Anyone Looking for a House?

gdr_11 · Mar 26, 2019

So I am back in Southern California for two weeks doing some work in Santa Monica. I always stay at a Marriott in El Segundo about a mile from LAX. Its a working class town on the ocean side of Pacific Coast Highway and a lot of aerospace and corporate high rises on the other side. I like it because its as close a I want to get the street scum in Venice Beach and Santa Monica where I drive each day. This area is clean, safe and lots of local places to eat.

I thought I would share with y'all the reality of Southern California real estate in a normal coastal neighborhood. Most folks here turn up their nose when you say El Segundo but its not too bad although certainly nothing to crow about.

This house is about two blocks from my hotel....800 sq ft 3 bdr - 1 bath on a postage stamp lot, built in 1943 with no upgrades for $1.15 million. Make sure you let me know if you're planning on rushing out and buying it so I can remind you that you can't get a plastic straw for your drink at a restaurant and you need to buy your plastic bags at the grocery.

https://www.zillow.com/homes/for_sa...,-118.395646,33.91393,-118.424957_rect/14_zm/

F350-6 · Mar 26, 2019

Interesting the tax assessment on Zillow says it's only about 67k and taxes are only 847 a year.

If the county charged taxes on what the current prices are, maybe california wouldn't be so broke. Or they'd be worse off because even more folks would end up homeless.

gdr_11 · Mar 26, 2019

F350-6 said:
Interesting the tax assessment on Zillow says it's only about 67k and taxes are only 847 a year.

If the county charged taxes on what the current prices are, maybe california wouldn't be so broke. Or they'd be worse off because even more folks would end up homeless.

That because the taxes were frozen 30+ years ago under Proposition 13. Original owner at the time of the law change keeps old tax rate. New owner will be taxed based on the sale price. Each time a home sale is recorded the tax valuation goes up to the exact sales price. Although average tax rate is 1% you get the picture. New owner will pay $11,000+ taxes

ZX9RCAM · Mar 26, 2019

Oh, the ad states it's only 2 bedroom.

ETA: And no AC.

AustinN4 · Mar 26, 2019

gdr_11 said:
Although average tax rate is 1% you get the picture. New owner will pay $11,000+ taxes

That is a steal! The re taxes, that is, not the house.! I pay more than that in RE taxes for a house that is less than half that much.

txinvestigator · Mar 26, 2019

I work for a company with a national profile, and I am in national accounts for a client in the aerospace and defense industry. My counterpart there is paid a considerable amount more than I, and he cannot afford as much house as I.

I was just in Palmdale earlier this month and I was shocked at how much our local employees there have to pay for housing.

deemus · Mar 27, 2019

ZX9RCAM said:
Oh, the ad states it's only 2 bedroom.

ETA: And no AC.

You only need AC for about a week. Not kidding.

gshayd · Mar 27, 2019

Visited the Seal Beach Area a few years ago for business. It is a very nice place. Then you see all the laws in effect and just shake your head.

mad88minute · Mar 27, 2019

ZX9RCAM said:
Oh, the ad states it's only 2 bedroom.

ETA: And no AC.

Youll only need an AC a few days out of the year. DAYS! It's that close to the coast and there is an onshore breeze from the cold Pacific.

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mad88minute · Mar 27, 2019

AustinN4 said:
That is a steal! The re taxes, that is, not the house.! I pay more than that in RE taxes for a house that is less than half that much.

The one thing CA has going for it is RE taxes. Most areas are 1- 1.5% and you locked in at what you paid for the home. My grandma is paying 1% on $50k when her home can sell for $700k.

Texas tax laws with CA realestate pricing wold tax the fixed Income families out of homes.

The Dems want to change that law. They demonize home owners as the rich as a lot of people rent at that RE price.
After the primary system was changed to a jungle primary in CA the dams hold super majorities in house and Senate. Only a matter of time before they do.

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txinvestigator · Mar 27, 2019

mad88minute said:
The one thing CA has going for it is RE taxes. Most areas are 1- 1.5% and you locked in at what you paid for the home. My grandma is paying 1% on $50k when her home can sell for $700k.

