lol we laughed when we heard the initial price for those in that area when home searching before they were built. No way they want that much for north Long Beach 🤦🏽
At first I thought they were going to be apartments but I looked it up and yes they are already looking like these homes I live right in front and construction is driving me nuts. I can never sleep in. 😖
Yup and that’s the problem.
Locals know better but there is always transplants who got more money than brains and will gladly overpay for this. Owners/property management companies know this.
Being from Austin and considering a move to LB, the weather and politics is the driver.
Its going to be 108 heat index here today, it’s literally too hot to do anything outdoors between 10a and 8p, for 4 months a year.
The Politics also are getting restrictive towards personal freedoms here in Texas.
I had a minor run-in with some small town cops between Austin and DFW. Kinda interesting how much of a police state Tx has become considering how much right wing folks claim they want small government.
Yup, the laws around civil seizure by Police are wild in Texas and small town cops are terrible.
They can seize your stuff, never charge you with a crime, and never give it back.
[https://www.texastribune.org/2018/12/07/texas-civil-asset-forfeiture-legislature/](https://www.texastribune.org/2018/12/07/texas-civil-asset-forfeiture-legislature/)
Conservatives always love to lick boots and never think they will ever be a victim of Police malevolence, because that only happens to others.
What’s also wild is edibles and concentrates or having one pot plant is still a life altering felony here.
A harmless plant… so much for freedom.
Wife and I stay in LB in the summers to escape the heat, hopefully it will be full time soon.
Long Beach has much better weather in both the summer and winter than Austin.
I’ve had a bunch of friends who lived there for year and I have visited a couple times in the winter. Cool city and enjoyed my visit.
But you are right. The weather is oppressive, which is confirmed with one look at the average temps and talking to anyone I’ve known who has lived there.
Lots of people in LB don’t realize how good we have it weather wise.
Awesome city and fortunately every bar/restaurant, etc, has the AC set to “Arctic Circle.” Some municipal pools and stuff too. So there are ways to cool off. But, yeah, you’re immediately drenched in sweat after walking down the street for more than two minutes. Something as simple as going for an afternoon stroll like we can is just not really in the cards out there.
Just avoid larger rental management companies and walk around neighborhoods and look for signs renting units direct from the owner. I have a 3 bedroom apartment in a nice neighborhood and I only pay 2,600/month.
It’s not that locals know better. Locals like that are generally guilty of price anchoring to prices that are never coming back, and not seeing the bigger picture.
It’s a beachside city that’s on the up. Locals need to wake up and realize it’s never going to be cheap like it was in the 80’s and 90’s again.
Doesn’t seem insane to me.
Lots of areas are selling close to $1000 per square foot these days.
Also there is a 3 bedroom options with 1630 sq ft for $817k - https://www.kbhome.com/new-homes-orange-county/rhythm
It wouldn’t shock me if 20 years from now Long Beach gets built up in a similar fashion as Santa Monica/Venice, and previously scoffed at prices/areas look like a good deal in retrospect.
It’s Southern California. Some of the best weather in the whole world.
Southern California probably didn’t get to be so expensive sooner because there was still more developable land and the crime here in the 80’s and 90’s. Crime rate in CA then was way above national average. Now it’s right around average.
LA area is wedged between the ocean and the mountains. It’s basically built out, with the only option to build up now, which means more housing units, but not more SFH’s, which end of the day is what most people end up wanting.
When I look back and see that houses here used to go for similar prices to where I lived in Massachusetts growing up, I feel like people really just got a steal during those days and it wasn’t likely to stay that way forever.
People said pricing was insane even before the pandemic. It wasn’t. And now those people are even more frustrated.
I live in the LB burbs but our house has doubled in value in 5 years. 3 bedroom house on our street is being rented out for $6500 a month. It's a 50's tract house. Prices are insane.
I’m surprised to hear it’s renting for that much. Do you live in the Cliff May neighborhood or something? That doesn’t sound like your average 3 bedroom rental price.
Prices are insane is relative. I’m of the belief housing was below value for a while post-crash. And now people have price anchoring issues.
Something can double in value in 5 years, but have barely grown in value the 12 -15 years before that, and thus the growth isn’t that crazy.
Actually even this Cliff Mays is only renting for $4950 - https://www.socalmodern.com/homes-for-sale-details/7209-E-LANAI-STREET-LONG-BEACH-CA-90808/PW24125735/306/
You must live in a pretty damn nice neighborhood and downplaying it with your comment calling it 50’s tract housing. Because $6500 is a lot more than $4950.
That house is beautiful; but it is 1100sq feet. I think that is driving down the price. It is an amazing house though. Not every renter might see the appeal.
My neighborhood can be nice and also 50's tract houses, no?
Of course it can be nice and be 50’s tract homes. But “50’s tract homes” are generally pretty small as well. And I don’t think you chose that phrasing to convey a positive, I think you chose it to convey it being pretty unremarkable.
Average new home size in 1960 was 1,289 sq ft. Maybe the 50’s tract home you are talking about is considerably bigger though.
You can infer what you wish.
