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Old 06-08-2018, 11:34 AM
 
312 posts, read 206,671 times
Reputation: 601

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if you want walkable and urban then SM is great. OC and SB are too suburban for me
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Old 06-08-2018, 11:47 AM
 
Location: Los Angeles (Native)
25,306 posts, read 16,467,356 times
Reputation: 12186
Have you been to or looked at Pasadena ? It has a lot of the things that make SM attractive ..but of course it's not by the beach. Prices aren't cheap but more reasonable versus SM.
It doesn't have as bad a homeless problem and it's more locals versus tourists around.

Regarding prices within the next 8 or 10 years it's hard to say. I don't see them being lower than they are today for sure. It's likely we will have a downturn in real estate in California within that time , but most likely won't be like the last crash. Even in the last crash prices in SM didn't really come down , just kind of slowed a lot.

If you buy now to rent out you most likely wouldn't be able to make a profit unless you did Airbnb even then it's hard to say...also SM like many cities has cracked down on Airbnb.
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Old 06-08-2018, 12:05 PM
 
Location: SLC
852 posts, read 577,262 times
Reputation: 1972
Indeed, it is walkable, urban and weather that are key points of attraction. We have not been to Pasadena. Need to check that out. I thinking that the beach does make SM special - so don't know about skipping that.

jm1982 - Thank you very much for the points about the real estate. [Sorry for the disturbed person comment.] That seems to make sense. AirBnb is simply not us, neither frankly is the rental property rental. Given our time frame - giving downturn a chance and at least some of the financial parameter to evolve (e.g. if CA would respond to the federal tax law changes, etc.) is exactly what we need to do. Still thinking how/whether to establish some relationship with real estate professional or interest group focused on this area to monitor the market makes sense. The challenge is that most real estate folks are focused on what's happening shorter horizon, so not sure we'd get anywhere.

Last edited by kavm; 06-08-2018 at 12:26 PM..
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Old 06-08-2018, 12:23 PM
 
60 posts, read 37,235 times
Reputation: 87
Quote:
Originally Posted by kavm View Post
Indeed, it is walkable, urban and weather that are key points of attraction. We have not been to Pasadena. Need to check that out. I thinking that the beach does make SM special - so don't know about skipping that.

I never understood the appeal of Pasadena. Yes it’s a nice suburb but it is way too overpriced for what it’s worth. People basically are paying ocean estate prices for being no closer to the beach than Corona or Chino Hills. Pasadena gets over 100 degrees in the summer, and 110 during bad heat waves. This is due to the desert being right across from the San Gabriel mountain range. Lastly, smog gets trapped by the foothills constantly so that can’t be healthy.

Watch Culver City (a suburb about 20 times closer to Santa Monica than Pasadena) explode in walkable development and rising value. Culver City has urban rail transit (expo line), never gets hotter than 82 in the summer, and is close enough to the coast to have the air pollution be blown away towards inland areas such as Pasadena.
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Old 06-08-2018, 12:41 PM
 
Location: SLC
852 posts, read 577,262 times
Reputation: 1972
We saw a bit of Culver City - with the fantastic Lodge Bakery there. The area we saw around there did not look that great. Perhaps what you have in mind is in a different part we did not see..
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Old 06-08-2018, 12:51 PM
 
Location: Los Angeles (Native)
25,306 posts, read 16,467,356 times
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Quote:
Originally Posted by Bruin1983 View Post
I never understood the appeal of Pasadena. Yes it’s a nice suburb but it is way too overpriced for what it’s worth. People basically are paying ocean estate prices for being no closer to the beach than Corona or Chino Hills. Pasadena gets over 100 degrees in the summer, and 110 during bad heat waves. This is due to the desert being right across from the San Gabriel mountain range. Lastly, smog gets trapped by the foothills constantly so that can’t be healthy.

Watch Culver City (a suburb about 20 times closer to Santa Monica than Pasadena) explode in walkable development and rising value. Culver City has urban rail transit (expo line), never gets hotter than 82 in the summer, and is close enough to the coast to have the air pollution be blown away towards inland areas such as Pasadena.
Median home price in Santa Monica is twice as much as Pasadena. So the prices aren't what you'd be paying for ocean estates.
There is already a lot more walkable area in Pasadena versus Culver City. Culver City has a nice walkable downtown area, and I remember when it wasn't there back in the day. They did a nice job with it.
But old town pasadena and the surrounding area is a lot bigger than downtown culver city. Also CC isn't cheap these days median home price 1.142 million, considerably more than Pasadena.


Median home price in Pasadena is $815k
https://www.zillow.com/pasadena-ca/home-values/

in SM $1.71
https://www.zillow.com/santa-monica-ca/home-values/
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Old 06-08-2018, 01:02 PM
 
60 posts, read 37,235 times
Reputation: 87
Quote:
Originally Posted by jm1982 View Post
Median home price in Santa Monica is twice as much as Pasadena. So the prices aren't what you'd be paying for ocean estates.
There is already a lot more walkable area in Pasadena versus Culver City. Culver City has a nice walkable downtown area, and I remember when it wasn't there back in the day. They did a nice job with it.
But old town pasadena and the surrounding area is a lot bigger than downtown culver city. /[/url]
I agree with your statistics and you have a valid statement, however I think you missed my point. Remember OP is asking for a retiree’s perspective. And SM is worth living in a condo than a house in Pasadena. These are the last few years of your life. Might aswell make them good.

Pasadena doesn’t offer much that other suburbs don’t whereas the Pacific Ocean is a treasure to wake up to daily.
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Old 06-08-2018, 01:10 PM
 
Location: Santa Monica, CA
1,626 posts, read 3,393,441 times
Reputation: 734
Santa Monica resident here. I think it would be a pretty good place to retire depending on what you’re looking for. You don’t get much for your money here so you should plan to settle on a 1 or 2 bedroom apartment or condo. Many parts of Santa Monica are a PITA to park in but Uber and Lyft are a cheap and convenient alternative. The area is very walkable and it never really gets hot by the beach. The demographics tend to skew more towards the 30’s through 50’s so if that doesn’t bother you I think that SM would be a great place to retire. Just keep the horrible LA traffic in mind. You need to be strategic about when you drive out of the area in order to avoid the traffic. Healthcare is generally very good with the UCLA facility and lots of medical offices in the area.

Last edited by Dunbar42; 06-08-2018 at 01:19 PM..
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Old 06-08-2018, 01:35 PM
 
Location: Orange County
262 posts, read 122,854 times
Reputation: 807
OP, don't rule out Orange County until you take a look at a few places, Dana Point and the Three Arch Bay area of Laguna, where the houses are perched on a hill, it's not a suburb type, although the properties are pretty close as is typical in beach areas. In TAB, you get access to the beach that is not public, you can take the shuttle or walk to downtown Laguna Beach.

I also echo the posters who have said to take a look at Santa Barbara as well.
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Old 06-08-2018, 01:37 PM
 
Location: SLC
852 posts, read 577,262 times
Reputation: 1972
Thank you so much for sharing your experience! It is consistent with what we are expecting. It is great to get a perspective and confirmation that we are more or less on the right track with our expectations on the pluses and minuses from a SM resident. We will definitely look for a small footprint condo to keep the costs manageable... Have to figure out the timing with the real estate side of this... Thanks a lot!
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