California is getting out of control?

[Pyro]

Since moving out of California to Reno NV, I've noticed a lot of other Californians doing the same thing. I sold my tiny house in Southern Cali and bought one twice the size in the Reno/Tahoe area for the same price. Now, a buddy is moving near me who also lived in So. Cal. and I found out that home prices went up even more in the last few months. Why do Californians insist on paying so much to live there? Do they love traffic that much? Do they love smog that much? What is it? Jobs? Whatever it is, I think they are starting to catch on because now they are driving housing prices through the roof in Nevada....good for me I guess! Is it just me or is this happening all over California?

Let's hear it Californians!! What are you guys paying for houses nowadays? To give Californians a point of reference, I went house shopping with my buddy and we looked at 3500-4500 sq. ft. houses (mansions) on 2+ acres with gorgous views of the Sierra Nevada Mountains and Reno that are roughly 20 miles to Lake Tahoe with prices under $700K. BTW, he's 36 and paying cash because he's selling his 1970's house in So. Cali. with extra $$ to spare. Not a Doctor, Lawyer, or Stock Broker....just an average Joe like you and me.

 

[LBguy]

I hear ya. Prices are outrageous. I live with my parents in a house they bought in 1984 here in Long Beach, CA. I dunno what I'm going to do when looking for houses. I'll probably end up moving somewhere else though . . . .

 

[griffined]

I think a lot of folks won't admit to living in a place with problems, or buying the wrong car, or making a bad deal on eBay because of pride issues. They constantly convince themselves that they are right and won't hear anything else. When the day comes that they choose to live somewhere else, buy another car, or what ever, you will hear how awesome the new thing is, and not a peep about past history. Ego?

Another thing that kills me is when folks are so sure that where they live is the best, but when you ask them where else they have lived, often it's no where, or one other place.

There's no substitute for travelling around with an open mind and seeing lots of stuff before making up your mind. One of the TV stations in SF used to always mention "Living in the best place on earth" in their ads, and it always struck me as being very self serving. Like the comic or band that says "insert name of town they are in" has the best crowds!

Just my 2 cents. I'm sure the Cali > * group will join in any minute.

Ed

 

[UCBeau]

Yes Cali is getting out of control.

Too many people moving in, demanding housing, and willing to pay the higher prices for houses. Development is running rampant, and I think things will only get worse.

 

[Pyro]

If you ever wondered how people can get paid $500K+/year, it's because they NEED TO if they want to buy a house in Cali. If you live in Michigan and get a job...say...in San Diego, they need to double your salary just so you can maintain a similar lifestyle.

 

[UCBeau]

exactly.
here, making a lot of money is a necessity, and consequently, people have to focus a lot of their energies on making enough just to survive.

 

[HIErPwRd]

lived in SD my whole life (north county actually)

it'll be another year/year and a half till i'll be able to buy a place of my own, but im pretty confident that if your making $75 grand a year and youve got established credit you can still afford a mortgage on a pretty nice place (if you dont mind living a few miles from the beach)..


woah.. $500grand a year to make it out here?!?!
my pops bought a new 4200 sf home in Carlsbad (like 7 miles from the beach) 24 months ago for $660k, put about $75k into it, the two years passed (capital gains) and it sold for $1.15m...

quite a turnaround...


i really cant see prices going up anymore...
a ton**** of new homes being built, especially in north county (south carlsbad/san marcos)...

i think the timeframe my dad found himself in will be just about the most profitable...


but yeah it is most defiantely getting out of control...

moving out to north carolina in two weeks, but ive got my mind set on moving back to so cal in a year or two....

'theres no place like cali'


:coolman:

 

[Pyro]

Originally posted by jUsTAtHRee8
lived in SD my whole life (north county actually)

it'll be another year/year and a half till i'll be able to buy a place of my own, but im pretty confident that if your making $75 grand a year and youve got established credit you can still afford a mortgage on a pretty nice place (if you dont mind living a few miles from the beach)..


woah.. $500grand a year to make it out here?!?!
my pops bought a new 4200 sf home in Carlsbad (like 7 miles from the beach) 24 months ago for $660k, put about $75k into it, the two years passed (capital gains) and it sold for $1.15m...

quite a turnaround...


i really cant see prices going up anymore...
a ton**** of new homes being built, especially in north county (south carlsbad/san marcos)...

i think the timeframe my dad found himself in will be just about the most profitable...


but yeah it is most defiantely getting out of control...

moving out to north carolina in two weeks, but ive got my mind set on moving back to so cal in a year or two....

'theres no place like cali'


:coolman:

Wow man, when was the last time you were house shopping in San Diego? 75K/year will not get you much in San Diego even with good credit let alone near the beach. Furthermore, $600+K WILL NOT get you a 4200 sq. ft. home in SD near the beach. 2 years ago MAYBE and 1.15M is a good deal for that size home near the beach. I sincerely wish you luck if you plan on moving back to San Diego to buy a nice home within 10 miles from the beach making $75K/ year. A condo w/ absolutely no debt maybe but that's it.