The tract of homes I live in where built between 1954 and 1957. Calling the homes on my street 50's tract homes is correct description. Our tract has 5 models of house, there are a few hundred houses, every 4th or 5th one is the same. The homes started between 1100-1350 sq feet depending on the model when they were sold. Some of the homes were actually moved here when they built the 605 freeway, so those two streets are different floorplans. Many people have added on over the last 70 years.
The 3 bedroom home on our street being rented for $6500 a month does not have an add on, but they have updated it since it was originally built. It has a very nice covered area in the back yard with a great view of the powerline towers.
Old pricing isn’t coming back.
$700k in 2019 equals $860k in 2024 - https://www.usinflationcalculator.com
Median SFH in LB went from $650k-700k to $950k-1M in that span - https://www.redfin.com/city/10940/CA/Long-Beach/housing-market
So it exceeded overall inflation some, but not by a crazy amount. People need to forget about prices from 5 years ago.
I cited SFH prices.
These are $756k which is close to $700k but still above that threshold.
And these are townhomes. They would have gone for maybe $525k or so 5 years ago.
I agree with you though that it’s good to see things in this price range being built. If they were only building 3-4 bedroom units, which are part of the complex, it would mean being out of reach for those who could afford this 2 bedroom option.
Some people out there will take advantage. While others just bitch online.
My only response is that most if not all people/families shouod still seriously consider these.
We all want the homerun outta the gate - Ans live in the mansion living large but that’s just never going to happen.
Starter homes are the way to go.
On average, no.
Median SFH 5 years ago was around $650k-$700k and around $950k-$1M now
https://www.redfin.com/city/10940/CA/Long-Beach/housing-market
My parents were considering relocating and Cliff Mays went for about $1M then and go for about $1.4-$1.5M now.
Housing has gone up about 50% not 100%.
My neighbor bought there house for 695k in 2019. They just sold for 1.4m.
The house behind mine sold for 800k last year, was flipped and just sold for 1.3m.
Is that the average, maybe not, but it is happening in my tract.
Many houses that are in original shape, from original owners, are being being flipped and sold for huge prices here. I live close to CSULB.
They’re not bro.
Some junk home by me was sold for $650k in my old neighborhood. It’s smaller than my apartment and it’s in the ghetto. A few yards from halfway homes/substance abuse centers.
Guess who paid $700k? Some dude from the Midwest lol
I'm sorry but I think it is a bubble. These people will realize in some amount of time that what they bought was not worth the price and then they will sell at a loss. There was a tiny ass home that sold on my street a couple years ago. Now it's up for sale again and they're selling for less than what they bought it for.
Bought a house on the westside in 2016 for 400k and I feel wildly fortunate I was able to pull that off. Barely was able to but can’t imagine with today’s prices and interest rates.
Yeah dude. Had been living in a 2/2 apartment in Belmont since 2003 that was rent controlled and as soon as I moved out they upped the rent to more than I still currently pay for my mortgage & insurance.
If google is correct, I assumed a $400 HOA, and because we All have an extra $150k just laying around for a DP to hit the 20% - also google said you need to make $175k/yr with $0 debt and put down 20% to qualify.
If you put down 5% ($37k) that’s a $6300/m mortgage payment. I also checked with 5% down and $0 debt you need to make $225k to qualify 😂 this whole thing is fucked.
https://preview.redd.it/cg4bvhfgpu9d1.jpeg?width=1125&format=pjpg&auto=webp&s=5498f6ac4aad0475453b07f05bbee904f4402881
I am confused why people think coastal California is going to be affordable to the average Joe anyways. But depends on how you define average Joe.
My gf does have plenty of regular Joe friends who have bought in recent years. Doing regular jobs like HVAC for school system or X ray tech.
Plenty of regular Joe couples make $175k combined. We aren’t talking $300k here.
Yeah you aren’t likely to buy in LB on a single income unless you make great money. This is not surprising. A single person doesn’t need a 1400 sq ft townhouse all to themselves though. That’s a luxury.
Are they the ones by Jordan High School? That area is GHETTO! I live close by and no way would I pay that much for a place like that in the area.
Well… at least my property value will go up hopefully
It's about 5 mins from J-town. Still in a bad area If you're not wise to it. They really trying to sucker in alot of ppl, and good riddance to them if they don't do their research.
https://preview.redd.it/2sy2unt44u9d1.jpeg?width=1290&format=pjpg&auto=webp&s=d7d73d2aa5f2649a0b65a01e0c57f4f61099f733
Just looked them up and they are the ones by Jordan. I like how it says “Close to Ocean”. Those new homes are like 2 or 3 streetlights away from the opposite border of Long Beach from the beach haha!
This shit isn’t sustainable no matter what unscrupulous realtors say. There’s going to be a time, probably very soon, when people start getting foreclosed en masse.
Marketed as 2 bed rooms with den easily a 3rd occupy then rent. I'm surprised at some responses as if u guys don't know how gentrification works buy out a few homes, build new homes at outrageous prices and change the demographic. $800k homes in Compton, 750k homes in Long Beach and million dollar homes in Hawthorne and Inglewood.
