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Buying a condo in LA
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My husband and I both grew up in the city and we love living in a city. I don’t want to buy a house because either 1. I need to move out of CA or 2. live in a boring, unwalkable, suburbs neighborhood. So we are thinking maybe buying a nice 3 bedroom condo will be a good idea? Does anyone own a condo in LA? How do you like it? I’m concerned about noise, maintenance, and HOA. thank you!
Top Comment: The idea of selling a condo being easier than selling a house is false. Almost all lenders require the HOA to disclose financial health, most condo owners hate paying HOA fees so reserves tend to be light. The way to raise money if that's the case is through special assessments which add a surprise you owe an additional $1000-10000 this month due to roof leak etc. depending on how the bylaws are written this can be majority board vote or full community vote. Some boards get horrible advice from the management companies and are not aware of the rules they must follow and then an owner fights them and the board has to spend reserves to hire a lawyer to realize that they can't do it this way and poof there goes even more $. Condo boards tend to fall into 2 camps. Tyrants that embrace the power of the board to make sure there is no deviation as it will hit their property value (this is actually preferred) vs the Completely hands of but don't ever raise the dues or I will vote against it board members. As an ex Condo board member the ability to enforce any rules is a royal pain in California. Its so easy to get sued so dealing with a noise complaint beyond a letter stating that hey you are to loud during quiet hours is difficult. So glad we sold the condo and moved to the suburbs. I miss walking to restaurants, I don't miss 23% of my dues going to trash (trash prices are crazy for non single family homes as the city has divided each section into an exclusive zone that only one company can pickup from so its a monopoly) 19% going to the management company. At the time 21% going to Insurance that would only cover part of rebuilding the condo building if something were to happen. Nothing inside the 4 walls just the main building. Much higher now due to all the companies pulling out of California. 5% to landscaping our gardener rocked and way undercharged us, the grass was minimal. I think the biggest issue was watching the reserve build up and finally being ok and then BAM pipe leaking unit 2. 50% reserve hit. Followed by Dumbass hitting the gate demand for 10k in car damage due to claim gate sensors are faulty. Time to start a new fight over if we had cameras we could more easily deny this claim... Nope then we would have to raise Dues. Forget Condos Forget HOA's just don't do it. Even if the property value goes up the appreciation is not worth the stress if you care enough to get onto the board and try to improve the building.
Would you rather live in a condo in LA or a bigger house elsewhere?
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I get the appeal of LA. City life, diverse culture, endless dining and entertainment options, weather, nature, etc.
But it comes with a huge cost- egregiously high cost of housing.
Let's say you want to buy a home; a decent condo in Culver City, Pasadena, or Torrance will cost you 5-600k+ for a 2-bedroom condo.
*I'm no real estate expert, so just quickly looked up these 3 cities as examples; I'd imagine there are cheaper condos in less desirable areas of LA.
Never mind owning a house in good shape, unless it's way outside of LA County or in a bad neighborhood.
So for 500k+, you're sharing a wall with your neighbor and only get 2 bedrooms. No private garage, pool, yard, etc.
If you're a DINK or can easily afford it, more power to you.
But if you're partnered/married with kid(s), how do you live in a 2-bedroom condo? (assuming that's all you can afford. I'm single but hoping to get married and have kids in the future. Please enlighten me).
Now elsewhere in the US, the same amount of money would get you a 3+ bedroom house with a garage and pool.
I looked at Bakersfield, Phoenix, Plano (TX), and Jacksonville (FL). Looks like 3-bedroom houses start at 300k in these cities.
5-600k in these cities would get you something that would cost 1M+ in LA.
None of these cities are anywhere close to being LA, but get you a comfortable life financially.
I guess the other thing to consider is that the job opportunities/pay aren't the same compared to LA.
So here's my question, would you rather live in a condo in LA (assuming that's all you can afford) or buy a house elsewhere?
Top Comment: I lived in other cities in bigger homes. I now live in LA now (in a home). My family is here and I built a life here for long term so it made sense to buy a house. My house is “condo sized” though, no point in filling it up with costco-sized bulk goods. Living in a place is more than just the home size and type. It’s the location, access to jobs and amenities, the culture, and the weather. If I want a bigger house I wouldn’t just move to another area solely for that reason. The new location would also have to be close to family, access to jobs, have good amenities and culture, and agreeable weather too.
