Ca housing crisis

[Tank]

Have people been using their homes as ATMs again I have seen LOTS of new toys this last year in the water and the desert... boats, trailers, RVs, buggies, SxS...

I don’t know if the banks are allowing that like they were in the 2000’s. Most of that is most likely just the fact the economy is booming right now.

We haven’t pulled jack out of our house since 04 and have over a mil in equity. Subsidies my retirement is the plan. Selll, cash out buy a double wide in a park on the beach here. Maybe get a place in havasu except havasu is getting crazy overbuilt too. Maybe Henderson. Who knows. ‍


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[nameisbond]

Same problem we have in British Columbia. Especially Vancouver. The bigger problem is they have reassessed home values with the rise. On my street these people bought an old small farm house on 5 acres for $195k. They just resold it with a manufactured home replacing the farm house they tore down. It sold for $1.2 million in less then a year. Now the neighbors have new million dollar reassessments on their properties. New this year $10k property tax bills from $4k. All the neighbors are old retired on fixed incomes. Problem a condo or townhouse is almost $1 million now here. So if they can't afford to live in their homes due to rising costs. They can't afford too move either. Only solution is raise interest rates so a million in the bank earns interest like the good old days.

 

[RiverDave]

Bought in 2010 at dang close to the bottom. Considering selling soon and waiting for the collapse to buy again. I'm in no rush or hurry. Buying a home right now is fucking financial suicide IMO.

How do you park the money without getting taxed on it??

 

[DrunkenSailor]

I bought in OC in 2012. We had good timing and got our house for 300k less then the top in 2007. We are 50k south of our homes 2007 peak value today.

South Orange County is insane with construction right now. The "Great" Park neighborhoods all told are going to be 9500 new homes. Baker Ranch right around the corner from the "Great" Park in Lake Forest is 2400 new homes. 3700 apartments where Wild Rivers and Verizon Amphitheatre used to be. 72 new homes in Foothill ranch at the old auto mall. 5600 homes at the Tustin Blimp Hangers. Rancho Mission Viejo is 2700 homes and based on the size of the High School they built out there they aren't done yet. Here's the satellite view of the school:

From a LA Times Article from May: http://beta.latimes.com/business/la-fi-housing-population-growth-20170501-htmlstory.html

"The state’s housing stock increased by 88,562 units, while the population rose by 334,578 residents — or one new home for every 3.78 new residents, data from the Department of Finance showed.

Developers are now adding homes, relative to population growth, at a far higher pace than in recent years. But it’s still below what experts believe would be enough to keep up with California’s growing population, which topped 39.5 million last year."

From an OC Register article from last year: http://www.ocregister.com/2016/06/11/building-crowding-urban-density-hits-orange-county/

"A review of the county’s 34 cities and its unincorporated land shows plans for a whopping 103,500 houses, condominiums and apartments, projects that are newly opened or in the pipeline. That’s nearly as many housing units as you’ll find right now in Anaheim, the county’s largest city."

The Construction for the most part is all high density. Since 2015 only a handful of developments have lots larger than a quarter acre. My wife likes the idea of these community centered neighborhoods where you have little to no yard and community gathering places. I'm not buying. I pay to live here because of the weather and the amount of family we have here. Why would I not want a back yard to enjoy that weather? Also any neighbors who I would want to hang out with are already either in my backyard or my garage. I don't want forced socialization with any of the freaks who are my neighbors. When we bought our house the first requirement was land and the second was tall fences.

 

[boatpi]

A number of articles were published about middle class residents in CA fleeing to the greater Las Vegas Valley. Makes sense to me, great values.

 

[DrunkenSailor]

A number of articles were published about middle class residents in CA fleeing to the greater Las Vegas Valley. Makes sense to me, great values.

Texas is the other big one.

 

[dribble]

I'm confused, am I Asian or Oriental? I cant keep up with this PC shit anymore LOL [emoji4][emoji13]


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Either way, according to another poster, you can buy any house you want.

 

[Englewood]

A number of articles were published about middle class residents in CA fleeing to the greater Las Vegas Valley. Makes sense to me, great values.

I'd love to do just that. i searched the other day to see what 6-700 gets you in Vegas...Holy Sh*t!!! I can live on a nice golf course, huge house, pool, etc. I'd still be close to all the things we already do as hobbies.

 

[LhcBrad]

A number of articles were published about middle class residents in CA fleeing to the greater Las Vegas Valley. Makes sense to me, great values.