Texas tax laws with CA realestate pricing wold tax the fixed Income families out of homes.

The Dems want to change that law. They demonize home owners as the rich as a lot of people rent at that RE price.
After the primary system was changed to a jungle primary in CA the dams hold super majorities in house and Senate. Only a matter of time before they do.

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What is a "fixed income family" I am on salary with no overtime. My pay is fixed at the same amount every payday. I am on a fixed income too, right?

toddnjoyce · Mar 27, 2019

Not interested in relocating to CA, nor do I care about their government’s self-imposed problems or impacts to the residents there.

This is a free country, no one is forced to live anywhere.

gdr_11 · Mar 27, 2019

Just as an example of the bonuses that come from living in this area besides the weather and the beach...

Yesterday I stop in at the Starbucks in Santa Monica because, to beat the traffic, I get there about 1 1/2 hours early so I work on my laptop for an hour and Starbucks is the only place open at that time. Walk in and there is some skin head woman in the corner...typically SoCal lesbian type. While I am sitting there she starts yelling at this guy who walks in...then she goes over and gets in his face...calling him homeless, vagrant, etc. (this guy is well dressed and obviously going to work). He doesn't answer just grabs his drink and leaves with her yelling at him as he walks out. Five minutes later she leaves and I go back to work.

20 minutes later another woman walks in...starts yelling at the barista. Screaming about how Starbucks can't provide working recharge stations for her phone...going to call corporate, etc. She keeps this up for 10 minutes in a voice that would make Rosie O'Donnel cringe. Finally manager asks her to leave...she switches gears...starts screaming MF#$#% at him, then she spins around and starts screaming at a young guy sitting in the corner who was working on his laptop. Manager tells her he is calling the police...she screams more obscenities...finally, large make barista comes around counter and tells her he is going to eject her so she walks out screaming all the way.

Welcome to Southern California....and folks in East Texas ask me why I left?

mad88minute · Mar 27, 2019

txinvestigator said:
What is a "fixed income family" I am on salary with no overtime. My pay is fixed at the same amount every payday. I am on a fixed income too, right?

Well generally speaking fixed income refers to retired individuals on SS or pension payouts.

But yes many of us barely get cost of living raises. I bought a home in CA in 2015, one year later decided I was evacuating to Texas. I waited one more year to sell my home to avoid capital gains taxes.
In those 2 years my home went up $60k in value. At that rate of increase I wouldn't be able to afford my taxes pretty quickly.

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AustinN4 · Mar 27, 2019

mad88minute said:
In those 2 years my home went up $60k in value. At that rate of increase I wouldn't be able to afford my taxes pretty quickly.

If your RE taxes are capped by the purchase price as was said in another post, why would that matter?

WT_Foxtrot · Mar 27, 2019

Don't forget that CA also has among the highest state income taxes in the country averaging out at around 10% but as high as a little over 13%.

pronstar · Mar 27, 2019

Our old office was in el segundo, it’s a nice beach community that’s also pretty expensive.

The last house we rented - $2500/month - was in Lomita.
It’s was 800SF, a total gut job in a hill that was sliding, and sold for $550k.

The house needed $80k+ in engineering just to keep it from sliding down the hill, and inside was a total gut job.

This is the house:
https://www.redfin.com/CA/Lomita/18...n=copy_link&utm_nooverride=1&utm_content=link

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mad88minute · Mar 27, 2019

AustinN4 said:
If your RE taxes are capped by the purchase price as was said in another post, why would that matter?

Well I was comparing Texas property tax to CA. The point was if they reassessed 60k higher within 2 years that WOULD add up. Thankfully they didn't.

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AustinN4 · Mar 27, 2019

pronstar said:
This is the house:
https://www.redfin.com/CA/Lomita/18...n=copy_link&utm_nooverride=1&utm_content=link

Looks like a nice little house.

benenglish · Mar 27, 2019

I priced houses on Catalina Island once.

My appreciation for the beauty of the place instantly evaporated.

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