Realestateinvestor

[quote]Jim, the answer to your question largely depends on your budget. The closer you get to downtown, the higher the prices. Also, LA is a very big area, so you'll need to consider where you'll be working as well.[/quote]

Eeeeep! Sorry, not true. Downtown LA is surrounded by some of the poorest parts of LA.

Sorry couldn't let that one slide. - Wed Jun 18 2008, 22:52

Wow, lot's of advice on almost no info.

Married?
Kids?
How much do you have to spend?
Republican or Democrat?
Race can be a factor...
Where you work?
What hobbies/sports/activities?
Age?
Religion?

Whoever told you Santa Monica or Hancock Park is a little nutty. I can't think of may people/personality-wise where there would be a lot of 'cross-over' between those communities unless it has to do with religion.

Santa Monica is pretty jammy. it's a really weird cross section of old surfers and techie-yuppie advertising ppl. There are also the 'old-gard' who are the salt of what 'california living' is all about. It's very 'Liberal' and there's a lot of Yoga and alternative medicine. On the weekends it gets very busy and people aren't scared to walk around at all. Lot's of dogs. Basically the idyllic california, active, lifestyle. Very white not that much ethnic diversity.

Active, lefty, sunburnt, healthy-conscious, nouveau riche.

Hancock Park is HUGE, old, beautiful 2 story homes on tree lined streets. Like suburbia on steroids. I get the feeling it's a lot of 'old money'. West Hancock Park has a strong jewish community, with synagogs and old american cars, usually station wagons. East Hancock Park is slightly more asian with high end, shiny, luxury cars as it spills out into upper mid-Wilshire. South Hancock Park has some consulates and embassy and a small black contingent. Whenever I drive throught Hancock Park, the only people I ever see are the 'mow blow and grow' crew and the Hasidics on Saturday. Grand Old Hollywood.

Very diverse, serious, grand, old, central and the sound of sprinklers.

Hancock Park seems to be a little more happening lately as I've see some construction and it seems some homes are changing hands. So we'll see what happens.

Massive, sweeping, generalizations, but then again look how much time I saved you. - Mon Mar 3 2008, 17:15

Best family/price/air quality based on what you said...

Mar Vista

Check it out and thank me later!

Santa Monica is a joke (price-wise), tho I'd live there in a heart-beat (north of Montana only) Of course! - Wed May 28 2008, 18:49

If you're a buyer and you want to get pre-approved, no problem.

However I would play my cards close to my chest when it comes to disclosing the exact amount to your agent. Agents tend to use this figure as a guideline when negotiating, which it shouldn't be.

For example, I could possibly get preapproved up to 3M. Problem is I have many properties and the one in question is for a specific purpose. If I disclosed to my agent my upper limit, I should not be surprised to find that the houses I'm shown would creep higher and higher in price.

The true question at stake here is HOW MUCH DO I WANT TO PAY FOR THIS HOUSE?

If I disclosed just how much I could afford, the agent wouldn't be breaking the fiduciary responsibility in disclosing the same to the sellers agent and consequently the seller.

This REALLY hobbles you when it comes down to negotiating the best price. (Because we all know what the buyer can afford)

In closing I have to say that this housing meltdown is partly due to lenders approving loans on homes that have no business being the prices they are.

So which came first? The throwing around of loans or the abnormally high prices. My contention is the loans became unrealistic and the sellers weren't going to miss out on the profit taking.

Hence don't be surprised if EVEN after preapproval, you as a buyer are still trying to scrabble around to find some 'extra' money to close the deal.

Be a smart buyer... be an informed buyer... but most of all be a shrewd buyer. - Tue May 20 2008, 13:28

Actually "Real Estate Pro in Austin" isn't all wrong, in fact most of what he say's is right. Only a few tell the truth around here, and it's mostly RE investors.

Here's where the problem lies... Most people are average Joe's and just want a place to live. Then you get this 'crazy idea' and decide to buy a foreclosure or short sale. So you go look at all these homes and you find a home in trouble you like. From then on you're trying to fit a square peg in a round hole.

Because...

Just because you LIKE the house and want a deal... doesn't mean you're going to get a deal on that house?

Does that make sense?

The way to approach it is like an investor. You find a bunch of homes in trouble, you do your research and find some ACTUALLY undervalued. Then you throw some offers around, with time limits. One out of say.. (depending on the area) 10 will answer/show interest. Then that's the one you concentrate on. For the investor... great! You got a deal on a home. Average Joe? Well you got a good deal, but was it the house you really wanted?

Real estate agents have all day for this sort of crap. They'll mother you and hold your hand. Bank people couldn't care less. Worst problem is... when a deal comes along you're seldom the only one standing on the court steps with an offer in your hand.

Here's the way to get a deal. Get educated on writing your OWN offers. Find a bunch of homes you like and start writing offers you feel are a good deal. 20 houses in.. you'll be happy to find you have a bite.

Best not to work with an agent while doing this because agents always try to get you to write the largest offer you can. Which is their prerogative. Mostly they'll try make you feel small for writing such a low offer. And they drag their feet! Do an offer BLITZ! Something will give.

Funny thing is... the sellers agent will put pressure on the seller for you to accept the offer, if they think the seller may cave. So you have an agent already... if you look at it that way. Also the sellers agent by LAW has to submit to you a plethora of disclosures and as the RE code states "deal fairly with 3rd parties." (you)

Trying to buy a house from a bank is tuff, that's why agents aren't really that interested. Also banks have their own rules about paying commissions. Ouch!

If you're too lazy to learn to how to write your own offers, find a good agent. Here's how... ask them if it's a good time to buy. The correct answer is "Some homes are fairly marked, but most sellers still think it's 2006/2007. I would wait until after summer or perhaps 2009." Whoever answers close to that. Use them, they know what they are talking about.

Should have mentioned I'm in Los Angeles, so I was speaking about the LA market. Some areas are close enough to bottom to buy. Parts of Florida, etc.

Hope this helps. - Sun May 18 2008, 00:08

Here's the deal...

Hollywood is split into 2 parts, West Hollywood (Incorporated) and Hollywood

True Hollywood is bordered by these streets: Mulholand Dr (N) Western Ave (E) Santa Monica (S) La Brea (W). West Hollywood (ignoring the border of incorporation) Sunset (N) La Brea (E) Melrose (S) La Cienega or Doheny (W).

Hollywood is in a rapid stage of flux. West Hollywood is getting tired and looking very 80's. I think you can find deals in Hollywood, Condo's will be dropping in price quite a bit. (A lot of overbuilding going on). There are also a lot of virtual tear-down bungalows around in the SE of Hollywood, if you can beat developers to the punch and fix it up you will have yourself quite a deal.

West Hollywood? Forgetaboutit. Sellers there still in the mass grip of 2006 delusion.

As for the gay issue... It's hard to generalize... but here goes. The main concentration of gay commerce is on Santa Monica - La Brea to Doheny. So unless you're gay you have the rest of the city to play in. Having said that... some of the BEST neighbors I've had were gay. They REALLY take care of their properties and most are really welcoming. If you're a messy guy (like me) you may run afoul from time to time.

One thing to remember is... the traffic in Los Angeles is a freakin' nightmare so mby get a rental until you find out where you're going to work. Then get something close. You can always drive into Hollywood to rave! - Thu Apr 24 2008, 11:00