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Is it me, or are home prices high

Nord

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This.

Last Spring/Summer our budget was a nice 25 year old Corona house off Green River or alright condos half the size in Yorba Linda or Anaheim Hills for the same price. The areas are 5 miles apart and comparable homes in YL/AH are 25-40% more (yes, I know the traffic... we're banking on the freeway work). We went with Corona (I worked in OC and she worked in San Bernardino).

Oh... and I just got a job in Temecula so traffic isn't my problem anymore :D
Hello Neighbor! I've been off greenriver for almost 15 years. I've had 2 houses here and love the area. Yes traffic sux but worth the 1-1.5 hour commute.
It's the biggest Ponzi scheme EVER.
Though I think house pricing is ridiculous, how does this relate to a Ponzi scheme?
 

pronstar

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I did the IE to OC commute for 20 years. Moved back to OC in 2012. The traffic is 2X worse in the last 5 years. If your buying a house in IE better plan on getting a job out there or riding the metro link everyday. With more & more people moving out there to save money on housing costs the traffic in another 5-7 years will be gridlock. The 91 fwy is already ranked the most congested freeway in America. I can't see them doing another widening project like what's currently under construction. So take that into account when deciding if a 500K house in Fullerton is too much

Please tell me where those $500k houses are in Fullerton LOL
(Disregarding "bad" areas of course)
 

Cole Trickle

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Seemed like an easy decision for me and I'm glad I made it for my family.

Old house/Condo in a shitty part of Oc for 500-600k or a newer beautiful house in south corona with a 3 car garage/rv parking and a 10k lot for 500k in a great school district with an hour commute.

Honestly with the toll road my commute is no different than if I was driving from Huntington Beach to Tustin everyday. Traffic in so cal is crappy on all freeways and I would easily do my commute vs driving the 22 or 405
 

TOBTEK

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Was showing 3-4 Million dollar TRACT homes Thursady off Pico. Isn't that in everyone's budget ??? The cheap single unit condo's where only 1.2 and you get to share a drive way with 4 other families. The 1.8% property taxes is a nice touch. On the home my clients are writing on, the property taxes are only $84,600 annually :yikes

Beautiful homes. But 4.7 for a track home is madness!

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Nice little swim up bar.
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HOOTER SLED-

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Seemed like an easy decision for me and I'm glad I made it for my family.

Old house/Condo in a shitty part of Oc for 500-600k or a newer beautiful house in south corona with a 3 car garage/rv parking and a 10k lot for 500k in a great school district with an hour commute.

Honestly with the toll road my commute is no different than if I was driving from Huntington Beach to Tustin everyday. Traffic in so cal is crappy on all freeways and I would easily do my commute vs driving the 22 or 405

I agree...no brainer. Commute for me is not absolutely horrible on the majority of days unless I work late. I wouldn't wanna be off at 5 or 6 daily and do it. I actually had an opportunity about a month ago to transfer and only have a 3 mile commute.........Call me crazy, but I turned it down believe it or not. I would have given up a better opportunity for overtime. So I stayed where I'm at. I'll take the cheddar and deal with the bad days of my commute. :D
 

LargeOrangeFont

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Was showing 3-4 Million dollar TRACT homes Thursady off Pico. Isn't that in everyone's budget ??? The cheap single unit condo's where only 1.2 and you get to share a drive way with 4 other families. The 1.8% property taxes is a nice touch. On the home my clients are writing on, the property taxes are only $84,600 annually :yikes

Beautiful homes. But 4.7 for a track home is madness!

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Nice little swim up bar.
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Builders are not building homes for everyone. They make the most money at the high end and low end (condos). They are building to what the market demands are.

Someone buying in that housing track does not care if we are in a bubble or not.

When the prices start dropping to sell them let us know.
 

Sbarry

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It's all relative, but to each there own. I just don't get the OC personally.
 

sirbob

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Was showing 3-4 Million dollar TRACT homes Thursady off Pico. Isn't that in everyone's budget ??? The cheap single unit condo's where only 1.2 and you get to share a drive way with 4 other families. The 1.8% property taxes is a nice touch. On the home my clients are writing on, the property taxes are only $84,600 annually :yikes

Beautiful homes. But 4.7 for a track home is madness!

