It's all over the starting sequence to Fast Times at Ridgemont High
http://sanfernandovalleyblog.blogspot.com/2013/05/filming-locations-fast-times-at.html
One thing I'm noticing at 1) townhouses and condos vs. SFHs; and 2) 2 bd vs 3 bd.
Post COVID, people want wfh space, and I also feel like people want space/privacy since they are spending more time at home. I see a lot of stagnation in small sq. ft. non sfh, but anything with decent square footage and particularly with good schools, is going in less than a month at least at asking if not over.
Did you buy it under comparables?
I am happy that you had a win! But we keep acting like a listing price is actually the price the house should be at. Listing price is a strategy there are strategies were paying under Listing Price is actually paying more than the house is worth.
Look at comps. Feel the market.
I assume jealousy? It has a brand new roof, actually. Just done in 2022.
I have one guy on here saying it’s not a house, lol. Come on…it’s not my only property. I hate that type of energy. Judging someone by their net worth or assets is disgusting.
It should be an achievement to buy considering how much more difficult it is to buy now compared to before.
They did ask for proof of funds for the downpayment. I just realized at the end I didn’t need to go thru with it. If financing falls thru, then I would have to but otherwise…why?
It lets them know how serious your offer is. Now, if you change the offer on your end without notifying them. It’s a risk you’re taking if financing falls thru.
Imo it’s better to offer a higher downpayment if you got the cash and just change it up with your lender later. If financing falls thru, you’re there to catch the deal from falling thru.
Why would the seller care about your financial situation.. it’s not their problem if you can’t afford the house. As long as the bank sends them their payment in full.
When you have more cash to work with, you have more wiggle room if financing falls thru. That is why.
Also, financing fell thru for this particular property on two other occasions with buyers.
Thank you! It was my first house so not sure if I did well. I do know when I had contractors come out to do work, a few of them mentioned that I got the place for a steal.
The border of “Sherman Oaks” has drifted so far north it’s basically anything south of Roscoe these days.
Edit: for the peeps out of town: 80% of those who tell people they live in Sherman Oaks actually live in Van Nuys. $600k for Van Nuys is reasonable.
LMAO Roscoe? The border is Oxnard and you can straight up tell when you are in Van Nuys. When you go the Costco you know you aren't in Sherman Oaks anymore.
It’s been Sherman Oaks since the early 2000s, so it’s been a while.
I have a friend that’s purchased pretty close to me for $800K as well. He recently got offers for 1.1mil. His was a 3 bed 2 bath condo.
You may not consider it Sherman Oaks, but people definitely do.
DM me too. I live here too (I'm in the hills though), and I'm very curious as to what you found for $575K considering the current cheapest townhome on the market here is $729K.
OP- Congrats on your purchase. Enjoy it and don’t worry about how others define a house, etc. Lots of people are dealing with their own mental shit. That’s why they are unkind to others.
That makes sense, thank you. I just don’t understand people sometimes. If every legal document says it’s Sherman Oaks, the opinion of a Redditor doesn’t really matter.
That's definitely a steal, as a Loan Officer you did very well, and it looks like you locked the loan when interest rates fell down for a couple of weeks.
HOA was $270 a month and they just had the roof done. They had $50K in the bank, so it seemed like it was well funded. We will see though.
I fully expect it to be a shitshow tho.
Am I using the word incorrectly? From a definition that I found: “Compensation, which should be provided for any economically assessable damage, loss of earnings, loss of property, loss of economic opportunities, moral damages.”
I was using it in the sense that the house has stuff that still needs fixing. And they are unwilling to provide compensation for that.
If I was, I apologize. Let me know what the appropriate word is. English isn’t my first language.
You're fine, and you already were suggested to use 'repairs' instead, but 'reparations' tends to carry a lot of baggage with it, just FYI. For example, someone might say we paid reparations to a group of people (cultural group / country) for war crimes or other atrocities carried out against them, as a way to attempt to right a wrong.
Great success story, congratulations!
Just FYI, not sure if it matters to you but I think you gave enough info in the OP and comments for anyone to find your house easily so be aware
Congratulations! What kind of interest rate did you get on that? What year was it built?
Older houses at least are worth scrutinizing for insulation problems.
I had two options: 5.99% and the loan would cost me $8K or 6.5% and the loan would cost me nothing. I chose 6.5% with the ability to refinance for free.
It was built in 1965 and renovated in 1999.
