Where do you want to retire? Hint - You WILL buy a condo

downpayment

Money magazine's top 35 places to retire

http://money.cnn.com/galleries/2007/mon ... index.html

Notice how they are subtly pushing condos in these markets with it being the only kind of real estate mentioned in most of the entries.

Their entry for Seattle, a.k.a. Belltown condos (only 360K for a shoebox in a sardine can, I'm there, aren't you?? :roll: )

http://money.cnn.com/galleries/2007/mon ... ag/29.html

carlislematthew

There is a serious obsession these days with thinking that retirees will immediately sell their big house in the suburbs and move back into a downtown condo. Of course, some do, but I think it's a mistake to think that this is what retirees, in general, actually want. The studies I've seen say that retirees are more likely to retire in place, and either leave to some kind of assisted living, a relatives place, or a body bag. Sorry for the imagery there...

Take Belltown for example. I'm sure it's fun if you're 25-40 (or so), hanging out at the bars, walking to Pike Street market, etc. But Belltown is not exactly the safest place in the world. Can you imagine a bunch of old grannies wandering around late at night after hanging out at a bar?

deejayoh

It's a condo developer wet dream

The only study I have ever seen with empirical data on the topic says that the empty-nester-->urban condo scenario is a myth, and that urban flight of empty nesters vastly exceeds those that are moving back to the urban core.

(warning, 5mb PDF!)

Housing Trends Among Baby Boomers

Overall, when the tabulations in Figures 12A–17B and Tables 8–10 are viewed in combination, they indicate that on a national scale empty-nest retirement-age suburban homeowners are not flocking to urban areas in great numbers. In particular, over the last decade, in a given five-year period, the results indicate that only 2.1 percent of all empty-nest retirement-age suburban homeowners can be expected to move to an urban area. Moreover, this suburban-to-urban flow of homeowners represents just 5 percent of all retirement-age empty-nest homeowners located in central cities. In fact, when the urban-to-suburban flow of empty-nesters is taken into account, the net migration effect from the suburbs to urban area is –7.2 percent. That is, any return of empty-nesters to the urban core is not enough to stem the tide of urban-suburban flight

carlislematthew

deejayoh wrote:

It's a condo developer wet dream

The only study I have ever seen with empirical data on the topic says that the empty-nester-->urban condo scenario is a myth, and that urban flight of empty nesters vastly exceeds those that are moving back to the urban core.

(warning, 5mb PDF!)

Housing Trends Among Baby Boomers

show previous quotes

Overall, when the tabulations in Figures 12A–17B and Tables 8–10 are viewed in combination, they indicate that on a national scale empty-nest retirement-age suburban homeowners are not flocking to urban areas in great numbers. In particular, over the last decade, in a given five-year period, the results indicate that only 2.1 percent of all empty-nest retirement-age suburban homeowners can be expected to move to an urban area. Moreover, this suburban-to-urban flow of homeowners represents just 5 percent of all retirement-age empty-nest homeowners located in central cities. In fact, when the urban-to-suburban flow of empty-nesters is taken into account, the net migration effect from the suburbs to urban area is –7.2 percent. That is, any return of empty-nesters to the urban core is not enough to stem the tide of urban-suburban flight

But we have the Space Needle. I'm not sure how this "study" really applies.

Seriously though, the study mirrors my anecdotal experience. If anything, a lot of people live closer to the big city than they might actually like, purely because they work and that's where the jobs are. I would expect that there is a significant chunk of urban AND suburban people that would likely head out a little bit, because they can!

In this area, I'm thinking about places like Port Townsend, Hood Canal, Bellingham, Vancouver WA, Snoqualmie, etc. If you don't have to live near downtown Seattle for your job, you'll find a lot of people moving AWAY from urban areas. Surely there are more of these people, than there are old grannies wanting to throw a fish at Pike Place market.

rose-colored-coolaid

Further, how many of this 55-70 year old retiring set are likely to be involved in condos at all? Most are neither buyers nor sellers of condos, because they own a home that was in the 'burbs in 1970, and is now sprawled into a real city.

explorer

Maybe they would be interested in my old apartment I was converted out of. Not in Belltown, but Greenwood. They converted and readied for sale in one month. Ugly and high-maintenance tiile throughout, right across the street from a bar, Nothing to interfere with the other building coversion across the street, as the line of sight is no longer blocked by a big old tree. Summer can be noisy. The buiding across the street provides a fine acoustical magnifer and echo chamber, and passers-by sound like they are standing in your room!

Note that over half the other units are still in process. Wait, it may not be so unlike Belltown.

Paraphrased from the Brouchure: 1BD/1BA. Listed for $250K, top floor, Lots of Light! Inflated size of 673 sq ft. (Traditional measurment 455 sq ft.) Thin walls, thin floors for no additional charge. HOA not yet determined. Unsecured garage parking space in a neighboorhood of car prowlers. Trim still the original retro-70's classic simulated wood grain.

So even with the posted footage you are paying $351 sq. ft. and unknown HOA. What retired people could resist?

/sarcasm off

explorer

Also note that the rent before conversion was $825, not including utilities or W/S/G. Not that bad a rental actually, but a sucky condo.

Lake Hills Renter

As for where I want to retire, I haven't exactly figured that out yet. But I do know it will be in the mountains at least an hour drive from th nearest city. I imagine it will be somewhere here in Washington. Maybe out near Darrington or Marblemount.

SeattleMoose

I will retire away from the city. I only live in the city because of work. I would consider moving back to TX about 30 minutes outside of Austin. Or maybe Walla Walla....regardless it will NOT be dense living jammed in with smokers, heavey walkers, loud sex, late night partiers, Mr. balcony barbecue, and all the other crap you have to put up with when you live in a "hive". Not to mention HOA dues are not deductible and have become outrageous in the "nicer" developments.

Jay

A friend of mine was recently outed from an apartment conversion in Bellevue. In June they said you've got to leave by the end of Aug. In late Aug my friend asked if they could stay longer since the new place they had found was still being remodeled. They said, yeah, you can stay - it turns out the condo conversions aren't selling that well. I bet they'll be going back to apartments before too long.