View attachment 517160

Nice little swim up bar.
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Years ago I bought a house in Ladera Ranch from Taylor Woodrow for 525k...

Taylor is now building that exact same house in the neighborhood your showing houses in off Pico and selling between 1.7 - 2.3.

And that mellow/Roos on a 2m prop is killer!!!

I could sell my current house and go and pay cash for a house off Pico and my payment would be higher than it is now just based on taxes and HOA!
 

LargeOrangeFont

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Years ago I bought a house in Ladera Ranch from Taylor Woodrow for 525k...

Taylor is now building that exact same house in the neighborhood your showing houses in off Pico and selling between 1.7 - 2.3.

And that mellow/Roos on a 2m prop is killer!!!

I could sell my current house and go and pay cash for a house off Pico and my payment would be higher than it is now just based on taxes and HOA!

Yea I *could* afford the payment on something ~ 1M it's just that the melloroos/and other bonds for these communities are nuts.
 

BigHeart

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It's a Ponzi scheme because the money is coming from the bottom up. You buy a condo for cheap. You wait a few years until you have "equity" and a new buyer comes along into the game and they buy your house for value + profit for you. You take that profit and buy a bigger house, paying the profit to the guy ahead of you. He's buying a McMansion, not for cash, but with "equity" that is being paid by the buyers. There's got to be an end to it. 50 years ago, home prices were 3.5 times the average salary. Now they are 6.8 times the average salary. It can't continue.
 

LargeOrangeFont

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It's a Ponzi scheme because the money is coming from the bottom up. You buy a condo for cheap. You wait a few years until you have "equity" and a new buyer comes along into the game and they buy your house for value + profit for you. You take that profit and buy a bigger house, paying the profit to the guy ahead of you. He's buying a McMansion, not for cash, but with "equity" that is being paid by the buyers. There's got to be an end to it. 50 years ago, home prices were 3.5 times the average salary. Now they are 6.8 times the average salary. It can't continue.

That is not a ponzi scheme. Money is not coming from the bottom up when people are putting 3-5% down for an entry level house. Since when is buying low and selling high a bad thing?

Move to the midwest if you want income that is closer to housing prices.
 

Cole Trickle

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That is not a ponzi scheme. Money is not coming from the bottom up when people are putting 3-5% down for an entry level house. Since when is buying low and selling high a bad thing?

Move to the midwest if you want income that is closer to housing prices.

Exactly supply and demand in an area where blue collar lower middle class families are becoming extinct.

The location and weather are driving the market. Plenty of shitty places in the us with crap weather and rich people. There pushing to the coast.

No way around it only so much coastline in this state.
 

LargeOrangeFont

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Exactly supply and demand in an area where blue collar lower middle class families are becoming extinct.

The location and weather are driving the market. Plenty of shitty places in the us with crap weather and rich people. There pushing to the coast.

No way around it only so much coastline in this state.

Home ownership is not going to be in the cards for most people in the future. Further, you are not going to be able to rely on your home ownership like your parents did for your nest egg.

You can buy an entire block in Detroit, level it and build yourself a compound for half a million :)
 

rvrrun

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Home ownership is not going to be in the cards for most people in the future. Further, you are not going to be able to rely on your home ownership like your parents did for your nest egg.

You can buy an entire block in Detroit, level it and build yourself a compound for half a million :)

...but you'd still be in Detroit
 

pronstar

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The market sets prices.
It's simple supply and demand.
 

HavasuHank

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I will never buy an overpriced home in Orange County & there is no way in hell I will ever sit on that 91 frwy & commute from OC to Corona or Riverside, Mon-Fri, just to be a homeowner. For me leasing is easy & allows me to keep my savings in tact. I also don't want the stress of a 30yr mortgage when I'm not sure how many more years I want continue living out here.....it's such a traffic mess, that it's more of a task than fun, for me to go anywhere these days.:thumbsdown
I thought I was insane when I accepted my latest promotion. I now drive the "horrible" 91 fwy everyday, Monday through Friday, 5am to 3pm.

Is there traffic? Sometimes it's destroyed, sometimes there's a little bit, and sometimes none (except at Greenriver to the 71, thats always fucked lol) ... but the payoff is that I get home 3 hours earlier which lets me enjoy my family that much longer.

