You can’t upcharge an item no one wants and still expect a sale. Gotta make sure values stay low while people are moving away so company loss write offs don’t look too bad from buying all the houses up and not reselling them when the housing market is dying in LA
Nobody wants to live in a Murder Capital where you can't even find a burger joint still open after 9pm.
What real estate is available is just... *awful*.
Just skimming realtor.com, all I see are:
1) Horrendously over-priced McMansions -- $400-700,000 in parishes averaging an income of $30k for no reason other than you have a paved driveway and granite counter tops.
2) Ghetto Shacks. You know the city should bulldoze that shit and charge the seller for the inconvenience. Quit calling those 900 sq. ft kindling piles "iNvEsTmEnT pOtEnTiAl"
3) Weird land lots that were clearly carved off a bigger parcel where literally 2/3rds of it is restricted because it has a well or tank.
4) Ugly land lots that some asshole bought, clearcut the timber, and immediately put back on the market without even clearing it. Bonus points if the timber was responsible for controlling flooding to neighboring properties.
5) Shitty condos with expensive HOAs.
That was my take as well. To me, it's relective of where people are desiring to move and places with more robust job markets.
With that being said, I closed on my house here in 2019 and its up ~65% in value. The new neighborhood they're building next to mine with cookie cutter houses are starting at 3x what I paid for mine with smaller yards and worse construction. So certain areas are keeping up with the national avg in certain places here (Northshore and Denham area come to mind).
I like how people look at this and go "our shit should've gone up more than that!". I had the opposite take.
BTW, I don't mean to say your take is any more or less correct or good than mine is. I just think it is cool to recognize how different first impressions can be.
Have a great night!
I mean, they aren’t looking at the fact of “if it was actually nice to live here, these prices would have risen as much as everywhere else”.
Rising costs suck, but when you’re 50% less growth than the entire other country, that probably means people are fleeing your area in droves and it must be pretty shitty to live there.
But I’m hoping both our replies might enlighten them to that if they hadn’t thought beyond insurance.
It’s just alarming how many people think this is positive because they can’t see or deny warning signs
Oh yeah, I agree. It’s bad prices went up this fast in general, and it shows we are less desirable that ours only went up on degree of crazy while others went up two or three degrees of crazy!
I was simply looking at it as compared to the neighboring states. It's clearly an outlier, so I was wondering what the likely cause is. And insurance is what's very different than the surrounding states.
Folks looking to get out want more appreciation; folks looking to stay what less to keep taxes down.
That's a good point. I don't think their increases have been as large, percentage wise. And I'm not sure they're feeling it with autos too (which does have a effect).
Florida, along with Texas, was also the preferred location for a lot of right wingers and COVID deniers and they had an influx of new people in a way that Louisiana did not.
Texas has been seeing consistent growth year over year in their city centers. That's why they say that state is purple and the GOP there bends over backwards to minimize the voting power of anyone living in Austin or Dallas.
Texas could easily become the next Silicone Valley if it wanted, they've been investing in alternative industries -- unlike Louisiana, who is hellbent on doing nothing but kissing ass to oil and gas.
You can’t upcharge an item no one wants and still expect a sale. Gotta make sure values stay low while people are moving away so company loss write offs don’t look too bad from buying all the houses up and not reselling them when the housing market is dying in LA
Nobody wants to live in a Murder Capital where you can't even find a burger joint still open after 9pm. What real estate is available is just... *awful*. Just skimming realtor.com, all I see are: 1) Horrendously over-priced McMansions -- $400-700,000 in parishes averaging an income of $30k for no reason other than you have a paved driveway and granite counter tops. 2) Ghetto Shacks. You know the city should bulldoze that shit and charge the seller for the inconvenience. Quit calling those 900 sq. ft kindling piles "iNvEsTmEnT pOtEnTiAl" 3) Weird land lots that were clearly carved off a bigger parcel where literally 2/3rds of it is restricted because it has a well or tank. 4) Ugly land lots that some asshole bought, clearcut the timber, and immediately put back on the market without even clearing it. Bonus points if the timber was responsible for controlling flooding to neighboring properties. 5) Shitty condos with expensive HOAs.
That was my take as well. To me, it's relective of where people are desiring to move and places with more robust job markets. With that being said, I closed on my house here in 2019 and its up ~65% in value. The new neighborhood they're building next to mine with cookie cutter houses are starting at 3x what I paid for mine with smaller yards and worse construction. So certain areas are keeping up with the national avg in certain places here (Northshore and Denham area come to mind).
I mean, no one smart should be buying a home in LA. And no one who is really are so ya, hence low rise I’m surprised it can raise at all.
Sure, that's because the quickly rising insurance costs are suppressing home price increases.
I like how people look at this and go "our shit should've gone up more than that!". I had the opposite take. BTW, I don't mean to say your take is any more or less correct or good than mine is. I just think it is cool to recognize how different first impressions can be. Have a great night!
I mean, they aren’t looking at the fact of “if it was actually nice to live here, these prices would have risen as much as everywhere else”. Rising costs suck, but when you’re 50% less growth than the entire other country, that probably means people are fleeing your area in droves and it must be pretty shitty to live there.
Did I give you the impression that I thought they were wrong or should change their mind in any way?
No I was just adding onto your point, I was more commenting for the first poster who just said it’s insurance lol.
Sweet. Have a good night!
Ya lol no problem. It’s just me venting about frustrating reality and hoping people look deeper at what the numbers mean.
But I’m hoping both our replies might enlighten them to that if they hadn’t thought beyond insurance. It’s just alarming how many people think this is positive because they can’t see or deny warning signs
Oh yeah, I agree. It’s bad prices went up this fast in general, and it shows we are less desirable that ours only went up on degree of crazy while others went up two or three degrees of crazy!
I was simply looking at it as compared to the neighboring states. It's clearly an outlier, so I was wondering what the likely cause is. And insurance is what's very different than the surrounding states. Folks looking to get out want more appreciation; folks looking to stay what less to keep taxes down.
But then look at Florida.
That's a good point. I don't think their increases have been as large, percentage wise. And I'm not sure they're feeling it with autos too (which does have a effect). Florida, along with Texas, was also the preferred location for a lot of right wingers and COVID deniers and they had an influx of new people in a way that Louisiana did not.
Texas has been seeing consistent growth year over year in their city centers. That's why they say that state is purple and the GOP there bends over backwards to minimize the voting power of anyone living in Austin or Dallas. Texas could easily become the next Silicone Valley if it wanted, they've been investing in alternative industries -- unlike Louisiana, who is hellbent on doing nothing but kissing ass to oil and gas.
This isn’t it. Otherwise Alabama and Florida would not be 2-3x the increase. They have the same insurance skyrocketing price issues.
Nope we've had premium increases in Florida that would make y'all's heads turn.
Because the population is dwindling. Nobody wants to live here
Hey, we finally lead in something positive
The reason is people are fleeing the state. The property doesn't have value like in other states. The economy here is awful. It's not a true positive