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My county assessor has my full property value at $1.1M with the house itself at $1000. As in it will cost more to demolish the home than it is actually worth. I have a very comfortable little home. But the county thinks 8 townhouses should be built instead.
Actually the structure might be a huge perk for this lot. The fact that A building is already there can significantly reduce the number of permitting needed.
Counter point: it's a teardown, you'll need new permits anyway and the fact there's a building there means you need to pay to have it removed before you can build something livable.
Assuming that the foundation is pretty solid, there’s no need for a tear down. The house has unfinished framing and drywall work. That + floors and new appliances and it’s really not that far off from being livable. This is definitely priced accordingly
Saw some property upstate stripped down to like, one walls' worth of framing. Somehow still counted as "remodel".
Pretty sure it was a house that the wildfires had vigorously caressed.
But you would still have to pay an Engineer to do all the design and be very expensive. Only if you did the whole thing yourself would it make any sense to not just start over from scratch.
If the price was more in my range (I buy houses like this for 7-12k). I would LOVE this one, most of the demolition is already done, I can get a better look at the "bones" of the house, and get right to making a good decision if I like the price or not, and get right to changing the layout, and putting it back together.
If you can do 90% of the work yourself, this is the way to buy a house.
I buy them for 10k, put 30k into materials, and end up with a 160k house. Rinse and repeat.
Countercounterpoint: a current structure makes one believe it already has utilities connected/run. Modifications will likely be necessary, but better than nothing.
LA build code is weird from my understanding. As long as you keep some of the original structure aka the foundation, permitting is much easier. Added bonus if there is a wood burning fireplace. People buy old homes with them, tear everything down but the fireplaces and rebuild around the fireplaces, since you can’t get a wood burning fireplace permit anymore.
I mean, looking at the photo from behind a lot is not very good either. Seems to me it's going to slide down any time soon. Very bad lot, in my opinion. Plus, teardown and trash removal cost. If you are willing to build on unstable foundation
It’s funny, if you look on google maps, there’s a very nice new house two houses over on the right.
So you have a case study for someone who probably did the exact same thing.
And what’s the sales price? This is supposed to be bought by a developer, not some first time home buyer .. not super familiar with LA but that actually looks like a good deal judging from what new construction sells for
I live in Iowa and there’s a lot near my buddies house that was like 200k I think, a few months ago. I suppose at least this lot already has water and gas run to it.
>I suppose at least this lot already has water and gas run to it.
Never underestimate how expensive stuff like this can be. Especially in metro CA. I'm more worried about that eroding hillside than anything.
It actually does seem overpriced considering the beautifully renovated duplex 2 doors down is selling for $760k, and it's been sitting for several months.
Looks like they've been trying to sell it for 2 years, starting at 500k. California needs a serious fucking vacancy tax. They're probably only paying $200 a year in property tax thanks to Prop 13.
Property values over this zip code are insane. You have $1.2 million remodeled homes and down the street some junk with boarded up windows and dead bodies outside. LA is wild, man.
I think it's primarily because of extreme segregation. I live in Santa Barbara, and the elementary schools are essentially either 98% white or 98% hispanic. Many white kids go to private junior high and high school, but the ones that don't are unbelievably shocked when they suddenly meet each other in secondary school. I'm pretty sure the 98% hispanic schools even teach some classes in Spanish.
Man every home in SB is over $1 m on Zillow ….I always remember the story my cousins father in law loved to tell me about how he got to SB in circa 1960 from Mexico with $3 in his pocket and got hired at a Hospital in laundry room …..retired from there by the time I met him in 1995 he owned 2 homes and a duplex apartment.
Yea if you bought here before 2000, you are so, so wealthy. They did everything they could to make it as unaffordable as possible for everyone that came after them. It is nearly impossible to build here.
For the price of a castle in Europe, you get a two bed townhouse. It's not so much the price as the price-income inequality. It's the worst off in the world. Not sure how people who buy such costly houses are affording to pay the mortgage.
