Real Estate in your city

[LosAngelesSportsFan]

In general, it makes sense to refi if you can reduce your rate by more than half a percent. Locking in sub 3% rates is a no brainer as i doubt we will ever get to that point again in the next 10 years

[sopas ej]

From The Eastsider:

3756 Clayton Ave | Los Feliz, Los Angeles
2 Beds | 2.5 Baths | $2,195,000





Link to article, which also shows a few more properties: https://www.theeastsiderla.com/spons...accf70cb4.html

[lio45]

That looks cheap for what it is.

Is the Los Angeles market deflating? Canada's priciest two markets (its two biggest Anglo cities) have started to go down noticeably, for the first time in a pretty long while.

[sopas ej]

Originally Posted by lio45

That looks cheap for what it is.

Is the Los Angeles market deflating? Canada's priciest two markets (its two biggest Anglo cities) have started to go down noticeably, for the first time in a pretty long while.

According to this Los Angeles Times article from July 23rd, LA prices are indeed falling: https://www.latimes.com/business/new...3-hot-property

Though this LA Times article from today talks about Beverly Hills condos chasing record prices: https://www.latimes.com/business/sto...-record-prices

[suburbanite]

Originally Posted by sopas ej

According to this Los Angeles Times article from July 23rd, LA prices are indeed falling: https://www.latimes.com/business/new...3-hot-property

Though this LA Times article from today talks about Beverly Hills condos chasing record prices: https://www.latimes.com/business/sto...-record-prices

Similar phenomenon in Toronto where detached and townhome sales have completely evaporated, with cracks starting to show in the record high prices achieved over the past few years. At the same time, high-rise condo demand and prices have been more stable, with Frank Gehry's marquee development having a pretty successful summer launch at record prices.

[Crawford]

SFHs in the Toronto area are way more expensive than multifamily, though. It could be more that the higher end RE is feeling a softening first.

Can and Aus RE seem to operate on a different level. I have no idea how those price points are maintained on those incomes. Both countries haven't had a major RE correction in decades.

[suburbanite]

Originally Posted by Crawford

SFHs in the Toronto area are way more expensive than multifamily, though. It could be more that the higher end RE is feeling a softening first.

Can and Aus RE seem to operate on a different level. I have no idea how those price points are maintained on those incomes. Both countries haven't had a major RE correction in decades.

More expensive in terms of the overall price tag, but new high-rise condo units are selling in the $1,300 psf range.

There were a lot of speculators hoping to make a quick buck on a pre-build in the far-flung reaches of the GTA. One of our clients is a large developer who sold the first set of townhomes in their Oshawa development for $700,000-$800,000 just over two years ago. The last sales before interest rates rose in March were for $1.3 million. This is the kind of product that experienced the craziest growth during Covid as people were willing to buy far beyond the typical commuter radius with extended work-from-home policies. It's also the stuff that's going to get hit the hardest, and we're already seeing people put in aggressive offers back in the $850,000 range for the current release of townhomes. The speculators are going to get burned when they can't sell on assignment and the bank comes to appraise their new purchase for significantly less than they paid.

In terms of people actually being able to get into real estate, the easy answer is that most can't/don't. It's already becoming one of if not the biggest political issues for the under 35 crowd. The ones who are buying are typically in a few categories:

1. Recent immigrants who are living with large extended families and as many as 8 people in a single home

2. Chinese buyers who are often students, recent grads, or working in Toronto and receive large downpayments from the Mainland

2. Locals who receive significant help from their parents who have benefitted from the growth in real estate prices since they bought in the 80s/90s.

[Crawford]

Originally Posted by suburbanite

1. Recent immigrants who are living with large extended families and as many as 8 people in a single home

I now have Canadian (Iranian immigrant) relatives (sister in law is Persian Canadian), and yeah, that's how they bought.

They have a home in North York, and there are three generations living together, with five modest incomes contributing to the mortgage. So it can be done, I suppose, but most people raised under U.S.-Canadian norms probably wouldn't be up for it.

[ssiguy]

Vancouver is outrageously expensive especially when you consider that it is not a high income city nor a financial or corporate centre like Toronto.

That said, Vancouver prices are plunging as are sales and I could see a 40 or even 50% drop by the time it's over. Even then, it will still be amongst the most expensive places to buy real estate in Canada. Prices in Vancouver are currently quadruple what they are in Montreal despite Montreal being 50% larger and a far more important cultural, financial, and manufacturing centre.