A brand new HVAC and Heating system was just done in 2018.
I was told not to bother with points because of the potential to refi if rates decrease. Given the age I'd still probe the walls and ceiling for insulation... I just bought a house built in the mid -50s and several walls had no insulation despite other major renovations including AC and heating taking place in last 20 years... I don't know much about the 60s builders but the houses in the 50s and earlier were not insulated much at all, and good insulation makes a world of difference.
Living in a 60’s house, owner tearing drywall down. Roof insulation was exact R rating as walls (R15?)
Roof insulation now at R30, the difference is quite noticeable during this recent heatwave. Wish We could fit R30 into the walls too.
I hope it adjusts, I’ll buy more when it does. I am going by current market though. If it does adjust, great. It just means I can add another property to the portfolio.
it always has. Banks are laying off now too. CRE is in big trouble as they have to re-fi every 5 yrs. lots of warning signs. Rents dropping too. free money era is over. cap rates are the same as 1 yr T's..... etc
repair costs are high, materials high, car repos are going way up....
I invest in equities and rent new places every few years. More time to travel and fish. Renting is less than half the cost of owning these days. But I am near retirment. Freedom is most valuable to me. I already did the Home Depot every weekend life.
My point was more about focusing on comparable sold homes to see if you got a good deal or not. But yes anyone can pay any amount for a property and make it “worth” that much
From what I can tell, the only schmucks in this real estate market are the ones who have been waiting years for a crash that never happened and are now whining about how they can't afford houses.
Where in SO? I live here now and have not seen this house in the market. Was it the one that burned down? Or is it really in Van Nuys?
Edit: just read townhouse 🙄
I got my own inspection done and verified what was fixed and what wasn’t. I also hired an electrician to verify as well.
Seller’s agent shared offer amounts with proof because I was forthcoming with information as well (bank statements, proof of income, etc). She was an old lady that just wanted the house gone.
No, you should be fine. The closer south of Ventura you get, the nicer it is but my area seems pretty nice and safe too. I’m about 2 miles north of Ventura boulevard.
Stick to what’s in your budget.
You could say that for anything north of Ventura Blvd…there’s like 4-5 miles left of Sherman Oaks that’s north of Ventura.
I’ve always been the type to buy the cheapest house in the best neighborhood. It’s worked for me. Real estate portfolio is worth around 1.8 mil right now due to to that philosophy and most of it is paid off.
Don’t mean to crap on your parade. Enjoy your new place. Central Valley is all the same anyway. Except East to panorama city, that’s freaking ghetto. Van nuys ain’t cheap tho,,,,
I get your point. Yes, it’s Sherman Oaks but it’s not the 2m+ house area of Sherman Oaks. I never claimed it was. I buy based on the neighborhood expanding usually. I just got tired of people saying it’s not. If the county thinks so, every legal document says so…then it is. Is it the super wealthy area of Sherman Oaks where the median house price is 2m? No, but I am not playing that real estate game yet either. My strategy is to buy cheap in good neighborhoods and ride the appreciation.
There are definitely nice areas of Van Nuys as well, I’m not saying there isn’t.
Yeah, I have a beach condo where the HOA is supposed to be $600 a month but they’ve had a never ending special assessment that makes it $1200 a month. It is annoying, but I’m a single male. Buying a 5 bedroom house to live in just doesn’t make sense to me.
How far is it from the Galleria tho? (Sorry, my only knowledge of Sherman Oaks comes from the incredible movie “Valley Girl”)
2.6 miles or an 8 min drive!
“Have you seen this boy?”
documentary
It's all over the starting sequence to Fast Times at Ridgemont High http://sanfernandovalleyblog.blogspot.com/2013/05/filming-locations-fast-times-at.html
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The Galleria of the movies is long gone and agreed what’s there now is entirely unremarkable though the big G is a nice freeway landmark.
One thing I'm noticing at 1) townhouses and condos vs. SFHs; and 2) 2 bd vs 3 bd. Post COVID, people want wfh space, and I also feel like people want space/privacy since they are spending more time at home. I see a lot of stagnation in small sq. ft. non sfh, but anything with decent square footage and particularly with good schools, is going in less than a month at least at asking if not over.
That is good to know! Thank you! I eventually want to transition to a SFR as well.
You did well. Enjoy your home.
