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Old 06-14-2018, 03:39 PM
 
Location: SLC
912 posts, read 602,537 times
Reputation: 2157

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Quote:
Originally Posted by Cinema Cat View Post
Ironically, I'm in my mid 50s and thinking of leaving Santa Monica, to retire elsewhere. Seattle's at the top of my list, but I'm also looking at Portland and Salt Lake City. SLC seems quiet, peaceful, safe. Low crime, low earthquake risk, low drought risk. Much lower cost of living. But perhaps a bit boring, and too family centered for a single guy.
We are in SLC - in a condo we love and could easily stay on and get old in. Lot of good aspects - excellent health care nearby, beautiful nature and outdoor activities for summer and winter. And, we are relatively richer by not moving to SM. While we ourselves have not completely dismissed staying on - there are some drawbacks. Inversions leading to really poor air quality, state governance dominated by one religion and party. Generally high level of public corruption as well as social conservatism that we do not appreciate. Things like the right to assisted suicide for terminally ill will never be legal here. And, it is a provincial and not particularly urban existence. Probably great till upper 60s but questionable beyond that point.

Seattle, and to a lesser degree, Portland are on our radar as well. Seattle has the tax advantage going for it and is beautiful. We really like it. We do wonder if we’d like living in the rainy climate in either Seattle or Portland. Thinking that CA might offer climate that we might appreciate in the older age and desiring urban and progressive setting is perhaps our motivation.
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Old 06-14-2018, 04:42 PM
 
Location: Paranoid State
13,047 posts, read 11,130,173 times
Reputation: 15736
The great unknown is the hypothetical SM condo price escalation between now and when you're ready to pull the trigger, and how that might compare to the hypothetical SLC condo price escalation over that same period of time. (I'm making an assumption that the sale of your SLC condo will go a long way towards funding your future SM condo).

It might make sense to explore some financial hedging strategies in an attempt to ensure you have adequate funds 8-10 years from now - but part of that depends on your "pucker factor" for assuming some financial risk.
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Old 06-14-2018, 05:25 PM
 
312 posts, read 197,440 times
Reputation: 457
i sure wouldn't want to retire there. i'm 35 and already feel significantly older than a lot of the beach kids.
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Old 06-14-2018, 05:55 PM
 
Location: Los Angeles (Native)
25,306 posts, read 16,534,060 times
Reputation: 12191
Quote:
Originally Posted by RN practitioner View Post
That’s because you don’t know how to have fun and are a boring person. Loosen up abit and actually socialize. Quit being awkward and you might enjoy it more.
RN practioners know how to party huh
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Old 06-14-2018, 05:57 PM
 
Location: Los Angeles (Native)
25,306 posts, read 16,534,060 times
Reputation: 12191
Quote:
Originally Posted by ima30something View Post
i sure wouldn't want to retire there. i'm 35 and already feel significantly older than a lot of the beach kids.
Do the beach kids even live there ? With housing prices what they are I don’t imagine too many young people living there unless they live with their parents.
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Old 06-14-2018, 06:23 PM
 
Location: Hermosa Beach
2 posts, read 720 times
Reputation: 19
I highly recommend renting for @ a year before committing to a purchase. I have had several clients who were retiring, moved out of state, hated it and was very difficult to move again. I know renting seems awful when It sounds like you have been a homeowner but it is a small price to pay if you are not happy. Also double check your health care benefits I have also heard of people who lose benefits based on the state. Santa Monica and Venice are great places to live and each offer a unique flair. I would also suggest looking at the South Bay; Hermosa, Manhattan and Redondo they are a little cheaper and are amazing communities. I honestly do not think you will regret a move to Southern CA, the weather is just amazing!
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Old 06-14-2018, 06:57 PM
 
6,040 posts, read 4,717,261 times
Reputation: 16753
Quote:
Originally Posted by ryanst530 View Post
I don't think SM is well suited for retirees, personally. For starters, the demographics skew heavily towards the younger age groups (20s, 30s), which may not seem like a big deal initially, but might wear on you after a while (i.e. fewer people to relate to and/or socialize with). Cost, including taxes, is another big issue, but that would depend on your financial situation (California is generally not a very retirement friendly state, cost wise). Lastly, even though the SM/Venice area is pretty self-contained insofar as restaurants, shopping, and entertainment are concerned, the greater LA area and OC have a lot to offer. You will almost surely want to explore different places, and fighting through LA traffic wears on you over time.

