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  #1401  
Old Posted Aug 15, 2023, 5:01 AM
moorhosj1 moorhosj1 is offline
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Originally Posted by LosAngelesSportsFan View Post
The point was if you've seen how appraisal reports are put together, you'd know that blatant racism in appraisal reports are nonsense. It's likely incompetent appraisers. You can have any house appraised by 3 different appraisers and get three different numbers
And yet, when people looked at the actual data, they found a consistent theme along racial lines. I’ll continue waiting for you to provide any data that supports your stance.
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  #1402  
Old Posted Aug 15, 2023, 5:39 AM
jmecklenborg jmecklenborg is offline
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Originally Posted by LosAngelesSportsFan View Post
It's much much easier to discriminate by not lending to black or Hispanic families than it is fudging appraisals. I'm certain that some lenders avoid black and Hispanic families, no dispute there
Those reports are easily explained. They weren't comparing black-owned homes on majority white streets but rather similarly sized homes in completely different types of neighborhoods. Plus - look a the p.c. language used in the reports - the result was predetermined.

An appraiser often doesn't even enter the house. How does an appraiser who doesn't even enter a house have any way of knowing the ethnicity of the residents, other than taking a guess using their names (and nearly all black Americans have English surnames, which is actually an advantage).
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  #1403  
Old Posted Aug 15, 2023, 8:06 PM
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Thinking about the covid recovery thread, there are actually some pretty good deals in downtown Portland and the Pearl right now. Marketwide, appreciation is increasing but prices overall are about the same as this time last year. You can buy a 550 sq ft condo in a new bldg with underground parking for 245k. Thats pretty good.
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  #1404  
Old Posted Aug 16, 2023, 12:42 AM
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Originally Posted by pdxtex View Post
Thinking about the covid recovery thread, there are actually some pretty good deals in downtown Portland and the Pearl right now. Marketwide, appreciation is increasing but prices overall are about the same as this time last year. You can buy a 550 sq ft condo in a new bldg with underground parking for 245k. Thats pretty good.
Wow, no kidding. If only I were childless and 15 years younger because the cheapest 3-bedroom anywhere near there is $850k with an HOA payment of $1,320/mo and the next cheapest being $1.4 million with an HOA payment of $1,357/mo.
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  #1405  
Old Posted Aug 16, 2023, 3:09 AM
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Originally Posted by moorhosj1 View Post
And yet, when people looked at the actual data, they found a consistent theme along racial lines. I’ll continue waiting for you to provide any data that supports your stance.
Did you even read the "studies" you sent? They are talking about generally white neighborhoods having higher values than generally black neighborhoods where the housing stock is similar. This is obviously true. Black neighborhoods have significantly higher crime, are poorer, are in worse parts of any given city and have 🞵🞵🞵🞵🞵🞵 schools.

That's a completely different argument than what you're arguing.

As a realtor for 15 plus years, I've been part of hundreds of appraisals, both commercial and residential so I would say I'm pretty familiar with how appraisals and appraisers work. It's completely asinine to argue that any given black homeowner is seeing lower appraised values due to racism. It's utter nonsense

Last edited by LosAngelesSportsFan; Aug 16, 2023 at 4:32 AM.
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  #1406  
Old Posted Aug 16, 2023, 3:09 AM
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Originally Posted by jmecklenborg View Post
Those reports are easily explained. They weren't comparing black-owned homes on majority white streets but rather similarly sized homes in completely different types of neighborhoods. Plus - look a the p.c. language used in the reports - the result was predetermined.

An appraiser often doesn't even enter the house. How does an appraiser who doesn't even enter a house have any way of knowing the ethnicity of the residents, other than taking a guess using their names (and nearly all black Americans have English surnames, which is actually an advantage).
Bingo
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  #1407  
Old Posted Aug 16, 2023, 5:28 AM
jmecklenborg jmecklenborg is offline
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Originally Posted by LosAngelesSportsFan View Post
Did you even read the "studies" you sent? They are talking about generally white neighborhoods having higher values than generally black neighborhoods where the housing stock is similar. This is obviously true. Black neighborhoods have significantly higher crime, are poorer, are in worse parts of any given city and have 🞵🞵🞵🞵🞵🞵 schools.

