More on Retirement Facilities

My wife and I continue to help a friend with her selection of a retirement home. Although she is physically well she has had several bouts with cancer, and a minor stroke has robbed her of some cognitive ability.

Jean and I have had experience with helping others, we find there are more alternatives than ever.

This time we visited the Pacific Regent La Jolla, a luxury high-rise with what we found were very reasonable rates.

The Regent has only “independent living” – no medical assistance of any kind, although some residents employ their own assistant.

The facilities were first-rate. The HOA fees were about $2,000 a month for one person, $2,400 for two. Meals are extra and bought in blocks of 5, 15, or 30. A block of 30 costs $390.

There is a buy-in, but it is most reasonable, and recently reduced to reflect the real estate market. There appear to be perhaps 20 floors, and the higher the floors the higher the buy-in because the better the view. We saw three, two-bedroom condos with different buy-ins. The first was $395,000.

The other two offered interesting buy-in options. With a zero life estate, which basically means you have no real estate interest in the condo and upon the death the condo reverts to the Regent, one was $115, 000 and one was $135,000. Both of those condos also offered a 50% fee simple holding of $135,000 and $185,000 which basically means that upon vacancy the owners estate can make 50% of the new value received upon a new sale.

That leaves interested parties with a lot of options. My only editorial comment is that I could live in any of the condos I saw, and I think Jean and I could be happy at the Regent. Whether it fits our friend is strictly up to her. All of the ‘normal” condos are about 1,200 s.f. – although there are a few “double condos.”

An interesting situation.

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