Condos that cost less than cars

[momopi]

http://finance.yahoo.com/news/Condos-th ... 5.html?x=0

Condos that cost less than cars

ShareretweetEmailPrintLes Christie, staff writer, On Monday August 2, 2010, 4:15 am EDT
The housing bust has made owning a home a lot more affordable -- but in some places, prices are extraordinary; you can buy a nice condo for less than the cost of a new family car.

Some cities have dozens of attractive condominium listings selling for $50,000 or $25,000. There are some selling for less than a new Toyota Corolla. And these are not derelict hovels in crime-ridden communities: These homes are often in move-in condition and located in nice neighborhoods.

"Not to sound like a salesman, but there are some real bargains out there," said Kevin Berman, a broker with Bankers Realty Services in Fort Lauderdale, Fla.

The housing bust has taken down the national median home price by about 23% since 2007, according to the National Association of Realtors (NAR). But condo have fallen even further, down about 25%.

In Sacramento, Calif., condo prices have fallen 59% from what they averaged in 2007, according to NAR. Miami condo prices have plunged 65%, and in Las Vegas they are off 66%.

Prices of individual units are down even more. One condo in Deerfield Beach, Fla., that sold for $115,000 five years ago now lists for $25,000. That's a drop of nearly 80%.

Much of these price drops can be attributed to over development during the boom. Much of that came in Sand State markets such as Las Vegas Miami and Phoenix, where prices for all properties are have fallen precipitously.

Berman has a one bedroom condo in one of these areas with a listing price of $15,000. He said it needs a little work, and it's in a community that doesn't allow you to rent out the property,, but still, $15,000?

"It's great for a vacation property or a retirement home," he said.

Another of his listings is in North Miami, about three miles from the beach. It's a 900-square foot, one-bedroom, one-and-a-half bath with a community swimming pool, central air and assigned parking that costs just $23,450. That's less than a fully loaded new Camry.

In Las Vegas, there are more than 200 condos listed for $30,000 or less. A two-bedroom, two-bath condo with a covered patio in North Las Vegas can be had for just $30,000.

Of course, condo owners have other expenses, particularly maintaining the grounds and common areas, but these tend to be quite low. And the property taxes are also often modest.

Plus, if these housing markets ever rebound, there's even likely to be some price appreciation for these homes. You can't say that about a new car.

[gsjackson]

Most of the condos priced that low have either very high HOA fees, which make the investor's yield much lower, or the HOA is on very shaky ground. Not to say there aren't plenty of good buys out there now, but when you see a decent condo in a decent neighborhood for under about $45K, you need to find out what the catch is. Make sure you run all the numbers before buying one as an investment property.

[momopi]

Most of the condos priced that low have either very high HOA fees, which make the investor's yield much lower, or the HOA is on very shaky ground. Not to say there aren't plenty of good buys out there now, but when you see a decent condo in a decent neighborhood for under about $45K, you need to find out what the catch is. Make sure you run all the numbers before buying one as an investment property.

Absolutely!

I saw a great property for sale in Murrieta (Riverside County, California) last year. Nice big newish house for only $130,000 OBO. It was just too good to be true. Fortunately I had a good agent who started digging, and found that 70% of the home owners were not paying their HOA dues & everyone was upside down on their loans. Eeeek!

[starkeep]

Out here in the desert area in california there any many houses on big lots that can be bought for 50000. the only catch is a job here, probobly the highest in the state for unemployment but for retireees it s great. I have noticed many condos on boracay offering good return i still am not convinced. The pi also has some good prices but as far as i know i would have to be in a corportation to purchase unless wifes of gf name and that is pretty shakey.

[momopi]

Out here in the desert area in California there any many houses on big lots that can be bought for 50000. the only catch is a job here, probably the highest in the state for unemployment but for retirees it s great. I have noticed many condos on boracay offering good return i still am not convinced. The pi also has some good prices but as far as i know i would have to be in a corporation to purchase unless wifes of gf name and that is pretty shaky.

Are you in Palm Springs or 29 Palms area?

[globetrotter]

...and when everyone ELSE is not paying their HOA dues, the new guys get fleeced and re-assesse higher rates to make up the shortfall.

I would not buy property in California if you paid me to do it. Too much bullshit, the taxes are absurd, the HOA's are monsters.

That's what happens when everyone obsesses over someplace with 'the perfect weather' and NOTHING ELSE TO OFFER.

To a person, people who live in California are the most amoral, con artist, bullshit liars in America.

