not sure. But where I live its cheaper.
My 2 bed co-op was 62K and monthly maint is 209.
Does sound kinda spendy to me. Mortage payments on 125000 are round 1200 dollars a month, so i asuming your unit is paid for. A lot of us in "Sqeeking by on Retirement" dont have 125000 tucked away. and beside if you wait a little longer the prices will probable drop on those condos considering our economy.
I'm renting in California now but I'm considering retiring to the midwest, because you can get a decent house for under 40,000 And it will be paid off by the time I retire. Hense only property taxes and NO HOAs.
Hell I'm moving toward moving into my 26' camping trailer and follow the clouds....
I could never pay 125K for a place to live no matter how pleasant. It sounds like a nice place and probably worth the money but one has to have the money to take advantage. I live in a mobile home park in a midwest small town. Not fancy but the price is right. The home is paid for and I pay $115 a month for rental, no water or sewer bill. Don't use a lot of electricity or gas, not a bad way for me to live.
"Cheap" is a relative term.
'Squeeking by?' Wow, if I had that kind of money, I'd be thinking I was living pretty darned good!
Sad thing is 4yrs ago I bought my co-op for 62,000. Monthly maintenance was 176.
Now the same model is going for 39,000 and our maintenance has gone up each year. Its now 209.
Like everyplace else,to sell now,expect to take a lose. Good thing I'm not planning to move.
When I moved here I had a good job,that's gone,so I'm living on widows benefits. Yup,squeaking by.
I got top dollar for my condo when I sold it and paid top dollar for this house and the house lost money but not as much as the condo did - does that make sense?? I am not planning on moving either. I just dread those high HOA fees though. And every condo has them...
Not a good idea in today's economic climate to tie your retirement to a "resort" that may go bankrupt. And if all this guy has is their social security checks and a $400/month pension, then that resort had better be providing all utilities and a good contract that restricts maintenance fee increases. Plus, I read recently that several "golf communities" in Florida and Nevada are in the process of going belly-up, leaving buyers in the hole.
I'm staying put. House is old and creaky, needs a new paint job, and I'll have to replace the bathroom floor and 50 year old toilet soon; but it is paid for and I can heat about half of it with a wood stove (and all sorts of out-of-work guys will now give me a great deal on firewood).
