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Rent is too damn high.


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I had a church friend who just purchased a condo (1000 ft) in Foothill Ranch / Lake forest area for ~$450k so they do exist even that territory.

Regarding the eviction moratorium is even impacting home buyers like this:

https://www.businessinsider.com/california-couple-barred-from-their-own-home-by-eviction-moratorium-2021-3
 

 

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22 hours ago, Malaphax said:

To paint a slightly nicer picture, I have seen <$500,000 homes (town homes and condos mostly) that are available and look pretty good. 

 

1 hour ago, Jedi2155 said:

I had a church friend who just purchased a condo (1000 ft) in Foothill Ranch / Lake forest area for ~$450k so they do exist even that territory.

I realize it is entirely possibly that I may end up in a condo someday (because of having no other choice in OC) but I also have the strong opinion that condos are essentially glorified apartments. The roof? Not yours. The garage? Not yours. The lawn? Not yours. The fence? Not yours. The doors? Not yours. The list goes on and on and don't forget about the HOA fees.

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1 hour ago, kuhla said:

I realize it is entirely possibly that I may end up in a condo someday (because of having no other choice in OC) but I also have the strong opinion that condos are essentially glorified apartments. The roof? Not yours. The garage? Not yours. The lawn? Not yours. The fence? Not yours. The doors? Not yours. The list goes on and on and don't forget about the HOA fees.

That's exactly what they are.  In fact many condos were once apartments that have been converted. 
There are some minor benefits to this - if the roof leaks or some other major maintenance needs to be done, it's paid by the HOA and even in the worst case where the HOA can't cover it, the pain is spread among multiple owners. 

I understand the American dream of a standalone home with a white picket fence is still a kind of barometer for home ownership, and I can see the appeal.  My point was more that there are other options available, and in an "affordable" price point.  It's not like the only homes on the market in OC are $1M+

I'm not trying to be an ass, but I do think that a "starter home" is going to be a fair bit below the median home price and you will absolutely make some compromises, whether that's a townhome/condo with an HOA, or a fixer that you're going to be spending your nights/weekends on, along with additional cash for improvements.  I think anyone needs to be aware of what their budget is and adjust their expectations accordingly. 
I still think the housing market (locally, nationally, and internationally) is stupidly expensive, and that's partly due to the commodification of the market and all the issues that come with it. 

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5 hours ago, Malaphax said:

That's exactly what they are.  In fact many condos were once apartments that have been converted. 
There are some minor benefits to this - if the roof leaks or some other major maintenance needs to be done, it's paid by the HOA and even in the worst case where the HOA can't cover it, the pain is spread among multiple owners. 

I understand the American dream of a standalone home with a white picket fence is still a kind of barometer for home ownership, and I can see the appeal.  My point was more that there are other options available, and in an "affordable" price point.  It's not like the only homes on the market in OC are $1M+

I'm not trying to be an ass, but I do think that a "starter home" is going to be a fair bit below the median home price and you will absolutely make some compromises, whether that's a townhome/condo with an HOA, or a fixer that you're going to be spending your nights/weekends on, along with additional cash for improvements.  I think anyone needs to be aware of what their budget is and adjust their expectations accordingly. 
I still think the housing market (locally, nationally, and internationally) is stupidly expensive, and that's partly due to the commodification of the market and all the issues that come with it. 

For the record, I ended up spending somewhere between $100-150k in repairs for my old home. Plus a TON of DIY to keep that cost reasonable. My new place does not have much a yard, has a huge HOA fee ($270/month), and there will always be compromises.

Homeownership is far from cheap and the purchase price is literally just the entry fee in Chuck-E-Cheese because you'll be fleeced in repairs left and right. New homes aren't necessary better (I've already reported 15 issues on my home, neighbors still having plumbing issues etc.). For the record the home I got was a bargain so the build quality is kinda shit for a "luxury" home but I knew that going in. 

I don't necessarily recommend buying new as a 1st home either as I've seen plenty of new homes buyers with outsized issues that me being a seasoned homeowner, would've caught early on. 

The biggest issue with condos vs. traditional homes though was the saying "condos are the first to drop, and last to rise" in terms of appreciation. Most of a home value is not the structure itself but the land around you. The structure is ALWAYS a depreciating asset (unless its a historical home), while the land value is where it can go up or down. To min/max I always focused on the land aspect.

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