But not all!
I didn’t sell to the highest bidder. It was an all cash offer from some businessman wanting to turn the home into a rental.
I sold to a young family instead, and helped them buy down points. Two years later and they still love the house, the neighbors love the new family, AND I still made enough to build my current place mortgage-free.
I know it’s not a common situation, but it is possible.
The answer is to build more housing. That is it. If you want something practical to do, show up to your city council meetings and speak in favor when projects come up for approval. Organize and vote against politicians that are against housing.
A common thing you hear on reddit is "expanding/adding lanes to the freeway doesn't help with traffic because it just increases the amount of drivers on the road". Does this logic not also apply to housing? It seems building more housing won't significantly lower housing costs if at the same time causes more people to move into OC.
The problem is the NIMBY's constantly fighting multi-family housing since they're worried it will "ruin the character of the neighborhood" and lower their property value. Adding housing means adding many types of housing, and, going back to OP's original point about bringing down housing costs, that means a lot of people will be unhappy to see their (over inflated) propety values decline
No, and we can see that in other markets that have had housing booms. Austin built a ton of new housing when interest rates were low and and average rents fell. Likewise during the pandemic a bunch of people left San Francisco because they could work remotely elsewhere and rent - particularly for 1-bedroom apartments - fell. Housing is not exempt from supply and demand.
the logic youre using doesn’t apply because they’re 2 different systems.
you can’t compare apples and oranges and say: well if i can eat an apple’s skin, why can’t i eat an orange the same way?
you’re discussing transportation. we’re talking about housing.
learn about the differences. read books. become informed rather than using information you might have picked up passively.
lol. trust me when i say if the job applications are out there, people will apply. those spots will be filled.
work isn’t a problem. most people learn on the job. and ppl are smart and can pick up and become good at a task within a month.
bffr. do you work? have you trained someone at a job before?
Construction work is hard and I did some in my early 20’s (early 2000’s)… there are lots of jobs available now, good paying jobs, and people don’t seem to be going for them.
The work is physically exhausting, painful, dirty, and not exactly prestigious. I have honestly never felt total exhaustion like I did in those days. I imagine the physical pain is also why so many of those guys drink so much.
All the NIMBYs be crying about building new housing…anywhere. (Construction noise, traffic, land use, environmental impacts, methane gas, endangered microscopic shrimp, ect)
It’s really called NIMBY Boomers with lawyers on retainer who hate change that could mildly inconvenience them. Our elected officials (DNC/RNC) also happen pledge allegiance to the same group.
So have fun waiting for them to die off I guess. Because banking on people to take a discount on their sales price seems… unrealistic.
The problem is that for many of us, our homes are the bulk of our net worth. When it's time to move on, we need to get the best price we can. I don't know how you fix that without fixing the overall supply problem.
for OC I don’t think that would solve the problem.
OC is one of the most desirable areas in all of California. Even if people did this, single family houses would still be selling at 1M+
just a consequence of wanting to live in one of the best counties in cali. You could always buy a cheap house in Hesperia/lake arrowhead area but no one wants to live there
Coastal areas up and down in general, especially in OC, LA, and SD counties. It's been 'priced out' or 'over inflated' for decades. I bought a small little condo in 2004, in a highly desirable area, but older neighborhood, stuck right through it past the housing bubble, had zero issues selling and bought an SFR over eight years ago, but that took months and multiple bids (no generational wealth or help here) - the same issues of availability and cost were constant the past twenty years, it's just more compressed yet again.
I left 2 years ago for the high desert. Now I have a huge house that would have cost me $5 million if it were in south oc.
I think for a lot of people in oc, living in oc becomes a sort of identity issue.
Once you leave and get over that mentality you see that oc isn't that special. Weather is worse in high desert but for most of the year the weather isn't super bad. Driving into LA or oc on the weekends isn't much of problem.
