I'd say that, based on your climate (LA) being mostly warm, you should be fine with just a bike. Just make sure that you don't want to ever carry more than you can strap to your bike, or visit anyone during the winter months.
On the plus side though, my friend's bike gets something crazy like 60MpG and the insurance is a ton cheaper. So if you can deal with those issues, it seems the financially intelligent thing to do at least.
You might want to pull an insurance estimate on that double-r before you go selling any cars. My buddy, perfect driving record, looked into insuring one...$1700+ a year. If you're ridden before, 1000 is perfectly understandable. If you're new to motorcycling, a 600 might suite you better and will be much cheaper insurance-wise. I'll be back on 2 wheels once my car's paid off. I would love a 1000, but if insurance rates are that rediculous, i'll look into a GSXR 750 perhaps.