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Old 05-20-2015, 05:03 PM   #21
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The places I can afford are 1 bedrooms and I need more room than that, then the HOA was $674. A mortgage and that? I'm on a waiting list in Davis for 3 bedroom, 2 bath townhouse limited equity co-op. I put in $30k and then pay less than what I am paying for rent for my monthly assessment. A friend lived there for ten years and I loved it. Next to a greenbelt, Safeway and Davis has everything I want (except for the ocean...) - I love college towns.
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Old 05-20-2015, 05:53 PM   #22
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The places I can afford are 1 bedrooms and I need more room than that, then the HOA was $674. A mortgage and that? I'm on a waiting list in Davis for 3 bedroom, 2 bath townhouse limited equity co-op. I put in $30k and then pay less than what I am paying for rent for my monthly assessment. A friend lived there for ten years and I loved it. Next to a greenbelt, Safeway and Davis has everything I want (except for the ocean...) - I love college towns.
Davis is a good choice. Closer in to the Bay Area, though it is all relative. If I remember right, the Habitat for Humanity townhomes near Rossmoor with less amenities and greenspace and closer to the freeway were selling for ~$450K, for those even accepted into the program, were willing to build part of it themselves and I think they have restrictions on selling in the future which would have limited the upside potential.
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Old 05-20-2015, 05:58 PM   #23
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If you are 55+, have you considered Rossmoor? The prices are much lower there than surrounding areas.
I noticed that houses in 55+ communities are often markedly cheaper than the surrounding areas. When I do a Zillow search, the best deals are often in such communities. Any idea why? Is it because the market is smaller for this type of properties?
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Old 05-20-2015, 07:12 PM   #24
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I noticed that houses in 55+ communities are often markedly cheaper than the surrounding areas. When I do a Zillow search, the best deals are often in such communities. Any idea why? Is it because the market is smaller for this type of properties?
I am not entirely sure, but I think these are the reasons:

1. The young tech workers can't buy there and bid up the prices - even if they wanted to - they are not old enough. Owners can't even have adult kids under 55 living there except in certain circumstances.

2. Some of the places have restrictions on renting, which keeps out investors, especially overseas investors and hedge funds or even people who might want to live some other place half the year and use the condo as a rental the other half.

3. They have minimum income requirements, which even for those over age 55 limits the pool of potential buyers even further.

4. Some are co-ops, which might make it harder to get a loan. Also not everyone is a co-op kind of person. We have some acquaintances that decided against Rossmoor due to the upgrade approval process and high HOA fees.

5. The HOA fees at the former Leisureworlds are double other places, so potential buyers who have their own interests and clubs and are still driving might not want to pay an extra $350 a month for those extras. The HOA's include all the amenities, but they are assessed per condo, not per person, so it is probably a better economic deal for a household of two than one.

6. The less expensive places probably have not been updated in years, so if you want something new looking they might need a lot of work.

7. Prop 13 keeps a lot of local retirees from moving at all and retirees from lower COL areas might still think twice about the prices, even though they are relatively lower than outside the 55+ community.

I'm kind of hesitant to move some place and not be able to have the kids move back home if they ever needed to, in case of some event like a divorce or job loss.
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Old 05-20-2015, 08:57 PM   #25
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I am not entirely sure, but I think these are the reasons:

1. The young tech workers can't buy there and bid up the prices - even if they wanted to - they are not old enough. Owners can't even have adult kids under 55 living there except in certain circumstances.

2. Some of the places have restrictions on renting, which keeps out investors, especially overseas investors and hedge funds or even people who might want to live some other place half the year and use the condo as a rental the other half.

3. They have minimum income requirements, which even for those over age 55 limits the pool of potential buyers even further.

4. Some are co-ops, which might make it harder to get a loan. Also not everyone is a co-op kind of person. We have some acquaintances that decided against Rossmoor due to the upgrade approval process and high HOA fees.

5. The HOA fees at the former Leisureworlds are double other places, so potential buyers who have their own interests and clubs and are still driving might not want to pay an extra $350 a month for those extras. The HOA's include all the amenities, but they are assessed per condo, not per person, so it is probably a better economic deal for a household of two than one.

6. The less expensive places probably have not been updated in years, so if you want something new looking they might need a lot of work.

7. Prop 13 keeps a lot of local retirees from moving at all and retirees from lower COL areas might still think twice about the prices, even though they are relatively lower than outside the 55+ community.

I'm kind of hesitant to move some place and not be able to have the kids move back home if they ever needed to, in case of some event like a divorce or job loss.
I checked the prices on some of the units that are for sale there. It looks like the 1 bed/1 bath are pretty inexpensive but a large 3/2 was quite pricey. Not sure though how it would compare to a house just outside the community. I'll definitely have to check it out when I'm up that way. I'm assuming it's not gated and anyone can drive thru the community and check out the clubs and various other facilities?? Something to keep in the back of my mind in 15-20 yrs. Hopefully self driving cars will be commonplace by then and I won't need to worry about getting around. In the meantime, I need those young tech workers to keep driving up the price of houses in the Bay Area.
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Old 05-20-2015, 10:02 PM   #26
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I checked the prices on some of the units that are for sale there. It looks like the 1 bed/1 bath are pretty inexpensive but a large 3/2 was quite pricey. Not sure though how it would compare to a house just outside the community. I'll definitely have to check it out when I'm up that way. I'm assuming it's not gated and anyone can drive thru the community and check out the clubs and various other facilities?? Something to keep in the back of my mind in 15-20 yrs. Hopefully self driving cars will be commonplace by then and I won't need to worry about getting around. In the meantime, I need those young tech workers to keep driving up the price of houses in the Bay Area.
It is gated but the realtors in the nearby shopping center have open houses frequently and can get you inside the gate. If you look at a site like Redfin you can find the open houses.
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Old 11-09-2015, 01:39 PM   #27
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Hi,

I have just retired at 58. Have you had any issues with OBAMACARE. I have heard horror stories from others about it. My wife and I have been on the corporate high level plans for a number of years. Your thoughts would be appreciated.

Thanks,
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Old 11-09-2015, 01:43 PM   #28
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Thunder, your question is so broad I'm not sure what type of response you will get. It might be more informative if you went to the Health and Early Retirement Forum and read the threads there dealing with the ACA: Health and Early Retirement - Early Retirement & Financial Independence Community
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