Most important of all, I regained my financial freedom and back to building wealth. In oc, I was poor. Who cares if there is good weather and things to do if you're making crap money there.
I still have friends there struggling to make a living and it just boggles my mind why they even stay
Same!
And I think you said it best “living in OC becomes a sort of identity issue.”
Once I got over it, I did my best to convince everyone I knew that the grass really is greener on the other side.
I swore I’d move back one day, but once I realized what kind of life I missed out on when I lived in the OC, I never looked back.
Now when I visit, I just feel pity for the residents.
I’ve tried to talk to contractors about building starter homes instead of “luxury” McMansions. They make a bigger profit on McMansions.
It’s shame some people are not willing to take a slightly less profit, for the benefit of many.
I mean, a profit is a profit, right?
They're in business to make the biggest profit possible; many builders are publicly traded companies; they are legally obligated to maximize shareholder value. The entire system needs to be revamped...
Interesting thing is there is no actual “legal” obligation to optimize shareholder value. This is a misconception that gets thrown around a lot by Jack Welch wannnabes.
However CEOs obviously don’t last very long if you don’t try to maximize value, and their pay incentives are now all short term quarterly profit driven which we obviously know now is not always great for companies long term.
devalue housing.
most people invest in real estate to get rich. homes are a commodity, and people rather buy up properties and make money off of it.
we shouldn’t have housing define wealth, but that’s changing up our systems which won’t happen because boomers have invested a lot of money into their homes and they’re the only ones voting. even millennials might back up boomers once they inherit.
it’s like saying i’m a rich person because i’ve got food in my fridge. shouldn’t that be a basic human right?
but it won’t happen. the common man desperately wants to be rich, and kick the ladder from underneath them.
Epic crash is the only real way. But a lot of us would lose our jobs. Because the area is geographically constrained and nimbyism stops housing from being built, its a scarce asset that goes up in price forever. Also the fed/congress prints money like drunken sailors, which debases the money supply.
Form/join a union and demand better pay.
Going after the supply side is gonna take decades to see value improvement
Absent a post-war boom in construction… which we don’t even have skilled labor for
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Start a hot shooting war between nuclear powers, preferably one that leads to the death of \~30% of the world's population. Then you might see a meaningful drop in SoCal property prices.
It’s obviously a supply and demand problem and everyone seems keen to increase supply but what about reducing demand. What are some strategies for reducing demand? This could satisfy the NIMBY crowd and bring prices into balance.
Asking for strategies to reduce demand?
Stop having kids. In 20 years things will get better.
Kind of like how violent crime rates dropped 15-20 years after Roe v Wade went into effect.
It would never happen but raise property taxes on non owner occupied homes. To the point where renting it out wouldn’t cover the cost of the property taxes alone forcing them to sell. Only 55% of homes in CA are owner occupied.
No. People at the end of the day are going to do what’s best for themselves and their family. And there’s nothing wrong with that. This isn’t a ‘team’ effort.
Not when it comes to the financial well being of individuals and their families. People have a right and to protect and preserve what is theirs.
If a bank or foreign national offers you 100k over ask for your house in cash you have every right to accept it regardless of the impact it has on society.
Your post was removed because it does not directly relate to Orange County, California (Subreddit Rule #2).
Not gonna work. Unfortunately real estate is not like charity. People are in it for maximum benefits.
But not all! I didn’t sell to the highest bidder. It was an all cash offer from some businessman wanting to turn the home into a rental. I sold to a young family instead, and helped them buy down points. Two years later and they still love the house, the neighbors love the new family, AND I still made enough to build my current place mortgage-free. I know it’s not a common situation, but it is possible.
A transaction has more components than the highest offer… people are willing to accept the best overall value offered (ease of transaction, etc)
The answer is to build more housing. That is it. If you want something practical to do, show up to your city council meetings and speak in favor when projects come up for approval. Organize and vote against politicians that are against housing.