 

[maddrabitt]

damn, ive got a 977 square foot home in oceanside that I can see water but not the beach from my roof. paid 109 grand 7 years ago, now its worth 330 grand. cant really move away though, i just got a job as a nuclear plant operator in san clemente, and when my apprenticship is up in a year and a half I'll be making 120 grand a year. maybe then I can afford to move into a house that isnt older than my parents. And I refuse to move inland, so I guess Im gonna be just like every other stiff paying way to much to live in Carlsbad or Encinitas

 

[ezernut9mm]

you guys are freekin crazy! LOL! and isn't the rampant spreading of californians to neighboring states called californication? he, he!

 

[Zinc03Cobra]

california isn't out of control.. It's my home, and I love it.

 

[xxxzach]

its all the bastards that want to live in CA that are making the prices get so crazy.

 

[2004 Culebra]

It may be out of control to some, to others it is simply an accomplishment and goal to live in California.

Just like our cars or any other luxury in life. It may be expensive but if you want it you are going to pay for it...

 

[HIErPwRd]

pyro-

check this out...

if youre pulling in $75k/year, and you figure to put 40% of your income towards a mortgage payment your looking at around $2400 per month, right?
that would put you in the $325,000- $375,000 market...

your right, with the cost of real estate right now, your not going to be able to get much more than a townhouse/condo..

and to be honest, the last time i looked into it, $350 grand got you alot more than what i just saw on the MLS....

but im confident that if i had a loan for $350k, i could find a new home in Temecula, 2200-3000 sf.
100 days a year+ of 90 degree+ heat isnt all to inviting to me...
but check this out..
beautiful planned community..

www.harveston.com

anyways 445 days ago my dad bought this house new for $650k, $75k later, he sold it for $1.15m.

were not on the beach by anymeans, just about 5 or 6 miles from the beach (alga/melrose/palomar airport)...





theres all kinds of new development being built, san elijo hills, bressy ranch (palomar airport) la costa oaks (new rancho santa fe) poinsettia cove (just east of the 5)...

another 3,6, or 12 months the supply is going to be that much greater, prices will drop...
theyve got to..

i dont see prices going much higher, hope to GOd they level off, maybe drop a little in the next year or two....

http://helpusellrealty.com/Listings/ListingResults.aspx?QF1=City&QV1=Carlsbad&QC1=0&QA1=0&QI1=0

really proud of this house, ive put alot into it, and im glad my dad was able to get such a great return on his investment (retirement)

im by no means an expert on real estate, but i have put quite a bit of time/effort into understanding how things work, how the market came to be, and where it will be going..
ive never bought a home, i have a car to sell before i have my cobra, im basically a 24 year old kid with no degree, alot of ambition and a great deal of hope...


peace and respect to all of you makin it, providing well for your families and still rolling svt's...


well see how it goes down....

 

[Masstang]

Southern Cal is not the only place with out of control real estate prices.Check the cost of living against living in Boston,NYC,Washington D.C.,Miami,try to find anything decent near the water and you will probably be paying more than you are in Southern Cal.In those places you have to compete with old money along with all of the new up in comers buying homes,trust me it sucks,trying to live anywhere that it is desirable.

 

[LBguy]

supply and demand

 

[gyacopetti]

Originally posted by Zinc03Cobra
california isn't out of control.. It's my home, and I love it.

Nor Cal isnt that bad yet!!

 

[I.V. Bolt.]

How can so.cal people afford housing here? I think its called an interest loan. You first pay off the interest, and then you start on the principal, so your payment is lower. I myself bought my house right on time, got it for $148,000 about 18 months ago. Now the same house is going for close to $220,000. I wish I could lift it up and move it to SD, I could sell it for over $400,000 easy.

 

[bunk22]

It's outrageous out here in San Diego. I closed on my house almost 2 months ago and according to my realestate agent, my house would probably sell for about $30k more than when I bought it. I paid $595,000 for mine and my neighbor 4 houses down is in escrow with his home, selling for $689,000. It is only 200sqft larger. My house is only 2000 sqft by the way. It also doesn't take $500K to make it out here if you have good credit and not in a whole lot of debt. I'm a military pilot on the bonus making over $100K a year, not exactly a wealthy man so I just have to be careful with my money. I outright own 2 of my cars, have no credit card debt, so I was able to afford a little more in house payments but still had to use an interest only loan. Works out since I will only be here for 3 years. Still doesn't go as far as it would where I just moved from, Chesapeake, Virginia. Cost of living was much lower out there. Just don't get the awesome So Cal weather that I love so much. Well that and the quality girls walking the PB area :rockon:

 

[USAOwnz]

Isn't that bad here in the Central Coast.