Five years ago, San Diego County had the second-highest number of people over 70 years old in Southern California (Riverside is higher), but other areas have many more. There are counties in Florida with over 25%!
Maybe those boomer liquidations might occur later than expected?
Thanks daytrip:Link to Article
There is little incentive to liquidate. The eight ball is very murky. I’d bet a lot of those 70+Yo homeowners are actually multiple homeowners. Conversely they likely have 40+yo children who have to live somewhere so those houses may not even come on market. Besides we both know that 70 is the new 55.
Agreed, and with higher prices/equity the capital-gain taxes are higher too. Nobody wants to pay Uncle Sam and instead are happy to leave to their heirs tax-free.
Current homeowners are figuring it out, and for those who don’t want to leave town or downsize (go backwards), it’s hard to make sense now between the increased prices/rates/taxes:
Prop 13 is really hard to let go of. It amounts to giving a virtual steep discount to the buyer, since it’s the seller eating it tax benefit-wise, long term. Buying a lateral property in the allotted time is a real white knuckle proposal.
One idiot broker can screw things up, and leave you standing on the side of the road with your dead, limp Prop 13 in your hand, and a comical look on your face. In the rain. With buzzards above your head. A pack of feral dogs, circling. Tornado sirens ringing in your ear. And your ex-wife text messaging you.
Get good help, is what I say.
“Besides we both know that 70 is the new 55.”
I’m gonna bet against that one. Too much binge boozing, cocaine, and unprotected sex in the boomer’s heyday. Lookit all the boomer celebs dying early from heart, brain issues, or cancer.
There’s tons of stuff via unprotected sex, just cruising around boomer’s bloodstream, waiting for their immune system to weaken enough, then it starts partying. There’s many other ways to senility besides Alzheimer’s. Boomer’s are going to show us the ways. Ticking time bombs galore in Boomerville.
Before anyone says “Keith Richards,” that fellow is an outlier. People who make deals with Satan are statistical noise for our purposes. Ignore those guys.
I spoke with a seller recently who had fallen in love with a discount broker. She was single, and her gain was $500,000+ so she had a six-figure tax obligation coming her way.
I asked if the discount broker had brought that up, and she said, “No, that’s the first I’d heard of it”.
Jack Nicholson and Ozzy Osbourne are still breathing….. 😆
John Hopkins study:
Not only is conventional health care not working, it is killing us too!
“Jack Nicholson and Ozzy Osbourne are still breathing….. ?”
Has anyone checked lately?!
Old Jack is still “rolling around”, attending a Rolling Stones concert: https://www.thesun.ie/tvandshowbiz/2573393/hollywood-legend-and-rolling-stones-superfan-jack-nicholson-expected-to-watch-mick-jagger-and-pals-play-dublins-croke-park/
And it seems Ozzy has given up drinking and just did a concert in Russia: https://www.theguardian.com/lifeandstyle/2018/may/26/ozzy-osbourne-my-problem-really-is-i-dont-remember-im-70-hes-69
Looking at the pics, Ozzie has had so many face peels, it’s hard to figure out his deal, but Jack ain’t gonna be around much longer. The edema in his hands is a bad sign for a guy his age. His heart probably has the pumping power of a five year old.
Prob with long term boozers and drug users, especially if they do both, when they have a big medical challenge, they don’t tend to rally. Their core reserve is like a house of cards. They tend to curl up and die. Just watch. Lots more boomers are gonna be dropping like flies soon enough. They just need a little extra stress.