On average, it takes about 35-40 minutes to get home to Eastvale from Orange. That's not bad in my opinion. With everything, there's goods and bads.
 

HavasuHank

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Ultimately, I plan on buying another home in the near future ... which will be my last one. I plan on staying in the immediate area. It'll be on a 15 year plan, which is almost what we owe on my current home.

My current home will be a rental until I decide to sell it, if and when that day ever comes.

My wife will be going back to work within a year or two, so that when the transition will occur.

I have a plan for retirement, and it'll come to fruition as long as we stick to our plans.
 

Bpracing1127

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The market cant sustain itself when people like me cant afford entry level homes. There has to be a tipping point eventually one would think. Reality says a 1500sq shit box in anaheim that is 50 years old is not 500k maybe 350 tops. That is the problem. The youth who buys these homes do not have the money like their parents. I believe the home affordability index is 21%in oc right now. It was 11% when the market crashed last time. Oh and in 2009 it was 59%.

For those saying embrace the ie, no effing way am I going to sit on the 91 for 2-3 hours a day. Life is too short for that.
 

lIQUIDATEDdAMAGES

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I agree something doesn't feel right with the market. I make good money and am a single late 20 something. I have decent savings and am pretty responsible. I don't want to commute from the IE to work and found that I really could barely if at all afford to buy a place I would actually like to live in in OC. Decided fuck it and bought an ocean boat and moved out of my leased house onto it. Now I pay for a slip and a storage unit and own a boat that is worth more than when it was sold off the lot. It's not an investment but it will depreciate less than pissing money away on rent...and it's pretty fun.

It isn't a permanent solution but you are only 28 and unmarried once right [emoji106] [emoji12] IMG_1959.jpg IMG_1958.jpg IMG_1856.jpg IMG_1843.jpg
 

LargeOrangeFont

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The market cant sustain itself when people like me cant afford entry level homes. There has to be a tipping point eventually one would think. Reality says a 1500sq shit box in anaheim that is 50 years old is not 500k maybe 350 tops. That is the problem. The youth who buys these homes do not have the money like their parents. I believe the home affordability index is 21%in oc right now. It was 11% when the market crashed last time. Oh and in 2009 it was 59%.

For those saying embrace the ie, no effing way am I going to sit on the 91 for 2-3 hours a day. Life is too short for that.

There are always people with more money than you, or more willing to leverage themselves. The reality is that there are more buyers than sellers, and that drives up prices. Most first time buyers are going to buy in the I.E. or rent in the OC. Just keep saving and always be ready to make a move if an opportunity presents itself.

I'm not saying there won't be a small correction, but the bottom is not going to fall out again. The same problem exists in the Bay Area.
 

scottchbrite

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The I.E. is CLOSED.

The reality is that the same principals applied to my parents as they did to me. My parents, for example, couldn't afford a first home in West Covina in the 60's, so they bought in chino. I couldn't afford chino for my first home so I went south. My wife and I saved, we got our careers on track, credit dialed, and bought accordingly. We knew we couldn't afford south oc (she works in lake forest) or chino initially, but we sucked it up and bought. Now we are in escrow on 5 acres in murrieta and we are going to build our dream house/last house. Now there is no way I would go anywhere near the places I wanted to live 6-7 years ago. Your first house usually isn't your last house. Also, I agree with Cole's advice.
 

lIQUIDATEDdAMAGES

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I agree something doesn't feel right with the market. I make good money and am a single late 20 something. I have decent savings and am pretty responsible. I don't want to commute from the IE to work and found that I really could barely if at all afford to buy a place I would actually like to live in in OC. Decided fuck it and bought an ocean boat and moved out of my leased house onto it. Now I pay for a slip and a storage unit and own a boat that is worth more than when it was sold off the lot. It's not an investment but it will depreciate less than pissing money away on rent...and it's pretty fun.

It isn't a permanent solution but you are only 28 and unmarried once right [emoji106] [emoji12] View attachment 517197 View attachment 517198 View attachment 517199 View attachment 517200

And twin turbo diesels are pretty fucking sick [emoji12]
 

Cole Trickle

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You just have to make a choice...10x15 patio or a big ass back yard for your kids to play in.

