Trading equity for some serenity

[papau]

http://www.latimes.com/classified/realestate/news/la-re-cashout21nov21,1,7055249.story
Trading equity for some serenity
A hot market is enabling middle-aged sellers to buy into a slice of paradise where work is optional.
By Jennifer Lisle
Special to The Times

November 21, 2004



When Karen Cameron bought her 2,100-square-foot Camarillo tract house for $280,000 in 1988, she didn't know it would help her semi-retire within 16 years. But at age 47, Cameron and her partner, Chuck Downs, also 47, were able to sell the house for $605,000 and are building a custom home on 10 acres in Bend, Ore.

Although Cameron says they will both eventually pursue some sort of part-time employment, the former human resources comptroller is now happily not working and enjoying the lifestyle change. Downs, a former graphic artist, plans to finish the house and then pursue his work as a mixed-media artist.

"Life is short," Cameron said, "and you spend all these years saving and saving, and then who knows if you get the chance to enjoy it."

In yet another twist on the benefits of homeownership, a growing number of longtime homeowners are cashing out of their Los Angeles-area homes and using the equity to retire early or partially, or to enhance their retirement plans in less expensive areas.

"People are not necessarily waiting to retire, and retirement doesn't mean not working. They are looking around at the housing market, and with Social Security being unsure, they are realizing in their late 40s and early 50s that it can be easier to pay off the house and move to a less expensive area," said Karen Krasner, a Coldwell Banker agent in Ventura. "Any home that will sell in the $500,000 range can be used to help retire if you're going to places like Texas, Oregon, Washington and Montana."<snip>

[classof56]

1. Bend, Oregon! Hey, that's where I live!

Or close by, anyhow. An absolutely gorgeous part of Oregon (the Cascade mountain view is really hard to beat), with a great lifestyle and minimal traffic. It's little wonder folks want to settle here (I actually moved from another part of Oregon--it's all beautiful of course!), but there are lots of ex-Californians moving up here for just the reasons stated in this article. Proof positive that Oregon no longer stops 'em at the border. A joke!

Thanks for sending this article. I'm retired, I love where I live, and if Bushie doesn't snatch away my social security, I'll continue to enjoy the serenity of being in one of the best places I know about. Plus when things really hit the fan (as I'm sure they will, given his "mandate"), we're really not that far from Canada. I have my passport ready!

[papau]

2. Great - nice to hear about a good situation!

:-)

[grasswire]

4. it isn't gorgeous...

...it isn't beautiful, and the weather is awful. (Whassa matta wit you?)

[grasswire]

3. Damn! Damn!

I hope you consider the other side of this story.

What is it?

Consider the fact that Oregonians have seen their housing costs skyrocket because Californians have screwed up their own state and fled north. The effects of California housing profits unleashed on Oregon are just awful.

I'm getting fairly intolerant of this. Can't do anything about it. But I hope those of you who woohoo at this consider how we Oregonians feel. You shoulda taken better care of your own state.