I don't usually talk about my listings that are in escrow. I don't want to jinx them. But perhaps this might offer some education.
9076 Willis #16 is in Panorama City. That's one of the working class suburbs in the North San Fernando Valley. It's not a popular area. The schools are only ok, and the neighborhoods, while vibrant, don't have much in the way of shopping, eateries, parks, etc. You can't bike anywhere that you really need to go, although there are bike lanes. No express buses, and the metro is nowhere near there. CSUN and Kaiser are close-ish but not really. In other words, unless you live there, there's no reason to go there. The unit itself is large, refurbished, and has an attached garage.
What I learned: regular folks can't afford houses anymore. Even with 3% down loan programs. The monthly payments are simply too high. With interest rates and everything else going up, buyers for even condos in that area have to have healthy incomes and no children. If houses are unaffordable in the outskirts, is that going to begin to squeeze towards the center? Just fyi, we started at $469,000, reduced the price several times, and are in escrow for much less.
What else I learned: everybody who was even remotely interested in the unit is from another country. The North San Fernando Valley is a regular United Nations. But these folks want to own homes. Hopefully, builders will soon be turning their attention to the underserved suburbs and building truly affordable housing.
Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
Showing posts with label housing affordability. Show all posts
Showing posts with label housing affordability. Show all posts
Monday, November 26, 2018
Sunday, November 12, 2017
LA Times published my letter on affordable housing and density
I am tired of hearing about so-called "affordable housing" and I am tired of the L.A. Times support of high-density as a way to produce more affordable housing. (Yes, as a Realtor, I know that I benefit from more stuff to sell, but I also benefit as a human from a more livable city.) I wrote this letter earlier this week and it was published in today's L.A. Times. First, the link:
To the editor: I am disappointed by The Times’ support of high-density housing near transit stops as a way to solve the “affordable” housing crisis. Getting people out of their cars plus giving them affordable housing are two separate issues and should be treated as such. (“L.A. obviously needs dense housing along the Expo Line. Why isn't the city planning for it?” editorial, Nov. 9)
To the editor: I am disappointed by The Times’ support of high-density housing near transit stops as a way to solve the “affordable” housing crisis. Getting people out of their cars plus giving them affordable housing are two separate issues and should be treated as such. (“L.A. obviously needs dense housing along the Expo Line. Why isn't the city planning for it?” editorial, Nov. 9)
Why not
build affordable housing in neighborhoods where people actually live now rather
than where we want them to live?
Let’s continue allowing
granny flats and guest houses in neighborhoods that are not close to transit.
Let’s allow spot zoning in residential neighborhoods for duplexes, triplexes
and small-lot townhome developments — yes, with parking spaces.
A guest
house that can be rented offsets the high cost of a single-family home and may
put home purchases within reach for people of modest means. A guest house will
surely rent for much less than a fancy new apartment in, say, downtown Los
Angeles. Let’s
stop trying to cram more people into areas that were never meant for high
density in the first place.
Sunday, September 10, 2017
From today's L.A. Times: Young couples are buying again. Yes, but that commute!
Today's L.A. Times' biz section has an article entitled A new generation of young home buyers is tiptoeing into the market. The number of first-time, under-35-year-old home buyers has ticked up since the recession. Yes, the article does go into how tough it is for most first-time buyers and how unaffordable most r.e. is. One of the profiled couples (pictured above) bought in the Riverside County "exurb"of Murietta and are delighted by their new big house. Of course, the man now has a 75-mile commute to work. Seventy-five miles. Let that sink in...
Photo courtesy of Glenn Koenig/LA Times
Photo courtesy of Glenn Koenig/LA Times
Monday, February 27, 2017
Yes on S
If you live in L.A., you probably know about Measure S. It’s
the proposition that limits development in the city for two years. Obviously,
as a Realtor, I stand to gain everything from this measure going down in
flames. There will be lots of new
properties to sell – yay! However, perhaps surprisingly, I support passage of
Measure S.
Before I get into why I support this, here is a quote from a
column in yesterday’s L.A. Times from none other than Richard Riordan. Mr.
Riordan was the L.A. Mayor for two terms.
He says, “The current political environment is rife with corruption and
backroom deals servicing land speculatiors and luxury housing developers over
the needs of citizens. If passed,
Measure S. will give the decision-making process back to the people. It will make City Hall work for us, not for
the developers, special interests and lobbyists.” Remember, Mr. Riordan has
already served his term with the city, seen this up close, and has no dog in this hunt.
Tracy Jeanne Rosenthal is a member of the L.A. Tenants Union
and she wrote a column for yesterday’s L.A. Times opinion page as well. Here’s
a quote from Ms. Rosenthal: “The housing market doesn’t produce homes; it
produces opportunities for investment.
The goals of maximizing profit and making the city livable are at odds.”
I support Measure S for the following reasons. In my work, I have seen L.A.'s development up close in many neighborhoods.
First, “affordable housing” is anything but. Builders aren’t building it. Instead, they are building either McMansions
in expensive private neighborhoods or luxury apartments close to transit stops.
Developers are not in business out of the goodness of their hearts. As Ms. Rosenthal indicates, developers need
to make a profit. And they make it by
putting maximum-saleable square footage in the most expensive neighborhoods possible. If the city truly wants affordable housing,
it will need to subsidize it in the neighborhoods where people need it. At the
risk of stating the obvious, the so-called “housing crisis” is not helped by
luxury units or McMansions.
Second, I think high-density proponents need to rethink
their support for density, and their opposition to Measure S. Again, small units in
high rises in expensive neighborhoods are a developer’s dream, but not
necessarily anybody else’s. There are several other ways to achieve more
density in existing L.A. neighborhoods.
Look at the P.U.D.s in Van Nuys, for example. These are single family
houses that are next to each other but have limited yard space. And allowing more granny flats or guest
houses in single family neighborhoods with ample lots increases density and
helps solve needs of multi-generational families.
Let’s not even get started on traffic.
Finally, developers are running amok. See my blog post from
November about my client’s wall being knocked down without their permission. By
developers. The clients complained to the city inspector who issued the permit;
he never called back. Let’s keep
developers and city officials accountable for their actions.
Whew! That’s it. If you have read this far, thank you. And please don’t forget to vote on March 7.
Tuesday, October 11, 2016
Where to find an affordable (?) condo or townhouse in the San Fernando Valley
Disappointed by the lack of affordable condos and townhomes out there? And by affordable I mean a 2+ bedroom under $500,000? (I know; that seems like an outrageous price but this is where prices are now.) I took a look through the mls for the San Fernando Valley and here are the areas with the most units available at that price or less: Woodland Hills, Encino, Sherman Oaks. Glendale also has a bunch of units at this price, but isn't technically in the SFV. One of the major price-determining factor, as always, is location, location, location. Walkability to Ventura Boulevard is a huge plus and adds dollars, too. If you are willing to go farther north, or father out, the prices go down. I'm sure I've missed looking some communities, but this is a start.
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