What are the best areas in Los Angeles to buy a house?

[Hieveryone]

The thing that hits hardest are the TAXES on these homes!!! That’s more shocking to me than anything else. But hey, if you want to play in The Hills, you gotta pay I guess
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Actually, I have the impression that this, the OP, is someone who has no idea about what it involves to buy and own a house, regardless of the cost, regardless of the location, and regardless of his actual or imagined income level. And, yes, he probably also has no clue as to how much of a down payment would be required and how that is only the beginning when it comes to expenses when actually owning (along with the bank) a house...... And he also probably has never experienced the unpleasantness or the costs which can come with a plumbing emergency.....

Well I was gonna pay mostly cash unless I get a very low interest rate. I don’t have debt right now, none, except what maybe some would consider “good debt” bc I’m making more than what I’m paying in interest.

 

[Falhófnir]

Right a million or 2 isn’t really cutting it in Hollywood hills, which is my target market. But around 3 there are some nice luxury houses I like.

Regarding upkeep, I’m not planning on keeping it forever per se. maybe 10 years or so then downsize.

EDIT: Actually, I saw a decent place for just north of 2 million. Like 2.3ish. But I think around 3 is will cut it

But this is my last push while I’m still young to fully enjoy the bachelor life. there is no better place than LA
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Ummm a financial advisor for the guy who works on Wall Street...right

Wall Street tends to be used as short hand for the New York Stock exchange. While a stock broker/ hedge fund manager is likely to be pretty savvy, if you've got a $15M fortune (the minimum I'd say to be considering a property in the $3M range) you'll still want a financial adviser for tax management even if you can manage your own investment portfolio.

PS - even the top end of stockbroker income only reaches up to ~$200K. For a HFM, maybe fractionally more. Like I said, not even nearly enough to be considering this type of property. If you're only ~30 as you've previously claimed, it's unlikely you've reached the top of the profession by now, let alone saved up 20% of that for several years to give you enough for the deposit, and especially if you really spend like you say you do.

 

[TiggrToo]

The thing that hits hardest are the TAXES on these homes!!! That’s more shocking to me than anything else. But hey, if you want to play in The Hills, you gotta pay I guess
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Well I was gonna pay mostly cash unless I get a very low interest rate. I don’t have debt right now, none, except what maybe some would consider “good debt” bc I’m making more than what I’m paying in interest.

Ok, let me get this straight. Not so long ago you complained about spending $5 on coffee, and trying to date girls.

Yet we're to now believe that you're actually so bloody rich that you can afford to drop $3m on a house, yet you have no financial advisor.

And, here's the scary thing: even those that have millions in cash don't buy their Hollywood mansions for cash.

I'm sorry, this "joke" has gone on long enough and April 1st was too long ago. There is nothing believable you've stated in this thread. Nothing.

 

[Hieveryone]

@Clix Pix


Are you living in LA now? And if so can you tell me what the scene is like with Corona?

Like is it fairly empty or are there still a decent amount of people out and about?

I hope the social scene recovers bc that’s it’s main attraction for me
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Ok, let me get this straight. Not so long ago you complained about spending $5 on coffee, and trying to date girls.

Yet we're to now believe that you're actually so bloody rich that you can afford to drop $3m on a house, yet you have no financial advisor.

And, here's the scary thing: even those that have millions in cash don't buy their Hollywood mansions for cash.

I'm sorry, this "joke" has gone on long enough and April 1st was too long ago. There is nothing believable you've stated in this thread. Nothing.

What kind of interest rate are they paying on their mortgage though?

To me that feels important whether or not I’d want to pay cash or take a large loan

 

[Clix Pix]

All you have to do to find out what is going on in LA and in California in general right now vis-a-vis COVID-19 is to run a Google search or two......that should tell you all you want to know. If you're thinking you'll be able to magically and quickly escape from the virus-besieged NYC to the perceived wonderland of LA, you're in for an unpleasant surprise.

That's the other thing none of us homeowners on here replying to this thread has remembered to mention about buying property anywhere: it takes time, it isn't a matter of just a couple of weeks and it's done. If you were fantasizing about being able to quickly vacate wherever you are living now in NYC and jump on a plane or drive your SUV stuffed with your personal belongings out to LA and have your home purchase transaction all done in a matter of a few days to at the most a couple of weeks, guess what? It's not like renting an apartment. It takes more time than that. Usually at least a couple of months. That quick move you are thinking about is simply not going to happen, especially now. Of course you could go out there and try and find a nice apartment to rent......