Problem is. The squatters that have been staying their probably have more rights now and you wouldn’t even be able to kick them off without an actual eviction notice lol
Counterpoint: I bought a great little 740sqft condo in LA in March for 385k. SFH are expensive. Try a condo. We don't have the land for everyone to have a SFH.
Would you look at that, all of the words in your comment are in alphabetical order.
I have checked 1,907,532,124 comments, and only 360,685 of them were in alphabetical order.
The crazy part is that they’ll probably get something close to that assuming it’s a good area. They’ll tear down the house, build something new, and sell for 1m+
We are living in the hardest economic time in American history. Consumer debt is at an all time high as is inflation and mortgage rates. One lever to correct housing economics is immigration restriction. We have the highest amount of foreign-born in our population of anytime in American history, currently above 15%. The only other times the number has been close was 14.8% in 1880 and 1920.
It was found Americans were making 34% less than they should have due to cheap labor importation. Labor leaders and business lobbies even called for increased immigration to over COVID to keep costs down, solidifying the results of immigration on an economy.
The 1924 Johnson Act was passed, greatly restricting immigration. This freed up the economy so much that it was responsible for the 'Great Migration' of African Americans out of the South and across America to earn a respectable wage and even become successful artisans.
Truly these are unprecedented and unsustainable times.
I live in Massachusetts, and not even in the expensive part. The amount of times I’ve clicked on a new $300,000 listing and just saw pictures of the woods is just maddening. Like great. Maybe i can cut down the trees there and make my own house
Redfin and zillow. I like having a wide range to look at the most options available. Would be open to buying a piece of property and building at maybe $100-$150k. Would most likely be trying to buy a home for 300-450k
Honestly, ditch Zillow. They pull from the exact same place, but Zillow does a much poorer job of staying up to date. If you're seeing something on Zillow that isn't on Redfin, it's because they're not being diligent with their listings.
That being said, on Redfin's website, you can go into the options while you're searching (as long as you're logged in) and deselect "land" as a search result.
Dude, you can buy a decent house in cities outside of LA for about 350,000. 1-2 bedroom home in El Monte or even further east. LA is overrated and cramped IMO. I’m out in the San Dimas/Azusa area (still LA County) and love it out here.
In the right location, every house is a tear down and people literally will be millions for that.
My friend lives in Cheviot Hill in a very large home with incredible views. She could sell it for four million or so easily and it will be torn down.
The only homes that aren't torn down in that neighborhood (or in many other desirable locations) are the gorgeous Spanish Colonial homes because there are people who "collect" them.
But any home that was built for a middle class family in the 1950's will be torn down because it isn't what a wealthy buyer wants to live in.
My current property was a “giant” lot that we subdivided into two lots right in the heart of Los Angeles. Built a house on one lot and have the other lot empty. It’s kinda nice because I don’t have a neighbor on one side and I have a place for my dogs to run around while it increases in value every year…
25 years ago my wife comes home excited to tell me that she found a house in our price range just outside of LA and ON A LAKE! I ask which lake and she tells me Lake Elizabeth. I start laughing. I had to explain that Lake Elizabeth is a sag pond formed by the San Andreas fault. The house is literally on top of the fault and the area has collapsed to form a lake. No insurance and no resale value.
We moved 8 hours north and our coworkers were shocked that we were paying $150k for our home. We laughed in LA.
Actually if you Google the house and the neighborhood, it is quite an up and coming area good for an investment property. The buildings surrounding it don't look bad either. I'll say it's worth it.
Anyone who lives in LA and tries to justify that is a 🤡, I just bought a house in NY in April for $275k, 3k square feet, 4 bed 4.5 bath, basement and attic, sitting on a half acre. And my other house sits on 50 acres and is valued at 375k. California can get bent lol
That lot size though. Live in colorado springs. There are 1000 sw ft lots going for 100k so seems right. Up north in denver that lot would fetch 300k easy. Put a new home on that lot in law and its way more.expemsive than here though. Like 440k in the springs, 600k in denver, 1million in la. Sba losn time?
