PURCHASED CONDO....1 month down, lol!!

[docstudent]

Hey All,


I purchased my first condo in Oct 2009, and I wanted input on my current budget.

Purchase price: $235,000- (431 sq ft) in an upscale part of West Los Angeles, monthly payment: $1670
HOA Fee: $345
Car: $466 (lease is over 11/2010)
Phone: $127
Car In: $146
Internet: $46
Gas: $85
Food: $180
Student Loan: $610
Entertainment/Misc: 200
Loan: $180
Savings: $500

Take home: $4555
Saving's account: $12,000
403B account #1: $16,500
403B account #2: $10,000
Retirement Account: $50,000

[disneysteve]

Congrats on the condo. I know we talked about this a while ago (and I seem to recall I voted against it).

Your mortgage and HOA is over 44% of take home which is way too much. Refresh my memory on your work situation. Do you anticipate your income climbing significantly within the next couple of years?

You are saving $500/month from take-home. How much is going into retirement savings in addition to that (from pre-tax income)?

Your phone bill seems high. We pay $150 for 5 of us. If the $127 is just for you, you should look into trimming that down.

Getting rid of that lease will help a lot. What are you planning to do when the lease is up?

[docstudent]

My income is 86G a year, and my take home is $4555, after I contribute about 1G in pre-tax retirement accounts. I should make about 90G in 2010 or remain at 86G. I have three lines connected to my account, so I have to research other providers. I eliminated my credit card debt, so I'm not spending on too much of anything at the moment. I pack a lunch, clean my own place, and wash my own car.....uncommon practices for those residing in West Los Angeles, lol!
Car...I'm "most" likely going to turn in my lease, and buy a car.

[disneysteve]

I have three lines connected to my account

That's not bad, then. That's a little over $40/line/month. Are the other 2 immediate family (spouse, kid)? If not, why are you paying their phone bills?

[lovcom]

Hey All,


I purchased my first condo in Oct 2009, and I wanted input on my current budget.

Purchase price: $235,000- (431 sq ft) in an upscale part of West Los Angeles, monthly payment: $1670
HOA Fee: $345
Car: $466 (lease is over 11/2010)
Phone: $127
Car In: $146
Internet: $46
Gas: $85
Food: $180
Student Loan: $610
Entertainment/Misc: 200
Loan: $180
Savings: $500

Take home: $4555
Saving's account: $12,000
403B account #1: $16,500
403B account #2: $10,000
Retirement Account: $50,000

Congrats on the real estate purchase...I think.

Is the Sq. Footage correct? 431?!?

If so, it sounds like a really bad deal....so, so small and so so expensive, and the HOA is outrageous...surely in this market you could've gotten a far better deal in the suberbs...I've been in R/E for many years, and this deal really stinks...sorry.

[gopcolumbus]

nice

Hey All,


I purchased my first condo in Oct 2009, and I wanted input on my current budget.

Purchase price: $235,000- (431 sq ft) in an upscale part of West Los Angeles, monthly payment: $1670
HOA Fee: $345
Car: $466 (lease is over 11/2010)
Phone: $127
Car In: $146
Internet: $46
Gas: $85
Food: $180
Student Loan: $610
Entertainment/Misc: 200
Loan: $180
Savings: $500

Take home: $4555
Saving's account: $12,000
403B account #1: $16,500
403B account #2: $10,000
Retirement Account: $50,000

nice one

[docstudent]

Yeah, 431 sq ft is correct.....It was one of the cheapest purchases in my neighborhood....I snagged a place in West Hollywood- on one of the more desirable street, plus, it is a five minute walk to Beverly Hills. The neighborhood is ideal and close to all of the hottest restaurants, and night clubs in the area. I don't know about your real estate background, but the LA market is tough, even in a down market.....431 is not that small, you have to know how to maximize your space....The HOA is competitve with relationship to other building in the area.. The range in the area is from a low of $289 to a high of $1,000

[LivingAlmostLarge]

Definitely it's typical of the area. Not a bad deal. I assume the commute makes it worth while with LA traffic that's worth a lot.

[wincrasher]

I hope you get some ammenities for that HOA fee.

Sounds like an exciting place to live - but you find that even near $100k/yr, doesn't go very far in LA. Just the way it is.

I'd certainly ditch the car and look for a cheaper alternative, or even use public transit. But alas, in southern California the car is king, you are what you drive and all that nonsense.

[CCCFree]

Yeah, 431 sq ft is correct.....It was one of the cheapest purchases in my neighborhood....I snagged a place in West Hollywood- on one of the more desirable street, plus, it is a five minute walk to Beverly Hills. The neighborhood is ideal and close to all of the hottest restaurants, and night clubs in the area. I don't know about your real estate background, but the LA market is tough, even in a down market.....431 is not that small, you have to know how to maximize your space....The HOA is competitve with relationship to other building in the area.. The range in the area is from a low of $289 to a high of $1,000

I know West Hollywood very well and that's pretty much what places are going for in that area, but 431 square feet must be a studio apartment.

[emanon1501]

Wow... $466 a month for your car; yet, you only spend $85 dollars a month on gas. Why spend $466 month on something you do not use much.

[docstudent]

I'm still there, and the market has shifted to a degree in my area. I purchased my unit for 235G in '09, and a similar unit sold for 201G in '10. The downside is a 1br sold for 249G, so I could have purchased a bigger space if I waited....Though, I like my unit, and I got the best deal, that was on the table in '09. My mortgage increased, and I'm currently paying $2250 a month, which includes my HOA fees/ taxes. I only have a 4 mile commute to work, and everything else is in walking distance, (bank, restaurants, grocery store, etc, the neighborhood is built for walking). I plan on keeping the unit for 5 years........or more maybe more.

[littleroc02us]

Congrats on the condo purchase. It's hard for people like me from the Midwest to hear about someone living in a 431 sq ft home when that was like the size of my dorm room in college. Here in the Midwest we enjoy large property sizes, large sq ft homes and beautiful neigborhoods for the amount you paid for you home. (200-235k) I guess we take our large amounts of space for granted.

[rennigade]

You purchased a condo without at least 8 months of savings?

What will happen if you lose your job? How will you continue paying for your condo?

[Coronet]

Congrats on the condo! That's a high home owner's association fee! I've been looking at condos in the suburbs of Philadelphia and their homeowner's fees are $200-250 a month and I thought that was steep.