Q: $1 million for a 2b2b Apt??

kffight3r
131
So I am looking at buying a property in Santa Monica/Brentwood area in LA. A decent modern 2 bedroom runs in the 1/2-3/4 million range and a nice one is almost 1 million. These are 1500 sq feet apartments, $500ish/ sq feet! Ridiculous. What are real estate prices in your area?
kffight3r posted Dec 05, 2012
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15 Comments
arsiel
Lol @ end of the world tag. That's what you get for living in LA :P

Not so bad in NJ - I'll be renting out a modest 1BR 1B 750 sq ft apartment for ~$1100/month beginning January, all utilities included except for electricity.
arsiel (rep: 13k) posted Dec 05, 2012
10
Acidbaby
I could easily buy a 5 bed 3 bath with about 50 acres for less than that.
Acidbaby (rep: 6.83k) posted Dec 05, 2012
10
krmills1
Why would you want to spend that much money on a stupid house!! A very very nice house where I live is only about $115,000.
krmills1 (rep: 14.2k) posted Dec 05, 2012
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krmills1
My mother owns a duplex apartment with 1500 square feet, 2 bedroom 1 and 1/2 baths and a full finished family room with laundry and huge back yard for only $500 a month.
krmills1 (rep: 14.2k) posted Dec 05, 2012
10
munkin2u
I have a 2br/1bath apartment, spacious with washer/dryer for $425 a month. Housing is cheap around here.
munkin2u (rep: 1.26k) posted Dec 06, 2012
10
nthsll
You could buy a lot of house on a lot of acreage here for 2 million. Maybe a decent 3500 sf house on 100+ acres depending on what side of town and how glitzy the house. It astonishes me how high real estate prices are on the west coast. My modest 1900 sf house that is worth around 140k here would sell for 750k in Seatle, SF, LA. Home prices here are $60-100 per sf.
nthsll (rep: 12.4k) posted Dec 06, 2012
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arsiel
Wow munkin2u, that's INSANE. I guess I can look up where you live based on your Secret Santa address to find out where cheap housing is :P

@nthsll, it's all about location!
arsiel (rep: 13k) posted Dec 06, 2012
00
kffight3r
dang I m so jealous of real estate prices elsewhere. @arsiel, NYC is even more expensive I think. My friend has a 1b1b for $2,800 by union square...it's not even that nice!

It's just so frustrating that cap rate is so low (about 3% right now) but I can't find any good deals where I live. Even at this price, a listing is literally gone within 10 days. It goes, Property is listed, then bidding war, drives price close to $1 mil, then sold within 10 days.

Dear Lord, I need a zombie apocalypse here to drive down prices. Thank you in advance!
kffight3r (rep: 712) posted Dec 06, 2012
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krmills1
Please, NO night of the living dead!!
krmills1 (rep: 14.2k) posted Dec 06, 2012
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marcemusza
Yeah I could do that too
marcemusza (noob) posted Dec 07, 2012
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Acidbaby
Here is one I have been looking at. Houses in the Poconos are just ridiculously inexpensive right now. So many foreclosures from all these people who moved here and work in NY, NJ, and make these long commutes.

House
Acidbaby (rep: 6.83k) posted Dec 12, 2012
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MdavidK30
You sure you could afford that?
MdavidK30 (rep: 3.56k) posted Dec 12, 2012
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VirginiaPeanuts
That's a beautiful house, acidbaby! It's too bad it doesn't have more land, but i suppose 1 acre is decent. I like the bathrooms
VirginiaPeanuts (rep: 11.3k) posted Dec 12, 2012
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Acidbaby
Yeah the land is the kicker. Ive been looking at a few with more land as well. The problem is I want maybe 5 acres at the most but the difference in taxes is the problem. And yes I can do that mortgage payment no problem, the issue is the taxes (which is why homes are cheap in the PA Pocono mountains). I want to stay around $200-225K as I dont want a mortgage payment while I am 70 years old. I need to pay off within 10 years so I can chill.
Acidbaby (rep: 6.83k) posted Dec 12, 2012
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kffight3r
woooow! This is amazing! $200k for a giant mansion. Your master bathroom probably will have the same square footage as my $750k condo...
kffight3r (rep: 712) posted Dec 13, 2012
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