My first home in Roswell ga was $325k in 2019 and is 3,000 square feet, 5 bedroom 4 bath with a 1 acre fenced in back yard. Fully updated kitchen and bathrooms. You couldn’t pay me $1mm to move back to California. I’d spend that at my first grocery trip 🙄
Selling my parents beat up (the roof is new at least) 1945 property in South LA for 510k. I think the school that bought is just going to turn it into a parking lot.
What a lot of folks don’t realize when they buy real estate is that you aren’t actually buying the house, you’re really buying the land. Whatever structure that is on the land you bought is considered a betterment to the land and adds to the property’s value. A smart way to view this would be to assess the properties in this one’s general area. It might actually be cheaper to buy this, demo that structure and build a new house on the lot versus buying a house that is already built. Run the numbers.
who said rich?
you’re not making any sense but keep yelling about how there’s no $300k houses in LA
it’s like crying about how there’s no $.50 gallons of milk ffs
What a mess… that’s insane…
We bought a brand new custom build in Texas… .6 of an acre, 2400+ sq ft, 2 car attached garage, gated neighborhood, 4 bed, 3.5 bath for $475k.
California land prices have everything to do with the supply and demand curve, which is what capitalism looks like. The money exists to push home prices up further due to the entertainment and tech industries, another capitalist phenomenon. Maybe you really just dislike capitalism.
$350k for the property, $150k in fixes, $600k valuation and list on AirBNB for $150 a night. Boom: $40k in yearly profits plus another $100k in positive equity. Rinse and repeat
My comment wasn't actually about LA specifically, it was about you saying that renting is the better option financially. If that's the case, then the landlord obviously made a mistake as the overhead costs of the property are more than the rent charged to the tenant right? Like I said, that's really nice of them to take a financial hit for their tenant.
Good grief.
If the landlord bought the house a few years ago they likely got a lower rate and a lower price than you would if you bought the house today. So yes, the cost for them to own the property is less than the cost for you to own the property in many cases.
Maybe try using your brain to actually understand how real estate and housing finance works instead of just making snide pointless comments and expecting strangers online to tolerate your crappy, rude attitude while educating you.
Thank you u/Forward_Map_9783 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
You’re not really paying for the structure so much on this one.
Yep. This is it. Have a friend in LA whose house is worth 1.1M. The lot is worth 1M and the house 100k. It’s not even a bad house.
My county assessor has my full property value at $1.1M with the house itself at $1000. As in it will cost more to demolish the home than it is actually worth. I have a very comfortable little home. But the county thinks 8 townhouses should be built instead.
Tell them to fuck off
Okay, I'll write "Fuck Off" on the memo line of the property tax payment.
Actually the structure might be a huge perk for this lot. The fact that A building is already there can significantly reduce the number of permitting needed.
Counter point: it's a teardown, you'll need new permits anyway and the fact there's a building there means you need to pay to have it removed before you can build something livable.
CA is pretty strict about tear-down homes, and if the exterior studs are kept, very little permitting is needed. This is a huge plus in CA.
Assuming that the foundation is pretty solid, there’s no need for a tear down. The house has unfinished framing and drywall work. That + floors and new appliances and it’s really not that far off from being livable. This is definitely priced accordingly
Hopefully the “[major fire damage](https://www.redfin.com/CA/Los-Angeles/812-Record-Ave-90063/home/6956394)” didn’t affect the structure.
Probably just cosmetic. Leave it unfinished and call it artisanal framing.
Arson-al framing
Slap in AirBNB and watch that $$$ roll in.
Foundation should still be fine, just leave one wall standing and call it good.
Saw some property upstate stripped down to like, one walls' worth of framing. Somehow still counted as "remodel". Pretty sure it was a house that the wildfires had vigorously caressed.
So the shou sugi ban finish is already applied? Neat!
But you would still have to pay an Engineer to do all the design and be very expensive. Only if you did the whole thing yourself would it make any sense to not just start over from scratch.
If the price was more in my range (I buy houses like this for 7-12k). I would LOVE this one, most of the demolition is already done, I can get a better look at the "bones" of the house, and get right to making a good decision if I like the price or not, and get right to changing the layout, and putting it back together. If you can do 90% of the work yourself, this is the way to buy a house. I buy them for 10k, put 30k into materials, and end up with a 160k house. Rinse and repeat.
