Heading to UCLA to pursue my MBA, but the Mexicans... (Los Angeles: real estate, apartments)
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I grew up in San Diego and during high school I moved to Connecticut as my father's job was relocated. I always wanted to move back west and my opportunity has finally arrived.
At the moment I work in Manhattan as an Investment Banker. During the next few months, I will be moving to L.A to begin the MBA program at UCLA.
I'm really confused with all of the criticism in regards to the Illegal Mexicans that reside in Los Angeles. If the city is really falling apart like I'm reading in this forum, why is Real Estate booming in the area?
The reason is obviously demand, and I'm sure Illegal Mexicans are not the ones purchasing 2 bedroom homes for $500k.
Does the great weather really compensate for the impact Illegal's have on the city? Or, is it naive people like myself from the east who are driving the real estate prices?
I'll be living in an apartment with my girlfriend during my 2 years at UCLA, but I'm hesitant about attending the school after reading this forum. Once I finish school, I was actually hoping to purchase a house in the Los Angeles area, but maybe now I should consider moving back to Connecticut or Boise, Idaho.
Is it just the illegals that are bringing down Los Angeles? Not entirely. What is ruining Los Angeles is the overwhelming number of people that move to the area from everywhere. This includes people from within California itself and from the rest of the 49 states.
Southern California and Los Angeles, through media reporting and the endless supply of mindless, inaccurate television shows like "The OC", "Laguna Beach", and "The Hills", make it look this is "THE" place to be. And why not, the weather, the beautiful people, the stars, who wouldn't want to live here?
But all combined, this is what is driving the destruction of the area. Yes, it's supply and demand. The more people that come here, the more of a strain on the supply of goods and services. The supply is not endless nor will the cost of things remain static. The higher the demand, the higher the cost. So this is why you have ridiculously overpriced real estate. And because you have such a high cost of living and in relation higher wages, there are still enough people out there that can afford it. But that number is getting smaller each and every day.
I fully realize that to naive outsiders, So Cal and Los Angeles look like paradise. But there is a price that you pay for it. Some people have the means to fully enjoy it, while far more have to struggle and fight just to enjoy a taste of it.
I spent my entire adult life fighting to "enjoy" paradise until I finally gave up. I couldn't get ahead, in fact I was falling further behind. The is no place, NO PLACE, that is so great that you should feel like you have to sacrifice everything just to live there.
Maybe after you get your MBA, you will be one of those fortunate few that will be able to afford your time in paradise. Only you can say whether the cost will be worth it to you.
Actually, the only thing that was holding up the housing market in LA were voodoo loans that people were using to get cash back on. These are illegal on one hand and should be listed as taxable income on the other. Now that the IRS has caught on, it could get ugly.
There is a massive amount of fraud that is coming to light. And a lot of foreclosures coming too.
It would be very silly and short sighted of you to pass up the opportunity to get your MBA at a good school and then another potential finance job because of an issue of illegal Mexicans.
For most good paying jobs, corporations, and law firms you will be working in either Downtown Los Angeles or West LA meaning Beverly hills/ Santa Monica. These are areas with a lot of traffic and fairly urban but they are composed of skyscrapers and they are relatively nice. Westwood near UCLA is nice for apartments and shops and restaurants. You may also like Santa Monica or Marina Del Rey for starting out. With 250k+ a year which you could make in finance say 5-10 years out from you could get a 3 bdr rancher in Pacific Palisades (arv: 1-1.3 million) or something bigger in Malibu. And who knows in 15-20 years. Prices may even drop because of the bubble or stagnate and I bet your girlfriend works and has an income to help out too.
My favorite area there is Pacific Palisades and the shops closer to PCH in Santa Monica. There is not the problem with illegal aliens and crime will certainly be lower than in other places. You shouldn't worry about that because it will be a non issue for you. Real estate is going to be more expensive there than perhaps even in suburban New York but its a trade off if you want a scenic area and the climate. Good luck with your decision.
Uconn, the city isn't falling apart. The quality of life is spiraling downward for those of us who make decent, but not great, wages. You could probably live very well here once you get out of school (assuming you won't be paying off torturously high student loans), and UCLA is in a great area. I think you should go to UCLA, and while you're there, you'll get a feel for the traffic and everything else that Angelenos deal with on a daily basis. Some people take it in stride.
Like SandyCo stated, Westwood is a great area, and if you stay near campus, you'll never know how bad some areas of the city can be as Westside as a whole is probably the most affluent in Cali. Just don't venture too south into parts of Venice or east of Robertson as the farther east you go, it'll be pockets of good streets next to what feels like Tijuana. Thats where I live.
If you notice, most of the service employees in LA are Latin. Westside as a whole is unlivable for nearly all blue-collar workers so you'll see them working in the day but none in the residential areas @ night. Other parts of LA, the lower priced residential areas or places with lots of affordable rentals is where problems commonly arise. In metro LA, that would be: SF Valley, Koreatown, Hollywood, Mid-Wilshire, or any areas other than the Westside & Hancock Park.
If you plan to continue in Investment Banking after you move out here, you will also be closer to the Asian investing and banking world (huge here in Los Angeles as I'm sure it is in Manhattan too).
