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Old 10-17-2017, 12:24 PM
 
29,782 posts, read 34,880,403 times
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Quote:
Originally Posted by reneeh63 View Post
Markets don't always stay the same. I sold my first house (only 5 years old) for a 25% profit...20 years ago. My current house is nearly 15 years old...very same city...I would be lucky to have kept up with inflation - which is fine because I'm going to retire in it and never planned on it being an investment. "Boom times" don't last forever, by definition.
This gives me reason to reflect back. We were in our last house for over 23 years and that was the house that saw the big market uptick in value and equity. So at some point during the later time period as we were finalizing thinking about retirement it was then that it became a major part of our retirement planning. Had we been 20 years earlier with those markets probably not.

Many Boomers are in a unique spot in some places that are high income, rapid growth and having seen rapid appreciation. When we bought here the market hardly changed over the years and never fell on our side of town, nor did they run up. Any equity is what you put in or paid down on the mortgage. Just like the old days.

At the beach we bought at the bottom and have seen a 20-25% run up much of it in the last couple of years.
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Old 10-17-2017, 12:45 PM
 
3,350 posts, read 3,052,428 times
Reputation: 4880
Quote:
Originally Posted by in_newengland View Post
It's a shame because those small ranchers were pretty well built and are just the right size for most retitees.

Most of these are not well built (well, maybe they are but not maintained at all) and are in the urban core where neighborhood transformations are taking place (which is a good thing). I bought in a marginal neighborhood early enough to now see very good returns if I wanted to sell.


Quote:
Originally Posted by in_newengland View Post
Huge houses are kind of a hard sell around here. People aren't very much into showing off and New Englanders tend to be practical. The greedy developers are building tons of CCRF around here though. I don't think there'll be much demand for them once the boomers die off.
What is replacing things here are NOT McMansions. Mostly 2 or 3 story zero-lot line houses or sometimes, townhouses. Lots of people want to live in the urban core, including retirees.
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Old 10-17-2017, 01:02 PM
 
Location: Philadelphia/South Jersey area
2,879 posts, read 1,407,237 times
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Quote:
Originally Posted by TuborgP View Post
Aghh that is the challenging part of the equation if one is planning a change in residence either at or during retirement. Trying to coordinate retirement in advance with a market peak is very difficult and avoiding a trough very desirable.
lol, I would say that is pretty much true whenever you sell. I don't know many folks who want to sell at a loss.


I'm in Philly which is for some reason a ridiculously hot place to be. go figure? I think all the press we got between the pope, dnc and being designated a unesco world treasure or some thing like that has put it favorably. supposedly we are in the running for Amazon's new headquaters. Right now my house is probably up 30% in the 7 years since I've purchased mainly because of location but I did not purchase my house as an retirement investment. I doubt I'll lose money on it unless some thing really drastic happens and if that were the case I'd simply hold onto it and rent it out. lol, leave it for my 20's to deal with when I kick the bucket.
and lately they've been driving me crazy so that might not be a bad idea.
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Old 10-17-2017, 01:16 PM
 
13,926 posts, read 7,422,661 times
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Quote:
Originally Posted by eliza61nyc View Post

I'm in Philly which is for some reason a ridiculously hot place to be. go figure? I think all the press we got between the pope, dnc and being designated a unesco world treasure or some thing like that has put it favorably. supposedly we are in the running for Amazon's new headquaters. Right now my house is probably up 30% in the 7 years since I've purchased mainly because of location but I did not purchase my house as an retirement investment. I doubt I'll lose money on it unless some thing really drastic happens and if that were the case I'd simply hold onto it and rent it out. lol, leave it for my 20's to deal with when I kick the bucket.
and lately they've been driving me crazy so that might not be a bad idea.
I've been in Philly on business 3 days per week for the last 3 months. The economy in the Center City is strong. There are several excellent universities. It's a quick Amtrak ride to Manhattan and DC. There is a good airport. There are suburbs a short train ride away with good school systems for people working in the city who want to raise a family. There's a lot going on. There is still a huge chunk of "don't go there" urban blight but it's a very liveable city if you can afford to live in the good part or the high end 'burbs.
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Old 10-17-2017, 02:22 PM
 
Location: Kennett Square, PA
1,698 posts, read 2,607,065 times
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Quote:
Originally Posted by eliza61nyc View Post
because we do! why do we have to buy teeny tiny houses because YOU don't get it. Sorry but seriously, how come you get to be the size police and decide what others have to like and not like?

fine you find them utterly ridiculous. I on the other hand LOVE my big house. Yes my sons have their own bedrooms and their own bathrooms.

Yes, no one NEEDS a big house,
no one NEEDS a vacation but do you take one.
no one NEEDS air conditioning but I betcha you wouldn't think of living in Pa without it.