That's a completely different argument than what you're arguing.

As a realtor for 15 plus years, I've been part of hundreds of appraisals, both commercial and residential so I would say I'm pretty familiar with how appraisals and appraisers work. It's completely asinine to argue that any given black homeowner is seeing lower appraised values due to racism. It's utter nonsense

These sorts of articles would have never been published in a reputable publication or cited by reputable outlets 10 years ago. Unfortunately, the entire U.S. media has turned to tabloid tactics, since traditional reporting no longer attracts clicks.
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  #1408  
Old Posted Aug 16, 2023, 3:08 PM
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Originally Posted by jmecklenborg View Post
These sorts of articles would have never been published in a reputable publication or cited by reputable outlets 10 years ago. Unfortunately, the entire U.S. media has turned to tabloid tactics, since traditional reporting no longer attracts clicks.
Exactly right. It's all just about the headline nowadays
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  #1409  
Old Posted Sep 6, 2023, 6:08 PM
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From the Los Angeles Times:

How a Spanish bungalow in L.A. went from sad to 🞵🞵🞵🞵 (Hint: There’s an ADU rental)

BY LISA BOONESTAFF WRITER
Photography by MARIAH TAUGER
SEPT. 6, 2023 3 AM PT

Like many tech workers, Jing Guo and Gabriel Taylor Russ left Chicago during the COVID-19 pandemic in search of warmer weather.

“We were working remotely,” Guo says of their move to the Bay Area. “We thought ‘at least we can be outside.’”

However, a few months after settling in, the couple realized how difficult it would be to buy a home in San Rafael, where housing inventory is low and the median home price is around $1.4 million.
“It was just too expensive,” says Russ, 37, a director of engineering for Ritual Wellness.

It’s not like they were being picky, either. They didn’t want a modern house or something that was move-in ready. They simply wanted to find a house with character that they could make their own.

“Our dream was to own our own home and design it our way,” says Guo, 33, who works as a product designer for Two Chairs, a mental health company.

As self-proclaimed nomads — Russ is originally from Australia and Guo immigrated to Chicago from China when she was 12 — they decided to look in Los Angeles, where they could continue to enjoy the outdoors.

But they quickly learned that Los Angeles is no different from the Bay Area: When they bid on a home in South Pasadena, theirs was one of 63 offers.

“We were outbid by $200,000,” Russ says of the bidding war, shaking his head. “And we bid over the asking price just like everyone else.”

So when their real estate agent sent them a listing for a bungalow in Eagle Rock that needed work, the couple fell in love with the 1923 home’s Spanish architecture.

The quiet tree-lined street near Occidental College contributed to the bungalow’s charm. Although the listing described the house as needing “a little polishing” — a euphemism for remodeling — the couple saw great possibility.
“I told our realtor while FaceTiming, ‘This is it!’” said Guo. “When you know, you know.”

The Eagle Rock house met the couple’s requirements: It had character, needed to be updated and had the potential for an accessory dwelling unit, or ADU, to add value to the property.

This time, their offer of $1,025,000 was accepted after only three others bid on the house.

When they saw the house in person, however, they realized how much work would be required before they could move in.

“We had to hire someone to rip out the urine-soaked flooring from the previous tenants’ cats,” Guo says, wrinkling her nose as she recalled the aroma. “But the only way we could afford to renovate the house was to live in it first.”

With temporary flooring in place, the couple moved in and learned there was no working heat. The kitchen range wasn’t functional. Cooking on a hot plate with renovations on the horizon,
Guo says they felt like they were camping in the house.

After living in the house for a year, they hired architect Barrett Cooke of Arterberry Cooke to help them rethink the bungalow and turn the one-car garage into a tenant-friendly ADU on a budget of $230,000.

