patrick.net

Philistine says

Bogus. In Sherman Oaks you’ll spend far more than $1000k extra over renting a comparable house in a neighborhood with “amazing” public schools.

Dr. Housing Bubble’s statement is merely a call to live smarter, not poorer.

Depends on how many kids you have, right? If you have 3 kids in private school = $3000/month

That alone is more than my mortgage...

dunnross says

You completely missed the point, tatapu

No I got your point. I was just showing you that it's ridiculous. Do you think most teachers went into that profession for the money? Obviously not. Money is not the only motivator. So, your entire premise is wrong....

tatupu70 says

Do you think most teachers went into that profession for the money?

Maybe the teachers don't, but the schools do. If the schools don't get their money, they will close, and there won't be any education. Unfortunately, for the children, the schools get their money according to attendance, and not according to academics. That's why no public school can compete with a private school or with a public school in Belgium.

dunnross says

Maybe the teachers don’t, but the schools do. If the schools don’t get their money, they will close, and there won’t be any education. Unfortunately, for the children, the schools get their money according to attendance, and not according to academics. That’s why no public school can compete with a private school or with a public school in Belgium.

I understand your point, but your logic is flawed. You agree the teachers aren't motivated by money. And teachers have the largest impact on the performance and learning of a student (at school anyways. Home environment is obviously VERY important as well). Therefore, money isn't the driving force behind public school performance.

The largest difference between public and private are parents not teachers, just like with the difference between a good and bad public school. With private I would think parents would be more involved since they are having to pay for it just like they would have to pay more mortgage to live near good public school. Just like anything else when people have skin in the game they tend to care more.

tatupu70 says

. You agree the teachers aren’t motivated by money. And teachers have the largest impact on the performance and learning of a student (at school anyways. Home environment is obviously VERY important as well). Therefore, money isn’t the driving force behind public school performance.

Maybe teachers are not motivated by money. But they are motivated by having to keep their jobs in the first place. Money is what makes it possible.

dunnross says

tatupu70 says
. You agree the teachers aren’t motivated by money. And teachers have the largest impact on the performance and learning of a student (at school anyways. Home environment is obviously VERY important as well). Therefore, money isn’t the driving force behind public school performance.
Maybe teachers are not motivated by money. But they are motivated by having to keep their jobs in the first place. Money is what makes it possible.

Money makes everything possible. Not sure how they relates to your ridiculous assertion that the worst private school is better than the best public school.

It took less than 2 weeks for this quaint little house in a great school district to sell...a lot cheaper than paying for private school for 2 kids at $40k/year.

I'm guessing it didn't sell for anywhere close to what all of you PermaRenters think it should sell for, and a lot closer to the list price:

dunnross says

2006 was a the peak of the bubble. They should be asking 1/4 of what they paid for it in 2006.

Mark_LA says

It took less than 2 weeks for this quaint little house in a great school district to sell…a lot cheaper than paying for private school for 2 kids at $40k/year.
I’m guessing it didn’t sell for anywhere close to what all of you PermaRenters think it should sell for, and a lot closer to the list price:
dunnross says

2006 was a the peak of the bubble. They should be asking 1/4 of what they paid for it in 2006.

I am not surprised - the real world is quite different than depicted in this forum...

SubOink says

Mark_LA says

It took less than 2 weeks for this quaint little house in a great school district to sell…a lot cheaper than paying for private school for 2 kids at $40k/year.
I’m guessing it didn’t sell for anywhere close to what all of you PermaRenters think it should sell for, and a lot closer to the list price:
dunnross says

2006 was a the peak of the bubble. They should be asking 1/4 of what they paid for it in 2006.

I am not surprised - the real world is quite different than depicted in this forum…

LOL. IF it sold at or near list and IF it doesn't fall out of pending status(My money is on this LOL), I'd love to speak to the cross-eyed people who paid 2006 prices.