[Rock]

...and when everyone ELSE is not paying their HOA dues, the new guys get fleeced and re-assesse higher rates to make up the shortfall.

I would not buy property in California if you paid me to do it. Too much bullshit, the taxes are absurd, the HOA's are monsters.

That's what happens when everyone obsesses over someplace with 'the perfect weather' and NOTHING ELSE TO OFFER.

To a person, people who live in California are the most amoral, con artist, bullshit liars in America.

Let me tell you about high taxes. My parents primary residence is a home in small town Illinois (an hour and a half south of Chicago) and is assessed at about $160 K. However, if they had to sell, they'd probably get $100-120K max. So what is their annual property tax bill? Over $9,000. That works out to 5.6% of assessed value and 7.5-9% of market value. Can SoCal match that for single family homes out beyond Riverside?

[jamesbond]

That's what happens when everyone obsesses over someplace with 'the perfect weather' and NOTHING ELSE TO OFFER.

To a person, people who live in California are the most amoral, con artist, bullshit liars in America.

The more I think about moving to southern Cal. the more I second guess myself. Yeah the weather is perfect all year round but the state income tax is outrageous, so are the property taxes. The traffic in LA is horrendous and the people from what I hear, tend to be assholes.

Ok, maybe I will stay living in the midwest and just deal with the horrible winters. At least the state income tax isn't high and the property taxes aren't so bad either. Yeah there is traffic but it's not as bad as it is in LA.

[globetrotter]

...and when everyone ELSE is not paying their HOA dues, the new guys get fleeced and re-assesse higher rates to make up the shortfall.

I would not buy property in California if you paid me to do it. Too much bullshit, the taxes are absurd, the HOA's are monsters.

That's what happens when everyone obsesses over someplace with 'the perfect weather' and NOTHING ELSE TO OFFER.

To a person, people who live in California are the most amoral, con artist, bullshit liars in America.

Let me tell you about high taxes. My parents primary residence is a home in small town Illinois (an hour and a half south of Chicago) and is assessed at about $160 K. However, if they had to sell, they'd probably get $100-120K max. So what is their annual property tax bill? Over $9,000. That works out to 5.6% of assessed value and 7.5-9% of market value. Can SoCal match that for single family homes out beyond Riverside?

If your taxes are low, your HOA dues are high. If both are low live you next to a reservation and you have other problems.

Out beyond Riverside is either the very windy Beaumont & Banning and the pass with the wind farms, or the desert and that is 130 degrees.

Yuck. It just isn't worth it - I understand the obsession people up North have with someplace warm year-round but it just ain't worth it. It is nothing like what you see on TV or Film - it's actually quite ugly with single storey strip malls everywhere, stretching in all directions for 200 miles.

It's ruthlessly competitive; your boss, coworkers, friends and girlfriends will all throw you under the bus first chance they get.

People in Socal don't talk to you or become your friend unless they get a benefit from you. If they don't need anything from you and if you don't provide them with a benefit, usually financial, vocational or in the way of social connections, they simply won't have anything to do with you.

Of course everyone is infected with insanely high self-esteem, too. Home of the hustler.

The bizarre thing is that they believe this is perfectly normal and how the rest of the USA and the rest of the planet is. Anyone who stays in L.A. a few years begins to behave and think like this, too.

Stay Away.

[momopi]

CA has:
* High state income tax (6%-10.5%)
* High sales tax (8.75%)
* High property prices (unless if you buy during market lows, like now)
* Low property tax (1% - Prop 13), but watch out for mello roos and HOA fees
* Many poor people who wants to hustle your money ("hi friend, I have a great investment for you!")
* Many rich people who will buy the house you want with cash ("FCB")
* Many pretty girls with taller, richer, and better looking boyfriends with bigger/harder muscles and pen*s than you
* Neighborhoods full of generic looking, mass-produced boxy McMansions that Asians love to buy because they're brand new
* Shopping malls like South Coast Plaza & Newport Fashion Island, where your GF has her eyes on a salvatore ferragamo
* Lots of Mexicans! I recommend watching "A Day Without a Mexican" movie. Don't worry, they don't bite, nice people actually.




If you're from a less-competitive place, you'd find CA to be "too competitive".

If you're from a major city in East Asia (Seoul, Tokyo, Taipei, Hong Kong, Shanghai), you'd think CA is affordable with more opportunities, less competitive than back home, pretty laid back, clean, great landscaping, and nice beaches w/fish tacos.