“The house needed some love,” Cooke said diplomatically, “but we worked with the existing details and tried to enhance what was already there.”

Although living in the house before renovating it could have been better, it ultimately helped the couple rethink the interiors. “We realized the living room was too small and the lighting was bad,” Guo says.

When it came time to renovate the 1,258-square-foot house, the couple says Barrett and contractor Antonio Blanc stayed true to the footprint — with one exception.

“We added 100 square feet to the front of the house and raised the roof in the living room,” Cooke says. “That completely transformed the function of the house.”

Cooke also removed the wall between the kitchen and dining room to create an open living area and added skylights in the hallway, brightening the dark interiors.

A set of black aluminum-clad French doors off the dining room let in further sunshine and provide easy access to a new front porch.

“We wanted to orient the house so that their yard space was the front yard,” Cooke says. The porch maximizes the views toward the street and the front yard’s park-like setting.
“People often want to connect the kitchen to the backyard,” Cooke explains, “but that wasn’t an option with a small yard and ADU in back.”

In a move that transformed the front of the house and added curb appeal, Cooke relocated the front door from the middle to the side, just off of the porch.
She also installed arched doorways and windows that emphasize the home’s Spanish architecture.

In the open living area, European French oak engineered hardwood floors contribute to the home’s clean look. A vestibule with a bench and coat rack at the entrance to the living room adds order and feels like a private space.

“I’m naturally anxious,” Guo says, appreciating the home’s soothing interiors. “I need a house where I can feel calm.”

When it came to transforming the one-car garage, Cooke designed the 480-square-foot ADU to correspond to the architecture of the main house with a similar roofline, red tile awnings and black aluminum-clad windows.

“It’s very clean and simple,” Cooke says. “The two structures play off each other quite nicely.”

Like the main house, Cooke raised the ceiling of the original garage to bring in more light.

Steps from a charming entry where guests can store their shoes, coats and laptops, the main living area has a living room and full kitchen with simple white subway tile and custom mint green cabinets.

The bedroom has enough room for a desk and plenty of storage courtesy of side-by-side closets. To accommodate long-term tenants, Cooke installed a washer and dryer in the pass-through bathroom,
which connects the bedroom to the living area and kitchen.

The couple rents the ADU as a furnished midterm rental for approximately $4,000 monthly. “We were always banking on the ADU for its earning potential,” Russ says.

Now that the finishing touches are complete, the couple loves the results: a character home that has been beautifully remodeled to honor its Spanish heritage and an ADU that covers their construction loan.

Over the last few years, the couple went from living in a construction zone in a new city with few friends to hosting Dungeons & Dragons game nights in their elegant, sun-filled dining room.

On a sunny day earlier this month, they took a break from their Zoom meetings and sat outside on their new patio.

As neighbors walked by and said hello, the couple discussed future home improvements, including landscaping, in the shade of a majestic Chinese elm in the front yard.

“I’m so excited to hang out here,” Guo says. “I still can’t believe we live here.”




For pictures of the home and ADU, and the article, here's the link: https://www.latimes.com/lifestyle/story/...ow-in-los-angeles-gets-a-remodel-and-adu
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  #1410  
Old Posted Sep 6, 2023, 6:09 PM
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^ That's a beautifully restored home. Well done!
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  #1411  
Old Posted Sep 12, 2023, 4:14 PM
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From Robb Report:

In Los Angeles, a Classic Midcentury Home Sails on the Market at $2.5 Million

The well-preserved Miller Fong-designed residence is nestled into South Pasadena’s Altos de Monterey neighborhood.

By MARK DAVID
SEPTEMBER 9, 2023


Brian Huffman

The Altos de Monterey neighborhood, conveniently less than eight miles northeast of downtown, was the largest post-war single-family residential housing development in L.A.’s South Pasadena community and was emblematic of the ‘close-in’ communities that became highly desirable in the even-then-traffic-thronged Los Angeles area during the late 1950s and ‘60s.

