Quote:
Originally Posted by dmoolenaar
Be realistic about what you want and what you want to pay for it. Some folks seem to living under the delusion that nice SoCal homes in good areas are going to someday be affordable...
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Affordable to whom? It's all relative. What I consider nice homes in areas I'd want to live in L.A. have never been affordable to the "average Joe", ie. middle class earners. Or at least not for a couple decades.
In the super high-end of the market, business is always good and declines are relative since the owners can either afford the "loss" or there is no loss because they bought before the latest run-up. The real high-end is a huge market in SoCal, thousands if not tens of thousands of homes in the $3-4M and up sector. My friend whose place I am working on this week is a RE agent, young guy who's new to the game and doing really well, believe it or not. He grew up here and is well-connected through family and friends so he knows people who are trading houses in the upper region. It doesn't take a lot of sales to keep him in potato chips when they are $10M+ houses.
The market for run-of-the-mill houses in CA. is totally in the crapper, though. The houses that snowjob is talking about are nothing special at all, dime a dozen.