 

[Hieveryone]

All you have to do to find out what is going on in LA and in California in general right now vis-a-vis COVID-19 is to run a Google search or two......that should tell you all you want to know. If you're thinking you'll be able to magically and quickly escape from the virus-besieged NYC to the perceived wonderland of LA, you're in for an unpleasant surprise.

That's the other thing none of us homeowners on here replying to this thread has remembered to mention about buying property anywhere: it takes time, it isn't a matter of just a couple of weeks and it's done. If you were fantasizing about being able to quickly vacate wherever you are living now in NYC and jump on a plane or drive your SUV stuffed with your personal belongings out to LA and have your home purchase transaction all done in a matter of a few days to at the most a couple of weeks, guess what? It's not like renting an apartment. It takes more time than that. Usually at least a couple of months. That quick move you are thinking about is simply not going to happen, especially now. Of course you could go out there and try and find a nice apartment to rent......

Right I was thinking within the next 4-6 months because I want to shop around and avoid making a mistake. I don’t want to end up buying a place then it turns out that home was overpriced or something. Right now I’m in the research phase.

Regarding renting, I thought about trying that first and maybe trying LA out for 6 months while I search for a home.

I would like to get a high rise condo but they’re all in DTLA and from what I Understand that’s a big no no.

The only one I could find is Blu in Beverly Hills.

Do you know anything about it or that area?

I couldn’t find other high rise condos in any of the 4 neighborhoods but if you know some please feel free to chime in.

I’ve heard burton way is good but it’s more of an apartment not really a condo...

 

[Erehy Dobon]

What kind of interest rate are they paying on their mortgage though?

If only someone were to develop a technology where one could post information online, for example like a bank publishing mortgage interest rates...

 

[Falhófnir]

If only someone were to develop a technology where one could post information online, for example like a bank publishing mortgage interest rates...

Or, once again, the sort of thing someone with several million to drop on a property would be talking to their financial adviser about...

 

[Macky-Mac]

Right I was thinking within the next 4-6 months because I want to shop around and avoid making a mistake. I don’t want to end up buying a place then it turns out that home was overpriced or something. Right now I’m in the research phase.

Regarding renting, I thought about trying that first and maybe trying LA out for 6 months while I search for a home.

I would like to get a high rise condo but they’re all in DTLA and from what I Understand that’s a big no no.

The only one I could find is Blu in Beverly Hills.

Do you know anything about it or that area?

I couldn’t find other high rise condos in any of the 4 neighborhoods but if you know some please feel free to chime in.

I’ve heard burton way is good but it’s more of an apartment not really a condo...

LA is "stay-at-home" deserted right now and I suspect that means people aren't selling at the moment.

Apt vs condo......you'd be far better off to rent so you can move easily when you realize you've landed in the wrong part of the city.

A key to happiness in living in LA is reducing your drive time to work/socializing/shopping/recreation/whatever, so you really need to spend sometime figuring out where you should be for those things.

Condos; high rise condos seems more like a NYC aspirational thing, in LA high rise living is more of a niche market. Low-rise and mid-rise condos are more the LA thing, but there are high rise condos in a number of places in the LA area....marina del rey (better for the younger crowd), santa monica has several overlooking the ocean, and there are high rises along wilshire blvd in several concentrations (but for a younger person the area between westwood and beverly hills), century city has some.....and DTLA has them and they're fine but it's probably for more of a trendy hip sort of population (although "regular" people like it too).

Burton Way is for old people when they're tired of maintaining a house.

 

[TiggrToo]

What kind of interest rate are they paying on their mortgage though?

To me that feels important whether or not I’d want to pay cash or take a large loan

And therein lies the problem. You think there's only two ways to get property: cash or mortgage.

If you truely were independently wealthy you'd already be well versed in the tax efficient vehicles the uber rich use to obtain property, such as using a trust or setting up your own Llc to then own the property, etc. These methods are well known to those who can.

Since you don't, you aren't.

 

[Hieveryone]

And therein lies the problem. You think there's only two ways to get property: cash or mortgage.

If you truely were independently wealthy you'd already be well versed in the tax efficient vehicles the uber rich use to obtain property, such as using a trust or setting up your own Llc to then own the property, etc. These methods are well known to those who can.

Since you don't, you aren't.

