Comments on: Real Homes of Genius – Culver City 900 square foot home with three mortgages up to $572,000. A few places down, a 800 square foot home is selling for $500,000. L.A. cities still in housing bubbles.

By: uburoisc

uburoisc — Wed, 12 May 2010 03:31:55 +0000

Just to let everyone know some going rates, I’m up in San Jose, and I just landed a lovely 1400sq/ft condo townhouse 2 bedroom, 2.5 bath, covered parking large walk-in storage, with pool and jacuzzi, clubhouse, washer dryer inside, fireplace, and a huge outdoor porch. Price? $1500 month. In Sunnyvale on a golf course, very nice neighborhood, all residential homes nearby. They bought in 82, long since paid for, now they just need good people to take care of the place. Another pre-bubble find. So why in the hell would I buy anything around here? 750k chicken-shacks in Campbell make me laugh my ass off.

By: Dfresh

Dfresh — Wed, 12 May 2010 01:53:51 +0000

$1 trillion to rescure Greece? Have we lost our senses of how much money is being printed in order to patch the unprecedented debt loads facing many global economies? The hypothesis is that by monetizing the loan obligations that we’ll all grow out of these debts and deficits. Combine that with 0% rates everywhere, which is adding fuel to the fire of the game of chasing assets (equities, commodities, etc.) because govt T-bills pays nothing.

Unprecedented global liquidity is one additional factor that will continue to support RHG’s in “desirable” neighborhoods like Culver City.

By: Eddie from Estacada

Eddie from Estacada — Wed, 12 May 2010 00:12:45 +0000

Wage decline may be real in the private sector, but not in the government sector.
There are many, many federal, state, and city employees making $200,000. to $400,000. per year (One State employee in California makes over $1,000,000.)
If you make $300,000.per year, and do not have to save for retirement
(your retirement will be over $100k per year), you can easliy afford to drop
$1,000,000. for a house. In many cities in Calif., over half of all employees make at least $100,000.

By: Devon

Devon — Tue, 11 May 2010 20:49:17 +0000

I’m glad you posted this, as I had been thinking there must be someone from outside Southern California that can point out the sheer astronomically ridiculous nature of our local housing market.

$50K?

In SoCal that’ll get you a cardboard appliance box in an alley.

And I’m talking a dishwasher.

By: Bob

Bob — Tue, 11 May 2010 08:17:58 +0000

Foolio, look on Westsiderentals.com.

There are 3bd/2ba houses with front and back yard for rent in the 2500-3000/mo range in Culver City, Westchester, Mar Vista, and West LA. Nice places too with remodled kitchens and bathrooms.

If you are willing to live in Sherman Oaks or Encino and drive an extra 20 minutes each day, the same(sometimes with a pool can be had for $2100-2700/mo, and very close to the 405(within 6 blocks).