Monday, April 04, 2005

There goes the neighborhood

So, as I bemoaned earlier, I might have to move...

Well, the wheels are in motion. Today, I got a call from the landlord's real estate agent talking about open houses, etc.

DAMN! People traipsing through MY HOUSE, looking at MY STUFF.
Okay, it's not my house, I rent, but still - it's my home, dammit.

So, I'm now thinking long and hard about the next step. I want to buy a place. Plain and simple. Problem is, that things are out of control here in sunny California. Lately, I've been thinking that the only real way to do it is to buy some land and build.

Of course, finding land in SOCAL ain't so easy either. I looked at some lots in the 100k and under range. Put it this way - you'd need rappelling gear to get to your house.

So maybe I'll wait. I'll be patient. I must remember the stock market of 2000. That hurt, and there's no way that Los Angeles real estate is any different. According to any sensible estimate, the average person is buying into something that's three times more than they can afford. (math will follow shortly)

I guess the other thing I'm thinking about is that when everybody thinks something is hot - that's when it's not gonna be for long.

When everybody is jumping on a bandwagon and speaking with 'knowledge' about "interest only loans" and "ARMS" and "low or no money down" something, has to be seriously screwy. I remember it got that way right before the Nasdaq went south.

Also, I'm getting five emails a day trying to lend me money for a home.

Come on, they're spamming us to buy a house even more than spamming for penny stocks, hard-on pills or Ethiopian money in our bank account!


So, maybe you're wondering, what is the landlord going to ask for our sweet little home in Silver Lake?
Don't get me wrong... I love my place but it is what it is...

A total of 1768 square feet, and honestly - a teardown (crappy plumbing, leaky ceilings and walls when it rains - which were bad this year, and trust me, when walls leak, that ain't good - termites, busted foundation...

As the landlord's wife once said to me - when 'fixing' the back sidewalk after it had been jack hammered by replacing the former concrete with sand, "I think the house has reached the end of it's economic usefulness"

A real "home sweet home" statement, eh?


Here's a quick cipher'n class for mine and your amusement in case that didn't knock you out...

Figuring 20% down (if you're one of the few remaining sane buyers) of $135,000.00 - that leaves a rough monthly nut of $4700.00 mortgage, taxes and interest!

That's $53,436.00 per year. (for 30 years)

Your mortgage is supposed to be no more than 30 percent of your income so - it means that to buy MY soon to be former home, you're gonna need to make about - $178,000.00 dollars annually.

Hope whoever buys it gets to enjoy MY old home.

On the bright side, it does have great views, is in a quiet, private neighborhood and the fireplace and hot tub have a fun, funky seventies feel to them.

And it is famous after all, having been in a supernatural thriller once.

Come back soon and share more of my pain. Pictures too, I promise.

Is this what blogging is about or what? Let me know.