Specifically, I'd love to know if they bought so that their children(if any) can attend school there, as that seems to be an overriding concern of those posting here(and if a family of 3 or 4 is just fine with one bathing facility). I'd also LOVE to querry them as to how long they intend to reside there(I'm guessing less than 5 years).

i think this was jack nance's home in pasadena that he was killed in by a serial killer...? he was in blue velvet....his body was discovered on the bathroom floor.

I'm not sure why school is such a big factor. I graduated from a public school and I'm doing much better than many who went to private schools. Success depends more on parent involvement and personal desire to succeed.

Our girl is going to be fine with her public schooling. I rather prefer that she sees the harsh realities of life and the destitute immigrants who have very few chances in life. This way she appreciates success a lot more, seeing the important things in life from different perspectives. For me that certainly was motivation.

Mr.Fantastic says

Nance didn’t own a home in South Pasadena, he was of the permarenter population that MarkInLA seems to look upon with disgust.

nance went to private school.......

ChrisLA says

I’m not sure why school is such a big factor. I graduated from a public school and I’m doing much better than many who went to private schools. Success depends more on parent involvement and personal desire to succeed.
Our girl is going to be fine with her public schooling. I rather prefer that she sees the harsh realities of life and the destitute immigrants who have very few chances in life. This way she appreciates success a lot more, seeing the important things in life from different perspectives. For me that certainly was motivation.

You've got the right point of view.

But there are people who live by the motto that nothing is too good for Jr. So even though Jr. could go to a mediocre school and do plenty fine...go on to do what ever career or life path they wish, many parents want the very best for the kids.

I can't explain the obsession. I'd probably slit my wrists if my parents sent me to someplace like Whitney. But some people place a priority on that.

Frankly, I think they fail if they don't teach the children how to be proper grown ups and also to view life in a logical manner(ie most parents fail), but thats just me I guess.

709hannah says

i think this was jack nance’s home in pasadena that he was killed in by a serial killer…? he was in blue velvet….his body was discovered on the bathroom floor.

No, Jack Nance lived on Fair Oaks by the 110 and he was not killed by a serial killer. Google him, and read about it!

Forgot to add that Nance lived in an apt ;-) A friend of mine almost rented the same apt. after Jack's passing...

I think the point has already been made in this forum, and not to sound too sell-sell-sell-y, but: homes in L.A. county that are less than 30 years old are considered YOUNG. Most homes built here are at least 60 years old.

The value of schools here can't be underestimated, and South Pasadena's public schools are excellent -- all the way through high school. Very few other communities have schools anywhere near as good for grade, junior and high schools. And local private schools cost about $20k+ a year -- for grade school. Multiply that by, say, three kids. All of a sudden, a high mortgage (with its attendant tax deductions) begins to look pretty good by comparison...

Mr.Fantastic says

PasadenaNative says

Forgot to add that Nance lived in an apt A friend of mine almost rented the same apt. after Jack’s passing…

Did your friend drop out after finding out about Nance?

No, the reason he looked at it in the first place was because Nance lived there (kind of morbid, I know). It was a tiny unit, that's why he passed on it.

sfvrealestate says

I think the point has already been made in this forum, and not to sound too sell-sell-sell-y, but: homes in L.A. county that are less than 30 years old are considered YOUNG. Most homes built here are at least 60 years old.
The value of schools here can’t be underestimated, and South Pasadena’s public schools are excellent — all the way through high school. Very few other communities have schools anywhere near as good for grade, junior and high schools. And local private schools cost about $20k+ a year — for grade school. Multiply that by, say, three kids. All of a sudden, a high mortgage (with its attendant tax deductions) begins to look pretty good by comparison…

I went to South Pas. Jr. high and high school - - too intense and competitive for me. I dropped out, took the GED, then went to college and grad school. Every kid is different, you can't stick a highly sensitive child into a cut-throat school and end up with a happy well adjusted little person.

