Home Buying in Los Angeles>Question Details

Eve, Home Buyer in bay area, ca

I will be starting a job in downtown LA and I am thinking of buying my first home. My absolute max price is

Asked by Eve, bay area, ca Sun May 18, 2008

$300K. I would like advice on what areas in LA I should look. Thanks.

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12
Hi Eve,
I have looked at the MLS and there are a number of listings condos for 325k and under right in downtown if you want to be close to work.

I think Glendale is a great place to go. I checked the Mls for houses in Glendale and there are 3 that are 345k or under. One is 299k and the other is 300k. These are asking prices. They are small homes but a great way to start. Getting to downton LA fom Glendale is a snap. Also, if you were intersted in condos in Glendale the world would open up to you. Ther is a really good selection.
If you would like to search the MLS for free go to my website. No registration is required and you can jump on and start searching.

If you have any questions drop me a line or give me a call.
Thanks,

Sarah Dupree
1 vote Thank Flag Link Mon May 26, 2008
Eve, the general rule in the LA area is that the closer you get to downtown, the higher the prices. You will definitely pay more for a shorter drive time.

Many companies with relocating employees are sending them straight to the Santa Clarita area. The home prices are significantly less than the downtown, Glendale, Pasadena, Echo Park and Long Beach areas, and the area is much cleaner and more family-friendly. There are commuter trains and buses from the Santa Clarita area that will take you downtown so you can avoid the freeway commute if you wish.

You can read more about Santa Clarita and do a home search to see what your $300k will buy on my blog at http://SantaClaritaRealEstateBlog.com.
0 votes Thank Flag Link Thu May 29, 2008
Another great and up and coming area is Highland Park. There are more desirable pockets and you'll want someone to guide you. There are street festivals and art walks and the school system is improving, which always helps home values. I love the areas of Silver Lake (although probably too pricey), Highland Park, and Echo Park. I'd love to help. Give me a call.
0 votes Thank Flag Link Wed May 28, 2008
Echo Park is gentrifying rapidly and is less than 10 minutes by car, bike or bus to downtown LA. Houses are getting up there in price but it is VERY hip and trendy. El Sereno is a bit less desirable but you can get a house for literally $229000 (foreclosure 4+2 on a hill). I specialize in both areas and lived in Echo Park myself for two years-and named my band after the street we lived on. Sky Minor 310 709 8283.
0 votes Thank Flag Link Tue May 27, 2008
Hi there,
Areas good for you would be Eagle Rock, Highland Park and Glassell Park. It's close to downtown and still somewhat affordable. There are a lot of foreclosures so you may get a good deal on a small starter home. The neighborhoods are way cool!
Ken
0 votes Thank Flag Link Tue May 20, 2008
Hi Eve, I am very familiar with properties in the L.A area that are within your budget, near or in downtown. I work with many buyers in your price range. E-mail paulcruz@lametrohome.com or call me directly at 310-498-4842.
Best, Paul
0 votes Thank Flag Link Mon May 19, 2008
Hi there Eve. I can help you find a great home that fits you and your price range in Los Angeles.

Drop me a line
Kind Regards
Michael Barron
Realtor
First Team Real Estate
(714) 552-6817
0 votes Thank Flag Link Sun May 18, 2008
Eve,

You should definitely select a Realtor to work with before picking the area you want to purchase in.

Jimmy Hutchinson
Atmosphere Realty
0 votes Thank Flag Link Sun May 18, 2008
Hi Eve,

Working in downtown LA and a $300,000 budget, I'd suggest you look in Monterey Hills. It's a beautiful condo community about 7 miles from downtown next to South Pasadena. It'll be tight trying to get something for $300K, but is doable.

I'm attaching a link about Monterey Hills below.

Irina
0 votes Thank Flag Link Sun May 18, 2008
Eve:

Before you decide what your "absolute max price" you should speak with a lender who specializes in 1st Time Homebuyer programs. The wonderful thing about LA is that there are city, county and state down payment assistance programs to assist you in purchasing a home (assistance can be as high as $90,000). Additionally there is a county mortgage credit program that allows you to take a portion of your mortgage interest as a direct tax credit against your federal income taxes. And lastly, there are "non-profit" organizations which channel seller assistance towards your down payment and closing costs. One of these programs allows up to 10% seller contribution towards the down payment AND up to 6% towards closing costs. All these programs could allow you to buyer more home than you think.

As a 1st Time Homebuyer specialist, I have had the opportunity to work with many lenders and not all of them are aware of some of these programs. Secondly, some of the programs require a lender to be certified in order to offer its benefits to a homebuyer and lenders who have not gone through the certification will often tell you the program is no good. If you are already working with a knowledgeable lender who specializes in 1st Time Homebuyer programs in So Cal great. If you would like a referral, please feel free to contact me.
0 votes Thank Flag Link Sun May 18, 2008
Hello Eve, Try looking at condos in a lot of areas around Los Angeles, but for $300,000, you can now buy a nice house in certain areas as well, including the Long Beach areas of Wrigley and Los Altos (east Long Beach). You can search on my website's MLS search for many cities in Southern California.
Your first response was from a Reator in Texas who used a term we no longer have in California: "sub-agency". California has exclusive buyer agency, exclusive seller agency, or dual agency where the listing agent may represent the buyer also. I would agree with him, however, that you will probably get better representation by working with an agent who exclusively represents you as the buyer, and although a buyer-broker agreement can be a good thing, it's not required. Please feel free to call me at 562-896-2609.
0 votes Thank Flag Link Sun May 18, 2008
The best advice is that you make a buyer's representation agreement with a local REALTOR member of the MLS. It will save you time, money and more headaches than you can imagine. If you don't, and submit an offer through a listing agency, the agent who helps you write the offer will be representing the seller. If they do business in LA like they do here, in SA, sub agency will not be an option either, and you will eventually need to make the buyer agency agreement at any rate.
0 votes Thank Flag Link Sun May 18, 2008
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