Looking to Retire in L.A. (San Diego, Huntington Beach: lease, HOA, condo)

[JAMES67]

Thanks all for responding! Although being by the beach would be nice I understand the pro's and con's of real estate, therefore I wouldn't rule out a place like Pasadena or any other area in the L.A. metro area. Anything in a nice decent area in my price range would deserve consideration. Since such things like commuting etc. wouldn't be an issue, I imagine that would open the door for more house away from the beach, more towards inland. I have to admit that such places like Huntington Beach sound great, but again I'll be taking a pro's and con's approach and give consideration to as many areas as possible.

[Cnynrat]

IMO, $60-70k per year is not a lot of money to live on in SoCal, particularly if you are still paying for housing. Can you live here on that income? Sure, it can be done, and lots of folks do. That said, it's not going to pay for a particularly high standard of living in this area.

People suggesting you buy a condo/home for $700-$800k are suggesting you take on a $1,500-2,000 per month mortgage, plus HOA fees if they apply. You could easily be eating up half your budget on housing costs if you end up at the higher end of that range.

If it were me I'd be looking for somewhere with a lower cost of living than SoCal.

YMMV.

[JAMES67]

Originally Posted by Cnynrat

IMO, $60-70k per year is not a lot of money to live on in SoCal, particularly if you are still paying for housing. Can you live here on that income? Sure, it can be done, and lots of folks do. That said, it's not going to pay for a particularly high standard of living in this area.

People suggesting you buy a condo/home for $700-$800k are suggesting you take on a $1,500-2,000 per month mortgage, plus HOA fees if they apply. You could easily be eating up half your budget on housing costs if you end up at the higher end of that range.

If it were me I'd be looking for somewhere with a lower cost of living than SoCal.

YMMV.

As I mentioned in my opening post I am considering other areas but for the sake of this thread my focus will be L.A. I should also mention that I really dont have an extremely expensive taste.

[quixotic59]

Since your experience with LA is somewhat limited, it might be worthwhile to spend some time there before making a decision. Since you seem to have the financial ability to do so, an extended vacation would be useful in giving you insight.
We have spent the last three summers staying in a vacation rental and learning about LA. Our plan is to move there in a couple of years when I retire. It has been most informative and given us much insight.
A decent vacation rental from VRBO or Homeaway can be had for about $140 a night. That, combined with a monthly car rental will give you the opportunity to explore and learn enough to make a more informed decision.

[thelopez2]

Originally Posted by infinitekid

Most condo's by the beach have HOA's approaching $1000/month

Nope

[nightlysparrow]

$800k gets you a single family home, not a condo, near the beach in Ventura, Oxnard and Port Hueneme.

[BayAreaHillbilly]

If I were in the OP's shoes I might consider a single level 2/2 SFH in an area like Bellflower or Lakewood. Especially the latter.

[thelopez2]

Originally Posted by JAMES67

I'll be taking a pro's and con's approach and give consideration to as many areas as possible.

Care to elaborate and give examples of a pro and con?

[JAMES67]

Originally Posted by thelopez2

Care to elaborate and give examples of a pro and con?

For example I could live near the beach in a condo with no backyard and HOA fees vs a home not near the beach with a spacious backyard with no HOA fees. As I stated earlier, in real estate especially if you have a set budget for housing, there will be pros and cons for each property. Its almost impossible to get everything you want in a given property, thus you have to weigh all the pros and cons for each property and go from there. So I'm open to all suggestions and appreciate all the ones that you all have contributed for my financial situation. I'm open to all suggestions anywhere around the L.A area..maybe the question should be, if you had my budget and in my shoes what areas would you consider.

[JAMES67]

Originally Posted by quixotic59

Since your experience with LA is somewhat limited, it might be worthwhile to spend some time there before making a decision. Since you seem to have the financial ability to do so, an extended vacation would be useful in giving you insight.
We have spent the last three summers staying in a vacation rental and learning about LA. Our plan is to move there in a couple of years when I retire. It has been most informative and given us much insight.
A decent vacation rental from VRBO or Homeaway can be had for about $140 a night. That, combined with a monthly car rental will give you the opportunity to explore and learn enough to make a more informed decision.

Actually that is part of my plan, to spend some time at locations I'm really interested in once I retire since time will not be an issue. Which will lead to renting before actually buying.