Idaho is another state they are fleeing to.
I am a Real Estate Agent here in Coeur D Alene Idaho, and if anyone wants to know about our housing market l am happy to share.
www.OwnCDA.com

 

[nameisbond]

The area President Trump should have copied besides our corporate rates tax wise. Is our best write off income shelter from taxation scheme.

info: http://business.financialpost.com/personal-finance/a-secret-tax-shelter

We can also get an exemption that allows me too keep up to $1 million in capital gains in my lifetime. My parents can gift me cash unlimited tax free. I can gift them money tax free too. Same with brothers. So I can use their exemption too. So my parents and brothers are $4 million in capital gains exemptions of wealth.

Really they should turn real estate into a tax savings tool and it would be more stable for everyone.

 

[Tank]

Idaho is another state they are fleeing to.
I am a Real Estate Agent here in Coeur D Alene Idaho, and if anyone wants to know about our housing market l am happy to share.
www.OwnCDA.com

We have property on lake pend Oreille about 30 minutes north or cour d Alene and have been going to Idaho since I was a kid. Problem with living up there is the wether we like down here is only for a max of 3 months up there and the winters are freakin COOOOLD!!





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[spectras only]

A number of articles were published about middle class residents in CA fleeing to the greater Las Vegas Valley. Makes sense to me, great values.

Boatpi, how is real estate doing in Camrose? I just looked it up, population is around 18k people. That's about half of Penticton's. BTW, prop taxes are higher in Penticton compared to OK FAlls where I live. I live on semi rural Heritage Hills between OK FAlls and Penticton where most homes are on min half acre. The two homes I posted links to pay more taxes than I because of the pools and buildings value much higher. Of course taxes way higher when you live at the bottom of the hill and on waterfront.

 

[Tank]

Texas is the other big one.

I’ve never even been to Texas but have no less than 6 personal friends I k ow that have moved to Texas from southern ca and turned around and came right back within 3 years. All of them. ‍


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[boatpi]

Sine we are talking Las Vegas, let me toss this out. As many know I am invested here like others. Note property taxes on homes a bit older, or lack of.

My likes;

For central area, great area to live, private schools in area if you like;
10K lot,

In NW valley, Iron Mountain area, all new, was horse property, about 25 minutes to strip:

Tell me is a deal compared to So Cal; https://www.redfin.com/NV/Las-Vegas/6131-Donald-Nelson-Ave-89131/home/29088624

More modest: https://www.redfin.com/NV/North-Las-Vegas/4729-Catfish-Bend-Rd-89031/home/29477554

Central area, I have two houses in this area: https://www.redfin.com/NV/Las-Vegas/1909-Villa-De-Conde-Way-89102/home/29459871

https://www.redfin.com/NV/Las-Vegas/2401-Karli-Dr-89102/home/29460328

And, a place NO ONE seems to know was Chuck Berrys house, YES, Chuck, needs a lot, cash only, is a 1 mil place fixed up: https://www.redfin.com/NV/Las-Vegas/1920-Realeza-Ct-89102/home/29460028

 

[boatpi]

Been through Camorse, nice, hit it in 2016 drove from BC into Calgary for Stampede and some horse back riding in rockies. Honestly, not really a bad place on the outskirts on Vancouver, just look around make sure no trailer trash in area. . But I spill like my old place in South Canmore outside of Calgary. Yes, a commute, but it was my crash pad, just Aspen like. A special place on earth. Close to my old place on 8th Street: https://www.remax.ca/ab/south-canmore-real-estate/na-826-3rd-street-3-se-na-wp_id183439081-lst/

And on the Penticton area, I would buy a 1.5 Mil place in heartbeat and AirBB it, but wifey will never go for it. Hey, we have U.S bucks, it is a value to me.

 

[coolchange]

The area President Trump should have copied besides our corporate rates tax wise. Is our best write off income shelter from taxation scheme.

info: http://business.financialpost.com/personal-finance/a-secret-tax-shelter

We can also get an exemption that allows me too keep up to $1 million in capital gains in my lifetime. My parents can gift me cash unlimited tax free. I can gift them money tax free too. Same with brothers. So I can use their exemption too. So my parents and brothers are $4 million in capital gains exemptions of wealth.

Really they should turn real estate into a tax savings tool and it would be more stable for everyone.

What?
Is this pending, or now?
Unlimited from parent to child tax free?
I gotta have a talk....
How does this affect inheritance taxes then?

