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  • From: "Lynda" <lurine AT softcom.net>
  • To: <homestead AT lists.ibiblio.org>
  • Subject: Re: [Homestead] land prices!
  • Date: Mon, 7 Nov 2005 12:50:41 -0800

What we were seeing a few years ago was a lot of folks getting the "golden handshake" from companies in Southern Cal and companies like IBM. They are already retired, 5 to 10 years early. They sold those properties in So. Cal and the Silicon Valley for a half to a mill more than they paid for them. They moved to *real* Northern CA or Idaho or Washington (lots to Eastern WA) and have paid cash for land or houses. They still have money from the house sale plus their retirement plans plus they have become future double dippers.

We had several of them as neighbors before we sold on the coast. We have several of them as neighbors up here (one was an attorney for OC and her husband is now working as a teacher part-time). Contrary to popular fairytales, not all baby boomers are stupid. These folks know the bubble is going to burst and they are now debt free. They have a nice BIG savings account and owe nothing. Their house is paid for, their cars are paid for. They are working little nothing jobs for the local schools or city or county governments which is what pays for their day to day needs and the bank accounts and so forth and so on are sitting there until they need them.

There were also other houses that sold around us down on the coast and lots of places up here that were bought by baby boomers 10 or 20 or even 30 years ago as "summer" or "vacation" houses. A lot of them also have lease lots on the lake (Those folks will do the snowbird thing). Folks plan on selling the houses down where the big dollar jobs are and retiring to their houses up here which will already be paid off or they'll pay them off from the sale of their houses down there. I don't think there will be a big rush to buy houses in the nuclear waste land with the few trees planted along the highways to hide the clear cutting.

Lynda
----- Original Message ----- From: "Don Bowen" <don.bowen AT earthlink.net>



Forget the pensions. Companies are shedding pension plans as fast as they
can. They are also cutting health care for retires even faster. Many of
those boomers (who start retiring in 2007, not 2010) will be faced with no
health care and will have to put off retirement. Many others will see the
promised benefits evaporate in a merger or a business decision based
bankruptcy. Most have only a modest 401(k) as the average holdings are
around $17,000. For many the biggest asset is the house and for many of
those it is mortgaged to the hilt. So for many the sooner the baby boomers
parents die off the sooner they can retire.





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