Are there nice and generous people in CA? Yes, this Italian restaurant owner would rather refi his house than to stop giving away free food to hungry kids:
http://www.youtube.com/watch?v=hY5uun3cksw
http://www.anaheimwhitehouse.com/

[NorthAmericanguy]

...and when everyone ELSE is not paying their HOA dues, the new guys get fleeced and re-assesse higher rates to make up the shortfall.

I would not buy property in California if you paid me to do it. Too much bullshit, the taxes are absurd, the HOA's are monsters.

That's what happens when everyone obsesses over someplace with 'the perfect weather' and NOTHING ELSE TO OFFER.

To a person, people who live in California are the most amoral, con artist, bullshit liars in America.

Let me tell you about high taxes. My parents primary residence is a home in small town Illinois (an hour and a half south of Chicago) and is assessed at about $160 K. However, if they had to sell, they'd probably get $100-120K max. So what is their annual property tax bill? Over $9,000. That works out to 5.6% of assessed value and 7.5-9% of market value. Can SoCal match that for single family homes out beyond Riverside?

If your taxes are low, your HOA dues are high. If both are low live you next to a reservation and you have other problems.

Out beyond Riverside is either the very windy Beaumont & Banning and the pass with the wind farms, or the desert and that is 130 degrees.

Yuck. It just isn't worth it - I understand the obsession people up North have with someplace warm year-round but it just ain't worth it. It is nothing like what you see on TV or Film - it's actually quite ugly with single storey strip malls everywhere, stretching in all directions for 200 miles.

It's ruthlessly competitive; your boss, coworkers, friends and girlfriends will all throw you under the bus first chance they get.

People in Socal don't talk to you or become your friend unless they get a benefit from you. If they don't need anything from you and if you don't provide them with a benefit, usually financial, vocational or in the way of social connections, they simply won't have anything to do with you.

Of course everyone is infected with insanely high self-esteem, too. Home of the hustler.

The bizarre thing is that they believe this is perfectly normal and how the rest of the USA and the rest of the planet is. Anyone who stays in L.A. a few years begins to behave and think like this, too.

Stay Away.

My god you speak the TRUTH!!! Especially the part about people not wanting to be your friend unless they can benefit from you.

During my last few years in California, I met a guy in CA who I thought was my friend because he would help me in business related matters and invite me over to his place to eat dinner with him and his wife, but I did some thinking and noticed that I was a major benefit to him by filling in doing work for him when he was going out of town, or by dumping extra work on me when he did not want to do it. I got paid good money so I did not complain.

The thing is, I really thought he was my friend because he would say things to me that would indicate that he cared about me, but he started to reveal himself, say, when my best friend died in a motorcycle accident and I confided in him about it in person and he did not even acknowledge my grief; not even, "oh, I'm sorry to hear that. Nothing! Just gave me a look like what do you want me to do about it.... I even emailed him about my friends death because I needed somebody to talk to and I got no reply back.

Mind you, this is SO important to me, it's different then lending me 1000 bucks in a jam, that's easy, but talking time out of your life to listen to somebody shows that you really care, and you have empathy, but I digress.

Another thing is that every time he had an issue (i.e., his nagging wife, Job issues) he would call me and I would listen but when things were in reverse he always had to go as if somebody was waiting for him. And now that I moved out the state, he ignores all my emails all together and returned 3 of my calls 4-5 months later, and even then, the whole time he talked about himself; so F** him! He is your classic Longbeach Ca raised male who now thinks his %%%% don't stink because he lives in a affluent part of Irvine as a glorified renter.

The guy is really an a@@. He hates and has deep issues with every race, even his own (he's white). He thinks any white person who has no money and is not affluent is "white trash".

Unbelievable; this is what kind of people California breeds; narcissistic, arrogant jerks who value human life relative to how much money and status you have.

And sadly, this guys personalty was pretty much the same as my old born and raised in California X girlfriend.

[NorthAmericanguy]

CA has:
* High state income tax (6%-10.5%)
* High sales tax (8.75%)
* High property prices (unless if you buy during market lows, like now)
* Low property tax (1% - Prop 13), but watch out for mello roos and HOA fees
* Many poor people who wants to hustle your money ("hi friend, I have a great investment for you!")
* Many rich people who will buy the house you want with cash ("FCB")
* Many pretty girls with taller, richer, and better looking boyfriends with bigger/harder muscles and pen*s than you
* Neighborhoods full of generic looking, mass-produced boxy McMansions that Asians love to buy because they're brand new
* Shopping malls like South Coast Plaza & Newport Fashion Island, where your GF has her eyes on a salvatore ferragamo
* Lots of Mexicans! I recommend watching "A Day Without a Mexican" movie. Don't worry, they don't bite, nice people actually.