I thought these homes were supposed to be affordable, living homes for low income people
They are priceless out in our own neighborhood
And there is no parking for visitors. They are talking about the street. There is no parking in these neighborhoods are ready. It’s gonna be worse.
i dont get gentrification because i’m broke and even i don’t want to live in these type of apartments or condos, all these attract are a few rich idiots and roaches… and it’s still ugly asf everywhere around you
With all the negative comments on this place no one has said what they would be willing to pay for it for it to seem reasonable to them.
600k?
500k?
400k?
Can you get a similar place anywhere in a beach community in la county for less than what it's offered at here?
These same people probably complained about prepandmic prices too.
My gf and I both bought in 2018, which was was before we met. And both of us heard from people now prices would be coming down soon.
She grew up in Long Beach and had/has lots of friends and family in the area. Lots of them were telling her it was a horrible time to buy and she should wait. Pretty much none of the “you shouldn’t buy now” folks own a home today. She and I do not get any satisfaction from that fact. But she sure is glad she ignored their advice/input.
She scraped by to buy when she did, but has since been able to refinance and simultaneously increased her income by about 50% in the 6 years since, so now the mortgage is a breeze.
And you are right. And I had the same thought years back. Long Beach was likely to get more expensive. It’s right by the ocean and it’s the only urban center along the coast between SD and SF. Every other beach side community besides like San Pedro, had become pricey. I saw no reason LB couldn’t be the next Santa Monica, or something in that ballpark.
The 91 Freeway & Atlantic Blvd isn't exactly a 'beach community'. It's 7 miles to the beach, and 1 mile to... Paramount
edited distance to fix my fatty fingers error.
What are you talking about?
5901 Atlantic to Alamitos Beach is a 7.3 mile drive. 15 miles gets you way further inland than that address.
Just looked up on Google maps - https://maps.app.goo.gl/Kf4Ye8JoWAr4J2ts9?g_st=ic
It reminds me of that one commercial where the real estate agent marketed their listing of having a "beach view" and when the potential buyers show up to the open house and asks about the beach view, the agent points through the neighbors window and tells them to look through his window to see the ocean lol.
I mean at least it’s for sale, I guess? Downtown there’s a lot of new development, but us plebs will never see any return on the ever increasing cost of housing, cause it’s all for ‘lease’.
An old, rundown, small shack with no yard down the street from me sold for almost $800k a couple years ago. This actually seems very reasonable compared to that.
Pretty much no one is doing that.
Most people buy with two incomes in the house. With each income being around that or more. And sometimes they have a cousin or sibling living there kicking in some rent too for a few years.
Middle-class blue collar worker here with two family incomes… Who the fuck can afford this shit? Lol. I’m always scratching my head as how anyone can buy anything with these prices?? I’m just curious as to what kind of people are buying right now? Where do they keep coming from lol? Because the supply keeps coming but everyone I know who makes above average are either still renting or leaving the state. Honest question. Who are the demographic for this price range? Transplants? Techies? Doctors? Yuppies?
It’s all subsidized housing.. section 8. I witnessed the last round of this same design go up on Long Beach Blvd and del amo. It’s a terrible neighborhood & a waste of time and money to build 🙄
I think the original developer was supposed to build affordable housing but they abandoned the project and KB was brought in to construct regular townhomes.
I think the original developer backed out so KB homes came in and bought this land. I remember looking at renderings when the original project was announced and when I looked at KB's renderings recently, they looked completely diff which leads me to believe the original project was scraped.
Lol that's what small houses on north east side lbc (ya know, 5 mins from Compton, right by the pjs on south and Atlantic)go for on the low. Housing is ridiculous in all of Cali.
??? That’s insane for a conndo! Seems like you’re right on top of each other too and no outdoor space.
I’m waiting to buy until the market inevitably crashes 2008 style. The interest rates and inflated prices isn’t worth it
Something cyclical doesn’t mean the cycle plays out nearly as severely as the last time.
2008 was an anomaly. It was the worst housing crash since the great depression and worst recession since then too.
I’ve been arguing with r/Rebubble idiots convinced of catalyst after catalyst for 4 years now. Each time i have pointed out major holes in their theories and each time I have been much more correct than they have been.
Have fun wishcasting though.
When should we be expecting this cycle to drop prices?
My gf and I both bought in 2018. We didn’t know each other then. We were both told that prices would be coming down soon. We are both glad we ignored the noise.
Yall bought at a decent time, but I see you’re playing stupid on purpose and being argumentative.
Continue shouting at the clouds. Yall could sell now and take advantage of the high selling prices 🤷♀️ I’m talking about ppl entering the market for the first time. Not 6 years ago.
I’m not playing stupid on purpose.
The fundamentals that lead to 2006-2008 don’t exist today.
Vacancy rate is very low - https://fred.stlouisfed.org/series/USHVAC
Debt to disposable income is low - https://fred.stlouisfed.org/series/TDSP
Active listings are low - https://fred.stlouisfed.org/series/ACTLISCOUUS
Prices were at all time highs in 2018. People were saying it would drop soon. In retrospect they were wrong. And what I am saying now is that calling these “high prices” is no different than people in 2018 calling them “high prices”.
If it’s cyclical and so easy to predict… when shall we expect to see it drop then?
