Is the LA housing bubble overrated?
As a Southern California home owner, I've thought that the prices of homes in Southern California are ridiculously high. Recently, however, I've considered selling my Los Angeles home, and I think I've changed my mind.
Where would I move?
Every place I've considered simply doesn't compare to Los Angeles. For those of you whom have never lived in Los Angeles, or Southern California, I can imagine your shock. Still, I have great business connections in LA, would I be able to utilize the same connections in Palm Springs, Austin, TX or Minneapolis, MN?
What about the weather? In LA, today, the weather is insane. We're experiencing the warmest weather Minneapolis EVER experiences - without the humidity. Let's face it, there is a reason why football stadiums in Southern California ARE NOT domes - our worst weather is the best fall and spring weather of places like Minneapolis.
So what if a nice 5 bedroom house in Minneapolis goes for $350,000? It's fricken freezing 6 months out of the year there. While they are holed up in the basement playing ping-pong or are out in a shanty ICE fishing, I'm outside complaining about how cold 65 degrees feels.
Are you kidding me?
Still, I'm not saying $350,000 isn't worth it in Minneapolis. I'm just saying $500,000 in Los Angeles might be a bargain. Sure home prices might recede a bit, but are you going to tell me that in 10 years, the average home isn't going to be worth far more than $500,000?
Please!
There might be a real estate bubble and prices might fall - to some extent. Still, in the long run, home prices will still be worth more than they are TODAY.
My elderly neighbor bought his home several decades ago for $6000.00. Today, that home is worth far more than $600,000. Even if today's real estate prices dropped 50%, that is STILL an unbelievable return on investment.
Bubble or no bubble, the price of real estate, eventually, always seems to rise.
Where would I move?
Every place I've considered simply doesn't compare to Los Angeles. For those of you whom have never lived in Los Angeles, or Southern California, I can imagine your shock. Still, I have great business connections in LA, would I be able to utilize the same connections in Palm Springs, Austin, TX or Minneapolis, MN?
What about the weather? In LA, today, the weather is insane. We're experiencing the warmest weather Minneapolis EVER experiences - without the humidity. Let's face it, there is a reason why football stadiums in Southern California ARE NOT domes - our worst weather is the best fall and spring weather of places like Minneapolis.
So what if a nice 5 bedroom house in Minneapolis goes for $350,000? It's fricken freezing 6 months out of the year there. While they are holed up in the basement playing ping-pong or are out in a shanty ICE fishing, I'm outside complaining about how cold 65 degrees feels.
Are you kidding me?
Still, I'm not saying $350,000 isn't worth it in Minneapolis. I'm just saying $500,000 in Los Angeles might be a bargain. Sure home prices might recede a bit, but are you going to tell me that in 10 years, the average home isn't going to be worth far more than $500,000?
Please!
There might be a real estate bubble and prices might fall - to some extent. Still, in the long run, home prices will still be worth more than they are TODAY.
My elderly neighbor bought his home several decades ago for $6000.00. Today, that home is worth far more than $600,000. Even if today's real estate prices dropped 50%, that is STILL an unbelievable return on investment.
Bubble or no bubble, the price of real estate, eventually, always seems to rise.
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