 

[Advantage 1]

There are three new developments going on in my hood of Oceanside... DR Horton, Beazer and Cornerstone. All under various stage of construction:

https://www.beazer.com/new-oceanside-homes-for-sale-CA

http://www.drhorton.com/California/San-Diego/Oceanside/Emerald-Summerset-Estates/Residence-2487

http://www.cornerstonecommunities.com/altura/

A mix of Single Family and Townhomes.

There is so much going on in San Diego County, it is crazy.

 

[LhcBrad]

We have property on lake pend Oreille about 30 minutes north or cour d Alene and have been going to Idaho since I was a kid. Problem with living up there is the wether we like down here is only for a max of 3 months up there and the winters are freakin COOOOLD!!





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Yes winters are a bit cold up here but to me its well worth it because summers are about as good as it gets.
I lived in Turlock CA for 7 yrs and my house got broke into and I walked in on them as they were ransacking my house. It took the cops 45 minutes to respond to my house.
After that I said I am done with California, sold my home and left for Idaho. No regrets at all...

 

[spectras only]

We have property on lake pend Oreille about 30 minutes north or cour d Alene and have been going to Idaho since I was a kid. Problem with living up there is the wether we like down here is only for a max of 3 months up there and the winters are freakin COOOOLD!!





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Tank, I lived in Vancouver for a large part of my life for the reason to stay a bit warmer in winter than the rest of the country.

Been through Camorse, nice, hit it in 2016 drove from BC into Calgary for Stampede and some horse back riding in rockies. Honestly, not really a bad place on the outskirts on Vancouver, just look around make sure no trailer trash in area. . But I spill like my old place in South Canmore outside of Calgary. Yes, a commute, but it was my crash pad, just Aspen like. A special place on earth. Close to my old place on 8th Street: https://www.remax.ca/ab/south-canmore-real-estate/na-826-3rd-street-3-se-na-wp_id183439081-lst/

And on the Pentictin area, I would buy a 1.5 Mil place in heartbeat and AirBB it, but wifey will never go for it. Hey, we have U.S bucks, it is a value to me.

Talking about AB&B, the house , 130 apple crt is one of maybe 3 total in the whole area. It's owned by retired hockey pro who lives somewhere else. He had flak from the neighbours because renters partying, loud, excessive number of cars in the cu lde sac coming and going.
Heritage Hills is a super quiet area with wildlife all day long. The posh neighbourhood is not suitable for human kind of animals,haha Lot of AB&B's along East Side on Skaha lakefront, they doing great during the summer.

 

[TOBTEK]

Bought in 2010 at dang close to the bottom. Considering selling soon and waiting for the collapse to buy again. I'm in no rush or hurry. Buying a home right now is fucking financial suicide IMO.

LET us know brotha..... my wife and I Will have a big blue Sotheby's sign up quickly

And I agree..... It's time to SELL !

 

[EmpirE231]

Like sex, it's always best just before it ends

 

[Tank]

Yes winters are a bit cold up here but to me its well worth it because summers are about as good as it gets.
I lived in Turlock CA for 7 yrs and my house got broke into and I walked in on them as they were ransacking my house. It took the cops 45 minutes to respond to my house.
After that I said I am done with California, sold my home and left for Idaho. No regrets at all...

Summers are insane up there. Paradise!

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[nameisbond]

What?
Is this pending, or now?
Unlimited from parent to child tax free?
I gotta have a talk....
How does this affect inheritance taxes then?

That's our current system in Canada. No inheritance tax on most assets either. My parents now could give me a million tax free. Its pretty much unlimited as long as its tax free money they give me.

 

[Rvrluvr]

south corona is building condo's everywhere. The 15 is gonna be more of a nightmare from elsinore to the 91 very soon. I can't get over how the new condo's off weirick look like they belong in Tijuana

 

[nameisbond]

That's our current system in Canada. No inheritance tax on most assets either. My parents now could give me a million tax free. Its pretty much unlimited as long as its tax free money they give me.

I can also take a lessor tax hit for them as well.

 

[DrunkenSailor]

south corona is building condo's everywhere. The 15 is gonna be more of a nightmare from elsinore to the 91 very soon. I can't get over how the new condo's off weirick look like they belong in Tijuana

But those are "luxury" apartment homes.

 

[LargeOrangeFont]

But those are "luxury" apartment homes.

I’m sure the HOA is oppressively expensive just to have a dry cleaners, Starbucks, and Jamba Juice downstairs.

Oh yea there is a community pool and a gym..