How long has it been since you lived in San Diego? I've been in LA for about 25 years and I think it has improved since the early 1990s -- if that's any help.
Like SandyCo stated, Westwood is a great area, and if you stay near campus, you'll never know how bad some areas of the city can be as Westside as a whole is probably the most affluent in Cali. Just don't venture too south into parts of Venice or east of Robertson as the farther east you go, it'll be pockets of good streets next to what feels like Tijuana. Thats where I live.
If you notice, most of the service employees in LA are Latin. Westside as a whole is unlivable for nearly all blue-collar workers so you'll see them working in the day but none in the residential areas @ night. Other parts of LA, the lower priced residential areas or places with lots of affordable rentals is where problems commonly arise. In metro LA, that would be: SF Valley, Koreatown, Hollywood, Mid-Wilshire, or any areas other than the Westside & Hancock Park.
So you think that the "Del Rey" area (the Mar Vista/Marina Del Rey/Culver City border near the Mar Vista Gardens projects, which btw have been bought by UCLA and will be converted into student housing) is more desirable than eastern Beverly Hills, because much of Beverly Hills is east of Robertson while "Del Rey" (one of the least desirable parts of the west side and which has a history of gang problems) is pretty far west of Robertson? );
BTW I don't see the loss of blue collar people on the west side as a good thing - the west side that I grew up in had far more of an economic mix than it does today, which has to do with the shrinking middle class (a trend that's even hit Culver City, which has managed to preserve its middle class pretty well up until now). It seems as L.A.'s gotten more ethnically diverse it's gotten less economically diverse.
But your description of good areas next to bad areas is accurate once one gets south of Olympic, although I'd consider Los Feliz to be just as good as Hancock Park, and I wouldn't discount Silver Lake either, or certain parts of Hollywood. Although the east/west line where things change varies depending upon where one is. By your saying that Robertson is the dividing line I'll assume you're in the South Robertson/Crestview area which has a really nasty pocket around Cadillac and La Cienega.
I grew up in San Diego and during high school I moved to Connecticut as my father's job was relocated. I always wanted to move back west and my opportunity has finally arrived.
At the moment I work in Manhattan as an Investment Banker. During the next few months, I will be moving to L.A to begin the MBA program at UCLA.
I'm really confused with all of the criticism in regards to the Illegal Mexicans that reside in Los Angeles. If the city is really falling apart like I'm reading in this forum, why is Real Estate booming in the area?
The reason is obviously demand, and I'm sure Illegal Mexicans are not the ones purchasing 2 bedroom homes for $500k.
Does the great weather really compensate for the impact Illegal's have on the city? Or, is it naive people like myself from the east who are driving the real estate prices?
I'll be living in an apartment with my girlfriend during my 2 years at UCLA, but I'm hesitant about attending the school after reading this forum. Once I finish school, I was actually hoping to purchase a house in the Los Angeles area, but maybe now I should consider moving back to Connecticut or Boise, Idaho.
Thanks,
Uconn
As others have said, you could stick with your plan on attending UCLA and then see how you feel about the area unless you have other options on getting your MBA elsewhere. If it where me, knowing this area my whole life and experiencing living in Boston or Virginia, I would take Boston for a future in Finance in a second over Los Angeles. I'm sure I don't have to tell you about the Financial Hub being Boston or San Fransisco for that matter. It all depends on your interests outside of work, not illegal aliens! If you are an outdoorsy person and love hiking and water sports than you would like California more. If you prefer the city life and a more urban and cultural location, it would not be Los Angeles. Los Angeles is one big suburb with no real city life to speak of, in my opinion. Don't worry about the illegals in deciding your financial future. If a good salary will proceed graduation, you have the best of Los Angeles or anywhere else to chose from...you just need to figure out what kind of lifestyle to you want for long term.
So you think that the "Del Rey" area (the Mar Vista/Marina Del Rey/Culver City border near the Mar Vista Gardens projects, which btw have been bought by UCLA and will be converted into student housing) is more desirable than eastern Beverly Hills, because much of Beverly Hills is east of Robertson while "Del Rey" (one of the least desirable parts of the west side and which has a history of gang problems) is pretty far west of Robertson? );
BTW I don't see the loss of blue collar people on the west side as a good thing - the west side that I grew up in had far more of an economic mix than it does today, which has to do with the shrinking middle class (a trend that's even hit Culver City, which has managed to preserve its middle class pretty well up until now). It seems as L.A.'s gotten more ethnically diverse it's gotten less economically diverse.
But your description of good areas next to bad areas is accurate once one gets south of Olympic, although I'd consider Los Feliz to be just as good as Hancock Park, and I wouldn't discount Silver Lake either, or certain parts of Hollywood. Although the east/west line where things change varies depending upon where one is. By your saying that Robertson is the dividing line I'll assume you're in the South Robertson/Crestview area which has a really nasty pocket around Cadillac and La Cienega.
I agree with you, Los Feliz is one of the best areas in the city, also many areas of the Valley, even some of the most expensive are in the Valley, Studio City, Sherman Oaks, Encino, Toluca, Woodland....and the rest of the Valley is not as bad as someone here write, probably never gone there.
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bad areas?
