The Boomer condo opprotunity

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My folks are planning to begin spending ~6 months per year in LA.

I’ve therefore been looking into suitable rentals and condos.

My parents are among the oldest Boomers. Like many of their generation, they’ve accumulated a decent amount of wealth through hard work and frugal living.

Now, they want to spend time in LA. They’re not looking for anything super-expensive. They mostly value security, walkability, access to culture (good movies, book stores, etc.), and, for lack of a better word, authenticity.

If you think about it, there actually aren’t too many neighborhoods in LA that qualify. Some, like Hollywood, DTLA and Venice, are walkable but not that safe. And others, like Beverly Hills, Larchmont and Santa Monica, are walkable and safe, but feel a bit like outdoor shopping malls.

It turns out that the best neighborhood for my folks is Los Feliz.

In looking around there, though, the options for rentals and condos are pretty limited. The existing stock of condos and rentals is pretty small. And the ones that exist are mostly sub-optimal for security-conscious Boomers (few doorman buildings, few elevators, substandard parking, etc.)

And that presents an interesting business opportunity.

I’m willing to bet that, like my parents, other retiring Boomers with money to spend will gravitate to Los Feliz. Someone is going to make a lot of money building condo buildings there to service this demand.

Maybe it will be me!

 

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