The Courtyard at Village Court in Torrance...
I get a lot of inquiries about 55+ communities in the South Bay-Beach Cities. Many people are thinking about downsizing to a smaller home while others are looking for options for their parents. While we don’t have the number of options you can find in other parts of the country we do have 55+ communities.
55+ home prices are relatively affordable when compared to overall home prices in the South Bay-Beach Cities. Unfortunately they have gone up and are higher than many older adults would like to pay.Inventory varies greatly. Currently inventory is on the low side with 18 units for sale..
Prices run from $249,000 for a studio at the Gables in Torrance to $1,215,873.00 for a 2332 square foot unit in Sol Y Mar, a new 55+ community in Rancho Palos Verdes.The median asking price for a 55+ unit in the South Bay is $467,450 ( this includes 3 units on the MLS at Sol Y Mar priced over $900,000) .The median sold price is $397,500.
I am glad to see an upscale 55+ Community finally coming to the South Bay. I know many people who would like to see a few more 55+ communities hit the South Bay that provide larger units at a reasonable price. Not everyone wants to move to the Desert to find a nice 55+ community. There are a lot of folks who want to stay near the same place they have lived for many years. They have family, friends and doctors in the area and don’t want to move 3 hours away.
People who have owned their homes for many years often have a lot of equity.They don’t mind spending a bit extra to get a nice unit in the South Bay that meets their needs. We just don’t have many communities that fit the bill.
My sister lives in Colorado and they have a number of different options for folks over 55. Many of these communities offer different levels of living that allow someone to buy a 55+ unit for independent living and then transition to other parts of the complex as their needs change.
I’ve always found it strange that people living in the South Bay-Beach Cities believe they will never reach 50 , let alone 70 or 80 years old. I’ve never been sure what they think they will do when stairs are an issue and driving is no longer possible and/ or they can’t quite remember what day it is. I wonder where they plan on moving their parents or relatives who want something more manageable. It would be nice to see more 55+ options in the South Bay.