Then what’s the point of declaring that the “housing market is cyclical” and claiming you will wait until another 2008.
If it’s hard to predict, who is to say that it doesn’t continue to rise and then by the time it crashes like you hope, it’s above when you sat out?
People love the cyclical claim, but almost never have anything more to add or back up their reasoning. If it’s hard to pinpoint where in the cycle you are or how severely it will drop, you might as well just be gambling.
Ok. Like I said you are argumentative. Keep going. Fact remains your house has appreciated in value since 2018. Sell it in the current market for as long as it’s a sellers space if you want to make the most money off it.
I have no desire to try to time the market. I bought a home to live in. I didn’t buy to make the most money and then gamble on market downturn and buying again.
I am being argumentative. But so are you. And you have made zero attempt to justify why another 2008 is going to happen any time soon.
You were just asking me for real estate advice so you got it and then you’re like “oh not like that.” Okay man. You don’t want a convo you want to argue. Again.
If you think the global economy is not trending toward a major collapse you are not very plugged in or economically aware. I’m not being argumentative. This is literally entirely your comment history.
But again, you’re right about everything!!!! And no alternative opinions stand up to yours OP. You’re actually perfect and know it all. Astounding.
Will this help shut you up: you’re right and no alternative perspectives or opinions compare to yours! You’re the most correct person in the universe and historical trends do not apply to your logic!
When it crashes do you have cash to buy? Last time it did no one could get loans so those who capitalized had liquidity to buy things cheap.
And major areas like la didn't suffer from the crash like the Midwest did.
There was already a correction here in 2022 - https://fred.stlouisfed.org/series/LXXRSA
These people will keep waiting for the mega crash and then rant about life being unfair when timing the market goes poorly for them.
I don't think he is doing that at all. My house in lb cost more than that, and I would like it's value to climb.
And in all honesty if those new units in North lb were going for an affordable price I would try to buy them as an investment property. And if not me someone else would.
I rather buy this bigger house for half the price. if I used 750k in vegas the house would be over 3000 sq ft.
https://www.zillow.com/homedetails/1836-Crystal-Gem-St-Las-Vegas-NV-89106/7000000_zpid/
Sure, if you want to live in Las Vegas. It sold in 1997 for less than $100k and barely appreciated in 27 years, yikes. Average rent is about $800 in the area so no way would it be worth buying.
It appreciated by 277% lol at barely appreciated. I would rather live in vegas in a nicer and larger house than in north LB by Jordan high for 756k in a smaller house.
Is this the one on Long Beach and 49? The ones they built on Long Beach and del amo also start in the 700’s it’s wild af
lol we laughed when we heard the initial price for those in that area when home searching before they were built. No way they want that much for north Long Beach 🤦🏽
Me and my bf laughed every day as it was being built
it’s called edgewood but my roomies & i called it “edge of the hood” lmaooo
My kid was all “Welcome to Long Beach (gunshot noises)”
Laughing in poor
Can’t even imagine the HOA on top of that.
And almost all of them have sold already. At least the complex built up the street a bit.
Yeah, to blackrock as rentals for $4500/mo EDIT: it was all tongue-in-cheek for all the 'The price is too high' folks guess I forgot the /s
[удалено]
None, duh
He has none, I can do the same watch this. Yeah! And they’re having problems selling!!! See anyone can lie on the internet.
Stupid boogeyman claim.
This is 59th and Atlantic right infront of the library it’s still getting built and they are brand new. No apartments
THEY BUILT EVEN MORE?! The least they could do with this new build is make it apartments
At first I thought they were going to be apartments but I looked it up and yes they are already looking like these homes I live right in front and construction is driving me nuts. I can never sleep in. 😖
THEY BUILT EVEN MORE?! The least they could do with this new build is make it apartments
Is this the same kb Homes that an inspector shits on pretty regularly on his YouTube videos?
Def looks like it lol
What’s the name of the YouTube channel?
That's insane. And someone will pay it.
Yup and that’s the problem. Locals know better but there is always transplants who got more money than brains and will gladly overpay for this. Owners/property management companies know this.
Being from Austin and considering a move to LB, the weather and politics is the driver. Its going to be 108 heat index here today, it’s literally too hot to do anything outdoors between 10a and 8p, for 4 months a year. The Politics also are getting restrictive towards personal freedoms here in Texas.
I had a minor run-in with some small town cops between Austin and DFW. Kinda interesting how much of a police state Tx has become considering how much right wing folks claim they want small government.
Yup, the laws around civil seizure by Police are wild in Texas and small town cops are terrible. They can seize your stuff, never charge you with a crime, and never give it back. [https://www.texastribune.org/2018/12/07/texas-civil-asset-forfeiture-legislature/](https://www.texastribune.org/2018/12/07/texas-civil-asset-forfeiture-legislature/) Conservatives always love to lick boots and never think they will ever be a victim of Police malevolence, because that only happens to others. What’s also wild is edibles and concentrates or having one pot plant is still a life altering felony here. A harmless plant… so much for freedom. Wife and I stay in LB in the summers to escape the heat, hopefully it will be full time soon.
