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Non-Tech : Investing in Real Estate - Creative Opportunities
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To: John Vosilla who wrote (2178)3/26/2014 12:05:50 AM
From: tejek  Read Replies (1) of 2722
 
LA housing stock in working class and at the middle end seems quite expensive to me. Torrance I know well is nice but over $600k for a modest ranch a couple miles from the beach and bordering the freeway, industrial and ghettos of south central when you cross the other side seems pricey. Then go to places like Compton. In most of the country ghetto areas go for $25-75k tops for a modest ranch. I understand the black population of LA keeps shrinking while the Mexican keeps rising but is the income and credit there to support high prices or is it mostly long time and newer landlords renting to multiple generations of immigrants under one roof as neighborhoods transition? Prop 13 has done a number on constraining supply there for a very long time. You should see what RE taxes are now out on Long Island for a modest ranch worth say $350-400k.

I imagine LA housing prices must seem bizarre to people east of the Rockies. But then there is a reason why the West Coast isn't growing as fast as it once did despite its fairly benevolent climate. People find a way to come up with the down and remember that salaries tend to be higher on the West Coast.

As for Compton, its really more a middle class, black neighborhood despite the gang problems. A woman at work in the 90s who made close to 6 figures bought in Compton. There are some very nice houses there. Richard Sherman of the Seahawks grew up in Compton........went on to Stanford.
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