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The main reason most tract homes have no basements in places like CA and FL is because they aren’t necessary, and it’s cheaper for the builders, because they aren’t required. Per:

“Basements in the United States have largely been a Midwestern or Eastern concept, and for good reason. Where it freezes in the winter, the land contracts and expands and will literally heave the foundation of a house up. Builders in those areas have to take the foundation well below the 4-foot frost line level to anchor it.”

That said, basements have been a huge trend in custom homes in CA for about the last 15 years or so. We’ve done lots of remodels on various properties but not teardowns. Friends who have done teardowns over the past several years have added basements, and it’s extremely popular in the Bay Area to do so.

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Per the info below, it’s easy to see why at least 80% of the population on both sides of the political aisle may have financial concerns about their future.

Since these issues are excellent barometers wrt to the direction things are going in this country, it will be very interesting to watch if and when these numbers change under this administration and in the future.

http://www.latimes.com/business/hiltzik/la-fi-hiltzik-ft-graphic-20160320-snap-htmlstory.html

http://money.cnn.com/2016/08/18/pf/wealth-inequality/

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[quote=FlyerInHi]Malibu sounds nice. Lucky you. I’ve been wanting to move North to LA but my family is here.[/quote]

Understand FIH. Fortunately, it’s only a short trip up there for you whenever you choose to go.

Most of our family is still here also, and that’s why this will always be home base, but since the kids have been out on their own in other CA locations, we’ve been exploring other options.

Malibu works out well for my wife with her LA connections, and we do enjoy the lifestyle.

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Tried the one at South Coast and loved it. Good to know about the new one, and glad to see so much going on at UTC.

We’re always trying new restaurants, and since we’re living in Malibu part time now, we’ve found some great spots there, so in case you take a drive up the coast:

https://www.zagat.com/b/los-angeles/15-restaurants-worth-the-drive-to-malibu#1

Also add Ollo to that list. Great farm-to-table, etc.

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Great to see this.

Having friends in just about every country, our families have enjoyed spending extended periods of time all over the world for many years. It’s a great way to really immerse yourself in the culture and appreciate what each country has to offer.

Life is wonderful–enjoy!

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Agree the most desirable parts of CA are fast becoming out of reach for
many–including young people who were raised here.

One motivating force wrt to some families we have known who have relocated to less expensive locales has revolved around the fact that their children, although well positioned from an educational perspective, etc., could no longer achieve the level of success they desired as far as jobs, housing, etc. (the whole package) in CA, so it’s clear this issue can affect families across all economic strata.

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We’ve been in and out of cre over the years, and currently are out of all commercial other than our multifamily/suburban/mixed use holdings, so (not giving advice) but you might want to consider those options, Esco.

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Cash buyers definitely have the best chance of getting what they want at the best price, so you’re definitely on the right track.

The market is much more more competitive now than when we purchased most of our coastal and other properties, so you have to be ready to move fast.

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Understand, flu. We’ve never invested in any properties–coastal or other–beyond what we felt was reasonable at the time, and never really imagined prices for these type of properties would explode as they have.

What’s going on today wrt the acquisition of “trophy homes” at any cost is definitely a phenomenon unlike anything we’ve ever seen.

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I know you kids are too young to remember this (I’m in my 50’s) but there were homes in Del Mar that went for the $300’s as recently as the 90’s and are now going for $1.8+.

That’s why it’s unlikely that those who bought during those years and prior will have any problem keeping their homes, or being affected by a crash when it comes to coastal properties.

Still, there might be some hope in picking something up from those who came in later and are in over their heads–should the economy really take a dive again, but even then, there will always be competition for these type of properties.

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[quote=mixxalot]My hope and dream would be the burst of the bubble here in southern California and San Diego real estate prices to drop at least 30-40% then I can buy that nice coastal place for under a million bucks instead of letting it sit in bank with no growth.[/quote]

From my experience wrt the properties we own, as well as those of people we know, I just don’t see that type of drop being probable in the near future–but you never know.

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Here’s another good article on wealth inequality. Hope everyone is briefing their kids wrt these realities–and as flu just said–marry well+ in the end, you can’t take it with you anyway, but you can pass it along to make sure your family also enjoys their time on earth.

http://money.cnn.com/2016/08/18/pf/wealth-inequality/

Enjoy it while you can. . .

http://www.npr.org/sections/health-shots/2016/12/08/504667607/life-expectancy-in-u-s-drops-for-first-time-in-decades-report-finds

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Although we’ve always preferred Armani jeans and in general, for many reasons, we decided to go with US brand jeans a few years ago, before it became a political thing.

These 8 American Jeans Brands Make Denim In The USA

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[quote=flu][quote=AN][quote=FlyerInHi]I agree, zk. Trumpismo is pretty much the beginning of the end of american exceptionalism which is ironic because Trumpistas voted for America First.[/quote]Total BS. American Exceptionalism can’t be killed by one man. That’s the same BS that the right wing nut job have been peddling for the last 8 years.

Here’s my prediction…
– Housing: more expensive
– Income: higher
– Rent: higher
– Stock: higher
– Inflation: higher
– Labor participation: higher
– Standard of living: better than it is today[/quote]

I think I would agree with you except I would add the one thing. The wealth gap is gonna get a lot wider too. Note to self. Don’t fall down, or you are going to get left behind.[/quote]

I have no political axe to grind, but I do agree that the stats clearly reveal that wealth gap will continue grow, affecting far more Americans than just the so-called “deplorables” or “Trumpistas” as the charts in this article illustrate:

https://www.washingtonpost.com/news/wonk/wp/2015/05/21/the-top-10-of-americans-own-76-of-the-stuff-and-its-dragging-our-economy-down/?utm_term=.506a07e653dd

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Good points. We concentrated on acquiring land as well as SFH investment properties for years, then diversified as other opportunities presented themselves. As you mentioned, it will be interesting to see how socioeconomic trends affect the housing market going forward.

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