LA real estate frustration

[expat]

Trying to rent a house from an overseas location sux! God I hate moving.

Just don't seem to find any suitable houses to rent in the Woodland Hills, Calabasas, Agoura Hills, Oak Park regions. Have been searching for past month or more over the net, but no substantial leads on the following.

Looking for:
Single family home
Budget $2500
Small fenced yard
3 bedroom
1.5 bath
Approx 1500-1800sq ft (bigger is better!)
Min. 1 year lease
Suitable for 'professional' family with two young kids
Rent in next two to four weeks
Not opposite freeways!
2 car garage (prefer lockup)

Have several agents showing my wife around but most are cheaper and nasty! (houses, not agents)

Any leads welcome and appreciated.

Cheers
Mark

[Porsche-O-Phile]

Good luck.

$2,500 a month didn't even find me a one-bedroom apartment when I first moved here, and that was in 1999. You have to look around and pretty much accept the fact that you're going to live in communal living (apartment) unless you're a millionaire. The "American Dream" as it pertains to single family home ownership is dead here. As far as renting one, you might be able to find something with that; if you post a list of where you find stuff I can tell you whether the neighborhoods are going to get you killed or not.

[Zeke]

Ditto.

[turbo6bar]

$2500 for a 1500 SF home sounds a bit low for California, but I know absolutely nothing about pricing out there. I do know that RE prices are ridiculously high out there, and that would mean rents would have to command a premium.

RE is different from stocks and bonds in that RE valuations are regional. One area may be hot, and other areas may be so-so. The hot spots have more room for a major correction, and the average areas won't see much change. My RE investments have appreciated less than 5% per year, so I don't see much 'irrational exuberance.' Guys, me included, have predicted a RE crash for some time, but the fact is if I had waited for the crash, I would have passed on many great buys.
c'est la vie, jürgen

[pohsche]

For $2500 per month in SoCal, try Barstow.

Alan Poh
'77 Carrera 3.0

[nostatic]

we've discussed this before, and some of us hope that the correction will not be catastrophic (and I've argued that some areas within greater LA will be hit harder than others). Right now we owe about 60% of our current market value (based on comps in our neighborhood). What's insane is that we bought 2 years ago, and over that period we've gone up by between $200-$300K.

As for rentals, you're going to have to look long and hard to find a deal. Also, look further out, or settle for a smaller house/yard/garage. In our area 1500sq ft houses on 6000sq ft lots are selling for $750K and up, so if there is something for lease, they are likely asking $3-4K/mo.

Egad...maybe it is time to move out of state.

[CarreraS2]

Originally posted by LynnsABCs
Again, my opinion, I think all of us need to factor in the potential for a minimum of 10 to 15% drop in sales prices.

I think more like 25-30%.

The So Cal real estate market is no different than any other market in its irrationality - both on the upside and the downside. In the high times, like now, everyone thinks prices can never go down, and keep driving prices up. Then irrational speculation and financing begin, like now. Things like principal payments only, 5% down, adjustable rate mortgages with super low introductory rates. People who can't afford it buying $750K houses are buying them, but are on a razor's edge.

As soon as there is any hike in interest rates, the ARM goes up, the prices go down a bit, the interest payments kick in, equity starts to slip, people will start walking. Credit will start to tighten as banks start to take houses back.

The irrationality goes on the downside too. I remember the early to mid 90s here in So Cal. You couldn't give real estate away. People kept thinking it would never go back up again (or at least not significantly, in the forseeable future).

25-30% is what happened from the late 80s to the early 90s. I think that is the minimum that will happen again. This time the upside has been crazier and more irrational than the last time.

[techweenie]

Mark,
Your home is out there. I have a friend who rents out her 3 bed/2 bath home in Thousand Oaks for $2150/month.

You can look on CraigsList.org but they don't cover the West Valley too well. You should be looking well North of the 101 from the 405 to Thousand Oaks or even further West.

Great House for Rent. $2300
3 bedroom, 2 bathroom, everything brand new, new kitchen, tile, dishwasher,
hardwood floor, new windows, A/C, heater, fireplace.
two car garage.
please free to call 8186487048 cell, 8185099599 home.