I don't want to dissuade you from the idea of retiring in SM, but you should be aware of some of the downsides. There are certainly upsides as well, primarily the vibe and beach, which have made it quite the popular place to live. Also be aware that the SM/Venice area has a significant homelessness problem, which, as with the traffic, might start to drive you nuts after a while. Younger people generally tolerate it better than older people.

Personally, I would look at areas such as Santa Barbara or parts of OC for retirement. Good luck!
I agree wholeheartedly. My dad and other relatives who are 60+ visit us often and they were happy to see Santa Monica once. Once. And in each case they all thought they would like it better.

I'd also consider Oxnard/Ventura.
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Old 06-15-2018, 08:34 AM
 
Location: SLC
912 posts, read 602,537 times
Reputation: 2157
Quote:
Originally Posted by SportyandMisty View Post
The great unknown is the hypothetical SM condo price escalation between now and when you're ready to pull the trigger, and how that might compare to the hypothetical SLC condo price escalation over that same period of time. (I'm making an assumption that the sale of your SLC condo will go a long way towards funding your future SM condo).

It might make sense to explore some financial hedging strategies in an attempt to ensure you have adequate funds 8-10 years from now - but part of that depends on your "pucker factor" for assuming some financial risk.
Thank you! Actually, we do not believe that our SLC condo will contribute much more than 20 to 30% of the condo price in SM. I doubt we will rely on it to fund the purchase in SM, though will likely not hold on to it long term as a second residence either. So, I don't know if hedging on the relative price growth across the two locations would help much. That said, I have given some thought (without arriving at any obvious answers) to what financial instrument might be relevant to hedge against the future growth rate. It doesn't seem like something one can buy a futures contract on... So, your line of thought is interesting to us.
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Old 06-15-2018, 08:37 AM
 
Location: SLC
912 posts, read 602,537 times
Reputation: 2157
Quote:
Originally Posted by RinaCulligan View Post
I highly recommend renting for @ a year before committing to a purchase. I have had several clients who were retiring, moved out of state, hated it and was very difficult to move again. I know renting seems awful when It sounds like you have been a homeowner but it is a small price to pay if you are not happy. Also double check your health care benefits I have also heard of people who lose benefits based on the state. Santa Monica and Venice are great places to live and each offer a unique flair. I would also suggest looking at the South Bay; Hermosa, Manhattan and Redondo they are a little cheaper and are amazing communities. I honestly do not think you will regret a move to Southern CA, the weather is just amazing!
That's a very good thought! We definitely would consider that - particularly as our knowledge of SM as well as LA at large is more based on visits rather than living there. That would also give us a chance to check out some of the other alternatives, like you suggested.

We do know someone who retired to Bel Air and seemed to be having some second thoughts.
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Old 06-15-2018, 09:05 AM
 
Location: Paranoid State
13,047 posts, read 11,130,173 times
Reputation: 15736
Quote:
Originally Posted by kavm View Post
It doesn't seem like something one can buy a futures contract on... So, your line of thought is interesting to us.
Yeah, no futures contracts... but what might a proxy look like? For example, purchase a rental property someplace near SM today and hire a property manager to do all the work. Then, 8-10 years from now, sell it and use proceeds to help fund your future SM residence... all under the theory that a rental unit's value over time will be highly correlated to the value of your ultimate residence.

I know more than one person who has done the following: Convert their residence in location A to a rental. Wait the requisite amount of time, and then do a Like-Kind exchange (1031 exchange) to a rental in location B, wait the requisite amount of time, then convert the rental in location B to their personal residence. In the interim, they rented in location B.

Maybe lever your SLC condo (take out a home equity loan) and purchase equities (e.g., VTI)...

Of course, all of these mean risk, and no outcome is certain.

Last edited by SportyandMisty; 06-15-2018 at 09:29 AM..
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