[quote=flu][quote=spdrun]Good. A lot of overpaid ex-cops who retired before 50 at $100k+/yr will have to eat rice and beans. Problem?
Guess they’ll find out how the other half lives.[/quote]
100k is middle class. In high cost areas of SD, LA, BayArea, I would even argue if that’s middle of middle class.[/quote]
First of all, only the cops at the top of the “food chain” are currently receiving anywhere close to ~$100K per year in monthly pension payments. A $100K pension is the exception, not the rule in public pension payouts … at least among former city/county employees.
Below is a good example of a SoCal area where a lot of former “street cops” (and teachers, city/county workers and firemen, etc) are likely now “comfortably `retired.'” I saved this list of six SFR listings located in a popular East LA community back on 2/1/16 and re-checked them all last night. I thought for sure they would mostly be sold by now, albeit for 10-20% under asking price (except for the last one situated on >1/3 AC). All are smallish older homes which are very conveniently located (by LA standards). However, NONE have sold as of today, NONE appear to be “distress sales” and a couple of them have been languishing on the market for +/- one year. Four of them have had price reductions and all the sellers seem to be “hanging on.” The SFR inventory all over LA county has been very, very low for more than a year so this tells me that the few listings that are out there are in “strong hands,” as flu mentioned earlier on this thread. I have no doubt that three (or more) of these listings were originally purchased for <$20K by the current seller or their parent or grandparent. It is obvious to me that these sellers are just "testing the market" and will rent the property out if they can't get their price (or leave it on the market forever cuz it doesn't cost them anything to do so). The first two are in the attendance area of Eagle Rock HS which is a very good school but these asking prices are extremely high, IMO, for non-historic homes located in a predominately “working class” area:
On the market 387 days now with at least one price reduction and does not appear to a distress sale (SS):
It’s going to be interesting so see what these listings eventually sell for OR if they get taken off the market. I’m going to leave them in my “saved list” and check on them at the end of every month.
