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SoCal Real Estate Question

Discussion in 'California (Southern)' started by Clax, Mar 29, 2005.

  1. Clax

    Clax Formula 3

    Oct 3, 2002
    1,611
    If anyone here is familiar/experienced with Southern Cali real estate, I would like to get your opinion. Which of the following areas is the best investment-bet in the $2-2.5M range, and why?

    -Palm Springs / Palm Desert / Rancho Mirage / Indio / Indian Wells / La Quinta (all are roughly the same region)
    -Rancho Santa Fe
    -Del Mar
    -Newport Beach
    -Poway
    -Rancho Bernardo
    -Newport
    -Other? (area must be in SoCal, with warm winter weather)

    Thanks for your input and opinions.
     
  2. Ryan in SD

    Ryan in SD Formula Junior

    Mar 1, 2005
    395
    San Diego
    Im no expert but I think Carlsbad needs to be in that list. The housing in my neighbor hood has doubled its price in about 6 years.
     
  3. elsupremo

    elsupremo Karting

    Mar 9, 2004
    242
    Orange County, CA
    Full Name:
    David
    There's a lot of factors in that question, regarding what exactly you are looking for. However, if I were to invest the 2-2.5, and were hoping for an appreciating property that possible could bring income as well, I would most likely invest in Newport Beach or Newport Coast. The trick then becomes finding something worthwhile for only 2-2.5, but I believe the area, while possibly not appreciating as quickly as some of the other areas you mentioned, will steadily appreciate while also having, due to the amenities and natural attributes of the area, a larger degree of immunity to market downfalls. It's also just simply an amazing place to be. :)
     
  4. MTTBOX

    MTTBOX Karting

    Mar 21, 2005
    72
    Full Name:
    CHARLIE

    The truth is So.Ca real esate is at its peak now, and looking to stay or droup , but if you have to invest in So. Ca I would go for NewPort Beach / Cost or south of Orange County, OtherWise Try Phoenix or Las vegas, Las Vegas is going though a a big change right now and hight rise building is way to go.

    www.libertytowervegas.com (good, in north)
    www.bocalasvegas.com (south of airport) from $400k
    www.soholoftslv.com (noth) almost sold out
    www.allurelasvegas.com (north) a good one
    www.skylasvegas.com (north) i really like this one, one of my choice
    http://www.trumplv.com/index.html Trump Tower !!!! THIS IS THE KING "got one my self" hotel+condo (there are 2 to 3 others like this also very high end)
    www.onelv.com another one of my choice
     
  5. jlm348

    jlm348 Formula 3

    Nov 26, 2002
    1,094
    Scottsdale + LA
    Full Name:
    Jean-Louis
    Jason
    Hows it going.
    It's Jean-Louis an Julie from the Players Run.
    As others have mentioned you need to be a little more specific as to the reason you want to buy the property.
    Is it to rent out?
    Is it to enjoy for yourselve in the summer time?
    Are you purchasing for enjoyment or apreciation?
    The market is very hot right now in S Cal. Many believe that there is a correction in value due within the next year. On the flip side people have been predicting a corretion for the past 2 years.
     
  6. ernie

    ernie Two Time F1 World Champ
    Owner Lifetime Rossa

    Nov 19, 2001
    21,864
    The Brickyard
    Full Name:
    The Bad Guy
    If you are gonna spend $2.5M, have a look in the Santa Barbara area. Montecito, Hope Ranch, Santa Ynez. I don't think you would have any problem selling in one of those areas in the future. But that is just my opinion. Another reason is that there are alot of celebs that live there. If the celebs find it a desirable place I don't see how you can go wrong.
     
  7. F355Bob

    F355Bob Formula 3
    Silver Subscribed

    I bought a house in SB two years ago and it has doubled in value. SB is very protective of its city and it keeps values up.
     
  8. synchro

    synchro F1 Veteran

    Feb 14, 2005
    8,965
    CHNDLR
    Full Name:
    Scott
    The reason So. CA real estate jumped in the last 4 years is because it was a very mild prior to that. Watch what happens if interest rates climb.
    Las Vegas is the fastest growing city in USA. Low State taxes have something to do with that.


    Years ago, Santa Barabara limited new building permits due to a lack of the water supply which means you could ONLY build if you dug a well that could produce drinkable water (unlikely guarantee). This limit of supply forced upward pressure on prices.
    Besides that SB is a lovely place and great SCUBA diving!
     
