What 1 million will get you in LA?

Another link

I’m thinking about moving to LA when I finish school. I can start out at 60k when I’m finished. I’m tired of nyc living

Clearly, they do not want to sell it. They should have listed in high six figures. This would only be appealing to someone who needs to take a big loss to reduce tax liability.

Or someone with an expensive drug habit that wants as much privacy as humanly possible.

^ if you go through trulia you see many basic homes like the one I posted going for 1 million.

Try The Valley where that slut Brooke Logan is from.

You can get better than that in LA for a million dollars. I'd never pay a million for that dump.

R7 Perhaps it comes with it's own houseboy whore, trying to pay his SAG dues.

Did you notice it sold in 2002 for only $145K?

For only $200K more than the monstrosity above, I much prefer the house at the link.

That's why they move to Vegas.

Vegas is a 3 hour drive away. Add an extra hour for getting around in LA traffic.

In a couple of months this house will be llisted below $500k. Real estate will collapse.

$500k for THAT? What a rip-off!

Good God, they've lined that one shower stall with ceramic floor tiles. How trashy.

[quote] For only $200K more than the monstrosity above, I much prefer the house at the link.

You do NOT want a house just a thousand feel off Martin Luther King Blvd.

Humanity's a joke. People will buy this place and feel pride.

^^ Until they invite their friends and relatives over to see their new million dollar house and get laughed at

At least it is in LA. 1 million doesn't buy a lot in most West Coast cities.

r3 A loss on what? You can't deduct losses on sales of personal residences.

LA needs a major correction. Prices are out of control. Now a crappy 1BR in North Hollywood is as bad as Brooklyn. And you’re stuck in crappy North Hollywood. The benefit of LA was always more and nicer space. Now it’s a crappy house in the Valley vs a nice 1BR in Manhattan. I’ll take Manhattan without a car.

Either people no longer know the value of a dollar or the dollar no longer has any value. It's one or the other.

Why are the taxes so cheap?

These prices are a house of cards - same for NYC. Its not sustainable and we're due for yet ANOTHER fucking correction.

We've got to get out of these real estate bubbles the past 20 years. It's insane.

I hope it hits the people at the top the most - paying millions of dollars for 2 BR condos or for 2000 sq ft house.

The main thing that will help is a shit to teleworking and an avoidance of cities. As long as the demand is high, prices will stay high - beyond what people can reasonably afford. If people start to spread out a little, it would take the pressure off the cities. But then that was supposed to be the LA model and now every corner of the vast city is overpriced.

I think it’s more of an inflation storyline. Especially when you consider what the tarrifs did to people who are at or below the average income.

One bag of groceries is $30.

They couldn’t have bothered with pro photos? Sheesh.

Incomes haven’t gone up. There is no middle class. You either have millions or nothing. No in-between.

The hedge funds have made sure to ruin everything, even residential real estate. They are out of control.

R9 Leimert Park is where Elizabeth Short, the Black Dahlia, was found.

Crap, that house is located in a bad seedy area of Los Angeles. No way is it worth even close to $1M.

Give it a couple of months and they’ll be giving it away. Real estate will probably crash.

There are millions of houses like that one in L.A. County. And when the Corona Virus Real Estate Crash inevitably destroys the market, these houses will be advertising, "Make an Offer!"

Clearly the house was recently remodeled, so why didn't the remove this monstrosity of a fireplace wall? It is hideous.

And people why 'secondary' cities have exploded in the past 10-15 years. These prices ruin cities and make people flee.

On the upside, it has made a lot of 2nd tier cities a LOT more interesting - Austin, Nashville, Portland, etc. - if not, more crowded.

Me too @R23

MILLION DOLLAR VIEWS!

CEILINGS GALORE!

Holy shit, that fireplace at R32 looks like the one in American Beauty!

