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Westside Rentals is a great source. You might also want to check the Argonaut, a local Westside paper that has rental listings.

http://www.argonautnewspaper.com/classifieds/

Oh, and welcome to LA. I’ve been here for two months (job relocation) and I absolutely must say it’s the worst the city I have ever lived in. Traffic is horrible, rent is so high for so little, utilities are outrageous, and the city has no culture.

Welcome! 🙂

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“Wow 20-40%! That is truly insightful.”

I’m surprised at the sarcasm. You seem like a fairly upstanding dude. My mistake.

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“Wow 20-40%! That is truly insightful.”

I’m surprised at the sarcasm. You seem like a fairly upstanding dude. My mistake.

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I believe 20-40% is realistic. Not by year’s end, but a year from now.

It’s all about the ability of the common Joe to get access to money. Cut off that access, restrict the flow, and prices will plumet. There was an unprecidented euphoria on the way up, there will be some sort of panic phase on the way down.

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I believe 20-40% is realistic. Not by year’s end, but a year from now.

It’s all about the ability of the common Joe to get access to money. Cut off that access, restrict the flow, and prices will plumet. There was an unprecidented euphoria on the way up, there will be some sort of panic phase on the way down.

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Just be glad you’re not living in L.A. I sold my house and was looking for a place to rent in Westchester, just north of LAX. All the rental homes are priced over $3k a month. In fact, we looked at one property that was thrashed by three college students, and the slum lord who owned it was bemoaning the fact that he couldn’t get quality renters.

Hello?

The place had no gardener and was overgrown with weeds, the exterior paint was chipped and peeling, there was no threshold under the front door, and the washing machine run off hose was sticking out the kitchen window (all stuff that’s his responsibility!). He wanted $3k a month for this three bedroom shanty shack.

Incredulously, there were three college girls waiting outside to give him a deposit on the place. He rented it that week.

With the lack of parks, terrible public transit, bottlenecked traffic, and outrageous rents, LA seriously sucks. Once my lease is up on the house I’m renting I’m outta’ this friggin place.

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Just be glad you’re not living in L.A. I sold my house and was looking for a place to rent in Westchester, just north of LAX. All the rental homes are priced over $3k a month. In fact, we looked at one property that was thrashed by three college students, and the slum lord who owned it was bemoaning the fact that he couldn’t get quality renters.

Hello?

The place had no gardener and was overgrown with weeds, the exterior paint was chipped and peeling, there was no threshold under the front door, and the washing machine run off hose was sticking out the kitchen window (all stuff that’s his responsibility!). He wanted $3k a month for this three bedroom shanty shack.

Incredulously, there were three college girls waiting outside to give him a deposit on the place. He rented it that week.

With the lack of parks, terrible public transit, bottlenecked traffic, and outrageous rents, LA seriously sucks. Once my lease is up on the house I’m renting I’m outta’ this friggin place.

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I’ve always wondered why it’s called “common” sense when the majority of people seem to lack it.

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I’ve always wondered why it’s called “common” sense when the majority of people seem to lack it.

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So the median price in the desirable parts of LA county is going up, eh?

Maybe, but how about Lakewood, a solidly middle class city just north of Long Beach? I’ve been following this home at 5325 E. Autry, 90712 (please very this on Zip Reality if you wish). It is a 2 bed, one bath 815 sq foot “cottage” that has NOT been upgraded. A home like this was selling for about $540k at the peak in 2005 (holy crow!). Anyhow, this home was put on sale in early April at a “2005 price” of $539 K.

Price History: $539 K initial listing
4/16 – reduced to $ 509K
6/1 – reduced to $ 493K
6/4 – reduced to $480K

The exact same house up the street at 5729 Auty 90712 is listed at $469K. The wording in the realtor notes indicates this home may be a bank sale. I’m not sure.

At any rate there has been a 13% drop ($539K to $469K) in the listing price for a low end Lakewood home this year already, and these homes are still not selling. And even if these homes do sell, it will be for less than what they’re asking — I’m guessing at least a 15% haircut is involved here if they make a sale now.

In my humblest of opinions, a 15% price drop sounds like a crash.

I think paying $540K for a 2 bed/1 bath cracker box in Lakewood is outrageous. $469K is still outrageous. These are the exact type of homes that an early career teacher or fire fighter should be able to afford. They cannot and this is why the market still needs to correct further… alot further, IMHO.