  9. PHANTOM_SD

    PHANTOM_SD Rookie

    Mar 3, 2005
    39
    I am a real estate investor, lender, and agent. Someone hit it right on the nose when they asked what is it that you want it for? feel free to email me at isellsandiego@cox.net I then will forward a phone number to you. Lately I have been buying up foreclosures. I really do not feel that the market will go down, but it has leveled out at least for now. If you look at the trend for the past 4 years, every year everyone states that it has peaked, yet every summer properties sell.(that is the secret every summer) best time to buy is right before or during winter. One should also look at apartment buildings, as housing is getting harder to get in to so are rentals. if you decide to email me please put ferrari chat under subject. looking forward to hearing from you.
     
  10. Edward 96GTS

    Edward 96GTS F1 Rookie

    Nov 1, 2003
    3,289
    My vote would be for Calif coastal property, it's finite.
    Ed
     
  11. Lioi

    Lioi Rookie

    Sep 11, 2004
    3
    why not Santa Monica...........
     
  12. jharkercfduc

    jharkercfduc Karting

    Sep 4, 2004
    133
    riverside california
    Full Name:
    jonathan harker
    I work in rancho mirage and there is alot of money out there.
     
  13. Ferrari Diva

    Ferrari Diva Karting

    Feb 11, 2005
    82
    Full Name:
    Ferrari Diva
    Carlsbad and the new San Elijo Hills area are booming. Another hot area is out in Temecula and Murietta.
     
  14. franko

    franko Rookie

    Mar 23, 2004
    23
    San Diego, CA
    Full Name:
    Frank
    BUY A CUSTOM LOT IN SANTALUZ..... www.santaluz.com It's adjacent to Rancho Santa Fe and next door to Fairbanks Ranch.

    Professionally designed Rees Jones golf course and no more custom sites around, mostly production housing.

    I'm building a home there which i will be in it for a total of 2.3 mil and it will be sold for $4 million. Minus roughly 200k in commissions, taxes etc.

    Frank
    franko9217@aol.com
     
  15. TestShoot

    TestShoot F1 World Champ
    Rossa Subscribed

    Sep 1, 2003
    10,260
    Beverly Hills
    Full Name:
    King Koopa
    Newport Beach/Coast is not the market it was three to five years ago. Prices WILL climb slightly, but not that greatly. Even Costa Mesa has little shacks selling in the $500k range, overpriced even being 'Newport' adjacent but they will go up. Rent-repair-rebuild, can't really lose in the Costa Mesa-down to-Laguna oceanfront block.

    -La Canada-Flintridge has been BOOMING in the last few years, believe me, I know. Montrose is pretty neat too. Not close to the beach, but I weekend there and neighbors are all Hollywood people. Get a one story ranch for 1-1.5, rennovate and voila!

    -Seal Beach oddly enough has done fairly well.

    -Cannery Lofts here in Newport for the younger lifestyle go 1-2m.

    -Marina Del Rey apartments in the tower at the end of the 90fwy go for 800k-2m.

    Second options, well La Jolla, Carlsbad, most of SD county is a good bet. Orange county has plenty of open space in the Irvine/Turtlerock area. Santa Barbara (Montecito) is a good place as well.

    Personally I like the OC lifestyle, every other place is a bit slower or too fricking much traffic.
     
  16. ben, lj

    ben, lj Formula Junior

    Aug 23, 2004
    589
    i wouldn't touch residential CA real estate (especially coastal) right now with a fifty foot pole. that said, why isn't la jolla on your list? it's more land constrained than anything else i see on your list.
     
  17. markymark360f1

    markymark360f1 Formula 3

    Dec 15, 2004
    1,260
    San Diego
    Full Name:
    Mark
    If you dont mind warmer weather. Poway has a community called the Heritage. PM me for more info. Outside of that, Rancho Santa Fe moves with the stockmarkets.

    La Jolla is desirable because it has a lot of foreign investment, But smaller square footages.

    The Bridges in RSF is nice as well.

    I still see positive movement in RSF. but 2 million doesnt buy you much.

    There are some other pockets under 2, that are showing upward trends.

