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Market Conditions in 90035 : Real Estate Advice

  • All20
  • Local Info2
  • Home Buying6
  • Home Selling1
  • Market Conditions0

Activity 106
Mon Sep 6, 2010
Paris and Connor MacIvor answered:
Yes - and that trend will probably continue throughout the rest of this year... :-(
0 votes 3 answers Share Flag
Thu Oct 1, 2015
Deborah London answered:
Hi Zuman. Are you going to live in this property as your main residence or fix it for a tenant. That makes a difference for you for tax reasons among other things, Also, do you plan on getting a loan or paying all cash? The interest rate on a loan will be slightly higher for you as an investor. ... more
0 votes 18 answers Share Flag
Tue Aug 17, 2010
David Chiles answered:
Thank you for your question about the local Los Angeles Real Estate Market Conditions as opposed to national real estate conditions. You are right Los Angeles did not do as bad as the rest of the nation in June. Nationally pending home sales fell 2.6% in June as a result of the expiration of tax credits. In Los Angeles County, however, home sales were up 3.38% from last year and prices were down, according to DataQuick. ... more
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Sat May 11, 2013
Scott Godzyk answered:
Five years is a liftime away in mortgage years right now, with the guidelines constantly changing and tightening up. The one thing that always comes back is that after we bottom out, interest rates will rise and banks will start loaning more money when it becomes profitable to do so.

In the terms of averages, in the past the banks wanted to see 2 years of on time payments. In five years if you keep it up your credit score shall be as good as ever. Where as you are putting 20% down you should not have any problems. The lates are no where near as bad if you had a foreclosure which could stay for 7-10 years.

When it is time meet with a local and trusted mortgage broker and they can prequailify you at no cost and let you know what programs are available to you.

Good luck with your future.
... more
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Tue Jun 29, 2010
Loan Do answered:
Mon Jun 7, 2010
Richard Schulman answered:
I'd recommend taking a look at some rental websites to get an idea what the asking price is. Try the rental section here, Craigslist, Westside rentals.

Let me know if you need any further assistance. If you tell me specifically what the sort of property is and what area I might be able to give you an idea what you can expect it to rent for.

Richard Schulman
Keller Williams Realty
#1 Agent KW Westside Realty
(310) 482-0173
schulmanrd@yahoo.com
... more
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Wed Jun 9, 2010
Matt Puzz answered:
You will need good credit above a 620 FICO score and 20-25% down, just be prepared for that. You will get a better interest rate if your FICO Score is greater than 680 or 720. Make sure you get a rent schedule as part of the appraisal and then you will need 6-12 months of reserves for all your monthly expenses including everything that appears on your credit report and the new property. Good Luck and there are lots of great realtors in the LA area.

Matt Puzz
Amerifirst Financial Inc. in AZ
Citizens Choice Mortgage in CA
602-410-9333
... more
0 votes 7 answers Share Flag
Sat Mar 21, 2015
Peter Stewart answered:
Just curious - why are you asking for market information in NY in the Los Angeles 90064 category?
0 votes 4 answers Share Flag
Thu Apr 29, 2010
Kent Gagon answered:
Deborah,
How long can we keep up the tax credits before we have to stop them? And then when we finally do stop them we will be asking the same questions. What is going to happen to the market, prices, etc. Definately the credits caused many buyers that probably would have bought anyway to go out and buy now, and why not they were being given an incentive to do so. I think it helped in fact I did an interview with ABC 15 news locally here in AZ that stated just that. With that written, we cannot just keep giving people an incentive to go out and buy homes, cars, etc. What is next, and what about all the people who don't get the incentives, but eventually have to pay back the tax dollars that were used to give those tax credits. Regardless of what happens with the expiration of the credits, the facts remain, many people are underwater in their homes, so much so that many don't see the point in continuing to make payments on something that is losing value or has lost value especially when the value lost is so high and noone can predict when it will come back to "what it was" I have clients 200-300k underwater in their homes. But yet they live by the philosophy of I bought at the peak, I don't need to move...I love my house, I don't want to mess up my credit, I signed on for this. Sure I did not expect the value to decrease by half, but it did. Should I have to sell for some unforseen circumstance in the future I will deal with it then. Then there are the others that have lost the same value and figure why am I paying 2000-3000 per month on something that is losing value. At some point we are just going to have to let the markets do what they are going to do, stop all this bail out stuff and let the economy recover on its own...it will happen. Consumer confidence driven by incentives is not consumer confidence. I feel like I could go on and on but I will leave it there, bottom line is this, people that see value in homes and the potential cash flow they bring when purchased at a good price that they can rent out at an 8-10-12 percent return (easily done here in AZ) then held for a few years and rented out. Where else are you going to get those returns? Even if you had to finance it as an investor with a 6.5% interest rate and 20% down you still are making anywhere from 1.5-5.5% return on your money...do the math people. There are great deals out there and first time buyers with the incentives only drove a portion of the market...now that they are not going to be getting the incentives, the investors will come back in and get the positive returns, just one more way the rich get richer and the poor stay the same, it is all attitude! okay I am going to stop rambling here. The investors will take over buy up the homes the first time buyers are now going to rent and then when the values start to rise again the first time buyers will wish they has just bought even though they did not get thier 8k.
Hope this helps
... more
0 votes 8 answers Share Flag
Tue Apr 13, 2010
Diane McDonald answered:
Hi Mona, can you be more specific?

Diane McDonald
Keller Williams Realty, Los Feliz
323-236-4369
20 Years of Sales and Service
DRE Lic#01019403
0 votes 4 answers Share Flag
Fri Jun 4, 2010
Jamie Adner answered:
Prices in Hancock Park are about at February 2005 levels (it's hard to get precise statistics from that year, since sales in the MLS prior to 2006 could be reported as $0, skewing all the data).