I happy you are living a sparse, "need" only life. that's what you choose. but since you did ask (see bolded). I need that much space because I have a fear of teeny tiny spaces. the give me anxiety and I would not be comfortable if I have to squeeze into a bathroom or a kitchen. One thing I learned from my mother, Your house is your place of refuge. your daily happy place. I like space in mine.

Now if for some reason down the road, I find it's hard to sell, well I guess my sons will inherit a lot of extra cash.

Oh, my Hilarious!!! "SIZE Police"? Sounds like a great tee-shirt idea; I'M ON IT!!

And NO: I have not been on a vacation for 8 years because there's no budget for it; I do not lament this change; it's not a tough thing to give up. And some of us DO NEED air conditioning to BREATHE PROPERLY, my Dear. You think that MY assumptions are ridiculous? Perhaps you should think again.

Last edited by soulsurv; 10-17-2017 at 02:51 PM..
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Old 10-17-2017, 02:51 PM
 
Location: Paranoid State
13,047 posts, read 10,448,897 times
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Quote:
Originally Posted by Neerwhal View Post
2. Economics is... never mind. Let me just say, shelter is a need.
Nope. Shelter is a want.
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Old 10-17-2017, 02:55 PM
 
Location: Kennett Square, PA
1,698 posts, read 2,607,065 times
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Quote:
Originally Posted by SportyandMisty View Post
Nope. Shelter is a want.

Is it INDEED? Only if one chooses to die, I would think.
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Old 10-17-2017, 03:06 PM
 
Location: Paranoid State
13,047 posts, read 10,448,897 times
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Quote:
Originally Posted by Johanna25 View Post
I notice that most of the posters expressing contentment with their large house in the suburbs are speaking in the plural. You are mostly part of a couple. A couple can be happy and properly maintain a large house together. My mom had friends, mostly widows, living alone in houses in her suburban neighborhood. Most of them could not keep them up and the house was deteriorating around them. There was a real lack of senior services in the area, no public transportation, hard to get around to shop, visit doctors, etc., most neighbors worked during the day so there were few people around. If there are two of you, you may enjoy the quiet and freedom, but one person rattling around in a large house can be terrified. So be aware that things change, and it might be kinder to your spouse to settle now into a place where he or she will be happy carrying on when you are gone. Your loss will be disruption enough.

Yes, that's a real issue. I'm fit enough that I can maintain our house by myself; when I'm gone, my spouse would not be able to do so.

Nearby is a 55+ community of modest single family homes. They have an organization called Neighbors Assisting Neighbors; I volunteer through this organization to do simple things such as changing light bulbs & HVAC filters (need to be on a step ladder for both), periodic flushing of the tank-style water heater, maybe replacing a flapper inside the toilet tank, etc. The HOA has a shuttle van to take residents the 5-ish miles down the hill to grocery stores, Trader Joe's, a Target, a Walmart, Sam's Club, Home Depot, banks, veterinary offices, hair salons, and the like. Most of the residents are still able to drive, but there are some who prefer the van (especially transplants from places such as Manhattan).

But there does indeed come a time when each of us may cross the line from senior to elderly and possibly to infirm, and then the big house just might not be so desireable.
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Old 10-17-2017, 03:17 PM
 
29,782 posts, read 34,880,403 times
Reputation: 11705
Quote:
Originally Posted by eliza61nyc View Post
lol, I would say that is pretty much true whenever you sell. I don't know many folks who want to sell at a loss.


I'm in Philly which is for some reason a ridiculously hot place to be. go figure? I think all the press we got between the pope, dnc and being designated a unesco world treasure or some thing like that has put it favorably. supposedly we are in the running for Amazon's new headquaters. Right now my house is probably up 30% in the 7 years since I've purchased mainly because of location but I did not purchase my house as an retirement investment. I doubt I'll lose money on it unless some thing really drastic happens and if that were the case I'd simply hold onto it and rent it out. lol, leave it for my 20's to deal with when I kick the bucket.
and lately they've been driving me crazy so that might not be a bad idea.
Trough doesn't means at the low point of the market in any given cycle. When we sold the market was after the peak. However a year later it was around 175K below peak. Would have still left lots equity depending on the circumstance but not as much as a 1 1/2years earlier. That was the bottom but not close to a loss for most older folks.
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Old 10-17-2017, 03:40 PM
 
Location: Paranoid State
13,047 posts, read 10,448,897 times
Reputation: 15683
Quote:
Originally Posted by soulsurv View Post
Is it INDEED?
It is a want & desire. There is nothing necessary about it; if someone lacks shelter, the earth does not plummet into the sun. If someone lacks shelter, no laws of physics are broken.

Clearly, shelter is highly desireable -- but there is nothing necessary about it.
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