OT: housing prices in CA

"tony kujawa" <tonykujawa@xxxxxxxxxxxxxxxxxxx> wrote in
news:4362375a$0$41143$14726298@xxxxxxxxxxxxxxx:

>
> Thanks, just curious. CA wages are MUCH higher than anywhere else in
> the country. Hell, MI wages are 25-30% higher than OH wages. Then
> again the same house that I can buy in a decent neighborhood in OH is
> 100K and in MI it is 150K, and I'm sure 200+ in CA.
>
>




If you can find a decent house in an ok neighborhood for <300k, tell me
where it is so I can flip it for a quick 50k profit. A clean 10-15 year
old 3 bedroom 2 bath house in a safe neighborhood will be around 400 in
many zip codes. The closer you get to LA or San Francisco, the higher that
number goes.

I've made more money paying a mortgage than I have going to work every day
for 3 years now. I expect that to stop very soon, but, I thought that last
year too. I would of course have to sell my house to realize any of that
gain, but it looks good on paper.

I know people who are now selling, banking the proceeds, and planning on
renting for a couple of years, counting on prices falling to a level where
they'll jump back into the market. I think the problem for most who do
that will be that they can't control their spending when there account
balance is in the low six figures. A few thousand here and there seems
like it doesn't make much difference...at the time....and before they know
it it's all gone.

There are some areas that you can buy land cheap enough to subdivide, build
a couple of spec houses, and make enough to build yours in the clear.
Those areas are quickly disappearing though. The biggest problem I see for
a lot of people doing that now is they're living in areas where the
infrastructure didn't keep up with the home building. You can be 5 miles
from the freeway and have it take you 20-30 minutes to get there. These
are areas where the population is lterally skyrocketing (apple valley,
hesperia, victorville, palmdale).
.

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