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Old 04-15-2007, 12:21 AM   #1
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Flip That House - How Can Anyone Afford to live in SoCal?

$730,000 for a 1300 square foot dump in Westchester! OMGoodness, next to LAX. What is going on?

I don't normally watch Flip This House, but it was on after Little People, Big World; I was just curious to see the house they were going to do since it was in Southern California, where I was born and raised. This house was 3 bed, 2 bath, nothing lot, "better" neighborhood in Westchester, where I wouldn't stop in if I was by myself. We used to joke about dropping our car down there so it would get stolen and trashed.

The woman bought it for $730K, going to put appx $40K into it to sell for a profit. I just don't get it. Our old house, which we sold for $210k in 1997 is now running over $600k in Simi Valley. I almost plotzed!

I couldn't bring myself to watch this. How can anyone starting out possibly afford to live there? That's just insane!
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Old 04-15-2007, 02:24 AM   #2
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I have never seen that show, but I honestly can't figure it out either! :

We're hoping to get out to Point Mugu for our next set of orders (in 3 1/2 years) and we are sort of comforted by the fact that the military housing pay is mostly dependent on the average going rental rates. So, they wouldn't leave us competely high and dry and we would be able to make a rent payment. But if we were buying . . . I don't know how we'd do it!

It isn't TOO bad in the neighborhood I grew up in in San Diego . . . the average 3 bedroom 2 bath house is going for $350,000 . . . but the highest priced house in the same neighborhood is going for $775,000.

In the area we'd be living if we were stationed at Point Mugu, the average house price is $555,000 - $675,000. The military would be giving us $2000 per month in addition to "normal" monthly pay just for housing out there!

It's NUTS.
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Old 04-15-2007, 09:26 AM   #3
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That is plain crazy. It makes it seem as though in California there is no value to the dollar.
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Old 04-15-2007, 09:27 AM   #4
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I love Flip this House! But, I'm in real estate, so I am interested in that kind of stuff. However, I think the market for house-flipping has dropped tremendously since this show started a few years ago.

And I agree, I am shocked at the Cal. housing market. Maybe the salaries are also much higher there.
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Old 04-15-2007, 10:54 PM   #5
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It amazes me what people will pay.
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Old 04-16-2007, 09:44 AM   #6
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Well, I can see that coming to the Washington, DC market as well. We bought our house in 1992. It has more than tripled in value since we moved in. We could not afford to buy in here today at the prices. New young families are buying in here, and these are their starter homes! I don't know how they do it. Our houses are 30 years old, no city water, no city sewer, and no natural gas for heat or cooking. And our section of the neighborhood is mid priced. Most of the new homes going up around here are 1 million plus. The smaller houses at the other end of town, 2 - 3 bedroom 1 or 2 bath are going for 450K
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Old 04-16-2007, 10:02 AM   #7
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We sure couldn't pay that!!!


I quit watching Flip This House when they got rid of Richard and the gang from South Carolina. They were a hoot!
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Old 04-16-2007, 02:38 PM   #8
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It's all going to fall apart soon. The market can't support these prices.
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Old 04-16-2007, 02:48 PM   #9
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Wow! I was born in Westchester and lived there until I was 9. I know that my parents paid about $25k for their small 2 bedroom/ 1 bathroom house in 1960. Everytime we drive by my old house, I think it seems so small. The houses in the area we lived were built in the late 1920's. I have friends that live there and I don't know how they survive. I'm guessing they bought before the big jump in prices.
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Old 04-16-2007, 03:17 PM   #10
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Quote:
Originally Posted by tndisneyfam View Post
I quit watching Flip This House when they got rid of Richard and the gang from South Carolina. They were a hoot!
They are going to be on a new show, The Real Deal (I think that's the name). Yeah, I liked them better than the other big mouthed arrogant guy.
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Old 04-16-2007, 05:42 PM   #11
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They are going to be on a new show, The Real Deal (I think that's the name). Yeah, I liked them better than the other big mouthed arrogant guy.
DH and I love the Trademark gang! I love that Richard has a real sense of community and gives back as much as he does. He's out to make money, but he's still got a heart and shows it in some great ways and he's all about giving people a chance in life.

We can't stand the arrogant family from Texas either. The one guy never listens to anyone and everything has to be his way or the highway. He's suck a jerk. I hated the episode where he had an intern who he made to go chase a peacock or something. He belittles everyone he comes into contact with.
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Old 04-16-2007, 06:01 PM   #12
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My DH and I are always amazed by the prices on a number of the home shows. Our house if located elsewhere would be very pricey. Glad I live in a midsize town in midAmerica where I can actually afford my home!
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Old 04-17-2007, 01:20 PM   #13
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A former friend of mine's hubby is i the Navy. He was stationed in San Diego, and they bought a 4 BR/2BA house in Spring Valley in '98 for around $185,000 (don't remember the exact figure; house was abt 20 years or so old at that time). They did a few improvements (new windows, new garage door, new stove & fridge, sodded the back yard, put in a metal swingset for the kids). They sold in 2004 when he got transferred to Maryland, and she told me they made $182,000 on the sale! That's almost double in 6 years!
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Old 04-17-2007, 01:57 PM   #14
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A friend of DH's works in CA and he's been trying to lure us out there for years to work with him. He claims the salaries out there more than make up for the cost of housing. He oftens says he could live like a king if he could find a way to live here and commute to work there.

(Walt's buddy works in film editing. If you disliked the editing of Ocean's 12 as much as we did, you have Mark to blame. He and my DH had a college radio show at the community college here called Wild Walt and Mark in the Dark. Minor celebrities going nowhere fast. )
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Old 04-17-2007, 05:26 PM   #15
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They are going to be on a new show, The Real Deal (I think that's the name). Yeah, I liked them better than the other big mouthed arrogant guy.
Yeah, I can't wait to see that show. I think it starts on Saturday.
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