Long Beach has much better weather in both the summer and winter than Austin. I’ve had a bunch of friends who lived there for year and I have visited a couple times in the winter. Cool city and enjoyed my visit. But you are right. The weather is oppressive, which is confirmed with one look at the average temps and talking to anyone I’ve known who has lived there. Lots of people in LB don’t realize how good we have it weather wise.
Awesome city and fortunately every bar/restaurant, etc, has the AC set to “Arctic Circle.” Some municipal pools and stuff too. So there are ways to cool off. But, yeah, you’re immediately drenched in sweat after walking down the street for more than two minutes. Something as simple as going for an afternoon stroll like we can is just not really in the cards out there.
Just avoid larger rental management companies and walk around neighborhoods and look for signs renting units direct from the owner. I have a 3 bedroom apartment in a nice neighborhood and I only pay 2,600/month.
It’s not that locals know better. Locals like that are generally guilty of price anchoring to prices that are never coming back, and not seeing the bigger picture. It’s a beachside city that’s on the up. Locals need to wake up and realize it’s never going to be cheap like it was in the 80’s and 90’s again.
Doesn’t seem insane to me. Lots of areas are selling close to $1000 per square foot these days. Also there is a 3 bedroom options with 1630 sq ft for $817k - https://www.kbhome.com/new-homes-orange-county/rhythm It wouldn’t shock me if 20 years from now Long Beach gets built up in a similar fashion as Santa Monica/Venice, and previously scoffed at prices/areas look like a good deal in retrospect.
>Lots of areas are selling close to $1000 per square foot these days. THAT is why it's insane.
It’s Southern California. Some of the best weather in the whole world. Southern California probably didn’t get to be so expensive sooner because there was still more developable land and the crime here in the 80’s and 90’s. Crime rate in CA then was way above national average. Now it’s right around average. LA area is wedged between the ocean and the mountains. It’s basically built out, with the only option to build up now, which means more housing units, but not more SFH’s, which end of the day is what most people end up wanting. When I look back and see that houses here used to go for similar prices to where I lived in Massachusetts growing up, I feel like people really just got a steal during those days and it wasn’t likely to stay that way forever. People said pricing was insane even before the pandemic. It wasn’t. And now those people are even more frustrated.
I live in the LB burbs but our house has doubled in value in 5 years. 3 bedroom house on our street is being rented out for $6500 a month. It's a 50's tract house. Prices are insane.
I’m surprised to hear it’s renting for that much. Do you live in the Cliff May neighborhood or something? That doesn’t sound like your average 3 bedroom rental price. Prices are insane is relative. I’m of the belief housing was below value for a while post-crash. And now people have price anchoring issues. Something can double in value in 5 years, but have barely grown in value the 12 -15 years before that, and thus the growth isn’t that crazy.
Actually even this Cliff Mays is only renting for $4950 - https://www.socalmodern.com/homes-for-sale-details/7209-E-LANAI-STREET-LONG-BEACH-CA-90808/PW24125735/306/ You must live in a pretty damn nice neighborhood and downplaying it with your comment calling it 50’s tract housing. Because $6500 is a lot more than $4950.
That house is beautiful; but it is 1100sq feet. I think that is driving down the price. It is an amazing house though. Not every renter might see the appeal. My neighborhood can be nice and also 50's tract houses, no?
Of course it can be nice and be 50’s tract homes. But “50’s tract homes” are generally pretty small as well. And I don’t think you chose that phrasing to convey a positive, I think you chose it to convey it being pretty unremarkable. Average new home size in 1960 was 1,289 sq ft. Maybe the 50’s tract home you are talking about is considerably bigger though.
You can infer what you wish. The tract of homes I live in where built between 1954 and 1957. Calling the homes on my street 50's tract homes is correct description. Our tract has 5 models of house, there are a few hundred houses, every 4th or 5th one is the same. The homes started between 1100-1350 sq feet depending on the model when they were sold. Some of the homes were actually moved here when they built the 605 freeway, so those two streets are different floorplans. Many people have added on over the last 70 years. The 3 bedroom home on our street being rented for $6500 a month does not have an add on, but they have updated it since it was originally built. It has a very nice covered area in the back yard with a great view of the powerline towers.
Doesn’t seem that outrageous to me. In fact, happy to see housing for sale in the $700,000s. Wish there was more.
700k house 5 years ago is 1.4m house now.
Yeah that’s my point. There aren’t any $700k houses left save for maybe San Pedro and Carson Ans a few other places. We need more
Old pricing isn’t coming back. $700k in 2019 equals $860k in 2024 - https://www.usinflationcalculator.com Median SFH in LB went from $650k-700k to $950k-1M in that span - https://www.redfin.com/city/10940/CA/Long-Beach/housing-market So it exceeded overall inflation some, but not by a crazy amount. People need to forget about prices from 5 years ago.
Well these are $700k?
I cited SFH prices. These are $756k which is close to $700k but still above that threshold. And these are townhomes. They would have gone for maybe $525k or so 5 years ago. I agree with you though that it’s good to see things in this price range being built. If they were only building 3-4 bedroom units, which are part of the complex, it would mean being out of reach for those who could afford this 2 bedroom option. Some people out there will take advantage. While others just bitch online.
