Dawn and Gary Banker loved living in their floating home in Portland, Ore. Surrounded by two dozen houses on a residential pier in the Columbia River, they would step onto their deck and take in the views of Hayden Island as the water lapped at their porch.
But each winter, the couple, who are retired scientists, wilted under the city’s ever-gray skies. And they missed their two adult children, who lived nearly 1,000 miles away, in Los Angeles. Around a decade ago, the Bankers began spending more time there to be with family and escape the cold.
“As time went by, that month kind of became six weeks, became two months,” said Mr. Banker, 77. Finally, last year, they rented a one-bedroom apartment in the east side neighborhood of Echo Park. But “it never really occurred to us that we might move.”
Out of curiosity, the Bankers began casually visiting open houses in the area. At first, they considered buying a second home, but quickly realized they couldn’t afford it.
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“It was a little bit terrifying, especially seeing things close in a few days for $100,000 or $200,000 more” than the asking price, said Ms. Banker, 70. But earlier this year, when a friend expressed interest in the floating house, the Bankers took it as a sign and decided to sell.
After the parties reached an agreement for the house and the slip on the river, settling at $737,000, the Los Angeles hunt kicked into high gear. To be close to their children, as well as to shopping and restaurants, their goal was to stay on the city’s east side.
“When you think of Los Angeles, most people think, ‘Oh, highways and traffic,’ but it has these darling neighborhoods,” Ms. Banker said. The couple, both bird-watchers, were also drawn to the area for its parks.
They wanted an open, light-filled space with a good kitchen (they love to cook), some outdoor space with room for a garden, and a guest room for out-of-state friends. Extra space for their hobbies — bookbinding and ceramics — would be a bonus. Combining the proceeds from the house sale, their savings and a loan, the Bankers amassed a budget of around $1.7 million.
A friend from Portland put them in touch with his sister, Maura Barraza, an agent with Pinnacle Estate Properties. When she met the Bankers, Ms. Barraza thought, “Oh, no, they’re in for a huge shock.”
Properties were moving fast, and there was low inventory, she said: “The market was very strong.”
Among their options:
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