I understand that you think I’m lying which is fine it doesn’t matter either way but why would I use my LLC to buy the house?

The house would be for my personal use, not business.
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LA is "stay-at-home" deserted right now and I suspect that means people aren't selling at the moment.

Apt vs condo......you'd be far better off to rent so you can move easily when you realize you've landed in the wrong part of the city.

A key to happiness in living in LA is reducing your drive time to work/socializing/shopping/recreation/whatever, so you really need to spend sometime figuring out where you should be for those things.

Condos; high rise condos seems more like a NYC aspirational thing, in LA high rise living is more of a niche market. Low-rise and mid-rise condos are more the LA thing, but there are high rise condos in a number of places in the LA area....marina del rey (better for the younger crowd), santa monica has several overlooking the ocean, and there are high rises along wilshire blvd in several concentrations (but for a younger person the area between westwood and beverly hills), century city has some.....and DTLA has them and they're fine but it's probably for more of a trendy hip sort of population (although "regular" people like it too).

Burton Way is for old people when they're tired of maintaining a house.

THANK YOU SO MUCH!!! This is the kind of insight I need.

Where would a person who's 30 and doing well live?

Specifically, which neighborhood (Studio City, Beverly Hills, etc) and would they live in a house or get a mid-rise?

Feel free to DM me if that's better; I can also DM you if that's easier.

@Macky-Mac

EDIT: The reason why DTLA is out of the question is because I've looked in the past at renting there, but then when I told people where I'd be they ALL thought I was crazy. I don't think DTLA is looked at favorably by anyone. But I think if I lived in "The Hills" that would be much more respectable (and probably safer anyway).

 

[MacNut]

My vote would be Compton.

 

[Hieveryone]

My vote would be Compton.

LOL Maybe I should become a full time gangsta and move there!!!

(KIDDING) 😂

 

[Hieveryone]

I've decided to lease a house in either Hollywood Hills or Studio City (and MAYBE Beverly Hills. Bel Air is too expensive) and if I like it then make more permanent plans.

For now my goal is to enjoy the bachelor life and just party and have fun, but 5 years from now that might change. I may want to move to a new city at that point, etc etc

I think leasing for a year and living there would be best for me, and then seeing what I want to do from there.

Online, it seems like the average going rate is 8K-10K/mo for a decent place, with the nicer places going for 15K/mo.

I'm guessing these prices are normal for LA leasing.

 

[HDFan]

Now that you are leasing this comment is irrelevant, but thought I should bring it up. The property tax on a 3 million dollar home in Beverly Hills is ~$22K. You can only deduct interest on $750k of assessed valuation. That is likely not an issue for you. But consider the trillions of dollars of deficit spending that the federal government is doing right now. That means that federal income has to increase just to pay the interest. Where is that money going to come from? I'd be really cautious right now, particularly as it will likely be years if, and when, we ever get to back we were. There is likely going to be a lot of belt tightening for the foreseeable future.

 

[Hieveryone]

Now that you are leasing this comment is irrelevant, but thought I should bring it up. The property tax on a 3 million dollar home in Beverly Hills is ~$22K. You can only deduct interest on $750k of assessed valuation. That is likely not an issue for you. But consider the trillions of dollars of deficit spending that the federal government is doing right now. That means that federal income has to increase just to pay the interest. Where is that money going to come from? I'd be really cautious right now, particularly as it will likely be years if, and when, we ever get to back we were. There is likely going to be a lot of belt tightening for the foreseeable future.

~22K per year in property taxes is fine but yes it could always go up higher

That’s why I think leasing makes sense for my situation as of now
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The way I see it, if I just lease there’s no long term commitment. As soon as my lease ends I have the option of getting out of there and being free to go wherever (or stay if I wish)

Also, I get to pay a relatively small amount of money to live large, without having to fork up the big bucks to buy the place.

If you pay $180K a year to live in a 3 million dollar place, that could be a good deal if you’re just wanting it short term, although I’m hoping to pay a little less than that. I think 10K should get me a pretty nice place

 

[Macky-Mac]

....For now my goal is to enjoy the bachelor life and just party and have fun,.....

In Studio City?????

somebody has told you that happens in Studio City????

 

[Hieveryone]

In Studio City?????

somebody has told you that happens in Studio City????

Yes, but is that wrong?