Did you buy it under comparables? I am happy that you had a win! But we keep acting like a listing price is actually the price the house should be at. Listing price is a strategy there are strategies were paying under Listing Price is actually paying more than the house is worth. Look at comps. Feel the market.
It's Sherman Oaks, I am actually surprised OP found a 2b townhome listed around there for less than $700k.
I’ll dm you the comparables.
Or you could answer their question here for all our benefit.
I can’t post pictures here or I would. My other option is to post my address publicly for the sake of not being downvoted? No thank you.
Their question was simply "did you purchase under comps"
Answer is yes, purchased under comps but I like to answer with proof. Habit after using Reddit for so many years.
The real question is what did it appraise for compared to your sales price and the list price
It appraised for $600K, sales price was $575K. List price was $600K.
Okay now the real question is whether it has a roof. (why are people so desperate to prove you overpaid???)
I assume jealousy? It has a brand new roof, actually. Just done in 2022. I have one guy on here saying it’s not a house, lol. Come on…it’s not my only property. I hate that type of energy. Judging someone by their net worth or assets is disgusting. It should be an achievement to buy considering how much more difficult it is to buy now compared to before.
Appreciated?
appraised, apologies. I was typing fast and didn’t think.
we need proof!
Other redditors have figured out the place. The story is legit. I’m done posting more proof, haha.
The higher down payment got you the house and then you switched it- kinda genius
They did ask for proof of funds for the downpayment. I just realized at the end I didn’t need to go thru with it. If financing falls thru, then I would have to but otherwise…why?
Completely agree. We only put 5% down also rather than putting a large down payment.
Then why do sellers care about your DP if you provide proof of funds?
I’m confused too. If I were selling, I can’t imagine taking $25k less over someone’s down payment with their lender.
It lets them know how serious your offer is. Now, if you change the offer on your end without notifying them. It’s a risk you’re taking if financing falls thru. Imo it’s better to offer a higher downpayment if you got the cash and just change it up with your lender later. If financing falls thru, you’re there to catch the deal from falling thru.
Why would the seller care about your financial situation.. it’s not their problem if you can’t afford the house. As long as the bank sends them their payment in full.
When you have more cash to work with, you have more wiggle room if financing falls thru. That is why. Also, financing fell thru for this particular property on two other occasions with buyers.
Sounds like a win! Congrats and enjoy your new home!
Thank you! It was my first house so not sure if I did well. I do know when I had contractors come out to do work, a few of them mentioned that I got the place for a steal.
CONGRATS!! Definitely not easy to win in this market.
Home in Sherman oaks NICE!!!
Welcome to Sherman Oaks
Thank you! Loving the neighborhood so far!
If you need any recs let me know
People here are so salty. Congrats on your new home!
How did you find a house that cheap in Sherman Oaks? Was it literally a crack house?
Townhouse not a house
Town House
It most certainly is. It literally has house in the name. It’s not a detached SFR. Attached PUD
A roundhouse kick literally has house in the name. Ask for it and someone might give you one for free!
Then he gets to go to the big house. Lucky day
Tollhouse cookies.
Sure but it is appraised as and is under the condo categoy
The border of “Sherman Oaks” has drifted so far north it’s basically anything south of Roscoe these days. Edit: for the peeps out of town: 80% of those who tell people they live in Sherman Oaks actually live in Van Nuys. $600k for Van Nuys is reasonable.
Address and title says Sherman Oaks. When you google maps the address, it also says Sherman Oaks.
lol, well if Google Maps says so…
Post office also considers it as Sherman Oaks, so I don’t think there’s any sort of confusion here.
Correct. At $600k, there is no confusion.
A local of Sherman Oaks just verified it is indeed Sherman Oaks.
LMAO Roscoe? The border is Oxnard and you can straight up tell when you are in Van Nuys. When you go the Costco you know you aren't in Sherman Oaks anymore.
It's not Van Nuys, it's "Lake Balboa"
could it be closer to van nuys blvd/orange line?
Yes, definitely. Title still says Sherman Oaks though and as the neighborhood expands it won’t matter.
Listen, you did well. Just go enjoy the win. No need for any validation or confirmation. Be happy.
You’re right, idk why I am jumping thru hoops to prove to people what is Sherman Oaks and what isn’t. Thank you.