[lio45]

I'm tempted by this one. I'd have to sell something in my hometown because I'm pretty sure banks won't touch it in the condition it's in. Also, it unfortunately seems to be in a not-that-touristy section of town despite being literally in the heart of downtown.

I love the yard, it's like time travel to a century ago.

I've done projects of that caliber, except never in a city where I wasn't spending a lot of time and had a lot of good contacts, so, it would be a bit of a gamble :/


https://www.loopnet.ca/Listing/111-1...o-TX/24569311/

[Xing]

Originally Posted by sopas ej

According to this Los Angeles Times article from July 23rd, LA prices are indeed falling: https://www.latimes.com/business/new...3-hot-property

Though this LA Times article from today talks about Beverly Hills condos chasing record prices: https://www.latimes.com/business/sto...-record-prices

Yes, thankfully it’s happening slowly. We were still able to sell our house (here in California) for a solid price. We purchased a condo in Chicago, where we intend to settle for some time, thanks to my work.

I also have good vibes about the new place, especially since it’s close to the massive Neighborhood 78 project in Chicago.

[mousquet]

Originally Posted by lio45

I'm tempted by this one.

Idk whether you'd actually be any developer, real estate agent or whatever you claim to be on here.
Pardon me, but I don't even care.

The thing from San Antonio you're posting just looks like an abandoned lot from Seine-Saint-Denis to me.
But there's that recent glass tower nearby...

I guess it could be a long-run investment that would eventually make some money for you, but it would require patience or even a bit of passion.
Sometimes, things are not just money. If you don't love them, it doesn't work.

[lio45]

Originally Posted by mousquet

I guess it could be a long-run investment that would eventually make some money for you, but it would require patience or even a bit of passion.
Sometimes, things are not just money. If you don't love them, it doesn't work.

Exactly the point. Nowadays, I would like to diversify a bit, and what I would like is a city of a certain size that values its heritage and that appeals to me, where I'd actually enjoy what I'd be doing (and not feel like rehabbing something old is a waste because everyone else in the area is just razing and developing.)

Real estate here at home is "work", but I've had real estate for a decade now in Florida and it's always been a treat to go there, "working" over there feels like a vacation. So based on that experience, it's not unreasonable to consider trading a bit of my hometown real estate for something in a location I'd enjoy visiting regularly, especially if it's a decently sound investment.

The other candidate is New Orleans but I don't like the threat of hurricanes.

[mousquet]

Originally Posted by lio45

The other candidate is New Orleans but I don't like the threat of hurricanes.

Do you think Florida is a stranger to hurricanes?

All places on Earth are going to undergo disappointing (or disastrous) weather events.
Everybody knows already, because it's already the case.

One of these days in Québec, you'll have 40°C and drought from June to September, then downpour and flooding in the fall.
You guys seem like you'll be taken by surprise. Watch your local infrastructures. If they don't fit changing weather, you're going to face some serious problems.

[lio45]

Originally Posted by mousquet

Do you think Florida is a stranger to hurricanes?

Of course not, and that's my point, I don't need even more exposure. Plus, everything I have in FL is as hurricane-proof as it can be (much more solidly built than anything 150+ years old in New Orleans and designed with hurricanes in mind).

One of these days in Québec, you'll have 40°C and drought from June to September, then downpour and flooding in the fall.
You guys seem like you'll be taken by surprise. Watch your local infrastructures. If they don't fit changing weather, you're going to face some serious problems.

FWIW, Quebec is not really under threat from global warming. It's probably one of the few places that'll be benefitting overall from it.

(I share your general views re: not being taken by surprise.)

[sopas ej]

Sold 3 weeks ago:

1335 Shadybrook Dr,
Beverly Hills, CA 90210

$3,795,000
Sold Price

First celebrated in the pages of Architectural Digest in 1965, this midcentury A-frame masterpiece is now on the market and poised for its next chapter. This architectural refuge, in harmony with nature, was built in 1958 by the current owner and has been enjoyed by them since. Restore the residence to its former glory or reimagine and refurbish to create a modern paradise optimized for today's contemporary lifestyle. This very large flat pad is located on a cul-de-sac just outside of Beverly Hills city proper. Having traveled often to Hawaii, the owners "endeavored to recreate an atmosphere of island living, " wrote the AD staff writer. "Landscaping with volcanic rock and trickling waterfalls among lush foliage lends a tropical aura that continues inside the house as well. Natural materials of wood and stone are used as structural forms. The exposed forms become, at the same time, both the architecture and the decoration. " This is a rare opportunity to redevelop a unique and special property rich in provenance, sited on a desirable street and just moments to the iconic flats of Beverly Hills, famed Rodeo Drive, and the Westside.