I like the he boat idea...milk that shit for a bit and live it up...lol[emoji106][emoji1407]

For me the choice was super easy and like mentioned I'm not much of an Oc guy anyways....don't miss it one bit[emoji41][emoji106][emoji12] IMG_8521.jpg
 

HOOTER SLED-

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Having a big backyard and a house not built in the 50's for 200k+ cheaper and sacrificing with a commute is overrated. :D
 

grumpy88

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I will do what ever it takes to work but as long as I have a choice I will live in a small home in a questionable neighborhood before I spend my life on a freeway . Besides all the I.E. people fucked up the drive to parker !
 

HOOTER SLED-

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I thought I was insane when I accepted my latest promotion. I now drive the "horrible" 91 fwy everyday, Monday through Friday, 5am to 3pm.

Is there traffic? Sometimes it's destroyed, sometimes there's a little bit, and sometimes none (except at Greenriver to the 71, thats always fucked lol) ... but the payoff is that I get home 3 hours earlier which lets me enjoy my family that much longer.

On average, it takes about 35-40 minutes to get home to Eastvale from Orange. That's not bad in my opinion. With everything, there's goods and bads.

No wonder why you haven't been around here....:D Your schedule isn't bad. Kinda like mine. And I'm just a few more miles down the 55. No more weekdays off or lame shifts huh? The commute is tolerable imo. If it was over 1.5 hrs....or maybe 10 miles further....then it would start to suck.
 

HavasuHank

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No wonder why you haven't been around here....:D Your schedule isn't bad. Kinda like mine. And I'm just a few more miles down the 55. No more weekdays off or lame shifts huh? The commute is tolerable imo. If it was over 1.5 hrs....or maybe 10 miles further....then it would start to suck.
I've been training for the last month and a half. I'm done training now and starting Monday morning I'm on my own.

Random weekdays off are gone, but no more working nights or weekends.
 

HOOTER SLED-

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I've been training for the last month and a half. I'm done training now and starting Monday morning I'm on my own.

Random weekdays off are gone, but no more working nights or weekends.

Nice......welcome back to normal. :D You start at 5...so you should have a jump on the daily bullshit. Stupid drivers been lame lately. Peeps just can't get it together near Green river/241. :thumbsdown Shit, I just drive all the way to Green River in the morning to get on now.
 

HavasuHank

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Nice......welcome back to normal. :D You start at 5...so you should have a jump on the daily bullshit. Stupid drivers been lame lately. Peeps just can't get it together near Green river/241. :thumbsdown Shit, I just drive all the way to Green River in the morning to get on now.
I leave my house at 5 and start at 6am.

This is my first time with a "normal" hour job. I'm not used to it at all. My body is screaming at me to work a few nightshifts lol.

Everyone that I spoke to that has made the transition told me it usually takes about 3-4 months to get used to sleeping like a normal person.
 

rrrr

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In most of the Dallas area, home prices are 15-20% higher than the 2007 market peak. The time on market is less than 40 days.

It's crazy!
 

HOOTER SLED-

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I leave my house at 5 and start at 6am.

This is my first time with a "normal" hour job. I'm not used to it at all. My body is screaming at me to work a few nightshifts lol.

Everyone that I spoke to that has made the transition told me it usually takes about 3-4 months to get used to sleeping like a normal person.

I leave at 5 too....but I start at 6:30. You might be cutting it close some days leaving at 5. Especially since you're further. ;)
 

pronstar

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I leave my house at 5 and start at 6am.

This is my first time with a "normal" hour job. I'm not used to it at all. My body is screaming at me to work a few nightshifts lol.

Everyone that I spoke to that has made the transition told me it usually takes about 3-4 months to get used to sleeping like a normal person.

