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And you're right. Venice Beach is inhabited by freaks and San
Francisco is way overrated.
--- In realtraders@xxxxxxxxxxxxxxx, "bondo92677" <bruce.larson@xxxx>
wrote:
> Are you kidding me? I lived in Southwest England (Surrey) for 10
> years. In the London suburbs, a 50 year old 1500 sq ft house with
> moldy windows and a garage that barely fits a washing machine goes
> for nearly the equivalent of $1million. The weather was so bad I
> left the country every chance I had. In fact, I just got together
> with a former Italian colleague who still lives in London, who
told
> me he flies home to Milan nearly every weekend so he can drive
> around in his BMW Z4. Gasoline costs $10/ gallon and everything
in
> the stores cost twice as much as the US. I lived about 15 miles
> outside of London and I'd be lucky to get to the City in one hour
> because of the horrendous traffic. And the trains were rarely on
> time. My wife used to complain that she couldn't buy the simplest
> things in the UK that we all take for granted here. The movie
> theaters(cinema) in England were like the little porno rooms in
> Manhattan. Don't get me started. I can go on and on with the
> horror stories.
>
> So, everything costs double what it costs here, the stores carry
no
> variety of goods, the weather is consistently miserable, and my
> school lunches tasted better than pub food. In California,
> everything costs half of what it costs in London, there are
endless
> malls and superstores which carry more than any European can even
> imagine, you're a few hours from the mountains, skiing and
beautiful
> beaches, and its always sunny. I think its rained 3 days all
year.
> This has nothing to do with status. Its a lifestyle choice.
> Everyday, I know the weather's going to be nice. We think its
> freezing when it gets below 50 degrees F (10C), and by the beach
its
> rarely above a dry 85%(34C). I can play ball with my kids, ride my
> bike or go to the beach any day of the year. I haven't worn a
> jacket, carried an umbrella or worn boots in the 4 years since I
> left London. blah, blah, blah.
>
> Back to your question. Generally, demographics and jobs drive
> housing. California adds over a half million people every year.
> And that's only the people who are accounted for. Additionally,
the
> marginal low income minority who couldn't qualify for a mortgage
10
> years ago can qualify now due to easy credit. Property taxes are
> half compared to the East coast. But when it comes down to it,
you
> just can't beat the weather. Every year when they show the Rose
> Bowl in sunny 80 degree weather on the tellie, I'm sure another
few
> thousand Yanks around the country pack their bags and load up a U-
> Haul.
>
> As for the future, as the baby boomers age, I'm sure alot of
> retirees will cash out of California and move elsewhere. You also
> have to think the infrastucture can only accomodate so many more
> people. There's a constant energy and water shortage. The low
> income worker which is a necessary component of every society can
> hardly afford to live here. Also, if home prices go up further,
> business will move out like they did in the late 80s, and the
> college grads won't choose to live here either.
>
> I lived in Tokyo in the late 80s early 90s so I saw all that
happen.
> The rental cash flow just didn't make any sense relative to home
> valuations. And sure enough home prices come down 50%. The
> Japanese had some crazy real estate capital gains laws and 3
> generation mortgages that just added to the mania. It wouldn't
> surprise me one bit if the same thing happend here. But I
guarantee
> you, the same thing will happen to UK home prices because the US
and
> UK follow the same business cycle. Home prices were down 40% from
> 1990-1994 in London just as they were in southern
> California.
>
>
>
> --- In realtraders@xxxxxxxxxxxxxxx, "magcf2003" <magcf@xxxx> wrote:
> > Mr. Ira, Bondo and all the others
> >
> > I just would like somebody to help me understand this real
estate
> > frenzy in California.
> >
> > I am not American, I am Italian and have been living in the UK
for
> > years. Last year I have been to L.A. and San Francisco. I do not
> get
> > it, PLEASE take no offence but I was not impressed. In Hollywood
> > celebs get away with it, but, on the other hand, I found Venice
an
> > uncomfortable place, although Santa Monica was better, for
> example.