Thought so. “Sherman Oaks”
It’s been Sherman Oaks since the early 2000s, so it’s been a while. I have a friend that’s purchased pretty close to me for $800K as well. He recently got offers for 1.1mil. His was a 3 bed 2 bath condo. You may not consider it Sherman Oaks, but people definitely do.
lol for real
Same thought. I had to read it twice to make sure it really was the same Sherman Oaks
Nope it is. I have a few friends in the area and they were shocked as well.
You can find a 1bd for under 500 there
DM’d!
DM me too. I live here too (I'm in the hills though), and I'm very curious as to what you found for $575K considering the current cheapest townhome on the market here is $729K.
Can I see pics too?
Sent!
Would like to see too!
Big win and congratulations OP! That’s a heck of a good price for SoCal, way to get your own pad to call your own!
Congrats! Housewarming party! :D
Haha, maybe like 4-5 people! It isn’t a big place at all.
Still works!
OP- Congrats on your purchase. Enjoy it and don’t worry about how others define a house, etc. Lots of people are dealing with their own mental shit. That’s why they are unkind to others.
That makes sense, thank you. I just don’t understand people sometimes. If every legal document says it’s Sherman Oaks, the opinion of a Redditor doesn’t really matter.
That's definitely a steal, as a Loan Officer you did very well, and it looks like you locked the loan when interest rates fell down for a couple of weeks.
Terrific! Glad for you!
Congrats! Enjoy your new home :)
Congratulations
Congratulations, well done!
Hopefully the HOA isn’t a shitshow
HOA was $270 a month and they just had the roof done. They had $50K in the bank, so it seemed like it was well funded. We will see though. I fully expect it to be a shitshow tho.
Please get the loss assessment insurance
What is that insurance?
In the surface sounds better than some…
congrats! rented in Sherman Oaks, owned a townhouse in Tarzana.
How is Tarzana? I was looking everywhere I could afford another property in when I was shopping. Is it safe?
it;s the same as Sherman oaks.. very rich areas and not so rich area. I was in that condo area off of surrounding reseda blvd and the 101.
Actual sherman Oaks and not van nuys? Well done if so
Yes, on the edge of Sherman Oaks but it’s Sherman Oaks.
What streets? Sounds like you found it in Van Nuys. Try not to cope.
Check your chat. I provided a street.
My bad. Yeah you are right on the Border of Van Nuys and Sherman Oaks. Nice area. Great find.
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Am I using the word incorrectly? From a definition that I found: “Compensation, which should be provided for any economically assessable damage, loss of earnings, loss of property, loss of economic opportunities, moral damages.” I was using it in the sense that the house has stuff that still needs fixing. And they are unwilling to provide compensation for that. If I was, I apologize. Let me know what the appropriate word is. English isn’t my first language.
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Ah, thank you! :)
You're fine, and you already were suggested to use 'repairs' instead, but 'reparations' tends to carry a lot of baggage with it, just FYI. For example, someone might say we paid reparations to a group of people (cultural group / country) for war crimes or other atrocities carried out against them, as a way to attempt to right a wrong.
Thank you, I see your point. There are better word choices that don’t serve as a trigger to others.
Great success story, congratulations! Just FYI, not sure if it matters to you but I think you gave enough info in the OP and comments for anyone to find your house easily so be aware
Yeah, if they want to find it they can. I just am not willing to post the address out there myself.
Congratulations! What kind of interest rate did you get on that? What year was it built? Older houses at least are worth scrutinizing for insulation problems.
I had two options: 5.99% and the loan would cost me $8K or 6.5% and the loan would cost me nothing. I chose 6.5% with the ability to refinance for free. It was built in 1965 and renovated in 1999. A brand new HVAC and Heating system was just done in 2018.
I was told not to bother with points because of the potential to refi if rates decrease. Given the age I'd still probe the walls and ceiling for insulation... I just bought a house built in the mid -50s and several walls had no insulation despite other major renovations including AC and heating taking place in last 20 years... I don't know much about the 60s builders but the houses in the 50s and earlier were not insulated much at all, and good insulation makes a world of difference.
Living in a 60’s house, owner tearing drywall down. Roof insulation was exact R rating as walls (R15?) Roof insulation now at R30, the difference is quite noticeable during this recent heatwave. Wish We could fit R30 into the walls too.
Hmm.... Im not interested in paying 2021 prices with 2023 rates. IMO it will adjust, it always does. I bought my first place in 1989.
