Brookside Village Condos For Sale in South Redondo

Real Estate in South Redondo's most affordable community

Benefits of Home Ownership – Great Reasons to Own a Home

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Owning a home has so many benefits that it’s hard to argue against the merits.  While every owner has different reasons and some are moreBrookside Village condos in Redondo Beach important to one homeowner than another, there’s no lack of great reasons….

Here are just some of the benefits:

  • Happiness.  While some investors might think this is frivolous, you simply can’t understate how important this is.  The feeling of owning your hown home is unlike anything else people own.  It’s yours and it’s simply not the same thing as renting.  You can fix it up, you can spend your time gardening or mowing the lawn, you can fix it up….knowing that….it’s yours.
  • Tax Savings:   Home ownership has long been a goal for buyers and the government alike.  The government rewards homeowners by providing excellent tax benefits.  Interest paid on your mortgage and other home related expenses can often be deducted, there are huge capital gains tax exemptions when you sell (primary residence) and more
  • Appreciation:  Home values have a welll documented history of going up over time.  While there may be temporary dips in the market, there’s no question that home values go up in the long term.  The increase becomes equity you can benefit from when you refinance or sell.
  • Equity:  Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes towards the principal balance on your loan….meaning each month you own a little bit more outright.  This builds your equity and acts as a savings or retirement account.  When the home value goes up the equity accrues even faster.
  • Education:  Research shos that children of homeowners earn higher test scores and graduate at a higher percentage than those of renters.
  • Community Ties:  People who own rather than rent stay in their homes 4 times longer according to statistics.  This provide and opportuntiy to get to know you neighbors and connect with you neighborhood and local community.

Props 58 and 193 Transferring Property Tax Base Between Family Members

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Reassessment Exclusion for Property Transfer

NO LIMIT IS PLACED ON THE ASSESSED VALUE OF A PRINCIPAL RESIDENCE THAT MAY BE EXCLUDED FROM REASSESSMENT

Collectively, these propositions make it easier to keep property “in the family.” In general, Proposition 58 states that real property transfers, from parent to child or child to parent, may be excluded from reassessment, meaning that property taxes will remain at the current amounts and not step up to the amounts that would be determined by the homes current value. Proposition 193 expands this tax relief to include transfers from grandparents to grandchildren. In both cases, a claim must be filed within three years of the date of transfer to receive the full benefit of the exclusion.Props 58 and 193 are constitutional initiatives that provide property tax relief for real property transfers between parents and children, and from grandparents to grandchildren.

Requirements and Guidelines for Propositions 58 and 193

  1. The principal place of residence must have been granted a Homeowners’ Exemption or Disabled Veterans’ Exemption before the transfer. This residence need not be the new principal residence of the person that acquired the property.
  2. No limit is placed on the assessed value of a principal residence that may be excluded from the reassessment.
  3. In addition to tax relief on the principal residence, you may claim an exclusion on transfers of other real property with an assessed value of up to $1,000,000.00
  4. The $1,000,000.00 exclusion applies separately to each eligible transferor. A $2,000,000.00 limit applies to community real property of an eligible married couple.
  5. Transfers by sale, gift or inheritance qualify for the exclusion.
  6. Transfers between parents and children as individuals, from grandparents to grandchildren as individuals, between joint tenants, from trusts to individuals, or from individuals to trusts may qualify for the exclusion. Transfers from grandchildren to grandparents are not eligible for this tax relief.
  7. Transfers of ownership interests in legal entities, aside from most trusts, do not qualify for the exclusion.
  8. A claim must be filed within 3 years after the date of purchase or transfer for which the claim is filed or prior to transfer to a third party, whichever is earlier, or within 6 months after the mailing of the notice of supplemental or escape assessment, issued as a result of the transfer for which claim is filed. Untimely filed claims are subject to certain conditions, i.e., the property must not have transferred or resold to a third party and the claim will only apply to future tax years.
  9. If reassessment of your property occurs before the approval and processing of your timely filed claim, the reassessment may be reversed. In these situations, a corrected tax bill and/or a refund will proceed.