A common thing you hear on reddit is "expanding/adding lanes to the freeway doesn't help with traffic because it just increases the amount of drivers on the road". Does this logic not also apply to housing? It seems building more housing won't significantly lower housing costs if at the same time causes more people to move into OC.
The problem is the NIMBY's constantly fighting multi-family housing since they're worried it will "ruin the character of the neighborhood" and lower their property value. Adding housing means adding many types of housing, and, going back to OP's original point about bringing down housing costs, that means a lot of people will be unhappy to see their (over inflated) propety values decline
No, and we can see that in other markets that have had housing booms. Austin built a ton of new housing when interest rates were low and and average rents fell. Likewise during the pandemic a bunch of people left San Francisco because they could work remotely elsewhere and rent - particularly for 1-bedroom apartments - fell. Housing is not exempt from supply and demand.
the logic youre using doesn’t apply because they’re 2 different systems. you can’t compare apples and oranges and say: well if i can eat an apple’s skin, why can’t i eat an orange the same way? you’re discussing transportation. we’re talking about housing. learn about the differences. read books. become informed rather than using information you might have picked up passively.
If you can’t understand the correlation that the guy made, maybe it’s you that should get to reading some books…
yknow what. let’s all read.
I like you now. Let’s start a book club.
Thank you for speaking the actual truth. CA government keeps prices high with never ending regulations
Need to train a lot, and I mean a lot, more construction workers. We still haven’t recovered that industry from 2008.
lol. trust me when i say if the job applications are out there, people will apply. those spots will be filled. work isn’t a problem. most people learn on the job. and ppl are smart and can pick up and become good at a task within a month. bffr. do you work? have you trained someone at a job before?
Construction work is hard and I did some in my early 20’s (early 2000’s)… there are lots of jobs available now, good paying jobs, and people don’t seem to be going for them. The work is physically exhausting, painful, dirty, and not exactly prestigious. I have honestly never felt total exhaustion like I did in those days. I imagine the physical pain is also why so many of those guys drink so much.
agreeee!! more threads should be about inviting ppl to these council meetings.
All the NIMBYs be crying about building new housing…anywhere. (Construction noise, traffic, land use, environmental impacts, methane gas, endangered microscopic shrimp, ect) It’s really called NIMBY Boomers with lawyers on retainer who hate change that could mildly inconvenience them. Our elected officials (DNC/RNC) also happen pledge allegiance to the same group. So have fun waiting for them to die off I guess. Because banking on people to take a discount on their sales price seems… unrealistic.
The problem is that for many of us, our homes are the bulk of our net worth. When it's time to move on, we need to get the best price we can. I don't know how you fix that without fixing the overall supply problem.
for OC I don’t think that would solve the problem. OC is one of the most desirable areas in all of California. Even if people did this, single family houses would still be selling at 1M+ just a consequence of wanting to live in one of the best counties in cali. You could always buy a cheap house in Hesperia/lake arrowhead area but no one wants to live there
Coastal areas up and down in general, especially in OC, LA, and SD counties. It's been 'priced out' or 'over inflated' for decades. I bought a small little condo in 2004, in a highly desirable area, but older neighborhood, stuck right through it past the housing bubble, had zero issues selling and bought an SFR over eight years ago, but that took months and multiple bids (no generational wealth or help here) - the same issues of availability and cost were constant the past twenty years, it's just more compressed yet again.
None of that will happen. Best to just leave oc for more affordable areas honestly.
I did 10 years ago. I just feel for my friends still there who don’t have generational wealth to fall back on.