What are up and coming neighborhoods in Los Angeles for one to purchase a small condo?
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Where would you recommend a single male that is a prospective small condo buyer to purchase?
400K-675K range. Something around 600sq ft -700 sq feet.
I’m looking for something that has nice things to do around.
Thank you.
Top Comment: There are plenty of condos of that size in that price range in some great LA neighborhoods -- but it really depends on you and what neighborhoods appeal to you. If you're a westsider, I'd recommend checking out some of the buildings around Playa Vista/Ladera Heights. This area is close to Culver City and will see above-average appreciation these next few years with everything that's getting built for the 2028 Olympics in nearby Inglewood. You could also score a condo in Marina Del Rey, but you'll have to watch out for excessively high HOA fees. If you prefer WeHo, there are plenty of options between the Sunset Strip and Runyon Canyon. Some of these buildings are older in charming ways (though some are older in non-charming ways). If you want to live downtown, now's a great time to buy a downtown condo. Inventory is high and prices are low. There are a handful of listings in downtown Glendale if you're looking for a cleaner urban center. And if you're an eastsider, you should research tenants-in-common (TIC) buildings. These are smaller buildings (usually 4 units) that are converted from apartments into individually owned units. Functionally, they're identical to condos; the only catch is that a 15% down payment is required. If you can shoulder that, there are a few really cool TIC buildings in Echo Park and Highland Park. Look up 1205 Innes Ave. for a great example. Good luck!
would I ever be able to afford a house / Condo in LA?
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I make about 120k a year and have no kids, single, no debt but I still feel like it’s impossible to afford a starter home / condo in LA without being in a dangerous area or somewhere far away. Has anyone else done it with a similar or lower income in a decent area? any tips?
Top Comment: Talk to a mortgage officer. We have no idea your savings/debt.
Does it make sense to buy a condo in LA when renting is much cheaper?
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I currently rent a studio at $2145. If I were to buy it would be like a 1BR condo in Weho. They run anywhere from 500-600k and the payment woul be maybe like $3815 total using this property for an example https://www.trulia.com/p/ca/west-hollywood/1230-horn-ave-604-west-hollywood-ca-90069--2077483038Possibly cheaper if I chose a cheaper condo with lower HOA like the payment for this one would be $3142 (incl HOA, taxes etc) https://www.trulia.com/p/ca/los-angeles/750-n-kings-rd-114-los-angeles-ca-90069--2115693038
I have zero interest in a house because I don't want to live on the ground floor. I feel safer higher up. I am lazy and don't want to deal with repairs, lawn, contractors. There's less of that with a condo. I will never have kids or a partner, it's just me and all I need is a condo. I am too lazy to deal with anything else.
I have around 120k saved up for a down payment and want to put down 20%. Have a high income so can save more very fast. Does it make any sense at all to buy a 1br condo where the total monthly payment could be anywhere from $3100-$3800 ish vs renting for $2145? I'm not concerned with rent increases as my last one was so low and you can always move and find cheap rent controlled places in Weho.
I don't care about the idea of owning a place or being able to "do whatever I want to the place" as I'm not into decorating, painting walls or doing anything tbh. My main concern is building equity.
I know about having to live somewhere 5-7 years to break even and that's fine. I have no interest in getting up and going anywhere.
Not interested in buying a duplex/house hacking. I don't want to deal with tenants at all.
I'm more concerned if my money would be better served sitting in mutual funds like VTSAX instead vs buying? Does it even make sense financially to buy in LA when renting is cheaper ? Would I earn a better return dumping it all in VTSAX?
Top Comment: I've owned properties in CT, NJ, TX and Los Angeles CA. Yes, how to decide matters on location. I would say BUY since you have the resources to do so. Maintenance and upkeep costs for a condo are trivial and mostly cosmetic (e.g., buying a new dishwasher). The one thing that no one else has mentioned, which is critical for a place like LA, is that when you're a tenant you are at the whim of owners who can raise the rent or sell the property, which brings uncertainty and can create chaos in your life. When you own the property, you make the rules and you cannot be evicted (unless you do something really horrific since there are HOA rules).
