Should I buy a townhome in North Hollywood?

Question

Im looking to buy a townhome in North Hollywood in a nice residential area called Briarcliffe North. The main street is on Saticoy between Laurel Canyon and Whitsett, but the home is inside a residential neighborhood.

I'm not really familiar with the area, but when I drive by it seems very nice. Should I go ahead and live there?

Answer 1

.   Very nice area.  TO make sure, visit with the neighbors.  If they are unhappy, they will tell you.

Answer 2

Dear NoHo Guy,

            I office in NoHo (Lankershim near Cahuenga).

      I have lived in the Valley almost 40 years.  I am not familiar with Briarcliffe North but generally familiar with property values and areas.

My first reaction would direct you to an area several miles south.

         The answer to your question depends upon the sales price. The UCLA Anderson School of Management predicts prices to continue declining for another year or more! You would have to be purchasing the property for about one-third its highest price before the property got interesting. Also, it would need to be owner financed with your inability to obtain conventional financing. FEW LENDERS are making any loans on any property without 30% plus down payment. I do not think you lose by waiting.

MANY, MANY more foreclosures are coming foreward. I would further lean towards a SFR over a condo for investment purposes. The smaller homes near Valley College might be worth a look to find REO (Lender Owned) properties.

     If you have the money and the credit YOU WILL BE TREATED LIKE A GOD. Do not be shy or fearful to offer insultingly low prices. Lenders need properties off their books. You are in command in the darkest of ages. Things will only get worse before any improvement.

     Have Fun!