question on Costa Mesa

ssinca

kirkette:

Ditto, I used to commute from Irvine to Pacific Palisades M-F .

I nearly went crazy. 

oh, good lord - you were nuts for doing that drive!!! 

nabum

Agreed - if you plan on living in Asia for 5 years, you might as well use a PO box and storage. You can always vrbo nice homes in OC when you come back to visit.

 How frequently do you plan to come back, and where will you be in Asia?

WeeMo

I'm sorry, but is this thread for real?
Commuting from Costa Mesa to downtown L.A.?
Buying a house to store furniture and receive mail?

10YearsTogether

I knew it was just a matter of time.

Mrs.Masters

I was trying to wear my nice pants today and not use the T word. Glad I can always count on the monkey.

nnam

We think if we buy a house now when the rest estate market is the buyers market, hopefully five years later we will have a gain. Also the mortgage interest can deduct on tax.  We also have a lot of furniture that we don't really want to put in the storage.  We plan to come back to the house about 4 months out of the year when we are in Asia.  That's why the buying house in OC came up.  it serves as a vacation house but it will be our primary resident in the US when it comes to filing the tax.  But looks like most of the people think this is a bad idea....

nnam

I'm just asking some simple questions, why would people want to attack me, so weird.  We don't know five years later where our jobs will be.  Most likely I will not be working any more.  My husband is in the consult field, he flies often, so I was thinking that if we live near either LAX or the OC airport it may work.  Anyway, major reason I want a house in LA now because now the housing market is low, if we buy a house that's under $600k, maybe 5 years later we can sell it for a lot more profit, while renting a storage won't save money on tax and I don't feel good that we don't have a home here any more.

Mrs.Masters

nnam:

Anyway, major reason I want a house in LA now because now the housing market is low, if we buy a house that's under $600k, maybe 5 years later we can sell it for a lot more profit, while renting a storage won't save money on tax and I don't feel good that we don't have a home here any more.

Pardon my bluntness, but this is exactly the same attitude everyone had when they created a housing bubble with inflated prices. Sure, you want your home to increase in value and you want equity and I don't blame you, but our real estate has been overvalued for years, and inflated prices ruined the market along with bad lending. We're finally starting to get back towards more honest home values, and our Government is working to prevent another housing bubble. Bottom line, real estate should not be treated as an investment. That's what got us in to trouble in the first place.

My guess is that the homes in Costa Mesa are finally getting close to where they should be priced, and any increase in value won't be nearly as great as it has been in the past. 

Renting isn't throwing away money, IMO. I still have great credit, a place to live, and a whole lot more cash than a lot of folks in California. It's because MH and I were responsible and didn't buy more home than we could afford, and now we're one of the few people left still stimulating the economy with our cold, hard cash while some of our friends are struggling to short sell their homes. Our rent check is an investment in our financial freedom and security. If our plumbing breaks tomorrow, our landlord has to cover the bill and there's something to be said for not having to spend money on maintenance.

I think you're facing criticism from us because it does seem somewhat silly to buy a home in a place you've never lived, in a state with very high unemployment, in a market that hasn't seen the bottom yet, in a neighborhood that is no where near your jobs or family. Most of us on this board are fairly practical, and your idea just doesn't seem to be.

nnam

ok Mrs.Masters, thanks for being honest and giving me practical opinions.  After reading through all the posts, I think I should be looking more into the area in the north near my sister and parents.  But I can't give up the idea on owning a house, we own a house now, it's very hard to go back to rent after owning for many years.  But you laides are right, OC does sound not too practical for our situation, OC just sounds and looks so beautiful.  Maybe one day when we retire or win the lotto we can buy a vacation house there.  

ssinca

I would strongly recommend taking a week and drive around some areas we mentioned - costa mesa, san gabriel valley (pasadena, arcadia, etc), and the area where you have family.  you might be able to at least narrow down the areas you like/dislike.

and it's also rough since you have no idea where you or your husband will work - that, IMO, determines where you should live.

nnam

My sister and parents lived in San Gabriel and Covina, my aunt lives near CULA and my cousin lives in Arcadia.  We used to live in SF so I know So.Cal fairly well.  We wanted to live near the relatives but not too near.  I think the best place now is South Pasadena, but there is no house under $600k there. Arcadia too, too expenisve, so is San Marino.   We don't consider OC any more, I think you guys are right.

ssinca

long beach might be a good option for you, then.  but there are quite a few sketchy parts of town - the closer you are to the ocean, the better, but there are other nice pockets here and there.

nnam

Is LALIFE.COM's rating on safety and school accurate?