(Proposition 58) Transfer between Parent and Child Eligibility Requirements:

    1. The real property must be owned by the eligible transferor who is the grandparent.
    2. You must be a grandchild whose parents qualify as the deceased children of the grandparents as of the date of transfer, and you must be the decedent’s child.
    3. You must complete a Claim for Reassessment Exclusion for Transfer from Grandparent to Grandchild form for a gift or purchase of real property from grandparent to grandchild.

(Proposition 193) Transfer from Grandparent to Grandchild Eligibility Requirements:

  1. The real property must be owned by the eligible transferor who is either the parent or child.
  2. You must be a parent or child. A child may be a son, daughter, son-in-law, daughter-in-law, stepchild, or child adopted before the age of 18.
  3. Spouses of eligible children are also eligible until divorce or, if terminated by death, until the remarriage of the surviving spouse, stepparent or parent-in-law.
  4. You must complete a Claim for Reassessment Exclusion for Transfer between Parent and Child form for a gift of purchase of real property between parent and child.

How do You File for Proposition 58/193 Tax Relief?

Claim forms are available from several sources.
Online Forms are available at the Assessor’s website www.assessor.lacounty.gov
Phone: Call 213.893.1239

What form do I need?

Claim for Reassessment Exclusion for Transfer Between Parent and Child (OWN-88)

Historic Home for sale at 1323 Cota in Old Torrance CA

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1323 Cota, Torrance CA 90501Historic homes in Old Torrance

**Update**Please note that this is an older post and this home is no longer for sale.  Click here to search the current homes for sale in Old Torrance.

  • $899,000
  • 3 bedroom, 1 1/2 bath
  • Huge 10,500+ foot lot
  • 1,944 Sq Feet

This California Craftsman Executive Home is a magnificent, rare find. Built in 1914 on huge R2 lot near Nativity Church & Triangle Park, one of the most desirable parts of Historic Old Torrance. This 2 story home has fabulous bones & incredibly retains all its Historic charm. The large front porch that tracks the entire width of the house is perfect for sitting on pleasant evenings. Original front door enters into a large living room with large fireplace. The office features the original built-in desk, a coat closet and is accessed through the original pocket doors. The formal dining room has a grand built-in hutch/buffet & wainscoting. A sunny breakfast room is connected to both the dining room & kitchen. The circular downstairs floor plan is great for entertaining with a separate area for the original staircase that wraps through the center of the house. Upstairs are two large bedrooms & another smaller 3rd bedroom. There are 2 separate two car garages in the rear off the alley. Two additional storage rooms are connected to the first garage. Huge 75′ x 140′ lot (10,500 sqft) has endless possibilities including another one story house (Check with City of Torrance Building Dept). Title & Records Search indicate that this house was once owned by Jarred Sidney Torrance. Truly one of Old Torrance’s best properties & a Once-in-a-Lifetime Opportunity to own a piece of local History. To appreciate this house and its craftsmanship you must see it yourself.  Contact listing agent Keith Kyle with Vista Sotheby’s International for more information or for a private showing.  310.251.2344

Historic craftsman homes in Old Torrance Historic craftsman homes in Old Torrance Historic craftsman homes in Old Torrance Historic craftsman homes in Old Torrance Historic craftsman homes in Old Torrance Historic homes in Old Torrance

New Home for Sale in North Torrance – 4171 17nd St

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4171 W 172nd, Torrance CANorth Torrance homes for sale 90504

**Update**Please note that this is an older post and this home is no longer for sale.  Click here to search the current homes for sale in North Torrance.