I need to find an area where there are people in there 20s and 30s, but not Weho

I don’t want to live in an area where most are family people or retirees
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I’ve also been looking at corporate housing but most are in DTLA or in apartments like Burton Way which is not really the lifestyle I want. I’ve done corporate many times in the past and have had great experiences. If anyone knows a reputable agency in LA feel free to chime in. There seem to be many as per google

 

[D.T.]

And therein lies the problem. You think there's only two ways to get property: cash or mortgage.

If you truely were independently wealthy you'd already be well versed in the tax efficient vehicles the uber rich use to obtain property, such as using a trust or setting up your own Llc to then own the property, etc. These methods are well known to those who can.

Yep. In my movement through life with people with a huge diversity of financial capability (and investment acumen), this sort of play has come up quite often (and it's very telling).

 

[Macky-Mac]

Yes, but is that wrong?

I need to find an area where there are people in there 20s and 30s, but not Weho

I don’t want to live in an area where most are family people or retirees

Studio City is a very nice quiet family oriented area.....yes there are some younger unmarried people there too, but they tend to appreciate that nice pleasant quiet character.

If you're looking for young people looking for other young people, but you also want a more upscale area, you should be looking south of the mountains and west closer to the ocean

 

[Hieveryone]

Studio City is a very nice quiet family oriented area.....yes there are some younger unmarried people there too, but they tend to appreciate that nice pleasant quiet character.

If you're looking for young people looking for other young people, but you also want a more upscale area, you should be looking south of the mountains and west closer to the ocean

Ohh wow. Gosh I have a lot to learn about LA. I’m guessing closer to the ocean is Venice beach? Or Santa Monica?

And south of the mountains? Isn’t that DTLA though?

 

[Macky-Mac]

Ohh wow. Gosh I have a lot to learn about LA. I’m guessing closer to the ocean is Venice beach?

And south of the mountains? Isn’t that DTLA though?

Yes DTLA is south of the mountains, actually most of LA is south of the mountains, but DTLA isn't anywhere near "west". To the north of the mountains is "The Valley", and a lot of it is very family oriented, and maybe not so much what you say you're looking for.

"West" starts in different places depending on who you ask, but for you, consider that it starts at Beverly Hills and goes to the ocean. There are plenty of decent places to live to the east of Beverly Hills but you'll find to the west is more upscale

Venice Beach is just one of a series of areas right along the beach.

You should probably avoid committing to any particular area until travel opens up again. A week driving around looking at different areas would be useful for you and give you an idea of what the different areas are like.

 

[Chucks4me]

You should look at

Compton
Watts
Inglewood
Fox Hills
Hacienda Heights
Harbour Gateway
San Pedro

With above you got a selection of everything, from city living with beautiful street art to lush beach living.

 

[Hieveryone]

Yes DTLA is south of the mountains, actually most of LA is south of the mountains, but DTLA isn't anywhere near "west". To the north of the mountains is "The Valley", and a lot of it is very family oriented, and maybe not so much what you say you're looking for.

"West" starts in different places depending on who you ask, but for you, consider that it starts at Beverly Hills and goes to the ocean. There are plenty of decent places to live to the east of Beverly Hills but you'll find to the west is more upscale

Venice Beach is just one of a series of areas right along the beach.

You should probably avoid committing to any particular area until travel opens up again. A week driving around looking at different areas would be useful for you and give you an idea of what the different areas are like.

I have heard that the younger crowd does live in DTLA but that the area itself is not much in demand. Meaning, it's not really upscale and in fact quite the opposite. I, personally, like city living and have looked at several compounds there which look nice but bc the neighborhood itself isn't considered good I have avoided looking there further.

Beverly Hills is definitely an area I'd be interested in but I have heard there are a lot of families living there.

The Valley sounds super interesting, I've heard somethings about it - lots of CRAZY (or more like scary) stories which I don't know if they're true or not, but I think it's a little too far from the action for me.

I will definitely look into that whole area West. Santa Monica, Venice beach, Manhattan beach, etc etc

I plan on definitely visiting and spending a good amount of time seeing the areas in person and getting a good feel before committing to any property.

Thanks a lot for the insight

P.S. I'm not even in LA yet, and it already feels like an exciting adventure. I can't imagine how many crazy stories and experiences I'll have one day if have the privilege of actually making this happen

 

[Macky-Mac]

You should look at

Compton
Watts
Inglewood
Fox Hills
Hacienda Heights
Harbour Gateway
San Pedro

With above you got a selection of everything, from city living with beautiful street art to lush beach living.

what? nothing from the valley?