per month right now....and there are a ton of short sales and foreclosures....with more to come in a couple of months.....

On the north/west end of the county, I would suggest the Santa Clarita valley (EXCEPT Newhall); Simi Valley; the FAR west end of the San Fernando Valley (although I personally refuse to EVER live within the LA city limits again, its an ok area)....

[avalon42]

I think part of it is a correction to prices that were way out of wack.

I agree 100% with that statement. 3/4 of a $1M for a home built in the 50s/60s? :mad:

[LA DEP]

sixxer,

Since you are looking to move down here, rent for awhile.....once you get on LAPD and through the academy, you should be in a good position to buy something in a decent area.....

The market is only going to get FAR worse before it gets better....but it WILL get better.....the housing market in Socal goes through cycles.......if you are planning on staying in the house/area for awhile, you should be good....the people that are getting spanked right now where the ones that started using the house as an ATM

[IE Copper]

I bought my home in 2005. I made a huge mistake.

[willowdared]

I agree 100% with that statement. 3/4 of a $1M for a home built in the 50s/60s? :mad:

Not to mention all the condo conversions that flooded the market. We had a bunch of older apartment complexes go condo, and they wanted
$400k +!! :eek:

I live in a 60's ranch community, and there are at least 10 foreclosures in my immediate neighborhood. And the few I peeked in on were left trashed.

[DagoStar]

sixxer,

Since you are looking to move down here, rent for awhile.....once you get on LAPD and through the academy, you should be in a good position to buy something in a decent area.....

The market is only going to get FAR worse before it gets better....but it WILL get better.....the housing market in Socal goes through cycles.......if you are planning on staying in the house/area for awhile, you should be good....the people that are getting spanked right now where the ones that started using the house as an ATM
great advice! ;)

[Kieth M.]

IF, and that's a big if, prices are falling (or there are foreclosures to snap up) check out Monrovia (north of Duarte Road) and parts of Duarte.

[IMachU]

Hey Sarge, prices are taking a dump here. Foreclosures everywhere. Well, at least compared to this time 2 years ago....

[SgtCHP]

There are a half a dozen or more home around me in Upland that can be picked up for nearly one third less than a year ago when they were valued at $450,000 to $500,000. One just sold for #329,000. If interested in the area, it is between 40-0 mils from most areas within the City of Los Angeles. You can go to zillow.com and enter Upland, CA - it will show you the homes in the area.

[Badkharma]

Expect price declines to continue at a modest pace until credit liquidity improves and inventory levels return to nominals.

This could be all the rest of 2008, possibly 2009. I doubt prices will actually begin to rise before the end of 2009 or longer, sans specific areas of the local market, but declines should slow during this timeframe to a more flattening curve.

This will most certainly be a U-shaped recovery and not a V-shaped one (in terms of housing - equity markets will most likely have a strong push up, particularly financials - once this credit crisis eases and the skeletons are on the books...).

That said, if you have good credit (and you can secure a great fixed rate loan - PLEASE NO ARMs, we are entering a phase of rising rates in the next half-decade) and you find a nice place and intend to stay there for a long time - I'd buy now if you find your "dream" place.

Remember, a house is where you live, not solely an investment. In the long run it will almost certainly pay off.

I can't wait to get out of portfolio management and go into law enforcement. Sheesh.

[mdrdep]

IF, and that's a big if, prices are falling (or there are foreclosures to snap up) check out Monrovia (north of Duarte Road) and parts of Duarte.

Best to stay north of Huntington in Duarte.