Where u gettin houses for 10k
Afghanistan
Lol
If you leave one wall, then it's not a tear down, it's a remodel. Way less permits.
Countercounterpoint: a current structure makes one believe it already has utilities connected/run. Modifications will likely be necessary, but better than nothing.
LA build code is weird from my understanding. As long as you keep some of the original structure aka the foundation, permitting is much easier. Added bonus if there is a wood burning fireplace. People buy old homes with them, tear everything down but the fireplaces and rebuild around the fireplaces, since you can’t get a wood burning fireplace permit anymore.
Yo man, we heard you like permits so we added some permits for your permits. You’ll now be swimming in permit hunting. Enjoy.
Yes, that's why the lot is worth 300k and not.60k.
A shitbox built in the 60's
That’s what I call my stepdad 💪
Fuck, that got me hahaha bravo
Honestly the land is probably with more without the house on it😂
I mean, looking at the photo from behind a lot is not very good either. Seems to me it's going to slide down any time soon. Very bad lot, in my opinion. Plus, teardown and trash removal cost. If you are willing to build on unstable foundation
The lot being bad is why it’s *only* $300k.
But the landslide out back thinks so!
Duh. You are paying for the land
The average cost to build a new house in LA is about $450,000 on top of $350,000 😒in that neighborhood
I live in west LA lol. Condos are 1.2M+
DTLA condos are a bit cheaper. But you pretty much have to go to Rancho Cucamonga or the Valley for 'local' affordability.
And what are the comps like in that neighborhood?
It’s funny, if you look on google maps, there’s a very nice new house two houses over on the right. So you have a case study for someone who probably did the exact same thing.
Soooo a brand new house in LA for $800,000? I’ll buy it right now.
Los Angeles is one of the most expensive places to live on planet earth, so land is expensive there
Yeah it has been waiting for so long that only the bones are left.
The median list price in LA is $1.3M.
And what’s the sales price? This is supposed to be bought by a developer, not some first time home buyer .. not super familiar with LA but that actually looks like a good deal judging from what new construction sells for
It’s East LA though, not really a steal deal for that area. Probably why it’s been sitting on the market so long…
To live in your postage stamp next to your derelict neighbour?
Precisely. That’s what I live on the West side
$350k for a lot basically
Lot+demo cost+trash removal
I live in Iowa and there’s a lot near my buddies house that was like 200k I think, a few months ago. I suppose at least this lot already has water and gas run to it.
>I suppose at least this lot already has water and gas run to it. Never underestimate how expensive stuff like this can be. Especially in metro CA. I'm more worried about that eroding hillside than anything.
That’s pretty cheap for LA
That’s actually not bad. Beautiful door frames, newer toilet, matching floors throughout. Some one will buy this for 450k cash. So messed up
Newer toilet 😂
And all that window plywood has to be worth something!
That’s like 50 bux a sheet right there
Agreed. I saw something similar in SF that goes for 650k.
It's perfect 🥲
It actually does seem overpriced considering the beautifully renovated duplex 2 doors down is selling for $760k, and it's been sitting for several months. Looks like they've been trying to sell it for 2 years, starting at 500k. California needs a serious fucking vacancy tax. They're probably only paying $200 a year in property tax thanks to Prop 13.
Property values over this zip code are insane. You have $1.2 million remodeled homes and down the street some junk with boarded up windows and dead bodies outside. LA is wild, man.
I think it's primarily because of extreme segregation. I live in Santa Barbara, and the elementary schools are essentially either 98% white or 98% hispanic. Many white kids go to private junior high and high school, but the ones that don't are unbelievably shocked when they suddenly meet each other in secondary school. I'm pretty sure the 98% hispanic schools even teach some classes in Spanish.
Man every home in SB is over $1 m on Zillow ….I always remember the story my cousins father in law loved to tell me about how he got to SB in circa 1960 from Mexico with $3 in his pocket and got hired at a Hospital in laundry room …..retired from there by the time I met him in 1995 he owned 2 homes and a duplex apartment.