3 bedroom 2 bath house in Valley Glen.
$2200.
Has a living room, dining room, den and a large master bedroom with a huge bathroom you have to see. There is a large pool in a secluded pool area with a wonderful patio. Perfect for summer bbq's. The house is 2100 sq ft. Has lots of natural light. Comes with a fridge, new stove and a new dishwasher. Current tenants are moving out (after 8 years) June 10th. Gardner and pool service are included. Should be ready the beginning of july. Please call for an appointment at 818 -786 -5627

[bigrubberjeep]

I know it's a comute but you can find homes for rent in the $2,500 range in orange county, not bad one either. It is still concidred one of the nicest county's to live in the United States. If you want something not too far from the highway, you can try Fullerton or Anaheim Hill area

[RickM]

How about placing a "Wanted to Rent" ad in one of the local/regional papers? That way you can identify exactly what you want and the renters compete for you as opposed to the other way around. (You may want to mention that Real Estate agents are or are not welcome to respond.)

Doesn't the Recyler cover that area?

[Hugh R]

All though its not in the 1,000 Oaks area, look in the Santa Clarita Valley, its the next valley north of the San Fernando Valley, very low crime, family neighborhoods, also look in Simi Valley, which is near 1,000 oaks.

[motion]

Mark,

Try http://www.pennysaverusa.com

It's where most rentals in my area are listed. Also try http://www.realtor.com/Default.asp?poe=realtor

[mikester]

Rents in the LA Area are on the rise because demand is extremely high.

There was a special report on one of the local news channels recently...

[CarreraS2]

Housing already cooling?

http://news.yahoo.com/news?tmpl=story&u=/nm/20040526/bs_nm/economy_homes_dc_3

"The number of new homes available for sale at the end of the month was at its highest level since January 1980."

[84porsche]

I will keep my eye out for rentals - I live in the Anaheim Hills area of Orange County but again depending on where you are working, you are looking at an hour drive. I think your price of $2,500 should get you quite a lot. You could actually buy a house for that amount monthly assuming you are planning on being here for a long time.

[tabs]

HA HA HA HA HA...I gota laugh at all this....

[Porsche-O-Phile]

Just accept it - single family housing is now officially beyond the reach of the average working person in SoCal. The American Dream is officially dead, other areas of the country will soon follow.

The U.S. from here on out will be more and more like Europe, where community housing is more common and only the super-rich can afford and live in detached single-family homes.

Once you just accept that, it gets easier. I fully accept now that my family will never live in the idealized "suburban" model (and honestly, I don't know that it's really that bad). So be it. I go on with my life and if I have to pay rent until the day I die, I pay rent. I really don't think there's any turning back; the rich have become TOO rich.

[LeeH]

That same money buys mansions almost everywhere else in the country. Phoenix is full of former Californians who cashed out of their $750K 2000 sq. ft. homes. They put half in the bank and use the rest to buy a 4000 sq. ft. showplace here.

[RickM]

Originally posted by LeeH
That same money buys mansions almost everywhere else in the country. Phoenix is full of former Californians who cashed out of their $750K 2000 sq. ft. homes. They put half in the bank and use the rest to buy a 4000 sq. ft. showplace here.

Many Phoenix transplants here (business moved) and when I saw what houses went for there I almost vomitted.
However, I don't care for 120 degree temps...even if it is "dry" heat.

[turbo6bar]

Lynn, I really believe 10-15% correction isn't much. If there is a real correction, I would expect to see 20-25% or greater. The ones who will be hit worst are the builders, contractors, and mortgage companies. In my area, those providers have been living high for the past 10+ years.

Just accept it - single family housing is now officially beyond the reach of the average working person in SoCal. The American Dream is officially dead, other areas of the country will soon follow.

If you MUST live in SoCal, then you get no sympathy from me. You gotta pay to play. You could always move to Nebraska, where $100k will buy a nice house, and you can shuck corn on sleepy Saturday afternoons....

SoCal911SC, I saw a similiar article earlier about falling new home sales. Curiously, existing home sales increased, but I do agree the signs are clear- trouble is ahead. Guys and gals with lines of credit can clean up the mess with some goods buys pretty soon, I hope.