Forget retreating the suburbs. These days, Southern California’s wealthy retirees are staying put in the city.
More and more older property buyers are downsizing from million-dollar estates to smaller but equally expensive townhouses and condos, the Los Angeles Times reported.
These units often often span more than 3,000 square feet and offer features like heated bathroom floors, automated lights, tall ceilings, private garages, controlled-access elevators and 24-hour lobbies. They allow aging homeowners to live the luxury lifestyle on a smaller scale, without the hassles that come with tending a yard.
“Anyone could live in these [condos and townhouses], but they’re very functional for someone who’s elderly,” said Alison Whitaker, a certified senior real estate specialist with Sotheby’s International Realty.
“They’re assuming this is going to be their last stop, so they’re thinking about accessibility,” she said.
Among those making the move is Jane Fonda, who bought a Century City townhome for $5.45 million earlier this month. Her new digs span a whopping 5,730 square feet and her neighbors include Bob Newhart. [LAT] — Cathaleen Chen