Beachwood Canyon, CA - Great MCM

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Mr.Downs
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Beachwood Canyon, CA - Great MCM

Postby Mr.Downs » Thu Aug 03, 2006 5:47 pm

This house has been on the market for about a month now. I walked past this house everyday while they were under renovation. I never got to see the inside, until this website. They kept some(if not all) the original fixtures while updating the feel of the home. I think they did a great job. Whom ever buys this house will love living on Hollyridge. Across the street from this house is Lautner's Zahn house. There is also a Neutra house and some Palmer Krisel's on Hollyridge.

www.2871hollyridge.com


Side note - Lautner's Wolff house is on the market again. $5.2 million
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What?

Postby modfan » Thu Aug 03, 2006 6:35 pm

I didn't see a woodburning fireplace, for that much I would want one included.

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Re: What?

Postby Stephen » Thu Aug 03, 2006 7:24 pm

Stephen Meade
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Postby spinsLPs » Thu Aug 03, 2006 9:55 pm


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Postby Mr.Downs » Fri Aug 04, 2006 1:29 am

T.T.M.F.

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Stephen
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Flippers

Postby Stephen » Fri Aug 04, 2006 7:36 am

Actually, we don't all agree.

Perhaps I'm a bit partial since my company developed some modeling and does analytics for a flipping investment pool but I think the real frustration here has to do with the attainability of dreams. I think most people are tired of reading about homes they feel they deserve (2043 sq ft is hardly a mansion) being farther and farther out of reach. Of course, I have my views on that. Let's use a numerical example:

We'll pretend we have fictional couple -- both spouses (or partners) make $80,000/yr each ($13,333.33/mo total income). Nice jobs, but hardly C-level execs in Los Angeles. They owned a homes they will net about $275,000 to put towards a new house. Can they afford 2871 Hollyridge? We'll assume they get it for $1,300,000 -- $50,000 under the asking price. This means they can just about put 20% down. What will the monthly outflow be?

1st Mortgage: $5417
Property Taxes: $1246
Insurance: $ 119
==================
Total: $6782

It sounds big...but it's actually just a bit more 50% of their combined incomes. However, what about the tax scenario? How much disposable income (what really care about) will our couple have after buying this home?

Their basic income will be $160,000. The adjusted gross (after mortgage and property tax deductions) will be around $80,000. Let's calculate tax liability, assuming no other effects:

State: $3424
Fed: $13330
SS: $9920
Medicare: $2320
================
Total: $28994 ($2416/mo)*

*Always consult a tax professional blah blah blah

Okay, so here's our couple's monthly budget:

$13333 income
$ 6782 housing
$ 2416 taxes
===========
$4135 in after-tax disposable income for utlilities, food, entertainment, savings.

Our fictional couple should be able to afford more than top ramen and a $1.3M house.
Stephen Meade

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Pacific West Assoc. of Realtors President-Elect

http://www.OCModHomes.com

http://www.CliffMaySocal.com

and

Cliff May Homeowner

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Postby spinsLPs » Fri Aug 04, 2006 7:46 am

I sure wish I was a fictional couple. :wink:

Now to get even further off target:

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Postby Stephen » Fri Aug 04, 2006 8:08 am

Stephen Meade

SoCal Realtor - DRE 01378749

Pacific West Assoc. of Realtors President-Elect

http://www.OCModHomes.com

http://www.CliffMaySocal.com

and

Cliff May Homeowner

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continuing this drifting off

Postby modfan » Fri Aug 04, 2006 8:46 am


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Postby kjansma » Fri Aug 04, 2006 8:48 am


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Re: continuing this drifting off

Postby Stephen » Fri Aug 04, 2006 8:55 am

Stephen Meade

SoCal Realtor - DRE 01378749

Pacific West Assoc. of Realtors President-Elect

http://www.OCModHomes.com

http://www.CliffMaySocal.com

and

Cliff May Homeowner

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Re: Flippers

Postby morbank » Sun Aug 06, 2006 6:57 am


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Re: Flippers

Postby Stephen » Sun Aug 06, 2006 7:34 am

[quote="morbank]
As long as we're at it, let's finish the math here:

$4135 in after-tax for everything else...the most basic necessities:
-$400 groceries
-$75 gas
-$150 electric
-$25 trash
-$45 water
-$50 land line
-$120 celphone
-$50 internet
-$50 cable
-$200 gas
=$2970

if you have a family then there's:
$2970
-$1500 daycare (or private school)
-$200 more in groceries, possibly more for diapers or pets
-$200 life insurance
=$1070

there might be:
$1070
-$400 car payments
-$120 car insurance
-$200 housekeeper (you do work all day afterall, who has time to clean)
-$60 gardener
-$400 fun money, paying for lunch, etc.
-$college fund?
-$vacation?
-$retirement?
-$charity?

Bottom line, you aren't making ends meet, and if you live in a house like that, you're not exactly a penny pincher to begin with.[/quote]

I agree that the kind of person who buys that house likes nice stuff, I also believe the kind of person who buys that house (at least from these boards) would be willing to make sacrifices to have it. I also don't think it's a very good family house and you're right -- with kids $160k isn't quite enough to make ends meet comfortably on that house. But we'll make this real. I'll include my own personal budget and double the items that pertaining to another person (I'm not married). I also have a roommate so my utilities are pretty close.

