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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Sun, 27 Mar 2005 11:08:26 +0100 /

Author of the message: sufaud

Title of the message:
LAT: California newcomers must leap the stunning home-price gap.

Text of the message:
Los Angeles Times
More than miles apart
California newcomers must leap the stunning home-price gap. It makes some
think twice.
By Marnell Jameson
Special to The Times
March 27, 2005
When Erik Mellquist graduated from the University of Michigan in 2003 with
an engineering degree, he had a plan: Get married. Find a job. Buy a house.
The bride and the job proved the easy part. He and his fiancée, Emily, also
an engineering student, married three weeks after they graduated. About the
same time, Erik landed a job at an aerospace firm in El Segundo. But when
the newlyweds arrived, he said, "the housing prices blew us away."
Based on Erik's salary ‹ Emily returned to school for a teaching credential
‹ they could afford up to $350,000 for a home. Because that seemed high,
they looked at properties for $300,000 or less.
"We figured for $300,000 we could get something half as big and half as nice



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