So, is sanity starting to return to the LA housing market? Umm, no.
Looking to get in the market when prices are still low? This is
definitely the time to get a great deal! As soon as Congress approves
the bank bailout (which will probably happen tomorrow) confidence will
return to the real estate market and prices will probably start rising
again. So what better time to become a home owner! And what better area
than Highland Park, which has held up better than many areas in LA
because it is going through such a thriving gentrification. Highland
Park is "new" Silver Lake, after all.
Take this cute bungalow, for example? If this house were in West
Hollywood or the Hollywood Hills, you would be paying $825,000 - not
$525,000, and your view wouldn't be any better for this extra $300,000.
This bungalow is not huge (about 650 sq. feet), but it feels very open
and spacious because of the view and grounds. 2 bedrooms and one bath,
hardwood floors, large backyard (perfect for dogs) and a 180 degree
view to enjoy at the end of a long day. Located on a very quiet street
too.
"Not huge"?! Then again, asking prices aren't selling prices, and given that the
realtor is peddling insane bullshit about the bailout's likely effect
on house prices, maybe this 650 sqf home in Highland Park will only go for $400,000? I guess I can only afford to move back and own a home in post-apocalypse California. Mid-apocalypse just isn't cutting it.
Price/rent ratios here in Singapore are, if anything, more out of wack than in LA. Gross rent multiplier for my home is over 400 for sure, i.e. purchase price would be more than 400 times monthly rent. Singapore is at the freezing up stage of the market now, with home sales down over the previous year but not much movement in prices. And yet forests of luxury condos rise around me in a slow-motion, glass-clad disaster. I sort of cruelly hope the people across the street run out of money before they can get started on the building proper, but I'm not holding my breath. The stage where they're driving pilings for the foundations is REALLY LOUD.
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