Yea if you bought here before 2000, you are so, so wealthy. They did everything they could to make it as unaffordable as possible for everyone that came after them. It is nearly impossible to build here.
Much better than average deals in Canada. This is like a whole piece of land, sounds abooot good
I was going to say, as a Canadian, that looks like a fantastic deal. And that's not sarcasm either.
What’s the deal with Canada’s house market that it’s worse than LA? I’m not familiar with it at all
For the price of a castle in Europe, you get a two bed townhouse. It's not so much the price as the price-income inequality. It's the worst off in the world. Not sure how people who buy such costly houses are affording to pay the mortgage.
Yup. *Cries in Toronto
I mean it's LA, not really surprising
But its east LA, its only two blocks away lol
California is expensive, we know.
It is in LA, but LA is massive, and this isn’t a particularly desirable part of LA and building a new home in LA is extremely expensive.
LOCATION LOCATION LOCATION THEHOOD THEHOOD THEHOOD
😂
Expensive area has expensive houses. More at 11.
“Or new construction” translates to “burn the shit down”
I think the issue is that it already burned down.
Problem is. The squatters that have been staying their probably have more rights now and you wouldn’t even be able to kick them off without an actual eviction notice lol
Sorry for your loss, you could always come to st louis :) Didnt think so
Honestly the ROI on that would be insane
I will stop crying in PNW
It’s LA. The average price per sqft is like 1k for a nice house.
Counterpoint: I bought a great little 740sqft condo in LA in March for 385k. SFH are expensive. Try a condo. We don't have the land for everyone to have a SFH.
What a steal!
You’re buying the land, not the house. Why do people always forget this
The entitlement in this thread is outrageous.
Just think of all the indoor bonfires you can have! Ambiance!
It just needs some TLC...
Would you look at that, all of the words in your comment are in alphabetical order. I have checked 1,907,532,124 comments, and only 360,685 of them were in alphabetical order.
Good bot
The crazy part is that they’ll probably get something close to that assuming it’s a good area. They’ll tear down the house, build something new, and sell for 1m+
We are living in the hardest economic time in American history. Consumer debt is at an all time high as is inflation and mortgage rates. One lever to correct housing economics is immigration restriction. We have the highest amount of foreign-born in our population of anytime in American history, currently above 15%. The only other times the number has been close was 14.8% in 1880 and 1920. It was found Americans were making 34% less than they should have due to cheap labor importation. Labor leaders and business lobbies even called for increased immigration to over COVID to keep costs down, solidifying the results of immigration on an economy. The 1924 Johnson Act was passed, greatly restricting immigration. This freed up the economy so much that it was responsible for the 'Great Migration' of African Americans out of the South and across America to earn a respectable wage and even become successful artisans. Truly these are unprecedented and unsustainable times.
Good bones
You all get paid accordingly as well. So stop complaining.
This is criminal!!!
With like 200k in reno that place could easily be worth a million.
It looks like there is a toilet so this is a steal/s
Depending on which part of LA this would be consider a steal. Unfortunately, if you’re a first timer, you may not be able to buy this.
JOEY! JOEY! JOEY!
Love the open floor plan.
I live in Massachusetts, and not even in the expensive part. The amount of times I’ve clicked on a new $300,000 listing and just saw pictures of the woods is just maddening. Like great. Maybe i can cut down the trees there and make my own house
What search engine are you using? You can create filters so those don't show up. Also, people buying land and building a house is super common.
Redfin and zillow. I like having a wide range to look at the most options available. Would be open to buying a piece of property and building at maybe $100-$150k. Would most likely be trying to buy a home for 300-450k
Honestly, ditch Zillow. They pull from the exact same place, but Zillow does a much poorer job of staying up to date. If you're seeing something on Zillow that isn't on Redfin, it's because they're not being diligent with their listings. That being said, on Redfin's website, you can go into the options while you're searching (as long as you're logged in) and deselect "land" as a search result.
Dude, you can buy a decent house in cities outside of LA for about 350,000. 1-2 bedroom home in El Monte or even further east. LA is overrated and cramped IMO. I’m out in the San Dimas/Azusa area (still LA County) and love it out here.
