Condo 2 bdrm. $450,000 Budget Chicago to San Diego (El Cajon, Lakeside: rental, transfer)

[RosieSD]

Originally Posted by Walkaboutcreek

No offense taken, I do feel old these days but don't get too hung up who I am around as long as they are good people. And I totally get I will not be able to duplicate the urban feel here even if I manage to land in a condo where I can walk to a few things.

Have you looked into Little Italy?

[Walkaboutcreek]

Yes, that is on my list, pretty much any neighborhood is. My take away thus far is the budget is reasonable and I can do this!

[sdurbanite]

As Rosie suggested, Little Italy is the closest thing you'll find to living in the West Loop. Even then, it's not even gonna be close. The link below gives good info on downtown condo listings. The projects I see in/around LI (Doma, Aperture, Breeza, Solara, La Vita, Acqua Vista, Treo) look to be out of your price range, though. Good luck.


SDLookup.com | Downtown Condos

[sdurbanite]

Originally Posted by sfosyd

I'm not familiar with Chicago but took a quick look at condo listings in the west loop due to your post. Wow. It is much less expensive than San Diego. 300k for a modern, 2 bedroom with a 100 walkscore. You won't find that here.

No kidding. For those prices, I'll take two, please!

https://www.zillow.com/chicago-il/hot-west-loop_att/

[Walkaboutcreek]

Well as often happens, life throws a wrench or two but we adapt. The plan got pushed despite me being there with money down on a condo. With life issues sorted we had to back out and plan is now early 2021. Original criteria still apply and considering Northpark, Hillcrest, Golden Hill areas, I'll call it perimeter downtown. Heart of downtown, Little Italy etc. would be fine but will be tougher on budget.

I realize I will never achieve the Walkability I have now but still strive to at least walk to a coffee shop, convenience/drug type store, a restaurant or two at least and grocery store would be great.

I do seem to see a slight decline in values on some properties I've been following but my crystal ball is foggy at best with respect to that and where my current Chicago hood is going (though up a lot lately).

In meantime I get out there enough to keep my finger on the pulse and I suppose if the dream place fell into my lap a purchase before move could happen.


Only real new question is if I am looking at condos that say last sold for $200,000 many years ago and property taxes of $2,000 and today it is listed for $400,000, what happens to the property taxes at new sale? Are they reassessed at new sale price at some % and then frozen there?

[T. Damon]

^^^
Sale prices determine the new basis for property tax, which is why so many of us stay in our properties purchased for well under $200k upon which our property taxes are based. With a nominal increase on that original basis every year.

Makes all the difference in on-going affordability re. property taxes here regardless of what our properties are actually worth.

[cruitr]

T. Damon is right. I never thought I'd retire in my current home. My current home is way too big for our retirement needs. However, my house has doubled in value since 2007. If I moved to a comparable home in a more retirement-friendly 'hood, my property taxes would double. I'm staying put. Thanks to Prop 13.

[1AngryTaxPayer]

Originally Posted by Walkaboutcreek

Well as often happens, life throws a wrench or two but we adapt. The plan got pushed despite me being there with money down on a condo. With life issues sorted we had to back out and plan is now early 2021. Original criteria still apply and considering Northpark, Hillcrest, Golden Hill areas, I'll call it perimeter downtown. Heart of downtown, Little Italy etc. would be fine but will be tougher on budget.

I realize I will never achieve the Walkability I have now but still strive to at least walk to a coffee shop, convenience/drug type store, a restaurant or two at least and grocery store would be great.

I do seem to see a slight decline in values on some properties I've been following but my crystal ball is foggy at best with respect to that and where my current Chicago hood is going (though up a lot lately).

In meantime I get out there enough to keep my finger on the pulse and I suppose if the dream place fell into my lap a purchase before move could happen.


Only real new question is if I am looking at condos that say last sold for $200,000 many years ago and property taxes of $2,000 and today it is listed for $400,000, what happens to the property taxes at new sale? Are they reassessed at new sale price at some % and then frozen there?

Don't be afraid to look outside of those areas. Thousands of seniors and students live in areas like Clairemont and La Jolla that have housing next to malls that cover any needs anyone could want that don't own a car. Close to bus stops, trolley stops and any type of store you need. The biggest advantage of these areas are marked bike lanes, wide sidewalks and good pedestrian lights.

I cycle about 300 miles a month and many of those older areas have bad traffic and no marked bike lanes. Not pedestrian or cycle friendly at all.

[GuyInSD]

Originally Posted by cruitr

T. Damon is right. I never thought I'd retire in my current home. My current home is way too big for our retirement needs. However, my house has doubled in value since 2007. If I moved to a comparable home in a more retirement-friendly 'hood, my property taxes would double. I'm staying put. Thanks to Prop 13.

Sorry if this is tangentially related to the thread - but don't forget the one-time after age 55 ability to transfer your property tax base; presumably for just a situation (retirees downsizing/moving).

[tstieber]

Originally Posted by GuyInSD

Sorry if this is tangentially related to the thread - but don't forget the one-time after age 55 ability to transfer your property tax base; presumably for just a situation (retirees downsizing/moving).

Bingo! Was just about to bring that up too. No need to stay in a huge house. Downsize, keep current property tax, and pocket the capital gain for investment.