If you're from a less-competitive place, you'd find CA to be "too competitive".

If you're from a major city in East Asia (Seoul, Tokyo, Taipei, Hong Kong, Shanghai), you'd think CA is affordable with more opportunities, less competitive than back home, pretty laid back, clean, great landscaping, and nice beaches w/fish tacos.





Are there nice and generous people in CA? Yes, this Italian restaurant owner would rather refi his house than to stop giving away free food to hungry kids:
http://www.youtube.com/watch?v=hY5uun3cksw
http://www.anaheimwhitehouse.com/

I have been to Newport Fashion Island (OMG, and I had the worse date with a ball busting B%% at the movies next to the island) a few times and I don't see what the big deal is? Same with the citadel outlet off the 5 free way, it's all glamorous on the outside but when you walk inside it's rather boring.

[globetrotter]

"If you're from a less-competitive place, you'd find CA to be "too competitive". "

In this context 'less competitive' means the rest of the world besides major Asian metropolis'.

You guys DO KNOW that Asians work 7 days a week and have 3 days off a year, right?

You want that life? Go ahead. f***ing kill yourself 'being successful'.

I have better things to do with my time on this planet.

[momopi]

I have been to Newport Fashion Island (OMG, and I had the worse date with a ball busting B%% at the movies next to the island) a few times and I don't see what the big deal is? Same with the citadel outlet off the 5 free way, it's all glamorous on the outside but when you walk inside it's rather boring.

For shopping I recommend Costa Mesa, around Bristol St. area. Go to the Anti-Mall and The Camp (across the street), I highly recommend Buffalo Exchange store, and Habana restaurant on weekends when they roast whole sucking pig in a box. The pulled pork is delicious. Be warned the clientele is more alt.culture.

For mall shopping go down the street to South Coast Plaza, they have Macy's for Men and many other good shops. Buy some stuff and you'd get good coupons in the mail ($15 off $50). There's also a South Coast Winery restaurant there but I'd suggest going to Hi-Time Wine Cellar in Costa Mesa or Total Wine at Tustin Marketplace:

http://www.yelp.com/biz/hi-time-wine-cellars-costa-mesa
http://www.totalwine.com/


If I wanted to go shop at an outdoor mall, I can drive 10 mins to Irvine Spectrum and don't need to go to Newport Fashion Island. However Newport Fashion Island has a few better restaurants. True Foods is for the alt.culture folks. Roys has great chocolate desert (oven baked to order), Flemings for the weekend Prime Rib special, etc. However, don't go to Flemings Steakhouse for steak, give it a pass and go to Wood Ranch in Cerritos instead:
http://www.yelp.com/biz/wood-ranch-bbq- ... l-cerritos

If you're with a date take her to Park Ave in Stanton. Take the girl out to the patio and gardens, it's quite nice in the warmer months. I recommend the duck and bone-in steak. Do not, I repeat, do not order the Texas antelope.
http://www.yelp.com/biz/park-avenue-stanton

Better yet, take the girl to San Juan Capistrano for tea:
http://www.yelp.com/biz/the-tea-house-o ... capistrano

Then go to the Ramos House 10 steps away for a WTF bloody mary @_@
http://www.yelp.com/biz/ramos-house-san-juan-capistrano

"If you're from a less-competitive place, you'd find CA to be "too competitive". "
In this context 'less competitive' means the rest of the world besides major Asian metropolis'.
You guys DO KNOW that Asians work 7 days a week and have 3 days off a year, right?
You want that life? Go ahead. f***ing kill yourself 'being successful'.
I have better things to do with my time on this planet.

If you opened your own restaurant and your restaurant opens 7 days a week, then yes, you'd be working 7 days a week. My parents owned 3 restaurants over a 20-year span. If you're a poor immigrant and don't speak English, you can at least cook in the kitchen.

My Japanese friend owns an Edible Arrangements Franchise and they open 7 days a week (until 3pm on Sunday). It's almost 2 pm on Sunday and I have to wait another hour before I drive over and meet up for lunch.

[Adama]

A few months ago I made some phone calls on this property:

Luxury High Rise Building - $132,500
555 North Ave 12H, Fort Lee, New Jersey 07024

Listing Detail
MLS #
1040456
Web ID #
3000130501
Price(USD)
$132,500
Taxes
$0
ListingType
Sale
Zoning
Residential
Cooling
Central
Heating
Central

But then, check this out:
HomeOwner Association Fees($USD)
1361.50

That is $1400 PER MONTH, not per year.