PasadenaNative says

sfvrealestate says

I think the point has already been made in this forum, and not to sound too sell-sell-sell-y, but: homes in L.A. county that are less than 30 years old are considered YOUNG. Most homes built here are at least 60 years old.
The value of schools here can’t be underestimated, and South Pasadena’s public schools are excellent — all the way through high school. Very few other communities have schools anywhere near as good for grade, junior and high schools. And local private schools cost about $20k+ a year — for grade school. Multiply that by, say, three kids. All of a sudden, a high mortgage (with its attendant tax deductions) begins to look pretty good by comparison…

I went to South Pas. Jr. high and high school - - too intense and competitive for me. I dropped out, took the GED, then went to college and grad school. Every kid is different, you can’t stick a highly sensitive child into a cut-throat school and end up with a happy well adjusted little person.

I feel the same way(though I did finish high school with my whopping 2.4 gpa at a craptacular "5" Great Schools high school). Went to 4 year state college, work in the same job and make the same money as UCLA, Berkley, USC, Notre Dame, etc graduates.

LOL.

The little house now has a SOLD sign, only took a week....I wonder how much?

The thing that is crazy....

Some of the posters here keep pounding in the "schools".

But this home purchase at list in no way reflects a house that someone who has $850K+ would ever want to live in.

By way of nearby comparison, the same amount of money actually buys a larger place in nearby cities with "excellent" public schools...Arcadia, La Canada, etc....and buys truly upscale homes in nearby communitiy with very good, but not excellent public schools....Glendale, Burbank, etc. All the same safey factors etc.

Furthermore, coastal OC, in very upscale large houses within a mile of the water, are the same price....

Then again...if someone wants to spend $850K+ on 1700 sq ft(El Oh El), I guess thats their business.

I have to think that "Carol Majors, Coldwell Banker" cherry picks all her listings in South Pasadena. Almost all her South Pasadena listings sell in less than 2 weeks.

Here's another one that also sold in less than 2 weeks (much nicer, at ~$1.1 million) :
http://www.redfin.com/CA/South-Pasadena/223-Fairview-Ave-91030/home/7005738

I went to the open house and it was so PACKED that I scratched it off my list since I knew they would get list or close to list on it. I haven't seen any open house that packed since 2006...at least 8 couples looking at it simultaneously during the 15 minutes I was there.

No bargains to be found in South Pasadena.

More on the real estate agent from http://www.majorsmarketplace.com/

Carol\'s Listings & Sales Volume
* 2010-$35,000,000+
* 2009-$32,000,000+ *2008-$33,000,000 +
* 2007-$36,000,000+ * 2006-$47,000,000+
* 2005-$40,000,000+ * 2004-$33,000,000+

Wow, this woman is raking in the money. Is she the senior broker?

Also I wonder what the incomes are of the people buying these houses are?

This is my first time reading this thread

the fact that the house sold in 1 week shows just how out of touch some people are with reality.

toothfairy says

This is my first time reading this thread

the fact that the house sold in 1 week shows just how out of touch some people are with reality.

That's defined as the market price and market activity. Permarenters have no say in this.

PasadenaNative says

This one is about four blocks from me. Looks like they are asking less than they paid for it in 2006. I’ve always loved this house, it has a beautiful tree in the front.
http://www.redfin.com/CA/South-Pasadena/1511-Marengo-Ave-91030/home/7007773

Without being rude, I want to ask why you think investing in a 1 million dollar, 1500 squarefoot home is such a good deal?

I live in Pasadena as well and agree that South Pasadena is a beautiful place, however, I am having a difficult time seeing how it worth 4 times the amount of a home in Rancho Cucamonga, Sylmar, Monrovia, etc. Again, I would love to live in South Pasadena if it were in one of those 5,000 square foot homes in San Marino. I guess some folks have too much money to burn and are willing to invest in those areas.

dunnross says

2006 was a the peak of the bubble. They should be asking 1/4 of what they paid for it in 2006.