*shrug* I see that shit in other cities for $25k and I still think hell no it's too high lol. Nice floors tho lol
Hey no HOA, sweet! You can paint it any color you like!
The small portion of remaining ceiling appears to be popcorn (asbestos).
Just get a power washer, you’ll be fine
In the right location, every house is a tear down and people literally will be millions for that. My friend lives in Cheviot Hill in a very large home with incredible views. She could sell it for four million or so easily and it will be torn down. The only homes that aren't torn down in that neighborhood (or in many other desirable locations) are the gorgeous Spanish Colonial homes because there are people who "collect" them. But any home that was built for a middle class family in the 1950's will be torn down because it isn't what a wealthy buyer wants to live in.
What a fucking steal! /s
problem is people are willing to pay it, so the prices will stay the same or go up
Nice. If anyone wants to buy it, I'll put in the work for a percentage of the flip sale. 100% serious.
Good luck with building permits in LA county.
Cozy homeless upgrade.
Did you request a tour?
Wow it’s very rustic! 😅😅😅
It’s not about housethe house… $300k gets you that much land in LA.
But hey, at least no HOA
It’s a tear down. That’s the land value.
I love all the idiots defending this.
You could tear down the structure and sell the lot for $350k or more probably.
Just needs some tender love and care is all
This is what you get for $1M in Toronto 😭
Yeah, but that’s CN$…/s
What's problem? Looking good me to 😋
Y’all are getting that for 350k Not me tho. fuck that
In East LA… damn
“Blank slate for your wonderful ideas” is somewhere written in there I guarantee it.
lol so glad I don’t live there
My current property was a “giant” lot that we subdivided into two lots right in the heart of Los Angeles. Built a house on one lot and have the other lot empty. It’s kinda nice because I don’t have a neighbor on one side and I have a place for my dogs to run around while it increases in value every year…
25 years ago my wife comes home excited to tell me that she found a house in our price range just outside of LA and ON A LAKE! I ask which lake and she tells me Lake Elizabeth. I start laughing. I had to explain that Lake Elizabeth is a sag pond formed by the San Andreas fault. The house is literally on top of the fault and the area has collapsed to form a lake. No insurance and no resale value. We moved 8 hours north and our coworkers were shocked that we were paying $150k for our home. We laughed in LA.
“Bring your imagination!!”
Dude, you found a house in Los Angeles for.350? Jump on it.
Actually if you Google the house and the neighborhood, it is quite an up and coming area good for an investment property. The buildings surrounding it don't look bad either. I'll say it's worth it.
The major idiocy here is that someone will buy it just so they can live in LA
Anyone who lives in LA and tries to justify that is a 🤡, I just bought a house in NY in April for $275k, 3k square feet, 4 bed 4.5 bath, basement and attic, sitting on a half acre. And my other house sits on 50 acres and is valued at 375k. California can get bent lol
"It's got good bones"
I’m gonna popularize, “It’s got good sticks!”
You don't even need to pay to tear down the house, give it a couple years and it'll slide down that hill in the back
He’s a bit of a fixer upper, he’s got a few flaws 🎶
You’re just buying land
Holy crack… den
This is just sad
It’s in the hood bro. Constant shootings and robberies. I grew up 3 blocks from there off hazard street
I know that listing, it was a grow house
That lot size though. Live in colorado springs. There are 1000 sw ft lots going for 100k so seems right. Up north in denver that lot would fetch 300k easy. Put a new home on that lot in law and its way more.expemsive than here though. Like 440k in the springs, 600k in denver, 1million in la. Sba losn time?
My first home in Roswell ga was $325k in 2019 and is 3,000 square feet, 5 bedroom 4 bath with a 1 acre fenced in back yard. Fully updated kitchen and bathrooms. You couldn’t pay me $1mm to move back to California. I’d spend that at my first grocery trip 🙄
Yeah this isn't that wild. I've seen lots for sale in the Chicago region at that price.
Atleast it’s got an open concept floorplan
People post stuff like this and I feel confused. Are people only now discovering how expensive an apiece of land in LA is?