 

[TCHB]

In Henderson they are building a lot of high end homes in our canyon. Not sure what the price point will be it will not be cheap.

 

[Rvrluvr]

Oh yea there is a community cess pool and a gym..

Fixed it for ya

 

[Mandelon]

There's no increase in NODs or mortgage delinquencies. No other preforeclosure issues that I am seeing... yet. Prices may be high, but people are making their payments. When Notices of Default increase, that is when you need to be ready. Right now we are still on the upswing.

 

[Mandelon]

There's no increase in NODs or mortgage delinquencies. No other preforeclosure issues that I am seeing... yet. Prices may be high, but people are making their payments. When Notices of Default increase, that is when you need to be ready. Right now we are still on the upswing.

New homes are expensive to build, so why build cheap ones? Just getting water and sewer hooked up is a $25,000 to $40,000 proposition around here.

I deal with some big banks that are rehabbing their old foreclosed homes and now marketing them. They think a $500,000 home is a high end home. Here in San Diego, those are just low end starter homes. LOL

 

[AzGeo]

I'm confused, am I Asian or Oriental? I cant keep up with this PC shit anymore LOL [emoji4][emoji13]


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You are a dude, and that's why everybody calls you "The Dude" ............

 

[LargeOrangeFont]

There's no increase in NODs or mortgage delinquencies. No other preforeclosure issues that I am seeing... yet. Prices may be high, but people are making their payments. When Notices of Default increase, that is when you need to be ready. Right now we are still on the upswing.

Correct. When unemployment starts growing, then start worrying. I have found it odd that people think the price peaks in 2006 are some magical price threshold that can’t be crossed.

 

[spectras only]

New regulation coming to Canada qualifying for mortgage on January 1st. Banks qualified people with good jobs up to 600K with less than 20% down. It will be dropped to 400K. My son is in the process getting his first house, had to move quick before this deadline. He's putting down 20% to maintain a low monthly mortgage payment. We lucked out to find a decent home [ two level 2200 # with double garage and a large shop/storage inside the house] with renter potential in the fully finished basement. There were only two houses available in his price range in the entire area! Lot of canadians, especially in the greater Vancouver area are stretched to their limit with their monthly mortgage payments. If another interest rate rise happen like did back in 1982, when rates went up over 20% that lasted almost a year, it would be a total disaster because of higher amounts involved, compared to that of 1982.

 

[Flying_Lavey]

Just a fyi, Heritage Ranch has kinda stagnated. Older houses (15 + years) are pretty easily found for under 400k. That and traffic is VERY light. I started getting fristrated the other day on my way to San Luis Obispo during morning rush hour due to the traffic and then realized there was no reason to complain since we were all still doing 65 to 70.

 

[Tank]

Here, let me break it down in real terms...I can sell my home and move anywhere in the world basically, really I can...so tell me, where can I move to that I live on the beach or lake front, I can drive my golf cart down to the water, let my kids drive their quad on the beach, enjoy the benefits of the yacht club / pool / boats / etc and live in a super low crime chill place and enjoy life to the fullest? Kindve why I put up with all the bullshit.

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[boatpi]

http://www.latimes.com/local/california/la-me-lopez-vegas-transplants-20171203-story.html

 

[boatpi]

A few more examples in Las Vegas, Southern Highlands, great area just a few minutes off of I-15, and closest area to So Cal.

https://www.redfin.com/NV/Las-Vegas/5948-Bassio-Ave-89141/home/28991895

Price of a condo in HB: https://www.redfin.com/NV/Las-Vegas/10534-Torre-De-Nolte-St-89141/home/29874482


This one, more $$, but at this price I cannot buy a house on my block in HB, maybe a 1,500 sq. foot one, but that's it: https://www.redfin.com/NV/Las-Vegas/11727-Oakland-Hills-Dr-89141/home/29905462

 

[welldigger00]

Tank, I’m in the same boat. I ride my dirt bikes out of my garage to the trails, walk down to the lake, two miles to the country club, one and a half hours to the desert, beach, and three to Parker. There are other place to live besides the city’s.


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[HB2Havasu]

There's no increase in NODs or mortgage delinquencies. No other preforeclosure issues that I am seeing... yet. Prices may be high, but people are making their payments. When Notices of Default increase, that is when you need to be ready. Right now we are still on the upswing.

