firewallaby's  Instablog

Send Message
I eat options for breakfast.
  • Los Angeles Housing Prices 0 comments
    Oct 5, 2010 11:55 AM | about stocks: CAT, RGR, SWHC

    Los Angeles housing prices are overinflated.

    As a potential first-time home buyer, I have been looking at single-family houses in the Los Angeles area for the past year. To be specific, I am talking about the area south of the Sepulveda pass, i.e. not the Valley. I am not looking for a horrendous commute. I also don't want to live in the ghetto, so the area I am specifically looking at is west of the 405 from Santa Monica to Torrance.

    Unless I want to fork over $600,000 to $700,000+ (and I don't), I'm mostly out of luck. Sure there are some deals to be had...for instance, this house in San Pedro:

    For a tidy $304,900 you can pick up this beauty. I like what they've done with the concrete patio -- this is a handball player's dream house. Only a block from the nearest kidnapper/rapist and within 1 mile of 46 other sex offenders (thankyou Megan's Law) -- nothing a bulldozer (NYSE:CAT) and a posse of vigilantes (RGR, SWHC) couldn't fix.

    The gamble I am taking is that interest rates will stay low while the sellers realize they are asking too much. Here's to my landlord not increasing the rent while I build up my downpayment.

    Disclosure: No positions

    Stocks: CAT, RGR, SWHC
Back To firewallaby's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.