Monday, October 29, 2007

"Beautiful white iron gate"

For some cheap entertainment while I contemplate the BIG question of whither Westside property values, here's something that really belongs in Dr. Housing Bubble's "Real Homes of Genius." From Panorama City, a 2 bed / 2 bath house at 15213 Lorne St., asking $510K (reduced from $535K), its flier states:

"Beautiful home with a beautiful white iron gate, paved driveway [!] with R.V. access. The home is neat as a pin, with copper plumbing, a large bright living room, a lovely updated kitchen with a large breakfast area above a spacious family room with brick backed wood stove, fabulous entertainer's bar, and space for a home office. Shows like a model home. There is a 2 car attached garage [not what I see]. The yard features a covered patio with Italian tiles and lots of room for entertaining!!!"

As they say, beauty is in the eye of the beholder. This can be yours if you're willing to leave the Westside! It's a quiet street ... except for the railroad tracks three blocks south. Or there are a number of other houses in the vicinity asking in the $400s.

10 comments:

allsouledout said...

Clearly, you're missing the fact that you could EASILY tandem park two Minis (not the new Mini Coopers, the original Minis) in that garage!

When will reality set in? Panorama avg household income = $33K/yr or $2,800/mo. At $510K, 10% down and 6.5%, PITI is approx $3,500/mo??

Oh, wait, I forgot the creative financing ...

Don said...

allsouledout, you're forgetting about the FOREIGN INVESTORS who will buy this house because the dollar is cheap!

allsouledout said...

Right, I heard Canadians (with their strong "loony") LOVE white iron fences. White picket fences are for wimps, eh?!?

Anonymous said...

That is a perfect example of a bubble -unlike the examples from the Westside-where there is a severe imbalance of jobs and housing at this point -yes despite all this gloom.

Just tell me where all the people working in Century City/Westwood/Beverly Hills/Santa Monica - should live. In the Ocean with the dolphins ? Or in Panorama City dying of pollution in the daily traffic up to 1.5 hours each way in traffic ? Do you have the statistics regarding the number of jobs vs. housing here? It will be revealing. Maybe everyone here should live in 200 square feet condos -that will fit all of them with the right price for all according to the affordability-that is how things work in other parts of the world. But this is America and there is this obscene sense of entitlement- including the leading opinions on this blog desite all of the self-righteousness. It is is amazing-everyone needs to afford a 3 bedroom single family house house near their workplace in a 10 million city :-) -after all this an an American Dream.

Yes- maybe in Panorama City that will work. Oh I forgot LA is really not a world city just a silly bunch of small towns with no public transport. This is why the price must go down here for sure.

ProblemWithCaring said...

So affordability = obscene sense of entitlement??

I heard of Compassionate Conservativism, sir, but now you are just showing off...

JBR said...

anon @ 11:41...

So what you're saying is that everyone who works on the west side wants to live there? Talking to folks I know with kids... I'm not so sure about that.

But hey, at least your attempt at sarcasm...

"Oh I forgot LA is really not a world city just a silly bunch of small towns with no public transport. This is why the price must go down here for sure."

... actually rings true. :-)

Anonymous said...

Seems everyone here hates and downgrades LA and yet hopes prices will go down to buy - very strange.

Tell me where should people
with kids live in LA when working on the Westside - With "honest" true commute < 1 hour one way - which is already being genereous-some people will not put up with it. Recently it took me 25 minutes to cover 3 miles here (yes in a car) and this is very common these days.

Just give me one example please and I will promise not to laugh.

I am all for the affordability but if the city is congested and there is no space it could be an affordable 200sq condo -why a 3 bedroom house with a lot -people are so spoiled.

Don said...

Here's the thing: Westside salaries are not high enough in general to support the housing prices on the Westside. Figuring a 20% downpayment, $6.50/1K mortgage costs and 1.2% property tax, then you get PITA (assuming a house and thus A=0) of $6.20/1000. That means that for each $100,000 of housing price, you need $26,571 of income. That means that someone making low six figures can afford a $400,000 house. To get into a million dollar house, you need an income of $265,710. If you've got an income of a quarter of a million dollars, do you really want to live in a two-bedroom cottage next to the freeway?

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