> > San Francisco was allright, but nothing really spectacular
unless
> > you have never moved from your 2,000 souls' rural village. In
> Milan
> > and London - two places I am highly accustomed with - middle
class
> > have been moving away from the town in recent years, driven by
> high
> > prices and poor quality of life.
> >
> > So, please do not answer me with the supply and demand thing, I
> > would like to know in your opinion what drives demand there
(hence
> > supply).
> >
> > Thanks for all your help
> >
> > Claudio
> >
> > BTW = Anybody following currencies?
> >
> >
> >
> > --- In realtraders@xxxxxxxxxxxxxxx, "mr.ira" <mr.ira@xxxx> wrote:
> > > Just saw some new homes in Northern California, 3000 sq.ft.
> Lot
> > size, 10,000-14,000 sq.ft. No landscaping, and rock hard clay
> > soil. Located in a intermediate quality neighborhood. Starting
> > price, with no upgrades, $945,000 and 6 sold the first day.
What
> > do they say? "Location, location, location".
> > >
> > > It just doesn't figure, but it is happening.
> > >
> > >
> > >
> > > From: bondo92677
> > > To: realtraders@xxxxxxxxxxxxxxx
> > > Sent: Monday, September 13, 2004 8:00 AM
> > > Subject: Re: [RT] Real Estate
> > >
> > >
> > > That's interesting. Southern California real estate has
been
> > marked
> > > down 10-15% over the past 3 months and homes still aren't
> > moving.
> > > But that's not saying much since values have doubled over
the
> > past 3
> > > years.
> > >
> > >
> > >
> > > --- In realtraders@xxxxxxxxxxxxxxx, BobsKC <bobskc@xxxx>
wrote:
> > > > Of course, there's is nothing quite like three major
> > hurricanes in
> > > a month
> > > > to bring property values down fast. My home on Sanibel
> > Island, Fl
> > > > escalated from $290K in '98 to $550K in '03 but it's hard
to
> > say
> > > what it
> > > > may be worth right now. Also, purchasing at historical
low
> > > interest rates
> > > > runs the risk that with rising rates, real estate values
> will
> > > fall. Sort
> > > > of like being in a stock you can't sell because trading is
> > > halted ... :)
> > > >
> > > > Bob
> > > >
> > > >
> > > > At 02:39 PM 9/11/2004 -0400, you wrote:
> > > > >Well I am finally seeing it happen in real time...in the
> > > community I live.
> > > > >
> > > > >I am active in Homeowner's Association in my Myrtle
Beach,
> SC
> > > community.
> > > > >We are Lakeside and just 5 minutes from the Beach with
the
> > new
> > > roads.
> > > > >
> > > > >I saw a list of the homes owned by people from CA and WA
> and
> > it is
> > > > >growing. Apparently there is a network of over 2000
people
> > > dealing with
> > > > >select realtors who find fast growing and escalating
value
> > areas
> > > in new
> > > > >communities here and elsewhere.
> > > > >
> > > > >The out of staters are buying homes here and renting them
> for
> > > $1050 per
> > > > >month which covers mortgage and practically all expenses
> with
> > > some left
> > > > >over for repair. In speaking to one from WA, he can not
> > afford to
> > > retire
> > > > >where he lives plus he believes the escalation in value
> here
> > will
> > > give him
> > > > >a better profit than the stock market. Apparently, his
> > particular
> > > effort
> > > > >was started by a group of stock investment club women who
> are
> > > also doing
> > > > >this.
> > > > >
> > > > >It is having a negative affect on our Family community
> since
> > many
> > > renters
> > > > >are college students...away from supervision...FWIW. But
> that
> > is
> > > being
> > > > >gradually dealt with.
> > > > >
> > > > >I am thinking about doing a few properties myself. There
is
> > no
> > > let up in
> > > > >demand here.
> > > > >
> > > > >Just FYI.
> > > > >
> > > > >Sincerely,
> > > > >
> > > > >John
> > > > >
> > > > >
> > > > >
> > > > >
> > > > >
> > > > >
> > > > >Yahoo! Groups Links
> > > > >
> > > > >
> > > > >
> > > > >
> > >
> > >
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> > >
> > >
> > >
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