The hilly development, a mix of custom and spec-built tract homes, boasts several architecturally significant dwellings designed by prominent architects of the period. One of those homes, this one designed by architect and furniture designer Miller Fong and nipped down a curved cul-de-sac, where it’s perched on a sloped parcel with an elevated view of the leafy surroundings, is newly on the market for a bit under $2.5 million.

The linear, low-slung charmer, completed in 1965, the year after Fong earned his architecture degree from USC, is an early example of the easy-breezy open floor plans and blurring of indoor and outdoor spaces that are hallmarks of Fong’s architectural oeuvre. Fong, who now teaches at USC, is also known for the iconic woven wicker Lotus Chair he designed in 1968 that is in the permanent collection at the L.A. County Museum of Art.

The Lotus Chair is still in production—at Fong and his brother’s venerable, L.A.-based furniture company, Fong Brothers Co.—but there’s nary one to be found among the staged furnishings throughout the well-preserved interiors of the not-quite 2,300-square-foot home that is eligible for inclusion on the National Register of Historic Places.


The home is arranged around a central courtyard deck.
Brian Huffman


Beyond the elegantly simple front doors, the home’s bi-level living and dining space is defined by high ceilings, strong horizontal lines, and walls of glass filled with tranquil views of the surrounding greenery. Elsewhere, the kitchen adheres to the home’s midcentury style but has been updated with modern appliances over the years, while an adjoining lounge spills out to a courtyard patio framed in clipped hedging. On the other side of the house, a long corridor extends from the foyer and leads to the home’s three bedrooms, all of which open to the outdoors, and three bathrooms.

The living room and primary bedroom, as well as the bedroom corridor, spill out to a central courtyard deck that provides privacy from neighboring homes while at the same time being enveloped in the natural surroundings.

Available through Silva Portugal-Singh and Ami Singh of Compass, Fong’s classic midcentury design in South Pasadena proves the relaxed California lifestyle never really goes out of style.

Click here for more photos of 1746 Las Palmitas.

Link: https://robbreport.com/shelter/homes-for-sale/los-angeles-midcentury-home-miller-fong-1234894760/
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  #1412  
Old Posted Sep 12, 2023, 4:38 PM
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^ That's actually a really good price! Considering the size, historical significance, and it's in a good school district. A similar sized home in Palo Alto or Los Altos will probably fetch 4-5 easily.
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  #1413  
Old Posted Sep 13, 2023, 5:05 PM
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Luxury Living in San Francisco for More Than a Million Less
SEP 11, 2023



Purchased for $5.475 million in April of 2015, the three-bedroom, 2,569-square-foot unit #28D in the Four Seasons Residences at 765 Market Street returned to the market priced at $5.475 million this past February, a sale at which would have represented net appreciation of 0.0 percent for the luxury unit over the past eight years.

Featuring walls of windows with panoramic views stretching over the City to the Bay, the corner unit’s formal foyer flows to its “grand salon” (living room) and around to the dining room and kitchen, with the unit’s third bedroom currently outfitted as a media room, custom window seats throughout, and two deeded parking spaces and a storage area in the building’s garage.



Despite a reduction to $4.95 million in April, a buyer had yet to emerge for the unit as of mid-June, as we outlined at the time, with the unit also being offered for rent at $18,000 a month (which would include the HOA fees of $3,905 a month for those running the numbers at home).

And with unit’s listing now touting that it’s “PRICED to SELL!”, the list price for 765 Market Street #28D has just been reduced to $4.25 million, a sale at which would be “at asking” according to all industry stats and aggregate reports but down over 22 percent on an apples-to-apples basis for a seven-figure loss.
https://socketsite.com/archives/2023/09/luxury-living-in-san-francisco-for-over-a-million-less.html
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  #1414  
Old Posted Sep 22, 2023, 4:38 PM
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From Robb Report:

Marilyn Monroe’s Iconic L.A. Home Was Bought by the Billionaire Heiress Next Door

Brinah Milstein paid $8.4 million to tear down Monroe's famed residence. But following widespread criticism, she may have decided to forgo the demolition.