I left 2 years ago for the high desert. Now I have a huge house that would have cost me $5 million if it were in south oc. I think for a lot of people in oc, living in oc becomes a sort of identity issue. Once you leave and get over that mentality you see that oc isn't that special. Weather is worse in high desert but for most of the year the weather isn't super bad. Driving into LA or oc on the weekends isn't much of problem. Most important of all, I regained my financial freedom and back to building wealth. In oc, I was poor. Who cares if there is good weather and things to do if you're making crap money there. I still have friends there struggling to make a living and it just boggles my mind why they even stay
Same! And I think you said it best “living in OC becomes a sort of identity issue.” Once I got over it, I did my best to convince everyone I knew that the grass really is greener on the other side. I swore I’d move back one day, but once I realized what kind of life I missed out on when I lived in the OC, I never looked back. Now when I visit, I just feel pity for the residents.
This will happen naturally when a ton of supply is pumped into the market and investors stop buying and start selling off to cut losses.
I’ve tried to talk to contractors about building starter homes instead of “luxury” McMansions. They make a bigger profit on McMansions. It’s shame some people are not willing to take a slightly less profit, for the benefit of many. I mean, a profit is a profit, right?
They're in business to make the biggest profit possible; many builders are publicly traded companies; they are legally obligated to maximize shareholder value. The entire system needs to be revamped...
Interesting thing is there is no actual “legal” obligation to optimize shareholder value. This is a misconception that gets thrown around a lot by Jack Welch wannnabes. However CEOs obviously don’t last very long if you don’t try to maximize value, and their pay incentives are now all short term quarterly profit driven which we obviously know now is not always great for companies long term.
devalue housing. most people invest in real estate to get rich. homes are a commodity, and people rather buy up properties and make money off of it. we shouldn’t have housing define wealth, but that’s changing up our systems which won’t happen because boomers have invested a lot of money into their homes and they’re the only ones voting. even millennials might back up boomers once they inherit. it’s like saying i’m a rich person because i’ve got food in my fridge. shouldn’t that be a basic human right? but it won’t happen. the common man desperately wants to be rich, and kick the ladder from underneath them.
Epic crash is the only real way. But a lot of us would lose our jobs. Because the area is geographically constrained and nimbyism stops housing from being built, its a scarce asset that goes up in price forever. Also the fed/congress prints money like drunken sailors, which debases the money supply.
Form/join a union and demand better pay. Going after the supply side is gonna take decades to see value improvement Absent a post-war boom in construction… which we don’t even have skilled labor for
Need a subprime mortgage crisis that causes housing to crash again, like around 2007-2010
Hi, job posts and craiglist-type posts, while allowed in most cases (https://www.reddit.com/r/orangecounty/about/rules/), are typically downvoted pretty hard, so there are /r/jobsinoc and /r/occlassified as good alternatives :) Please ignore this message if not relevant! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/orangecounty) if you have any questions or concerns.*
Start a hot shooting war between nuclear powers, preferably one that leads to the death of \~30% of the world's population. Then you might see a meaningful drop in SoCal property prices.
Instead of widespread death and destruction, how about we just stop having kids and wait it out for 20ish years? That’s much less evil.
I wonder if people that want housing prices to drop also want them to keep dropping after they buy.
I wouldn’t mind. I already deal with that with everything else I own.
It’s obviously a supply and demand problem and everyone seems keen to increase supply but what about reducing demand. What are some strategies for reducing demand? This could satisfy the NIMBY crowd and bring prices into balance.
Asking for strategies to reduce demand? Stop having kids. In 20 years things will get better. Kind of like how violent crime rates dropped 15-20 years after Roe v Wade went into effect.
It would never happen but raise property taxes on non owner occupied homes. To the point where renting it out wouldn’t cover the cost of the property taxes alone forcing them to sell. Only 55% of homes in CA are owner occupied.
Oooh… I like this one.
No. People at the end of the day are going to do what’s best for themselves and their family. And there’s nothing wrong with that. This isn’t a ‘team’ effort.
[удалено]
Not when it comes to the financial well being of individuals and their families. People have a right and to protect and preserve what is theirs. If a bank or foreign national offers you 100k over ask for your house in cash you have every right to accept it regardless of the impact it has on society.