Listed by Sally Forster Jones •DRE #00558939 • Compass
310-230-5478 (agent)
















Link: https://www.redfin.com/CA/Beverly-Hi...r_2MuEcNdZdrKs

[jmecklenborg]

Originally Posted by sopas ej

Sold 3 weeks ago:

1335 Shadybrook Dr,
Beverly Hills, CA 90210

$3,795,000
Sold Price

First celebrated in the pages of Architectural Digest in 1965, this midcentury A-frame masterpiece is now on the market and poised for its next chapter. This architectural refuge, in harmony with nature, was built in 1958 by the current owner and has been enjoyed by them since. Restore the residence to its former glory or reimagine and refurbish to create a modern paradise optimized for today's contemporary lifestyle. This very large flat pad is located on a cul-de-sac just outside of Beverly Hills city proper. Having traveled often to Hawaii, the owners "endeavored to recreate an atmosphere of island living, " wrote the AD staff writer. "Landscaping with volcanic rock and trickling waterfalls among lush foliage lends a tropical aura that continues inside the house as well. Natural materials of wood and stone are used as structural forms. The exposed forms become, at the same time, both the architecture and the decoration. " This is a rare opportunity to redevelop a unique and special property rich in provenance, sited on a desirable street and just moments to the iconic flats of Beverly Hills, famed Rodeo Drive, and the Westside.

Listed by Sally Forster Jones •DRE #00558939 • Compass
310-230-5478 (agent)

What's hilarious is that typical of LA, there are very conservative homes from that era right down the street. This one even has a lawn jockey:
https://www.google.com/maps/@34.0951...7i16384!8i8192

I can't help but have the site of a vintage lawn jockey trigger Frank Zappa's Uncle Remus:

Woo, are we movin' too slow?
Have you seen us
Uncle Remus
We look pretty sharp in these clothes (yes, we do)
Unless we get sprayed with a hose
It ain't bad in the day
If they squirt it your way
'Cept in the winter, when it's froze
An' it's hard if it hits
On yer nose
(On yer nose)
Just keep yer nose
(Keep yer nose)
To the grindstone, they say
Will that redeem us
(Will redeem us)
Uncle Remus
(Uncle Remus)
I can't wait till my Fro is full-grown
I'll just throw 'way my Doo-Rag at home
(What was that?)
I'll go to Beverly Hills
Just before dawn
An' knock those little jockeys
Off the rich people's lawn
An' before they get up
I'll be gone, I'll be gone
Just keep yer nose
To the grindstone, they say
Will that redeem us
Uncle Remus
I can't wait till my Fro is full-grown
I'll just throw 'way my Doo Rag at home
I'll take a drive to Beverly Hills
Just before dawn
An' knock the little jockeys
Off the rich people's lawn
An' before they get up
I'll be gone, I'll be gone
Before they get up
I'll be gone, I'll be gone
Before they get up
I'll be knocking the jockeys off the lawn
Down in the dew

[Crawford]

MCM homes are very cool in theory. But they usually seem quite impractical. Drafty, bad drainage, weird window placement, bad, echo-y acoustics. I think the acoustics bother me the most, with all the hard surfaces and ceilings creating the kind of sound you get in a too-trendy restaurant.

I had to talk my wife out of bidding on a small weekend MCM home. So happy I dodged that bullet.

[lio45]

This is too hilarious not to share:

Cookie-cutter 1950s house in a midsized metro area colder and rainier than Seattle.

$4 million USD. (Pricier than that awesome Beverly Hills house shown above.)




https://www.rew.ca/properties/385586...e-vancouver-bc


No pics of the interior in the listing... it's not a selling point anyway.

[Crawford]

Wait, the listing has "no big trees" as a selling point. WTF?

Do Chinese buyers not like trees? In the U.S., mature shade trees typically carry a large premium.