By JAMES MCCLAIN
SEPTEMBER 22, 2023

Earlier this month, news of the pending demolition of Marilyn Monroe’s famed Los Angeles home went viral. Since then, onlookers have wondered who would pay more than $3,000 per square foot — already a very high price for the neighborhood — only to tear down the local landmark.

The property quietly changed hands in August, when it sold to a mysterious trust (“Glory of the Snow 1031 Trust”) that paid about $8.4 million, in cash, for the place. The trust’s trustee is Andrew Schure, a Philadelphia-based businessman.

Many speculated that the new owner was a greedy developer, or a high-flying tycoon looking to build a custom dream home on the half-acre lot. But the real story is a little more complex.

This week, the L.A. tour bus service Esotouric uncovered a very big clue to the owner’s identity. Recent photos reveal the wall and hedge between Monroe’s home and the much larger house immediately next door have been removed, an indicator that the two properties are being linked together to create one large compound.

The house next door is owned by a notably wealthy heiress named Brinah Milstein, who is married to Roy Bank — a former reality television producer and Philadelphia native. Milstein acquired her current Brentwood home, a 2006-built mansion that spans some 6,000 square feet of living space, in 2016 for about $8.2 million.


The acquisition of Monroe’s house gives Milstein more than 1-acre of prime Brentwood land.
Google Earth

Milstein, 42, is a daughter of the late Carl Milstein, a powerful businessman who was one of Cleveland’s most prominent real estate developers. In the 1970s, he served prison time for bribing a federal housing official; he also founded Associated Estates (AEC), which became one of the largest owners and managers of apartment buildings in Ohio.

In 2015, AEC was sold for $2.5 billion. Today, some of Brinah Milstein’s siblings are executives at Milstein Asset Management, a single family office with a portfolio of assets and investments worth “billions of dollars.”

In addition to her two-property, $16.6 million Brentwood compound, records indicate Milstein recently bought an oceanfront vacation home in Newport Beach, Calif., paying $8.2 million.


Milstein’s $8.2 million vacation home in Newport Beach.
Google Earth

It’s still unclear what Milstein and Bank plan to do with the Monroe property once the house is torn down, though it seems destined to became one piece of a larger estate. Clearly, the vacant lot would have more than enough space to accommodate a full-size tennis court, a guesthouse, gardens or garages for additional parking.

But for folks upset by Milstein’s plans, all hope is not yet lost. Last week, the L.A. city council unanimously voted to consider the house for historic preservation, prompting the building department to revoke Milstein’s demolition permit. Beyond that, immediate neighbors of the Monroe house have told Robb Report that they’ve spoken directly to Milstein, who they claim has already changed her mind about tearing down the iconic home.


Neighbors say Milstein may have changed her mind about tearing down Monroe’s hacienda.
Mercer Vine

Some vocal critics have derided all the hullabaloo about Milstein’s demolition plans. They point out that the Monroe house is just another Spanish-style hacienda, one of thousands in L.A., and that it has been remodeled multiple times since Monroe’s death, leaving the 2,600-square-foot structure an imperfect blend of 1920s throwback and 2000s modernity. Why does it matter that one of Hollywood’s most famous stars lived and died there decades ago, they say.

But “imperfection is beauty,” Monroe once noted. So maybe her little slice of Brentwood imperfection will stick around to see another year.