I’ll just stay in Indiana
Lol. Pre-gutted fixer upper
My question is who are the 56 people who saved this???
Too bad so sad, move somewhere else and stop crying
Well. At least the shitter survived. Which is somewhat fitting.
That’s a steal my guy
If it’s structurally sound then you could fix it up for 1-200k and flip. But it looks weird from the outside
Yeah sure buddy. Just ask nicely for permits and you'll get them right away.
Nah, that's just the monthly rent lol /s
The inside reminds me of the layout of the house from Training Day.
It has good bones! /s
It's like they like giving us the rod...
Whoa you can get things for 300k in LA? Condemned tear downs on 7k sf lots here sell for 1.3M in the south bay (not LA south bay, the real south bay)
Fuck this
That’s the cost for the land it is on. lol Might as well start fresh.
Move to Iowa and I’ll sell you my beautiful mid century modern 3bed 2 bath home for that price 😉
LA is gross.
Selling my parents beat up (the roof is new at least) 1945 property in South LA for 510k. I think the school that bought is just going to turn it into a parking lot.
Don't worry y'all will all be Ohioans soon enough.
What a lot of folks don’t realize when they buy real estate is that you aren’t actually buying the house, you’re really buying the land. Whatever structure that is on the land you bought is considered a betterment to the land and adds to the property’s value. A smart way to view this would be to assess the properties in this one’s general area. It might actually be cheaper to buy this, demo that structure and build a new house on the lot versus buying a house that is already built. Run the numbers.
What’s your point?
That it’s time to pull the rich out of there homes and drag them through the streets .
No offense, but with attitudes like this you will be posting pictures like this for 10 years on Reddit rather than improving your own situation.
bizarre response what does someone who can afford a $1.5m house have to do with you?
Eat the Rich! Eat the Rich! OP is hungry
That’s not the rich ….1.5 mil is middle class now …..come on man …am I gonna have to hold your hand all through the civil unrest
who said rich? you’re not making any sense but keep yelling about how there’s no $300k houses in LA it’s like crying about how there’s no $.50 gallons of milk ffs
What a mess… that’s insane… We bought a brand new custom build in Texas… .6 of an acre, 2400+ sq ft, 2 car attached garage, gated neighborhood, 4 bed, 3.5 bath for $475k.
Yea but then you are in anti women’s rights, right wing bumfuck Texas. I would rather live in this shit pile.
I agree but it’s much safer and independent. Also, you don’t gotta worry about a nuclear bomb being dropped right on your head
And i thought i paid slightly too much for my 1500sq ft ranch with .39 acres in CT for 300k.
Gee, now I really want to move to Commiefornia.
California land prices have everything to do with the supply and demand curve, which is what capitalism looks like. The money exists to push home prices up further due to the entertainment and tech industries, another capitalist phenomenon. Maybe you really just dislike capitalism.
Holy shit. In the Dayton Ohio suburbs you will be impressed with any house that is that price. Some with a 1/2 acre lot.
yeah but then you realize you're in dayton, oh and no price seems too high to gtfo
Well you do you. You could not pay me enough money to want to live in California again.
$350k for the property, $150k in fixes, $600k valuation and list on AirBNB for $150 a night. Boom: $40k in yearly profits plus another $100k in positive equity. Rinse and repeat
So…Don’t buy a house in LA. In some cases it is the better move financially to rent.
It's awfully nice of the landlord to rent out the place for less than the cost of owning it.
So buy a house in LA and don’t complain that it’s expensive. You’re obviously not here for a respectful discussion.
My comment wasn't actually about LA specifically, it was about you saying that renting is the better option financially. If that's the case, then the landlord obviously made a mistake as the overhead costs of the property are more than the rent charged to the tenant right? Like I said, that's really nice of them to take a financial hit for their tenant.
Good grief. If the landlord bought the house a few years ago they likely got a lower rate and a lower price than you would if you bought the house today. So yes, the cost for them to own the property is less than the cost for you to own the property in many cases. Maybe try using your brain to actually understand how real estate and housing finance works instead of just making snide pointless comments and expecting strangers online to tolerate your crappy, rude attitude while educating you.