There you go using logic again,lol. Adjusted for inflation prices are still below the apex of 2006 from what I’m seeing. Real Estate prices have always and will always be market driven. I agree that until you start seeing NOD’s or a drastic increase in Unemployment Filings then prices are likely to continue to rise. I always find it comical that people use their primary residence like roulette chips and will move at the drop of a hat even when there still in the black. I don’t get it?

 

[DrunkenSailor]

There's no increase in NODs or mortgage delinquencies. No other preforeclosure issues that I am seeing... yet. Prices may be high, but people are making their payments. When Notices of Default increase, that is when you need to be ready. Right now we are still on the upswing.

I read an article the other day that the default rate is currently at its lowest point in US history.

 

[lbhsbz]

There's a new development being built in Long Beach right now...and I guess if they sell, this will confirm the shortage. Located in a pretty shitty area IMO...bordered by a mobile home park, the 710 freeway, and railroad tracks. The "homes" have no yards, no driveway, 2000ish sq.ft lots, all builder grade junk, and are going in the mid $600s.

http://www.newhomeslongbeach.com/gallery/

 

[Times Like These]

New apartment complex going in at Marina Del Rey. Close to 600 units. Cheapest rent for a 600 square foot studio is $3,600, 1 bedroom 4,900, 2 bed 8,000 and 12,000 for a 3 bedroom. These young kids have some serious disposable income, don’t care about ownership.
https://m.amli.com/apartments/southern-california/westside-los-angeles/marina-del-rey/marina-del-rey


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[lbhsbz]

New apartment complex going in at Marina Del Rey. Close to 600 units. Cheapest rent for a 600 square foot studio is $3,600, 1 bedroom 4,900, 2 bed 8,000 and 12,000 for a 3 bedroom. These young kids have some serious disposable income, don’t care about ownership.
https://m.amli.com/apartments/southern-california/westside-los-angeles/marina-del-rey/marina-del-rey


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That's beyond insane

 

[Cole Trickle]

There's a new development being built in Long Beach right now...and I guess if they sell, this will confirm the shortage. Located in a pretty shitty area IMO...bordered by a mobile home park, the 710 freeway, and railroad tracks. The "homes" have no yards, no driveway, 2000ish sq.ft lots, all builder grade junk, and are going in the mid $600s.

http://www.newhomeslongbeach.com/gallery/

Probably not a bad area to invest in... anything remotely close to the ocean is going to be cleaned up and redeveloped.... too much money sitting there for an owner of a shitty rc park to not take the money from developers and run.

Long Beach has come a long long way in the last 20 years....used to be a shithole now it’s turning into a food and entertainment destination.

 

[nameisbond]

The only thing that scares me about California is ending up owing them income taxes on income that is not taxable here in Canada. Broke income tax states scare me.

 

[Tank]

Taboma,

I don’t know how you posted your post into a quote and now I can’t quote your post but to answer you question /comment actually Oxnard’s crime rate is pretty low. Property crime is lower than the national average in Oxnard and way lower than Ventura, Santa Barbara and Malibu which all boarder Oxnard. Oxnard’s violent crime rate is just under the national average and the only reason it’s up that high is the gang members in south east oxnard killing each other. There hasn’t been a “normal” (non gang member) homicide in Oxnard for as long as I can remember.

http://www.bestplaces.net/crime/?city1=50654652&city2=50665042

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[nameisbond]

My bank has a term deposit. The principal is guaranteed against loss 100%. Its at 2.65%, so on $1 million deposited you earn $26,500 in annual interest. Banks need deposits. Low interest rates are killing the banks. The only way its not a train wreck is if the fed and banks raise their rates to a min of 4%.

 

[Taboma]

Taboma,

I don’t know how you posted your post into a quote and now I can’t quote your post but to answer you question /comment actually Oxnard’s crime rate is pretty low. Property crime is lower than the national average in Oxnard and way lower than Ventura, Santa Barbara and Malibu which all boarder Oxnard. Oxnard’s violent crime rate is just under the national average and the only reason it’s up that high is the gang members in south east oxnard killing each other. There hasn’t been a “normal” (non gang member) homicide in Oxnard for as long as I can remember.

http://www.bestplaces.net/crime/?city1=50654652&city2=50665042

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I haven't a clue how I did the quote within a quote, wasn't intentional. Sounds like where I live now, with a few pockets of bangers skewing the numbers. I've visited that area a few times when my daughter was living on base before being transferred to Virginia Beach. Really liked the harbor area !!

 

[wsuwrhr]

I'm confused, am I Asian or Oriental? I cant keep up with this PC shit anymore LOL [emoji4][emoji13]


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Yes?