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So the median price in the desirable parts of LA county is going up, eh?

Maybe, but how about Lakewood, a solidly middle class city just north of Long Beach? I’ve been following this home at 5325 E. Autry, 90712 (please very this on Zip Reality if you wish). It is a 2 bed, one bath 815 sq foot “cottage” that has NOT been upgraded. A home like this was selling for about $540k at the peak in 2005 (holy crow!). Anyhow, this home was put on sale in early April at a “2005 price” of $539 K.

Price History: $539 K initial listing
4/16 – reduced to $ 509K
6/1 – reduced to $ 493K
6/4 – reduced to $480K

The exact same house up the street at 5729 Auty 90712 is listed at $469K. The wording in the realtor notes indicates this home may be a bank sale. I’m not sure.

At any rate there has been a 13% drop ($539K to $469K) in the listing price for a low end Lakewood home this year already, and these homes are still not selling. And even if these homes do sell, it will be for less than what they’re asking — I’m guessing at least a 15% haircut is involved here if they make a sale now.

In my humblest of opinions, a 15% price drop sounds like a crash.

I think paying $540K for a 2 bed/1 bath cracker box in Lakewood is outrageous. $469K is still outrageous. These are the exact type of homes that an early career teacher or fire fighter should be able to afford. They cannot and this is why the market still needs to correct further… alot further, IMHO.

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Good point about the billions upon billions wasted in the failed inner city public schools.

But what about those highly successful public schools in the more affluent areas? You know, those neighborhoods where home prices are at a premium because everyone wants their children to attend a “good” school. Those are public schools too.

How can the same public school system produce such varied schools? Perhaps, and I’m just supposing here, it’s not the school system, but the stratification of American society. Perhaps education, and the value thereof, starts in the home. Perhaps America, unlike most Western countries to which it is compared, has the enormous task of educating the children of a huge non-native speaking, non-tax contributing, third world immigrant population.

Perhaps, and again this is just a guess on my part, if one just looked at the public schools in middle and upper class neighborhoods, America’s public school system would rival that of any nation. In fact our very public university system is already the best in the world. How can we have the best public university system in the world, but the worst public secondary system in the world?

Maybe there’s nothing wrong with public schools. Maybe they just reflect back what is wrong with society.

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Good point about the billions upon billions wasted in the failed inner city public schools.

But what about those highly successful public schools in the more affluent areas? You know, those neighborhoods where home prices are at a premium because everyone wants their children to attend a “good” school. Those are public schools too.

How can the same public school system produce such varied schools? Perhaps, and I’m just supposing here, it’s not the school system, but the stratification of American society. Perhaps education, and the value thereof, starts in the home. Perhaps America, unlike most Western countries to which it is compared, has the enormous task of educating the children of a huge non-native speaking, non-tax contributing, third world immigrant population.

Perhaps, and again this is just a guess on my part, if one just looked at the public schools in middle and upper class neighborhoods, America’s public school system would rival that of any nation. In fact our very public university system is already the best in the world. How can we have the best public university system in the world, but the worst public secondary system in the world?

Maybe there’s nothing wrong with public schools. Maybe they just reflect back what is wrong with society.

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I think it all depends on the lenders.

For example, because of rumblings from the sub-prime market during the past couple of months, lenders have recently put the screws on 100% financing. What will happen once the bulk of foreclosures hit later this year and into next? Lenders could really tighten up standards in response. Furthermore, if investors are not willing to take on the risk of packaged mortgages, this could further push lenders back to the lending standards of yesteryear (20% down anyone?)

A change in lending standards could seriously dry up the pool of buyers and crash the market quickly as REOs and those who must sell race to the bottom to attract a shrunken pool of buyers. At least that’s a scenario I could see play out.

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I think it all depends on the lenders.

For example, because of rumblings from the sub-prime market during the past couple of months, lenders have recently put the screws on 100% financing. What will happen once the bulk of foreclosures hit later this year and into next? Lenders could really tighten up standards in response. Furthermore, if investors are not willing to take on the risk of packaged mortgages, this could further push lenders back to the lending standards of yesteryear (20% down anyone?)

A change in lending standards could seriously dry up the pool of buyers and crash the market quickly as REOs and those who must sell race to the bottom to attract a shrunken pool of buyers. At least that’s a scenario I could see play out.

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