If you are right, then this cottage should be going for 215K, however, in 1997 it sold for near 400K. People looking in South Pasadena are generally well to do, no business sense, with lots of money to spend so this will probably sell quickly. My wife and I were ready to make that jump to South Pasadena before Patrick groomed me with his good business sense. Homes in South Pasadena are emotional buys for the well to do...its makes us feel like we are a part of the elite.

Except, the real elite live in San Marino in 5,000/Sqft homes.

Clarence 13X says

Without being rude, I want to ask why you think investing in a 1 million dollar, 1500 squarefoot home is such a good deal?

Yeah, thats what I don't get either.

A co-worker and his family rent in So Pas on a family income of ~$150K a year in a 4 bedroom townhome.

No way in the world they could afford to buy the same place.

Did the PasadenaNative abandon his post?

dodgerfanjohn says

Clarence 13X says

Without being rude, I want to ask why you think investing in a 1 million dollar, 1500 squarefoot home is such a good deal?

Yeah, thats what I don’t get either.
A co-worker and his family rent in So Pas on a family income of ~$150K a year in a 4 bedroom townhome.
No way in the world they could afford to buy the same place.

What I have found is that new money generally thinks just because you made your first million you automatically make good business decisions. Most of the people who buy in South Pasadena are new to money and have enough to throw at a house regardless of the costs.

Clarence 13X says

dunnross says

2006 was a the peak of the bubble. They should be asking 1/4 of what they paid for it in 2006.

If you are right, then this cottage should be going for 215K, however, in 1997 it sold for near 400K. People looking in South Pasadena are generally well to do, no business sense, with lots of money to spend so this will probably sell quickly. My wife and I were ready to make that jump to South Pasadena before Patrick groomed me with his good business sense. Homes in South Pasadena are emotional buys for the well to do…its makes us feel like we are a part of the elite.
Except, the real elite live in San Marino in 5,000/Sqft homes.

You just proved my point. The well-to-do want a 5,000/Sqft house in San Marino. These types of houses were not bought by the rich. They were bought by the middle class who stretched their budgets and got in at a teaser rate back in 2006. That buyer doesn't exist any more.

Interesting to go back and read this post. in 2011, Seller (apparently) listed the house at 850K, roughly the same as the 2006 peak bubble price.

Very few here thought the house would sell for anywhere close to 850K - pretty much abject pessimism from the vast majority of commenters. Yet, it sold a few weeks later for 890K. Wow.

CDon says

it sold a few weeks later for 890K.

Just remember, one every minute.

Yeah, it still doesn't make sense.

I finally found out what that friend of mine is paying on the four bed townhome in South Pasadena is paying in rent...$1800/mo. Yes that's below market(market is probably $2300-2500). Still it puts the price of the home in perspective.

Basically, owning a house in South Pasadena is like flushing money down the toilet.

And a hearty and repeated lol@family of four that can afford nearly a $900k home sharing 1 bathroom.

Is it my imagination, of is there a big tree really close to that house?

FortWayne says

Selling price of $858,800 seems way out of touch with reality considering local incomes and the price it is valued at by the assessor during the bubble. Built in 1914, thing might fall apart shortly. I am completely positive that this is a bubble price.

This wasnt the bubble, this was the trough, the best time to buy in over a decade as its now well over 1Million. I am completely positive that you are a dipshit.

The selling point required either a massive down payment or an household income> $200k and stretching at that.

Again, the idea of a family of four that can afford to be paying $900k for a home with ONE bathroom is fairly preposterous. Even now with housing prices having gone up drastically there are very nearby communities with schools rated 8 and 9 through high school where $900k buys you a 2000+ sq ft sfr with 3/2 and better. Temple City, San Gabriel, Alhambra, La Cresenta....all provide that. The only thing South Pasadena provides is more white people and access to the Gold Line.

So I'm still baffled as to the people that bought this house.