Link: https://robbreport.com/shelter/celebrity...lyn-monroe-house-los-angeles-1234900671/
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  #1415  
Old Posted Sep 22, 2023, 9:13 PM
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If you're looking for a deal in California:
Quote:
These 10 California counties were the cheapest places to buy a house last month, data shows
1. Trinity County
Median sold price of existing single family homes: $205,000
Region: Northern California

2. Lassen County
Median sold price of existing single family homes: $225,000
Region: Northern California

3. Siskiyou County
Median sold price of existing single family homes: $305,500
Region: Northern California

4. Tehama County
Median sold price of existing single family homes: $312,050
Region: Northern California

5. Glenn County
Median sold price of existing single family homes: $321,000
Region: Central Valley

6. Lake County
Median sold price of existing single family homes: $325,000
Region: Northern California

7. Shasta County
Median sold price of existing single family homes: $365,000
Region: Northern California

8. Tulare County
Median sold price of existing single family homes: $372,000
Region: Central Valley

9. Kings County & Del Norte County
Median sold price of existing single family homes: $382,500
Region: Central Valley
Median sold price of existing single family homes: $382,500
Region: Northern California

10. Merced County
Median sold price of existing single family homes: $385,000
Region: Central Valley

In the report, the association reported Sacramento County had a median sales price of $535,000. Though Sacramento County was not the cheapest county to buy a house, it wasn’t the most expensive either.
FYI Merced County is now part of the Bay Area, so the Bay Area is affordable .
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  #1416  
Old Posted Sep 23, 2023, 4:28 AM
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What are people here doing in terms of housing with the current market conditions?

I feel like my wife and I are trapped in a house we don’t want to be in. I know we’re not alone. We planned to ride out our current situation until our two kids were no longer in daycare and then buy a better house in a better neighborhood. Alas, that won’t be happening at 7% interest.

To move into a house that we’d actually want to live in, we’re looking at about $650-700k in metro Portland. At today’s interest rates, PITI would TRIPLE for us, even with a couple hundred grand as a down payment.

It’s difficult to not feel very bitter about this. We are two highly educated people making a good living but we feel like we’re just locked into this life where we don’t want to live. I cannot imagine how people making median income or less are feeling.

Now, even if both of our kids aged out of daycare and we magically had another $2500 extra every month we wouldn’t want to pay $4500 per month for a mortgage. This just feels so stupid. How can prices stay high when people can’t afford to buy? WTF gives? How could this market realistically stay this way at 7+ percent?
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  #1417  
Old Posted Sep 23, 2023, 1:36 PM
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^ sorry to hear that you feel "trapped" in your current home.

I can't imagine that you are alone in that feeling right now.

Would you ever consider moving to a less expensive city in the Midwest?



As for me, we're in our "forever home", so I'm "trapped" here too, but in the good way.

If I never own another piece of real estate in my life, I'm all good with that.
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Last edited by Steely Dan; Sep 23, 2023 at 1:58 PM.
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  #1418  
Old Posted Sep 23, 2023, 2:21 PM
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My house in Chicago is paid off, and I never plan to move.

But, it’s possible some people from more expensive markets are throwing in the towel and relocating to the area, because um…

This is new. Haven’t seen headlines like that just about ever.

Will have to wait for Case-Schiller for the real comparisons though.

Chicago Housing Market Bests National Growth; Chicago Sees Massive 9.6% Price Surge in August 2023
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  #1419  
Old Posted Sep 23, 2023, 3:12 PM
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Originally Posted by subterranean View Post
How could this market realistically stay this way at 7+ percent?
Quite simply, because enough Americans still find it acceptable to have a $4,500/month mortgage.

You’re actually lucky on the cheap housing front, you guys could be doing like us and be importing ~5% of your current population per year (~17 million new people per year on top of whatever natural growth takes place) who’d all compete for housing in the main metro areas.
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  #1420  
Old Posted Sep 23, 2023, 3:16 PM
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^ sorry to hear that you feel "trapped" in your current home.

I can't imagine that you are alone in that feeling right now.

Would you ever consider moving to a less expensive city in the Midwest?



As for me, we're in our "forever home", so I'm "trapped" here too, but in the good way.

If I never own another piece of real estate in my life, I'm all good with that.
I’m 99% sure he’s from Michigan, so the suggestion is to move BACK to the Midwest (not sure whether his wife is from there though; I remember that when I was dating a Yankee from northern New England I floated the idea of us moving to Detroit for real estate opportunity and it was a very firm No way!!!! on her part.)
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