My only response is that most if not all people/families shouod still seriously consider these. We all want the homerun outta the gate - Ans live in the mansion living large but that’s just never going to happen. Starter homes are the way to go.
On average, no. Median SFH 5 years ago was around $650k-$700k and around $950k-$1M now https://www.redfin.com/city/10940/CA/Long-Beach/housing-market My parents were considering relocating and Cliff Mays went for about $1M then and go for about $1.4-$1.5M now. Housing has gone up about 50% not 100%.
My neighbor bought there house for 695k in 2019. They just sold for 1.4m. The house behind mine sold for 800k last year, was flipped and just sold for 1.3m. Is that the average, maybe not, but it is happening in my tract. Many houses that are in original shape, from original owners, are being being flipped and sold for huge prices here. I live close to CSULB.
It’s not the price itself that is surprising. It is the price in that neighborhood. North Long Beach is not a good area.
Exactly! If these were being built in other neighborhoods, the price would be justified.
Must be nice.
Bubble? There’s no bubble!
Not disagreeing, but I have been shocked to learn houses on my street sell for over $1million...and LOL I own one and do not think they are worth it.
They’re not bro. Some junk home by me was sold for $650k in my old neighborhood. It’s smaller than my apartment and it’s in the ghetto. A few yards from halfway homes/substance abuse centers. Guess who paid $700k? Some dude from the Midwest lol
I'm sorry but I think it is a bubble. These people will realize in some amount of time that what they bought was not worth the price and then they will sell at a loss. There was a tiny ass home that sold on my street a couple years ago. Now it's up for sale again and they're selling for less than what they bought it for.
A property is worth what someone is willing to pay for it. If we all decided not to pay these outrageous prices, the price would go down.
I’m doing my part for everyone and not buying a home. *bows*
but it comes with 2 cars
…it doesn’t say what type of cars…
Plus HOA fees
And people are actually buying them
Bought a house on the westside in 2016 for 400k and I feel wildly fortunate I was able to pull that off. Barely was able to but can’t imagine with today’s prices and interest rates.
You got a really good deal, well done!
Yeah dude. Had been living in a 2/2 apartment in Belmont since 2003 that was rent controlled and as soon as I moved out they upped the rent to more than I still currently pay for my mortgage & insurance.
North Long Beach is practically Compton. Change my mind.
Nah, you're right. Fireworks, gunshots, and helicopters all night long.
I try my best not go north of Del Amo
I need to take real pics of this neighborhood
If google is correct, I assumed a $400 HOA, and because we All have an extra $150k just laying around for a DP to hit the 20% - also google said you need to make $175k/yr with $0 debt and put down 20% to qualify. If you put down 5% ($37k) that’s a $6300/m mortgage payment. I also checked with 5% down and $0 debt you need to make $225k to qualify 😂 this whole thing is fucked. https://preview.redd.it/cg4bvhfgpu9d1.jpeg?width=1125&format=pjpg&auto=webp&s=5498f6ac4aad0475453b07f05bbee904f4402881
With new builds often the builder is able to give a mortgage rate better than the average available.
Okay, so like 6% lol still not going to be affordable to the avg Joe
I am confused why people think coastal California is going to be affordable to the average Joe anyways. But depends on how you define average Joe. My gf does have plenty of regular Joe friends who have bought in recent years. Doing regular jobs like HVAC for school system or X ray tech. Plenty of regular Joe couples make $175k combined. We aren’t talking $300k here. Yeah you aren’t likely to buy in LB on a single income unless you make great money. This is not surprising. A single person doesn’t need a 1400 sq ft townhouse all to themselves though. That’s a luxury.
Are they the ones by Jordan High School? That area is GHETTO! I live close by and no way would I pay that much for a place like that in the area. Well… at least my property value will go up hopefully
It's about 5 mins from J-town. Still in a bad area If you're not wise to it. They really trying to sucker in alot of ppl, and good riddance to them if they don't do their research.
These houses are probably already getting cased for burglary the way they are built doesn't look like it would provide too much security there.
https://preview.redd.it/2sy2unt44u9d1.jpeg?width=1290&format=pjpg&auto=webp&s=d7d73d2aa5f2649a0b65a01e0c57f4f61099f733 Just looked them up and they are the ones by Jordan. I like how it says “Close to Ocean”. Those new homes are like 2 or 3 streetlights away from the opposite border of Long Beach from the beach haha!
This shit isn’t sustainable no matter what unscrupulous realtors say. There’s going to be a time, probably very soon, when people start getting foreclosed en masse.
On the nasty with plenty traffic and noise for that amount is crazy on the main road 😳
For a long time Long Beach was a 'bargain' compared to coastal LA or Orange County. Not so much the case any longer...
Marketed as 2 bed rooms with den easily a 3rd occupy then rent. I'm surprised at some responses as if u guys don't know how gentrification works buy out a few homes, build new homes at outrageous prices and change the demographic. $800k homes in Compton, 750k homes in Long Beach and million dollar homes in Hawthorne and Inglewood.
