I would never live in Long Beach. That place blows donkey dick. House flipping is good right now. People are doing it, but then again, people lost their shit in 2006 doing it as well. I'm looking to live in a place, not to use it as a flip or investment. I hate moving.
Wasn't intended as a flip, actually. He was in a sweet spot just about a block from water. Put $15K (and his own work) into it to make it what he wanted. Decided to move back to Portland (he thought most of SoCal sucked donkey dick, to borrow your term), so he cashed out. Worked out well for him.
I'm kind of picky where I'd actually move. The only place I'd move is out in mid-city near Beverly Hills, museums/The Grove/etc. I'd prefer a house but I'm not home a lot and they're probably prone to break-ins unless its a gated community, especially in that area. I like areas with good restaurants, hot chicks and stuff to do. Houses around there are probably $800k for a starter home (like 1200 square feet on a busy street). I'm close enough to most of the beach cities now that I don't really have a desire to move out to Manhattan Beach or Santa Monica, its not worth it to take on double or triple of what I'm paying now for rent into a mortgage to move 3 or 4 miles away.
For us we live far below our means. I wanted to upgrade when the market collapsed but was not certain where we wanted to live. Would love another market dip next year after my daughter gets the school we want.
Those start at $2m bruh. I do love Venice though, I'd live right off Abbott Kinney Blvd rather than by the canals/beach.
It will definitely happen whenever the near zero rates go up, probably middle of next year? Who knows, maybe they'll just keep them near zero for Obama's whole term so we have this "recovery"
http://la.curbed.com/archives/2014/10/las_housing_market_is_second_most_bubblicious_in_the_us.php LA IS THE PLACE TO BE BRO.