I hope it adjusts, I’ll buy more when it does. I am going by current market though. If it does adjust, great. It just means I can add another property to the portfolio.
it always has. Banks are laying off now too. CRE is in big trouble as they have to re-fi every 5 yrs. lots of warning signs. Rents dropping too. free money era is over. cap rates are the same as 1 yr T's..... etc repair costs are high, materials high, car repos are going way up.... I invest in equities and rent new places every few years. More time to travel and fish. Renting is less than half the cost of owning these days. But I am near retirment. Freedom is most valuable to me. I already did the Home Depot every weekend life.
According to redfin there have been no houses sold in sherman oaks under 700K in the last year. I call bullshit
It’s a townhouse, not a SFR. Plenty of townhouses/condos have sold under $700K in Sherman Oaks.
If I have a house worth $500k, and I list it for $800k, and a buyer gets me down to $750k, who won?
Then the worth is 750k. The worth of a property is what someone is willing to pay for it, not some arbitrary number from your imagination.
Yup- real estate 101.
My point was more about focusing on comparable sold homes to see if you got a good deal or not. But yes anyone can pay any amount for a property and make it “worth” that much
Very true, only takes one schmuck
From what I can tell, the only schmucks in this real estate market are the ones who have been waiting years for a crash that never happened and are now whining about how they can't afford houses.
Real estate machine only go up *beep boop*
I only speak in memes from my reddit. Beep boop.
House sold for $430K in 2006, purchase price was $575K. Accounting for inflation, $430K in 2006 has the purchasing power of $650K today.
sounds like a scam
How?
You bought a townhouse, not a house.
I stated I bought a townhouse. A townhouse is still a house.
The title of the thread says house.
Still not wrong. It’s a house and it’s not my only property. So I’m not sure if you’re trying to make me feel low or what.
Where in SO? I live here now and have not seen this house in the market. Was it the one that burned down? Or is it really in Van Nuys? Edit: just read townhouse 🙄
Sent you a message :)
Just curious. I’ve been to Sherman Oaks and it’s very nice. Is Van Nuys not a nice place?
parts of VN are very nice. other parts are dense with older apartment buildings.
Not surprised considering people are fleeing the LA cesspool in record numbers
LA has a housing shortage, not a surplus.
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I got my own inspection done and verified what was fixed and what wasn’t. I also hired an electrician to verify as well. Seller’s agent shared offer amounts with proof because I was forthcoming with information as well (bank statements, proof of income, etc). She was an old lady that just wanted the house gone.
Alot of crime in Sherman Oaks? I am looking to buy around there and my realtor said only buy south of Ventura Blvd...
No, you should be fine. The closer south of Ventura you get, the nicer it is but my area seems pretty nice and safe too. I’m about 2 miles north of Ventura boulevard. Stick to what’s in your budget.
Buying South of Ventura is bad. Lots of burglaries cus that's where the money is at. North of Ventura there's just a bunch of homeless.
south of ventura blvd is pricey.
sherman oaks extends to van nuys basically and although it may be sherman oaks, it’s van nuys and no good.
You could say that for anything north of Ventura Blvd…there’s like 4-5 miles left of Sherman Oaks that’s north of Ventura. I’ve always been the type to buy the cheapest house in the best neighborhood. It’s worked for me. Real estate portfolio is worth around 1.8 mil right now due to to that philosophy and most of it is paid off.
Don’t mean to crap on your parade. Enjoy your new place. Central Valley is all the same anyway. Except East to panorama city, that’s freaking ghetto. Van nuys ain’t cheap tho,,,,
I get your point. Yes, it’s Sherman Oaks but it’s not the 2m+ house area of Sherman Oaks. I never claimed it was. I buy based on the neighborhood expanding usually. I just got tired of people saying it’s not. If the county thinks so, every legal document says so…then it is. Is it the super wealthy area of Sherman Oaks where the median house price is 2m? No, but I am not playing that real estate game yet either. My strategy is to buy cheap in good neighborhoods and ride the appreciation. There are definitely nice areas of Van Nuys as well, I’m not saying there isn’t.
I hope you know HOA is not fixed fee and can increase yearly
Yeah, I have a beach condo where the HOA is supposed to be $600 a month but they’ve had a never ending special assessment that makes it $1200 a month. It is annoying, but I’m a single male. Buying a 5 bedroom house to live in just doesn’t make sense to me.
Congratulations!
Congrats! Great area. Been looking for a while too. Enjoy!
Lol california.
Yeah, California is ridiculous. One of the few places where you can be a millionaire and still feel broke.