Transcript:

Ades: Hi, I’m Brian Ades. Welcome back to prime time. Today we are continuing our interview with the executive vice president of Southerbees international real-estate Alan Long.

Ades: Whens a good time for people to start thinking about downsizing and getting a smaller home.

Long: Well certainly health is going to play an issue in it. If they’re in a 3 or 4 story home and there is suddenly just one or two people and climbing stairs is a problem they might want to look into the concept of buying a one story home and maybe being somewhere where they only have 3 or 4 rooms to manage because also the upkeep is another potential problem for them too.

Ades: Los Angeles is one of the first city’s that has a lot of single story homes. Are there neighborhoods that you can identify that are good target areas for people that are downsizing?

Long: I’d say any of the older neighborhoods where we’ve got some of the bungalow’s from the 20’s. Certainly that would be a good area to look, somewhere around Melrose might be a good time. Also, any neighborhoods that were developed around the mid of the century near the 50’s and the 60’s because they will have a lot of one story mid-century modern houses also and walkable neighborhoods.

Ades: What are some of the things they should look at before putting their property on the market?

Long: Well first of all they have to determine where they are going. I think that’s a number one aspect. I think one of the greatest problems for an older person is really not knowing where they’re going and that great uncertainty makes them very hesitant about putting their property on the market and they they’re not a very realistic seller either.

Ades: So what you’re really talking about is having a solid plan.

Long: Correct.

Ades: And that might not just come from the individual, the seller. The family and friends may be involved. We as family members may need to keep an eye on those around us and if we see behavioral changes then it may be time to help them make those decisions.

Long: Definitely. And also I would think that a lot of the maintenance that normally their parents would be taking care of if they find they are no longer taking care of that maintenance it may be a good indication that perhaps they have outgrown their home.

Ades: What kind of maintenance items should people be looking for among loved ones that might be indicators were approaching a time where this conversation should come up.

Long: Well, probably things that normally got done if they’re no longer being done at the same level they were that would probably be the first indication. Even when it comes just to housekeeping, if the housekeeping seems to be not quite as tight as it was one could assume that perhaps they are not seeing what they were seeing before.

Ades: We’re not following our parent’s footsteps. We’re not retiring to Florida, were not retiring to Arizona, a lot of people are retiring to big cities. Tell me a little about the vibrancy of the city and why Los Angeles is becoming such a destination for retirees.

Long: Well I think a lot of the services that we have here certainly help. We’ve got amazing healthcare, we have a lot of different doctors of all different degrees and we have public transportation that will take them to these places. And of course the cultural events and restaurant’s. And California as a whole. And a lot of their friends are still here so I think that gives them also a certain sense of contentment knowing that they’re surrounded by friends. And the weather of course, no humidity helps quite a bit. All those things probably help drive those decisions. Thank you very much for this afternoon and this interview and it has been my pleasure.