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Old 05-18-2008, 02:49 AM
 
6 posts, read 86,467 times
Reputation: 11

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Hello All, posting here but not sure it's the right thread.

My husband and are both retired and live in CA. We want to move to a 55+ community that is affordable. The catch is, although the drive to other states is probably not a big deal to most people, it is to us, and especially my husband. Also, he's not much into flying. We are not big travelers. Sooo, how do we go about finding a community out of state or in state (would rather not stay in CA), and once we do find a community, what are your suggestions in making a smooth move.

We Have chosen to sell home in OC after being here for 25 years and CA all our lives.

Also concerned about HOA fees and where they will go in time....UP? and how much?

We have looked online at communities in St. George and Mesquite, and in Nevada in general, but not set in stone on them either, but we would prefer to stay to the west.

As you can see, this would or could be a difficult move for us. I am more assertive and determined to move and get settled where life is more tolerable and not so hectic.

We probably could sell for about 500K and not spend more than possibly 300K. Also, it's been a while since we've had a mortgage, but wondering is that the way to go now with housing prices all over the place, and no way knowing where the bottom is?

We are both healthy and active, but in a rut...LOL.....and hard to get out of it. No children to keep us here.

Sorry I'm all over the place with this post, but feeling frustrated and any info is most appreciated.

Thanks a bunch!
Mesq
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Old 05-18-2008, 05:26 AM
 
Location: Central Fl
2,903 posts, read 10,950,227 times
Reputation: 2860
Dear mesq,

I'm not sure if I can help here, but I'll throw in a few thoughts.

As to the mortgage, it is my humble opinion that if you can sell your present home for about $500k, and buy a NICE home for about 1/2 of that, why would you get a mortgage now? I believe it is a helpful and wise goal to stay debt free in your retirement years, unless it is a business debt that is profiting you.

Personal debt is hurting people all over. Let the law of compounding interest work FOR you and not AGAINST you. Why would you even need a mortgage?....for the tax break? That is unwise thinking. Never spend money for a deduction, especially in a low tax bracket.

A homeowner owned community will keep fees down.....but you want them to keep the place up also and not let it go downhill just to keep HOA fees down.....there must be a happy medium.

As to your travel, at least you know it is a one time trip. Moving companies many times take their time, so you can. Break it up into short day trips and take longer to get there. Also, you can consider taking a train trip....perhaps better then driving or flying.

Good luck in your quest. I believe it is worth it.

Frank D.
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Old 05-19-2008, 09:55 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,584,408 times
Reputation: 5692
I agree with faitfulfrank. We paid cash for our properties and sleep very well at night. We did not buy a large luxury home, but did find a very nice little place and have a nice rental property. I would not want a mortgage payment going into retirement.
As far as nice retirement spots in the west, you might check out parts of AZ. Google on realtor.com 85383. There are many nice neighborhoods with homes under $250,000. Surprise AZ is another very nice city and the homes for sale there are very resonable. We pretty much have HOA communities here, but the dues are not very high in comparison to places like Florida. Del Webb has built some awesome retirement communities and I believe Festival is one of the newer ones in Surprise. The homes recently were under $200K!! Incentives will decrease as sales pick up. Best of luck to you.
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Old 05-19-2008, 12:04 PM
 
423 posts, read 1,419,477 times
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Quote:
Originally Posted by MotleyCrew View Post
I agree with faitfulfrank. We paid cash for our properties and sleep very well at night. We did not buy a large luxury home, but did find a very nice little place and have a nice rental property. I would not want a mortgage payment going into retirement.
As far as nice retirement spots in the west, you might check out parts of AZ. Google on realtor.com 85383. There are many nice neighborhoods with homes under $250,000. Surprise AZ is another very nice city and the homes for sale there are very resonable. We pretty much have HOA communities here, but the dues are not very high in comparison to places like Florida. Del Webb has built some awesome retirement communities and I believe Festival is one of the newer ones in Surprise. The homes recently were under $200K!! Incentives will decrease as sales pick up. Best of luck to you.
You can pick up some nice stuff in AZ with all the foreclosures
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Old 05-19-2008, 04:53 PM
 
Location: NJ
185 posts, read 683,254 times
Reputation: 56
Default Not retired yet - but

I'm purchasing a new condo in Edison NJ. Never thought I'd wind up in Edison, but it's close to my daughter and grandson for now. I was also fortunate to have gotten an affordable unit. I have children in Florida and GA - both of those states are too hot for me. I was raised in NJ, have many personal connections and like the familiarity of where I live. I like being close to NY and Phila. also. I am still working and will continue to do so (at least on a part-time basis) for as long as I can.
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Old 05-19-2008, 10:36 PM
 
6 posts, read 86,467 times
Reputation: 11
Thanks Frank for the thoughts. I only mention the possibility of a mortgage because of the current housing market and where it could be going; meaning down. However, we don't want a mortgage, so that's not the plan at the moment. I'd hate to pay cash for a home that will go down 100K the next couple of years. I've read there is a lot more downside to prices, and that the market won't even consider turning around until 2011-12 because of so much inventory out there. Of course, that might not apply to 55+ communities.

Mesq
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Old 05-19-2008, 11:20 PM
 
Location: Central Fl
2,903 posts, read 10,950,227 times
Reputation: 2860
Dear mesq,
I am by no means an expert......I believe you are correct about the housing market, but I also believe that it should not be painted with too broad of a paintbrush........certain areas will , ( and in some places have started ) to turn around.

It is difficult to time the real estate market perfectly.....it all comes down to studying the specific area where you want to be, look at the listing/selling trends, then make the buy when it feels right for you. When you see listings frying up, and you see homes starting to sell quickly, do not wait too long, IF the area you are looking at is starting to pick up.

Some areas of the country, that may be soon, or even now....other areas, it will be years.

In any event, if you do not need a mortgage, I do not see how getting one would be a positive thing. Good luck!!

Frank D.
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Old 05-20-2008, 05:39 PM
 
Location: home...finally, home .
8,236 posts, read 18,519,100 times
Reputation: 17765
I guess that there is no chance of San Francisco experiencing a housing downturn.
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Old 05-25-2008, 08:21 PM
 
7,027 posts, read 6,993,234 times
Reputation: 5852
Real estate seems to be improving here in north Atlanta. Five homes sold in my neighborhood last month, mostly for decent prices.
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Old 05-26-2008, 08:27 AM
 
Location: DC Area, for now
3,517 posts, read 12,053,898 times
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Quote:
Originally Posted by nancy thereader View Post
I guess that there is no chance of San Francisco experiencing a housing downturn.
Define downturn . It wasn't affordable when I lived in the Bay Area some 30 years ago, and it's even worse now. Limited geographical area that is already saturated and high desirability = mega prices.
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