Home Buying in Los Angeles>Question Details

Denny, Home Buyer in 90046

Keep renting or buy the condo in the area of southwest of La cienega and Rodeo Rd near BaldwinHills for 250k?

Asked by Denny, 90046 Tue Aug 18, 2009

First Time home buyer (single) here just started a job near LMU/Marina del Rey area. Instead of paying rent $1300/mo in west hollywood area I am thinking about buying a 2 bed (Hopefully 2 bath) condo near southwest of La cienega and Rodeo for under 250k. Is this a good area/neighorhood to buy?
I have 50k cash but only have a 690 FICO, should I keep renting(--I live kinda far from work and would need to rent closeby--most likely will need to commit to a one year lease)? Or should i buy with less than idea interest rate or FHA loan.
Thanks a lot for your answers in advance!

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Answers

7
Hi Denny,

That's a great idea. I grew up in Baldwin Hills and there are several areas for around $250k that may match your needs. I recently wrote an blog called 'The Most Affordable Homes in Los Angeles: $500k and Less' that may be of interest to you.

http://www.trulia.com/blog/AJonesREALTOR/2009/07/the_most_af…

Please feel free to contact me if you have more questions or want me to run some property searches for you. Best of luck.
0 votes Thank Flag Link Wed Sep 2, 2009
Hi Denny,

I just closed a unit in a new condo building I believe you are referring to (Santa Rosalia?) for $250K and my clients moved in a few weeks ago. We were looking around Culver City and several other areas because my clients also work in the Marina Del Rey, and one particular new building stood out to them. When I talked to them last week they were thrilled that they were able to find a new condo in the $250k price range, not too far from work, and receive the first time buyer tax credit. I'd be happy to pass their number on to you if you are considering investing in the area and they can talk to you about the building and their experience.

Sincerely,

Grant Linscott
Keller Williams Realty
323.333.6222 cell
grantlinscottproperty@gmail.com
0 votes Thank Flag Link Wed Aug 19, 2009
Hi There Denny,
I know that Real Estate has gone through an huge change recently, but that is no reason to think that it is no longer a good investment for the future.
It's always better to buy in the best area you can afford, because the appreciation will be better and the neighborhood will keep the property values high.
2&2 will be very hard to find west of La Cienega for the price you are hoping for, but I do know the area well. A good loan officer can help you with the financial side and the questions you have there. I have a great referral for that If you would like one.
All my contact information is on my website below.
0 votes Thank Flag Link Wed Aug 19, 2009
Good morning Denny- this is an important decision.... so I always ask my clients these three questions: Can you live comfortable with an approximate $ 1900.00 payment (mortgage, taxes and HOA included)?, Do you need a tax deduction? And do you plan to stay in LA for about 5-7 years?

It looks like your credit and down payment are in place to get a great loan- I woud do FHA and keep my money to fix up the place and not stress about the new payment. Feel free to call with questions.

Elizabeth Campos Layne
Re/Max Beach Cities
310 430 5432
http://www.casalayne.com
Web Reference: http://CASALAYNE.COM
0 votes Thank Flag Link Wed Aug 19, 2009
Hi Denny

There are a lot of good opportunities out there in your range, and you shouldn't have a problem getting pre-approved for a loan. With the figures you've given, you could go either conventional or FHA. Talking to a lender is the first step in the process, and if you are in the position to own a home or condo--rates are low and so are prices. I am very familiar with what's available in that area and can send you a short list of what I think would be worth a look. Let me know if you need help getting started, I am always available. Give me a call.

Nicole Lindler
Prudential California Realty-PDC
nlindler@prula.com
310.694.2288
0 votes Thank Flag Link Tue Aug 18, 2009
Hello Denny,

Great question. If you can swing it, you should buy. That area is great and there are also some terrific deals in Baldwin Hills with views for close to the same price. Buy a condo. The prices have dropped dramatically in the area around the La Cienega Target (the local landmark) and also Baldwin Hills. With prices for comparable units in Culver City and Westchester/Playa Vista still in the 300s to 400s I think this is a no brainer. Great West LA location at suburban prices. With your down payment and credit you should be able to get qualified. First thing first is to get pre-qualifed. I have can provide you a few references if you like. I'm a low pressure agent so if you need any assistance in the purchase process, I'm here to help. I've seen a lot of the condos in that area and know the good and the bad.
On the other end your payment may be more than what your paying in rent but in the long run rents always go up but you'll have a bigger place and will be inflation protected owning.

Rates will go up. You may not need an FHA. They seem high now but 10 years ago they were in the 8% range. Again, have any questions let me know.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes Thank Flag Link Tue Aug 18, 2009
Denny, If you can find a condo in the Baldwin Hills area for around $250k, then you might want to consider making a purchase, especially if you are a first time home buyer. You might of heard about the tax credit being offered to first time home buyers right now. Up to 8k can be applied up front towards your closing costs.

Interest rates are still good, and an FHA loan might be ideal for you.

Best of luck in your search,

Lerone
0 votes Thank Flag Link Tue Aug 18, 2009
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