That's not a bad commute. I'm an hour from Lomita to Playa, 20-ish miles. But our workday starts closer to 10am LOL
 

Riverbound

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I lived in HB for almost 12 years. The traffic got so bad I was stoked if my drive to/from work was less then an hour. And the city has changed (not for the better IMO) in the last few years. When we started looking at homes the idea of going to the IE was briefly on the table. Sitting in that 241/and 91 daily I would've lost what little sanity I have left. Buying an overpriced OC home will give me hours a day back of my life and to me that was worth every penny of buying in OC. My new commute is 11 minutes of I hit every red light on the way to/home from work. [emoji106][emoji106]
 

pronstar

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I used to commute.
Tustin Ranch to El Segundo. Fullerton to Redondo Beach. Laguna Niguel to San Diego.

2+ hours each way was killer. It's like having a part time job - 20 hours a week - that you aren't getting paid for. Not to mention massive depreciation on cars.

But even if I wanted to, there's no way I could do another long-ass commute while staying sane.
 

HavasuHank

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5am to 3pm is actually much better, can you imagine if you had to work 8am-5pm? if I was able to leave work at 3pm, I might consider it. At 5am the freeway will always be moving, unless there's a sig alert with multiple lanes blocked. And at 3pm? Well that's probably still too late, but try leaving orange county at 5-6pm & the traffic on the 55n/91e split all the way to green river is much much worse, with all the 8am-5pm commuters. I've got co-workers that are taking surface streets to the 91, because the 5n/55n in Tustin/Irvine are so jacked up everyday. They will go Jamboree to Canon to Serrano & enter at Weir Canyon. That alone takes them 35mins & then they sit on the 91e for another 30mins.

Sure the 241 is always an option, but if you take that from the 91 to Irvine both ways, Mon-Fri, then that's close to $300 monthly in tolls + gas etc.... I can't imagine how much worse the commuter traffic will be 5-10yrs from now, we can hardly move now & they're continuing to build at the 133/241 spilt in Irvine. Eventually the 241 is going to be a parking lot.:thumbsdown

I would never have accepted this position if it was 8-5. No way, no how. Traffic would be terrible going to and coming from work.
 

Bobby V

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Having a big backyard and a house not built in the 50's for 200k+ cheaper and sacrificing with a commute is overrated. :D
I have a big back yard here in YL and my house was built in the late 80's. :p
 

Nord

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5am to 3pm is actually much better, can you imagine if you had to work 8am-5pm? if I was able to leave work at 3pm, I might consider it. At 5am the freeway will always be moving, unless there's a sig alert with multiple lanes blocked. And at 3pm? Well that's probably still too late, but try leaving orange county at 5-6pm & the traffic on the 55n/91e split all the way to green river is much much worse, with all the 8am-5pm commuters. I've got co-workers that are taking surface streets to the 91, because the 5n/55n in Tustin/Irvine are so jacked up everyday. They will go Jamboree to Canon to Serrano & enter at Weir Canyon. That alone takes them 35mins & then they sit on the 91e for another 30mins.

Sure the 241 is always an option, but if you take that from the 91 to Irvine both ways, Mon-Fri, then that's close to $300 monthly in tolls + gas etc.... I can't imagine how much worse the commuter traffic will be 5-10yrs from now, we can hardly move now & they're continuing to build at the 133/241 spilt in Irvine. Eventually the 241 is going to be a parking lot.:thumbsdown

I make the above commute since I am an 8-5'r. Yes I use the toll road (roughly $250/month) which now my company pays for but it didn't start that way. 45-1hour there, 1-1.5hrs home. This may not make sense to people here, but it's not that big of a deal. Even when I was paying for the toll road out of my own pocket, it still made sense vs. what I can afford.
I find most people (not all) that throw stones at us commuters, are still renting and own nothing.
 

havasubum

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My wife and I just sold our condo in Foothill Ranch and bought a brand new home in Murrieta for under 500k. We went from a 1200 sq ft condo with no backyard to a 3200 sq ft home with a backyard and RV access, for 100k more than our condo it was a no browner. We both work from home so a commute wasn't a problem. I couldn't justify spending 700k- 1 million for a home that has no backyard (basically on top of your neighbors). if homes were cheaper in OC, we definitely would of stayed. Now that we are moving to Murrieta, does anyone have recommendation on things to do out there? We don't know anyone out here so looks like it's time to make new friends.
 

boatnam2

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I did my 10 years in Norco, loved it there but would never do it again, the time i gave up with my family and the time spent on the freeway was ridiculous, throw in the new car every 4 years or so, gas money, big electric bills, 1.88 tax rate, car maint. about the only good thing was being hour closer to the river. I understand why and have no problem with people making the choice, just not for me i will take my 10 minute drive home.
 