Median sale price in 2006 was $1,250,000, in 2007 $1,203,000, in 2008 $1,209,000 and in 2009 $880,000 -- down 27% off peak.

Read more in more Blog post about Hancock Park values below.
... more
0 votes 6 answers Share Flag
Tue Mar 30, 2010
Deborah Bremner answered:
Average DOM: Active 51; Sold LP 106; Sold SP 106; Expired 187

Deborah Bremner
REALTOR, 00588885
Certified Short Sale Professional
Certified Home Retention Specialist
(D) 818.564.6591
TheBremnerGroup@gmail.com
Blogging at: http://TheBremnerGroup.com/blog
... more
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Wed Jun 9, 2010
Eric Smilay answered:
Hello Lola,

To be honest, I really like the 90028 where you are now as an investment over the next 10 years. Hollywood is exploding with Billions in new development and will emerge as one of the most desirable urban places to be in all of Los Angeles over the next decade. I just closed a deal for an out of state investor client of mine, who purchased a loft in Hollywood for this very reason. The only problem is that I don't think you could really buy anything for $200,000 unfortunately. I have had a client looking for a house in this price range for some time now, and it is tough. We have found a few in the Valley (Van Nuys isn't bad as it borders on more expensive Sherman Oaks), but most require patience, as they are either run down and foreclosed or short sales that have not yet been approved.

I would be happy to do some research within your given criteria in areas you are open to (ie how far outside of Hollywood you are willing to go), and see what we can make happen. A qualified buyer has a lot of power to negotiate right now and there are definitely deals to be had out there. There may be other loan options, depending on your specific goals, that would allow for a higher purchase price also that may allow you to live close to where you want to be.

Best Wishes,

--
Eric Smilay
Smilay Properties
Direct# 661.600.7463
Fax# 323.466.1788
www.smilayproperties.com
twitter: @esmilay
... more
0 votes 7 answers Share Flag
Wed Dec 2, 2009
Peter Stewart answered:
There is no general GRM for an area, that figure applies to a specific property. You need a sale price and total gross rents to calculate the GRM. Without a specific property this cannot be done. ... more
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Mon Feb 17, 2014
Peter Stewart answered:
Tracy, what is the question? Is there something specific you want to know?
0 votes 4 answers Share Flag
Sat Sep 19, 2009
Sonya Firoz answered:
Hello Swingcat,

I hope this link helps you get the information you need.

http://www.zilpy.com
http://www.zilpy.com/US/California/Los_Angeles_County/Los_Angeles/Zipcode_90057

Good Luck!
Sonya:)

Sonya Firoz
... more
0 votes 2 answers Share Flag
Sat Sep 18, 2010
Lisa Bolanos JD Sells Homes answered:
This is now June. March was great. Things have been a little slow across the board this week. I keep hearing about bulk orders coming in but the orders are not coming in like they were in March. ... more
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Wed Sep 9, 2009
Rebecca Chambliss answered:
Single Family houses are generally the first to rise in value and the last to decrease. Home buying is about more than an investment, you should buy something that you can afford (including all maintenece and HOA fees) and that you love and that is in a location that works for you.

Single Families, no shared walls, no HOA, more options of what you can do with the property. Downside, more upkeep and maintenence.

Condos: Very low maintenece, often added ammenities-pool, gym etc. included in HOA. More interaction with neighbors (can be good or bad.) Downside, faster turnover of neighbors (bad if you get a bad one), less options of external upgrades etc. Slower to appreciate.

Good luck in choosing what is right for you.
... more
0 votes 2 answers Share Flag
Wed Sep 9, 2009
Deborah Bremner answered:
It's best to do a cost vs return on investment (ROI) to determine what will be best for you. Your question about working from home is a tax-related question best directed at your accountant or income tax preparer. Buying land will not bring you any income, so unless you have a specific plan in mind, it does not compare with a single family or multi family in terms of income-providing investment. When looking at an apartment, you could live in one and rent out the rest. For security, if one tenant moves out, you still have others providing income. Don't forget to factor in all costs, such as taxes, insurance, utilities, homeowners dues, etc. when you are calculating the monthly outlay.
As for whether it's a good idea to buy now, there are two main factors to consider:
1. Interest rates are at their historic 50 year low.
2. Prices are low in most places, and starting to rebound in others. I have written extensively about "timing the bounce", which is impossible to do. ( http://tinyurl.com/cheskf ) The upshot of my advice?
We never know when the bottom, nor the top, is. So the best advice for buyers is, aim low. Consult with your Realtor, who will help you weigh all the facts, including interest rates, inventory, personal need, and what you can afford. Then get off the fence and buy. Don’t listen to pundits or peers at the water cooler. Have confidence that the decisions you make will be wealth- building in the long run.
If my 33 years in the business have taught me one thing, it is this: there will be a lot of people in a few years who will say, “I wish I had bought that house in 2009, when it was only $$$$. ” I’ve seen it before, and I’ll see it again.
If I can be of any further help to you, please don't hesitate to call.
Debbie Bremner
The Bremner Group at Coldwell Banker
Realtor for 33 years
310-571-1364
... more
0 votes 10 answers Share Flag
Thu Sep 3, 2009
Dyanna answered:
Hello Iselin. Please call me. I have several families who would like to tell their stories. I also have foreclosure bus tours if you are still interested. Thanks.

Dyanna
323.359.7992
dyannaavila@hotmail.com
Prudential California Realty
... more
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