Anyone have any experience buying a condo with fewer units in LA with 10-12 units? Whats it like?
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Im seeing two cute condos in SFV but they are both small condos with like 10-12 units. I understand the importance of checking the reserves and from research get that with fewer units, the costs gets shared with fewer people meaning if one person doesn't pays, more gets passed on to the others...
What else can i expect? Will i be forced to participate? I'm lazy and would rather not participate in the HOA or have any duties at all? Do neighbors get in your biz?
I know its not ideal and that it would be more ideal to be in a building with more units but there is such low inventory of decent condos in LA. Sometimes this is all there is....
Top Comment: I live in a Los Angeles condo and was in the Board for a number of years. I would never buy a condo in a small development because it is more like a partnership than a professionally run HOA.
DTLA Condo owners, what has your experience been like?
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Starting to consider a condo in DTLA as my goal for making a first time home purchase. I am a year or two out while saving up for a down payment, but curious about some of the following:
- Has the HOA been well funded and reasonable to pay / work with? or has it been one of those HOA nightmares?
- Did you settle on a condo after also considering a single family home? what swayed you towards getting a condo?
- Do you live in the unit or use it as an investment property? In either case, why has this worked well or not well?
- Do you feel like the neighborhood has been safe and walkable? Do you have a comparisons to other areas (other parts of LA or downtowns in other cities?)
- How did you decide on a real estate agent and did they have a specialization in condos?
Top Comment: I recently purchased a $1.75M unit in DTLA. HOA in excellent health. A single family home would’ve easily cost me $2.5M anywhere West of DTLA in the desirable bubbles that fit my lifestyle. I don’t foresee any declines in LA metro home values at any point in the next 5-8 years so long as we don’t have the big one. There is a massive LA housing shortage. Appreciation comes from owning land and not so much airspace and it’s what I was willing to concede as I hold on to my real estate properties. Be mindful of rising insurance costs and not just the mortgage rates. Avoid PMI. Everything is getting more expensive. A real estate agent was very helpful in the negotiation and closing process as is the lending agent. Finding stuff you can do mostly online, but seeing the home is believing. Arts district and South Park are the only DTLA enclaves I’d consider. My bet is DTLA will make a come back via these neighborhoods. It feels really good to take root and own your place in a city you love. Good luck!
Opinion: Is purchasing a property in LA worth it right now?
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I am looking to purchase a condo in West LA. Im going over finances and figures (including mortgage rates and terms) and wanted to pose this question. I am from the Midwest (moved here less than a year ago) and still can’t comprehend and get used to the real estate market here in LA. Yes, it is damn expensive. I can imagine that there’s “never a perfect time to buy” here.
My question is simply - is it worth it? Why or why not? Being new to LA, what should I take into consideration? Yes, I am working with a real estate agent and have asked these questions, but I would appreciate any opinions / insights that come first to mind and I hope to get some authentic, unbiased answers. I know and understand everyone’s situation and financial goals are different, thus it is difficult to answer a question like this. For those of you who have purchased, have you received a return on your investment?
Thanks all.
Top Comment:
Realtor here.
Everything we see points to a shift in the market and prices trending downward and increased inventory over the next 16 months or so. Whatever you have saved up right now might go a bit further a year from now. There's no crystal ball and we've all seen how quickly the world can flip on us and change overnight. But that's how it looks right now.
Timing the market is always a fool's game. The right time to buy is when you find something you want that you can afford.
House in the valley VS condo in West LA - value?
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I’m looking at condos in WeHo and any houses in the same price range are in the valley (surrounding NoHo area). 600-800k. Is a condo with a $450ish HOA a good financial decision?
With water/trash/insurance included, let’s say it’s actually $235 per mo or 85k over a 30 year mortgage in excess of a house.
Will houses increase way faster in value than condos here, even in the valley? Really hard to decide...area vs space/value.
Top Comment: Realtor here. SFR will have a better/higher resale value and NoHo is a very popular area. That's the financial perspective. Which one you should get also depends heavily on your specific wants/needs. Which one is closer to your work, has what you want/need out of a home, etc. Those things should also be considered when making your decision.