I hear a lot of bellyaching in El Segundo about locals “getting priced out”, fairness and who “deserves” to live here. Apparently the people expressing that whiny garbage have never taken an economics class.
I’m sure the Latino’s and in Silverlake and Echo Park said the same thing. The African American community in Inglewood will start the same chorus en masse shortly. You will always lose to money.
Just like the bullshit we see in Washington. The same bullshit happens at all levels. Money Talks.
So when you see that afforable home for sale under a million dollars you better step up and show how much you want it with your wallet, because a developer with aspirations of a flip and a couple hundred thousand dollars profit will always throw more money at it than you can.
900 Lomita St was bought and closed within a month for 10% over asking. Priced at $879K (ohhh so affordable) and sold for $965k. It’s on a 6000 square foot lot which ensure the ability to expand.
You are not going to win. Someone paid more than this house is worth because he/she thinks that after they spending an extra $86k they can make it up on the back end.
At some point the music will stop and someone will be left sitting without a chair.