The unfortunate thing is, when the RE market finally crashes--*that* will be seen as the crisis. In reality, the crisis is when you allow all of these assets to run-up to bubble valuations to begin with. The crash is simply the market correcting itself and going back to where it should've been all along if the Fed wasn't so hell-bent on creating asset bubbles in order to create the ILLUSION of wealth in this country. But we'll inevitably hear people in government, the RE industry and on main street saying how prices need to "recover" back to their previous (bubble) highs, all the while ignoring the fact that bubble prices are aberrations.

LOL!

LA to Las Vegas is not a 3 hour drive. 3 hours will only get you to Barstow.

Not if you drive real fast like my friends used to! It's easily a weekend trip. Lots of people do it all the time.

$1.2 million will buy you a one bedroom place on a busy street in London.

I'll take the place in London, even though tiny

I would not be buying in either London Or NYC.

I’d rather buy a McMansion for half the price somewhere else and just visit LA occasionally and stay in a nice hotel. I’ve lived in LA before and it’s not like you take advantage of all the “exciting” things on a regular basis when you live there. You usually spend the weekdays working and are too tired to do anything afterwards or on the weekend anyway.

At that price, I'd go for this fixer over in Westchester ($998K) and remodel to my own tastes. More upside potential than Mid-Cities (and have you looked at the street view of OP's example? blech).

Someone tell me that London listing isn't real.

This one seems priced fairly well.. love that bedroom with the view

(thanks, OP, now I've gone down a worm hole)

- Lived in LA for 10 years, and all I could ever afford is a studio ;)

Geez. That's a nearly 3 million dollar house that's right. on. the street. No thanks.

R41, this is not any area in London, it’s in Mayfair, which commands some of the highest real estate prices in the U.K., if not Europe. Not a valid comparison with this LA house.

The two properties are similarly priced. Of course it is a fair comparison.

You could add other properties to the comparison and as long as they were, also, similarly priced, then the comparison would continue to function properly.

The $1.2MM for the 1BR Mayfair seems decent. About the same price as the same thing in he West Village. The comparable would be more like a larger 1BR in Santa Monica near the Ocean - which could get close to $1MM.

You can get some nice condos in Santa Monica for a little over that price.

Wow, it's really not in THAT bad of an area of LA people. It's West Adams. It has a nice view & has some good bones to it, you could do way more with the yard and deck. Ditch the bars on the windows and pay for a real security system. Get more than basic fixtures. It's not worth $1M but little in LA that costs $1M, does. It will price correct very soon. I'd buy it for $300K. It's close to everything.

What I will get for my tear down dump of a house makes me drool. But I can't move until my remaining parent passes.

Not that bad? It looks like shit!

Do any of you realize that Leimert Park, where this house is located, is a tight knit black community, with many locally owned businesses and cultural events? It’s not “seedy”, it’s real.

Doria Ragland lives in Baldwin Hills and her house looks better than this.

This house works for a Friday movie in the 90s but not today and not for a million dollars! You get better homes in Africa for a fraction of that price!

BTW that's just at 1 mil Rand, imagine the beautiful homes at 18 million Rand which is what 1 mil USD is worth!

Seriously, look what you can get in Durban for half of this! LA home prices are so messed up!

I could live in a fancy home in Nairobi, Kenya for that price!

I could get a cool home in Lagos for that price! America is so overrated.

I bet I could get a killer house in Kaduqli for that price.

You could buy between 15 and 20 homes for that in rural Michigan and much of the rural midwest.

R53 The main problem with Mid-Cities is, there's not much uniformity withing some of the neighborhoods like this one, so a person could spend a ton of money fixing a place up, and the homes next door could still be dumps for a long long time to come. And one of the issues on the street OP's example is on is that it's got legalm multi-unit lots mixed in with R1, which creates a whole different problem with low-rent types. Looking at street view, there are some adjacent apartment building that are ugly as sin. Doubtful these will be torn down and converted to million dollar condos anytime soon.

Some of the 15-50 mil houses listed are fucking crazy.

Crazy in what way? @R64

What’s crazy is the assumption (often correct) that whatever structure found on site will be razed.

These are discount big box fixtures. Do $1mm homes come with crappy doors? The hollow stuff?

Just another asset bubble we can thank the Fed for. Isn't America great!?