    MARK
     
  18. Martin Meade

    Martin Meade Karting
    Sponsor

    Oct 25, 2004
    229
    B'ham, WA
    Full Name:
    Martin Meade
    I second the Costa Mesa suggestion. The market here is not flat, not yet. My home has quadrupled in value since 97 when I purchased it. When interest rates climb however, my guess is the upward trend will stop. Eastside Costa Mesa has a number of fantastic homes, the landscaping is all mature, it is in the newport-mesa school district, hard to beat really.

    Just my 2 cents

    Martin
     
  19. lusso64

    lusso64 Formula 3

    Apr 12, 2004
    1,535
    Simi Valley
    Full Name:
    David
    Without wanting to hijack this thread in any way, what would the "seasoned" RE investors out there advise someone who is new to this (and the US for that matter), and wants to get involved.

    Where can I go to get information and good advice. I need to learn, but am careful (cynical) enough to not believe everything I read or hear.

    Please PM me if you prefer. Thanks, Dave
     
  20. mulholland ferrari

    Aug 9, 2004
    31
    Sherman Oaks, CA
    Full Name:
    Larry O'Rourke
    Hello, Larry O'Rourke here, I have my real estate co. right at 2244 W.Coast Hwy in Newport Beach. I have sold Newport as well as Beverly Hills real estate for the last 18 years. To answer your question, really nothing beats Newport Beach realestate. In the 2-2.5 mil range, the market is just dying for inventory & the demand is extremely high. We used to have an office in Rancho Santa Fe & I am very familiar with the area. It too is extremely strong & highly desireable, especially anything within the covenant. It is becoming more difficult to find properties in this range down there as the large parcels are being bought up & developed into mega estates from 6.5 to 12 mil
    The dessert is amazing. You cant go wrong with La Quinta, however, Indio is just about to absolutely explode. Merv Griffin is building 250 - 320 homes in Indio & a very close friend of mine just bought out over 50 acres where the old Sears used to be at the end of 111 & is going to be developing it into new stores, movie theatre & restraunts. All of Palm Dessert down to Indio has finally become a destination location with major infrastructure going in & the valley expanding out another 1 million people by 2010, it is a terrific place for investment.
    I think you need to ask yourself where do you want to be?
    Newport & the ocean is great, I love it, however, it is becoming crowded. Ranch Santa Fe has always been the horse crowd & old money & fortune 500 always will be, La Quinta & the dessert is very desireable as well.
    I hope that sheds a little light on your question.

    Regards,
    Larry O'Rourke III
    310-339-6517
    ljor3@earthlink.net
     
  21. grudk

    grudk Karting

    Mar 29, 2005
    68
    Manhattan Beach
    I think CA real estate is at a peak now. In 6-12 months that will be clear. There are always bargains and 'investments' to be had, but very few now except for long term. Be afraid...
     
  22. Viper 10

    Viper 10 Formula Junior

    Nov 16, 2003
    616
    Manhattan Beach, CA
    Full Name:
    Brad Chang
    I am surprised that no one has mentioned Manhattan Beach. This area is one of the fastest appreciating real estate values in the country.

    I wouldn't live in Santa Monica for anything. I grew up in in Bel Air, Pacific Palisades, Brentwood and Westwood area. The local government in Santa Monica does its best to choke every tax dollar out of you. Keep in mind that this is a haven for old line Communists from the Hollywood blacklist days. It is structured in a very Socialist model... why do you think that they used to call Santa Monica Tom Haydenville (who was Mr. Jane Fonda)? How do I know? I know because kids I grew up with were part of that Hollywood blacklist culture.

    More totally iseless trivia from the Viper dork...
     
  23. LAfun2

    LAfun2 F1 Veteran

    Oct 31, 2003
    6,106
    California
    Full Name:
    Ryan
    I doubt the entry cost in Manhattan beach is anything to sneeze at?
     
  24. mchas

    mchas F1 Rookie
    Silver Subscribed

    Oct 5, 2004
    4,487
    Los Angeles
    Full Name:
    Mark
    I've seen tear-downs go for 1.5MM. Manhattan Beach is a great location though - nice beach city, close enough to LAX and even the city of LA.
     
  25. CMY

    CMY F1 Veteran

    Oct 15, 2004
    9,915
    Redondo Beach, CA
    Full Name:
    Chris
    Damn.. now that was a completely unbiased viewpoint!

    -Chris
     

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