COCA COLA COWBOY

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Congrats on the new home! I've looked on Zillow many times & there are some awesome houses out there!! I've got a buddy that is about to close on a beautiful home in Temecula, but he will be commuting 75 miles each way into OC Mon-Fri., so idk how he's going to like that, being that he lives 10mins from work now & he actually goes home for lunch. It will be an adjust for him, that's for sure.... Foothill Ranch is nice though, I looked at the Rue De Valore condos/apts years ago when they put them up for sale... Zero privacy & tandem garages shared, so I passed.... They are currently building a new complex off the 241 @ Portola (lake forest) but from what I understand the prices are starting very high....

I live in Temecula...the drive blows and I want to kill myself everyday! It is reminiscent of the old goofy cartoon...Mr. Walker that turns into Mr. Wheeler!

Wife loves it and I'm not ready to move again, but it's in the cards.

I feel sorry for your buddy because once he buys, he's gonna spend a bunch to move again and prices aren't rising much if at all. I've actually seen a decline in my neighborhood.
 

Abc123

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I cant wait to bump these threads, in a few years after everyone said the bubble (yes, we are in a bubble) will not pop, prices won't plummet and blah. For a minute, I thought this was a Hot Boat thread in 2005. :)

One thing many people forget about is inflation. Our currency is not worth what it was in 2009. It's much, much less. Prices going up is a bad thing. In a healthy economy, more Americans would be able to afford homes.

It's not a supply and demand issue, most everyone wants to own a home. Get real! The problem is what the OP is facing. Unless you're a trust fund kid, already wealthy or one hell of a hard worker and profitable, it's near impossible to buy a home in LA/OC (in this market). Sure, you could move to the IE, but who wants to live 10-15 hours a week of their life on the freeway? That's no way to live! The last pop, hurt a lot of the middle class, many of whom are still priced out of the market and suffering. This next pop is going to wipe out an entirely different class of people, then who's left? It's not like all the homes that were foreclosed upon were resold to new families. The majority of them were sold to hedge funds (the rich) to rent out. What's that old saying?... The rich get richer and the ..... ;)


My suggestion (unless you MUST buy now), is to wait. I'm no economic expert, but one thing I know is that you buy stuff when it's on sale and being practically given away. Not when the product is overpriced and of limited supply. Inventory is limited, because people cant afford replacement homes(inflation), so they're staying put and fixing up their existing homes. This is why residential construction is so busy.

BTW- Don't listen to Realtors and Mortgage Brokers about what do to. They're trained to tell you whatever necessary to earn that commission paycheck. No offense, I was in retail sales for a long time, I get it, so I feel I can comfortably say that most of them have no idea what they're talking about. Just because you're a Realtor, does not mean you know anything about world economics. :rolleyes


History repeats itself. I know a lot of guys who earned big money in the last bubble and then lost it all at the pop. Now they're back on their feet, yet they're doing all the same stuff (reckless spending) like they did last time. T

The shit is about to hit the fan and catch many with their pants around their ankles, just like it did in 2007 and 2008.
 

BHC Vic

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Congrats on the new home! I've looked on Zillow many times & there are some awesome houses out there!! I've got a buddy that is about to close on a beautiful home in Temecula, but he will be commuting 75 miles each way into OC Mon-Fri., so idk how he's going to like that, being that he lives 10mins from work now & he actually goes home for lunch. It will be an adjust for him, that's for sure.... Foothill Ranch is nice though, I looked at the Rue De Valore condos/apts years ago when they put them up for sale... Zero privacy & tandem garages shared, so I passed.... They are currently building a new complex off the 241 @ Portola (lake forest) but from what I understand the prices are starting very high....

I have buddies that live in Elsinore and wildomar. They commute anywhere from 160-300 miles a day. When I lived in corona they would drop me off and still have an hour to go [emoji51] beautiful homes and their wife's don't work. It's all about what you want and what you could afford. The drive so their wife's can raise the kids. My wife and I both have to work to pay the bills. Give and take
 
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