You must be new to California
Thank goodness they made these new affordable housings! /s
When I was looking in 2023, that price was ballpark correct.
I thought these homes were supposed to be affordable, living homes for low income people They are priceless out in our own neighborhood And there is no parking for visitors. They are talking about the street. There is no parking in these neighborhoods are ready. It’s gonna be worse.
This is Atlantic and South Street
i dont get gentrification because i’m broke and even i don’t want to live in these type of apartments or condos, all these attract are a few rich idiots and roaches… and it’s still ugly asf everywhere around you
Hell no that price is crazy and there is no personal yard.
Fr. I'll keep saving my pennies until I can buy an actual home with a yard and driveway.
With all the negative comments on this place no one has said what they would be willing to pay for it for it to seem reasonable to them. 600k? 500k? 400k? Can you get a similar place anywhere in a beach community in la county for less than what it's offered at here?
These same people probably complained about prepandmic prices too. My gf and I both bought in 2018, which was was before we met. And both of us heard from people now prices would be coming down soon. She grew up in Long Beach and had/has lots of friends and family in the area. Lots of them were telling her it was a horrible time to buy and she should wait. Pretty much none of the “you shouldn’t buy now” folks own a home today. She and I do not get any satisfaction from that fact. But she sure is glad she ignored their advice/input. She scraped by to buy when she did, but has since been able to refinance and simultaneously increased her income by about 50% in the 6 years since, so now the mortgage is a breeze. And you are right. And I had the same thought years back. Long Beach was likely to get more expensive. It’s right by the ocean and it’s the only urban center along the coast between SD and SF. Every other beach side community besides like San Pedro, had become pricey. I saw no reason LB couldn’t be the next Santa Monica, or something in that ballpark.
The 91 Freeway & Atlantic Blvd isn't exactly a 'beach community'. It's 7 miles to the beach, and 1 mile to... Paramount edited distance to fix my fatty fingers error.
I used to drive 2hrs to go to the beach on the east coast. 15miles back home is easily 1+mil and maybe a worse building
cool
What are you talking about? 5901 Atlantic to Alamitos Beach is a 7.3 mile drive. 15 miles gets you way further inland than that address. Just looked up on Google maps - https://maps.app.goo.gl/Kf4Ye8JoWAr4J2ts9?g_st=ic
Dang you right i totally fat fingered that one. Point still stands - It's basically Paramount and hardly a beach community there.
It reminds me of that one commercial where the real estate agent marketed their listing of having a "beach view" and when the potential buyers show up to the open house and asks about the beach view, the agent points through the neighbors window and tells them to look through his window to see the ocean lol.
I mean at least it’s for sale, I guess? Downtown there’s a lot of new development, but us plebs will never see any return on the ever increasing cost of housing, cause it’s all for ‘lease’.
An old, rundown, small shack with no yard down the street from me sold for almost $800k a couple years ago. This actually seems very reasonable compared to that.
Just curious what do you guys consider a fair price for a unit like that? Being over or underpriced is relative
It can’t be that outrageous if people will buy them.
If it's on credit [and high interest rates], people will "buy" anything.
People willing to pay any mortgage north of $2500 and make less than 80,000 are absolutely mindless. How do they do it?
Pretty much no one is doing that. Most people buy with two incomes in the house. With each income being around that or more. And sometimes they have a cousin or sibling living there kicking in some rent too for a few years.
These are the Rhythm KB homes on Atlantic? I looked this up the other day and couldn't believe the prices lmao
Yup! Those are it
Middle-class blue collar worker here with two family incomes… Who the fuck can afford this shit? Lol. I’m always scratching my head as how anyone can buy anything with these prices?? I’m just curious as to what kind of people are buying right now? Where do they keep coming from lol? Because the supply keeps coming but everyone I know who makes above average are either still renting or leaving the state. Honest question. Who are the demographic for this price range? Transplants? Techies? Doctors? Yuppies?
My guess would be transplants living in LCOL areas or people that have been saving for a looooooong time.
It’s all subsidized housing.. section 8. I witnessed the last round of this same design go up on Long Beach Blvd and del amo. It’s a terrible neighborhood & a waste of time and money to build 🙄
I think the original developer was supposed to build affordable housing but they abandoned the project and KB was brought in to construct regular townhomes.
[удалено]
I think the original developer backed out so KB homes came in and bought this land. I remember looking at renderings when the original project was announced and when I looked at KB's renderings recently, they looked completely diff which leads me to believe the original project was scraped.
I mean, groceries are 3x the price they were a few years ago and you’re surprised? Who knew printing endless money would cause rapid inflation?
And that's not including HOA... Yups!
Parents payed $800k for a 2 bed, 2 bath
Lol that's what small houses on north east side lbc (ya know, 5 mins from Compton, right by the pjs on south and Atlantic)go for on the low. Housing is ridiculous in all of Cali.
These are the Rhythm KB homes on Atlantic? I looked this up the other day and couldn't believe the prices lmao
Thank god I live in Bixby knolls
Price of gentrification
Get land with that type of money. You get a couple acres and build a house with that kinda money up in Oregon.
Yes, that's nuts. $$$
We going to build a lot more Get ready.
