CA home owners with million dollar equities should cash out

[lilly]

A measly 3 bed 2 bath 1250 sqft house in LA sold for $800K in 2008.  Now, it is worth $1.8 million.  That's a $1 million equity/gain/profit.  Why don't CA home owners with million dollar equities cash out and sell, and move to cheaper areas?  Maybe even retire?  Are they staying put for their jobs?  I would just quit my job, retire, and find a beach, if my house had $1 million in equity!

[theking]

A measley 3 bed 2 bath 1250 sqft house in LA sold for $800K in 2008.  Now, it is worth $1.8 million.  That's a $1 million equity/gain/profit.  Why don't CA home owners with million dollar equities cash out and sell, and move to cheaper areas?  Maybe even retire?  Are they staying put for their jobs?  I would just quit my job, retire, and find a beach, if my house had $1 million in equity!

Depends on the individual as reasons vary..could be they just like their neighborhood and the amenities that comes with it. Personally, I would rather live in an area that's higher cost with the amenities I want than "cheaper areas" that don't.

[lilly]

Cheaper areas do not automatically equate to cheaper amenities or a lower quality of life.  It could mean an area that has similar amenities but the cost of living is much less.

[theking]

To some it does especially those that have lived in both areas which is why they rather pay higher just for the amenities they want i.e., year round mild weather, low crime, entertainment outlets, etc.

[lilly]

I guess.  But to me, I just think it makes more sense to cash out and retire.  Why keep paying for a mortgage (if there is still a mortgage) when there is such a high equity.  I wouldn't want to do 9-5 anymore.  I'd retire and go live on a beach, and do other things more meaningful.  But again, that's me.

[theking]

True, everyone has their reason(s) and I'm sure many have done what you just described.

[hmgROCK]

A measley 3 bed 2 bath 1250 sqft house in LA sold for $800K in 2008.  Now, it is worth $1.8 million.  That's a $1 million equity/gain/profit.  Why don't CA home owners with million dollar equities cash out and sell, and move to cheaper areas?  Maybe even retire?  Are they staying put for their jobs?  I would just quit my job, retire, and find a beach, if my house had $1 million in equity!

that white man's game
that i've been preaching about since the beginning of time

[Dok_Champa]

YES Lilly and bring the  million dollar right here to the midwest and live in a mansion.

[YAX]

In California, you're within distance of:
1. Ocean
2. Lakes
3. Mountains
4. Valleys
5. Desert
6. Casinos (Las Vegas, Reno, Local casinos).
7. Innovations
8. Farming.
 and nice weather plus..
... Lot of things going on that you won't find elsewhere.

[YAX]

You forgot to mention the best worst air quality in the country.

Yeah, that too. 

[hmgROCK]

In California, you're within distance of:
1. Ocean
2. Lakes
3. Mountains
4. Valleys
5. Desert
6. Casinos (Las Vegas, Reno, Local casinos).
7. Innovations
8. Farming.
 and nice weather plus..
... Lot of things going on that you won't find elsewhere.

Dude

I was fishing with my relatives in California
We spent all day looking for fish
It suck ball

There was hardly any fish

When we manage to land a fish
He was sooooo happy
Yes... one fish

There ton of fish here

[YAX]

Dude

I was fishing with my relatives in California
We spent all day looking for fish
It suck ball

There was hardly any fish

When we manage to land a fish
He was sooooo happy
Yes... one fish

There ton of fish here

Like everything else, it's seasonal.  You should try fishing during the mackerel runs.  It's crazy fishing.  I like to fish in the bay, although I don't keep them.  Lots of leopard sharks, stripers and rays.  Other than ocean fishing, you'll find mostly largemouths in the lakes.  Some places do well with crappies and stripers, but largemouths are what everyone likes to fish for.  It's true, lakes aren't as abundant as MN or WI.

[YAX]

I don't know if you're being sarcastic or not but they shouldn't bring their million dollar to the midwest or anywhere else for that matter. Their money will drive up the cost of living for the locals who will then complain that their minimum wage can't afford them bread and butter who will soon be living in ghetto when the wealthier transplants starts gentrifying neighborhoods. Personally, the best thing they can do is invest their money or equity or whatever it is that rich people do. But what do I know...

but their money is already invested in the home and it's doing good, don't you agree?

[hmgROCK]

but their money is already invested in the home and it's doing good, don't you agree?

Yax

When us low income midwest come to California
And see your $4-5/ gallon gas price
And expensive food

It hurts the wallet

[Cali Guy]

One of the main reasons why I’m staying put. You can’t manufacture this place anywhere else in the world even though I can work from home any where in the world. The weather hasn’t been particularly nice the last two summers but usually we have year round 60-80s local weathers. The picture above is of a school from here and not that it’s like that locally everywhere but at least my children grow up with people who who look similar to them. If they choose to stay, they’ll still have a place here where they were born.