$4135

House-related Expenses:
$65/mo electric (I have a pool, , and pay $55 right now)
$45/mo natural gas
$14/mo trash (Waste Management is $40/quarter)
$25/mo water
$0 landline (I don't have one and neither does my roommate)
$200/mo cellphone (family plan)
$130/mo internet + cable
$60 gardner
==================
Now we're down to: $3596

Personal Expenses:
$1216/mo food (mix of eat-in / eat-out -- $20/person/day)
$100/mo hair
$320/mo gas (14,000mi/yr/person @ $3.30/gallon - 25mpg average)
$200/mo insurance
$200/mo clothing capitalization
$440/mo car payment (we'll assume 1 new car + 1 paid off)
==================
Now we're down to: $1120

Others:
We've got $1120/mo to save / spend on the house / go on vacation with (I personally prefer backbacking -- $1000/yr including equipment purchases and transportation).

I think the food budget of $20/day/person is pretty generous. That should include going out somewhere nice (shushi feast or better) once per week.

Also, think about the big picture of what the data means. If you had $4135/mo, after-tax and no rent or mortgage payment (we've already taken them out) could a couple live in Los Angeles? That's equivalent to a $62,000/yr salary. $62,000/yr and no rent or mortgage payment should be doable.
Stephen Meade

SoCal Realtor - DRE 01378749

Pacific West Assoc. of Realtors President-Elect

http://www.OCModHomes.com

http://www.CliffMaySocal.com

and

Cliff May Homeowner

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Postby morbank » Sun Aug 06, 2006 8:43 am

It's true that this house is probably not suitable for a family, but it is pretty realistic that a couple that owns this snazzy house has a snazzy lifestyle to maintain as well. I don't think someone who pays 1.3 mil to live in a house is a sacrificer. And if one were, it would still be difficult to make ends meet with $1100 left per month for vacation, investment, fun, and savings. Is it reasonable to live in a gorgeous house and worry every month that if something unexpected happens that credit card debt is inevitable? I'd rather live in a more modest house and be more financially comfortable.

That said, it IS a pretty amazing house. Too bad the median income for a family is roughly $45K.

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Postby kjansma » Sun Aug 06, 2006 9:17 am

I must confess that I'm a little bitter than in order to afford a cool house big enough for a family, you can't actually have one. I know the failure of the public school system is a rant for another site, but you would think if you shell out over $1mil for a house, your kids would have a decent school in the neighborhood. This is Southern California, though, where being able to maybe afford a house doesn't mean you are so wealthy you can afford private schools. I know, it's my fault for having kids, but someone needs to work to pay for our Social Security, since none of us has anything left over to save for retirement.

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Postby Stephen » Sun Aug 06, 2006 9:21 am

Stephen Meade

SoCal Realtor - DRE 01378749

Pacific West Assoc. of Realtors President-Elect

http://www.OCModHomes.com

http://www.CliffMaySocal.com

and

Cliff May Homeowner

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Postby Stephen » Sun Aug 06, 2006 9:45 am

Stephen Meade

SoCal Realtor - DRE 01378749

Pacific West Assoc. of Realtors President-Elect

http://www.OCModHomes.com

http://www.CliffMaySocal.com

and

Cliff May Homeowner

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Postby Luka » Sun Aug 06, 2006 8:37 pm

Wow, I didn't expect my one little comment to ignite such a lengthy conversation but it's interesting to read all of the points brought up below. 1.3 million for a house in the Hollywood Hills doesn't seem ridiculous to me, it's the more "affordable" homes that now run $800K + where someone comes in and flips the house and keeps elevating the amount of money homeowners in the area think they deserve when they sell. I just don't think there's a sustainable market for 750K+ homes (be they mid-century or not) homes in Long Beach or Granada Hills that are 1000 - 1500 sq. ft. I'm sure we all have different opinions depending on what type of equity we have, what our profession is, etc. but that's my .02.

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Postby Joe » Sun Aug 06, 2006 9:47 pm

hmm. I see no mention of debt, savings. you califonians don't use credit cards? save money? :wink:

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Postby Stephen » Mon Aug 07, 2006 5:40 am

Stephen Meade

SoCal Realtor - DRE 01378749

Pacific West Assoc. of Realtors President-Elect

http://www.OCModHomes.com

http://www.CliffMaySocal.com

and

Cliff May Homeowner

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Postby BOXOUTBM » Mon Aug 07, 2006 7:10 am


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Postby kjansma » Mon Aug 07, 2006 7:20 am


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Postby morbank » Mon Aug 07, 2006 8:45 am


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Re: Flippers

Postby Synthetrix » Mon Aug 07, 2006 5:05 pm

[quote="Stephen"][quote="morbank]

$65/mo electric (I have a pool, , and pay $55 right now)

Wow the juice is cheap in Tustin! My last DWP electric bill for 2 months was over $200 and I do not have A/C or a pool
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Re: Flippers

Postby Stephen » Mon Aug 07, 2006 5:43 pm

Stephen Meade

SoCal Realtor - DRE 01378749

Pacific West Assoc. of Realtors President-Elect

http://www.OCModHomes.com

http://www.CliffMaySocal.com

and

Cliff May Homeowner

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Re: Flippers

Postby Synthetrix » Mon Aug 07, 2006 6:10 pm

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Re: Flippers

Postby Stephen » Mon Aug 07, 2006 6:42 pm

Stephen Meade

SoCal Realtor - DRE 01378749

Pacific West Assoc. of Realtors President-Elect

http://www.OCModHomes.com

http://www.CliffMaySocal.com

and

Cliff May Homeowner

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Re: Flippers

Postby Synthetrix » Mon Aug 07, 2006 7:58 pm

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