Quote:
Originally Posted by campbellcj
Several guys at work have been apartment-shopping lately in the westside areas (our office is in Santa Monica) and you're still talking $1200+ rent for a tiny one bedroom from what I gather.
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West side, that's cheap unless you are right next to a gang infested area with lot and lots apartments.
I have been looking to buy rental property or fix and flip in up coming areas like Highland Park or Altadena for the last month. I am looking to purchased 2 bed 1 bath REOs in really beat up conditions. I made offers on 4 pieces of property all with foundation issues no kitchen, no bath and needed new electrical and plumbing. I got beat up by other offers. I over bid all four's asking price by 25-30,000 dollars with cash and ask for a quick escrow. I didn't get *****. Not even a counter. I am not even on the backup offer list. Homes like that are going like hot cakes from 250-350k and the banks know it.
Housing in So Cal isn't down all that much in the nicer areas. 200,000k from houses that used to be close to a mill still not all that affortable. I don't think its ever going to get back to what it was 10 years ago. It going to slowly creep back up because the banks are now loaning money again. My agent tells me that she hasn't stop in the past one and half months. Now I am backed up with a few mid size whole house remodel jobs around Silver Lake and Hollywood. People will spend if the banks are letting cash out.
Jeff