Why are they using this mockup instead of an actual picture? Anyone think that’s weird.
Because they’re not built yet. They barely have the wooden frames of the models up
They don't have anything. It's still just dirt land.
My mistake. I thought these were the ones off of Long Beach and Del amo-ish
Roach infested in 2/3 yrs. Probably owned by China.
??? That’s insane for a conndo! Seems like you’re right on top of each other too and no outdoor space. I’m waiting to buy until the market inevitably crashes 2008 style. The interest rates and inflated prices isn’t worth it
You might be waiting forever.
Promise I won’t be lol. Housing market is cyclical.
Something cyclical doesn’t mean the cycle plays out nearly as severely as the last time. 2008 was an anomaly. It was the worst housing crash since the great depression and worst recession since then too. I’ve been arguing with r/Rebubble idiots convinced of catalyst after catalyst for 4 years now. Each time i have pointed out major holes in their theories and each time I have been much more correct than they have been. Have fun wishcasting though.
Okay. 👌
When should we be expecting this cycle to drop prices? My gf and I both bought in 2018. We didn’t know each other then. We were both told that prices would be coming down soon. We are both glad we ignored the noise.
Yall bought at a decent time, but I see you’re playing stupid on purpose and being argumentative. Continue shouting at the clouds. Yall could sell now and take advantage of the high selling prices 🤷♀️ I’m talking about ppl entering the market for the first time. Not 6 years ago.
I’m not playing stupid on purpose. The fundamentals that lead to 2006-2008 don’t exist today. Vacancy rate is very low - https://fred.stlouisfed.org/series/USHVAC Debt to disposable income is low - https://fred.stlouisfed.org/series/TDSP Active listings are low - https://fred.stlouisfed.org/series/ACTLISCOUUS Prices were at all time highs in 2018. People were saying it would drop soon. In retrospect they were wrong. And what I am saying now is that calling these “high prices” is no different than people in 2018 calling them “high prices”. If it’s cyclical and so easy to predict… when shall we expect to see it drop then?
Nowhere did I say it was easy to predict.
Then what’s the point of declaring that the “housing market is cyclical” and claiming you will wait until another 2008. If it’s hard to predict, who is to say that it doesn’t continue to rise and then by the time it crashes like you hope, it’s above when you sat out? People love the cyclical claim, but almost never have anything more to add or back up their reasoning. If it’s hard to pinpoint where in the cycle you are or how severely it will drop, you might as well just be gambling.
Ok. Like I said you are argumentative. Keep going. Fact remains your house has appreciated in value since 2018. Sell it in the current market for as long as it’s a sellers space if you want to make the most money off it.
I have no desire to try to time the market. I bought a home to live in. I didn’t buy to make the most money and then gamble on market downturn and buying again. I am being argumentative. But so are you. And you have made zero attempt to justify why another 2008 is going to happen any time soon.
You were just asking me for real estate advice so you got it and then you’re like “oh not like that.” Okay man. You don’t want a convo you want to argue. Again.
If you think the global economy is not trending toward a major collapse you are not very plugged in or economically aware. I’m not being argumentative. This is literally entirely your comment history. But again, you’re right about everything!!!! And no alternative opinions stand up to yours OP. You’re actually perfect and know it all. Astounding.
Will this help shut you up: you’re right and no alternative perspectives or opinions compare to yours! You’re the most correct person in the universe and historical trends do not apply to your logic!
When it crashes do you have cash to buy? Last time it did no one could get loans so those who capitalized had liquidity to buy things cheap. And major areas like la didn't suffer from the crash like the Midwest did.
Yes and we have the VA loan at our disposal.
There was already a correction here in 2022 - https://fred.stlouisfed.org/series/LXXRSA These people will keep waiting for the mega crash and then rant about life being unfair when timing the market goes poorly for them.
I love it. Let's keep pumping up my home value.
Hey it’s the guy who kicks the ladder out from under him once he climbs up it!
I don't think he is doing that at all. My house in lb cost more than that, and I would like it's value to climb. And in all honesty if those new units in North lb were going for an affordable price I would try to buy them as an investment property. And if not me someone else would.
Great mentality there, bub
So I should lose value on my house? How does that help people buy property if it's losing value? Make it make sense
Thanks for injecting some sensibility into the conversation. It won't matter.
People see home ownership as an investment in their future and will spend far more than is financially wise.
I rather buy this bigger house for half the price. if I used 750k in vegas the house would be over 3000 sq ft. https://www.zillow.com/homedetails/1836-Crystal-Gem-St-Las-Vegas-NV-89106/7000000_zpid/
Sure, if you want to live in Las Vegas. It sold in 1997 for less than $100k and barely appreciated in 27 years, yikes. Average rent is about $800 in the area so no way would it be worth buying.
It appreciated by 277% lol at barely appreciated. I would rather live in vegas in a nicer and larger house than in north LB by Jordan high for 756k in a smaller house.
🤮 my dads 3 bedroom home with a yard, near the college went for like 250k less than that 20 yrs ago.
I mean what do you expect to happen over a 20 year period. Also there is a 3 bedroom option with about another 200 sq ft for like $817k.