Looking to Retire in L.A. (Los Angeles, San Diego: condos, loan, townhomes)

[JAMES67]

Hi All

I will be retiring in few months and considering several places. I am divorced, single with no kids, 60 years young. Have spent most of my working years in San Francisco, and although I like it here, I crave the warmer climate of Southern California and the many things to do for singles that the area has to offer. Other areas as possiblities are to remain put and stay here, ..Seattle, Las Vegas, San Diego and a couple other places. I have friends and family at these locations and are very familiar with these areas. Los Angeles on the other hand, although I have been there on several occasions on business its the place that I am least familiar as far as housing etc. Thought about visiting and exploring it more, but with my busy schedule its impossible at this time. My housing budget for a down payment will be around 410k and a monthly budget after taxes will be around 4900 for housing, food, entertainment, general living expenses etc. Folks that are really familiar with L.A. and the greater metro area, what areas, lifestyle, etc. can be had there with my finanacial situation. Thanks in Advance.

Jim

[thelopez2]

You could buy an $800,000 place about anywhere it might be a condo if you want to live across the street from the beach or have an ocean view. Your question is way to broad. With only a few month left of employment, your source of income for buying and obtaining a loan will differ from most people.

[JAMES67]

Originally Posted by thelopez2

You could buy an $800,000 place about anywhere it might be a condo if you want to live across the street from the beach or have an ocean view. Your question is way to broad. With only a few month left of employment, your source of income for buying and obtaining a loan will differ from most people.

Thanks for the info, yeah my income will be going down to 4900 a month after taxes..so will be looking to what will make financial sense to make an informed decision. A condo next to the beach sounds marvelous

[disgruntled la native]

Originally Posted by thelopez2

You could buy an $800,000 place about anywhere it might be a condo if you want to live across the street from the beach or have an ocean view. Your question is way to broad. With only a few month left of employment, your source of income for buying and obtaining a loan will differ from most people.

Not sure 800k is going to get a condo by the beach or with an ocean view. But surely he'll be able to get a nice condo in a nice area for that much.

[MordinSolus]

You could get a nice condo near the beach in Santa Monica and live comfortably on your budget if that's what you're interested in. You could also try Pasadena. It would be cheaper but it's still a nice area with a lot to offer and it seems to me like it would be a nice place to retire to since it's walkable(as is Santa Monica for the most part) and has lots of great little shops and restaurants.

[thelopez2]

Originally Posted by disgruntled la native

Not sure 800k is going to get a condo by the beach or with an ocean view. But surely he'll be able to get a nice condo in a nice area for that much.

Redondo Beach easily, but I guess it depends on if you define Redondo. Away from the beach, with a view is 1Mil for for a small SFR. Condo are even cheaper. Still technically LA County. It is just an example, not a recommendation. It really depends on what the OP is looking for.

[disgruntled la native]

I was thinking more of central or northern LA county, but I guess the South Bay is more affordable.

[nmnita]

you can live and enjoy life on that income but there are so many other places that are a little less pricey on your list: San Diego for one. It might just be enough cheaper to mean a much nicer condo or whatever. Of course one thing to keep in mind, which I am sure you have thought about: condos can have very high fees, thus the $$ doesn't go nearly as far. BTW, I second the thought of Pasadena as well. There are some awesome condos in the city and I love Pasadena. Of course you give up the beach if you move that far inland.

[JohnG72]

Hi sir,

Belmont Shores would have what you are looking for.

Also there is currently a unit on PCH in Huntington Beach with a full ocean view. Might be out of your price range...it's $700k+ with $500 HOA. There's townhomes near there in the mid $600's also with $500 HOA's. These are 3 blocks or less from the ocean and nearby HB's Central Park is really nice and expansive. It's also a mile or so walk from the pier and downtown part of HB.

You could also look into Sunset Beach and Seal Beach. The advantage of OC is that traffic is lighter than South Bay and Westside, and in general it's less expensive to either buy or rent.

If you want a nice lower costing coastal area, San Clemente is pretty nice.

[infinitekid]

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