Welcome home! This home is as charming on the inside as it is on the outside. From the wonderful curb appeal and the great location, to the upgrades and enhancements, 4171 w 172nd Street in Torrance has it all. Drive up the tree lined street and pull up to a beautifully landscaped front yard and shaded front porch in a friendly neighborhood atmosphere. From the moment you enter you’ll notice the open and bright interior with a flexible floorplan to fit every lifestyle. This home boasts many impressive features, including a large open living and dining room with recessed lighting, hardwood floors, and sliders to the backyard and patio. The remodeled and spacious kitchen offers new granite counters, stainless steel appliances, ample cabinet space, roomy pantry, in kitchen breakfast area and opens to the living/dining areas. Two bright and beauitiful bedrooms sit off the front side of the home and share a beautifully remodeled full bathroom. The master bedroom addition is a spacious retreat with sliding doors to the backyard and private patio. The master suite offers walk-in closets, recessed lighting, a large master bath with tiled flooring, a beautiful shower and dual sinks. Enjoy the great year round weather in the landscaped grass back yard filled with flowers, fruit trees, and is ready for entertaining in the spacious patio area.

  • 4171 172nd Street, Torrance
  • Priced at $735,000
  • 3 bedrooms, 2 bathrooms
  • 1,375 square feet
  • remodeled throughout
  • Grassy front and rear yards

The property located in a great neighborhood of Torrance with easy access to shopping, dining, freeways, the beach and a short distance to the South Bay Galleria.

   

For more information call/text us at 310.251.2344 or email at keith@keithkylehomes.com. We would be happy to set up a tour of the home.

 

November 2017 Home Sales in Torrance – South Bay Sales

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November 2017 was a solid month for home sales in Torrance, CA.  There were 127 homes, townhomes, condos and multi unit propertiesNorth Torrance homes for sale 90504 sold  in the month at a median home price of $675,000 which was a 6.9% increase from the same month a year earlier.

11 of the sales in Torrance in November were homes in the neighborhood of Old Torrance with a median home price of $650,000.

The lowest price of the month was $265,000 for a one bedroom condo with the highest priced sale of the month being $1,550,000 for a 4 bedroom single family home in South Torrance.

To see the sold homes in Torrance CA visit our recent home sales page.

City Homes Sold November 2017 Median November 2016 Median Year over Year % Change%
Carson 58 $495,000 $455,000 8.8%
El Segundo homes 19 $875,000 $925,000 -5.4%
Gardena 43 $545,000 $490,000 11.2%
Harbor City 17 $510,000 $415,000 23%
Hawthorne real estate 50 $578,000 $540,000 6.9%
Hermosa Beach homes 21 $1,414,000 $2,038,000 -30.6%
Lawndale homes 21 $404,000 $411,000 23%
Lomita 17 $575,000 $580,000 -.9%
Long Beach 322 $525,000 $475,000 10.5%
Manhattan Beach homes 28 $2,875,000 $2,250,000 27.8%
Marina Del Rey 35 $979,000 $1,150,000 -14.9%
Palos Verdes Estates 30 $1,600,000 $1,825,000 -12.3%
Playa Del Rey 16 $665,000 $635,000 4.8%
Rancho Palos Verdes 47 $1,265,000 $1,250,000 1.2%
Redondo Beach homes 72 $1,105,000 $878,000 25.8%
San Pedro 69 $530000 $588,000 -9.8%
Torrance homes 127 $675,000 $632,000 6.9%
Westchester 38 $1,089,000 $1,050,000 3.7%

Torrance CA Home Sales for October 2017

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October 2017 was a big month for home sales in Torrance with 127 closed sales.  Median home prices through all of Torrance CA was $675,000 which was slightly under 7% gain over October 2016.  The Torrance market has been extremely busy with prices continuing to rise.

City Homes Sold October 2017 Median October 2016 Median Year over Year % Change%
Carson 58 $495,000 $455,000 8.8%
El Segundo 19 $875,000 $925,000 -5.4%
Gardena 43 $545,000 $490,000 11.2%
Harbor City 17 $510,000 $4145,000 23%
Hawthorne 50 $578,000 $540,000 6.9%
Hermosa Beach 21 $1,414,000 $2,038,000 -30.6%
Lawndale 21 $505,000 $411,000 23%
Lomita 17 $575,000 $580,000 -.9%
Long Beach 322 $525,000 $475,000 10.5%
Manhattan Beach 28 $2,875,000 $2,250,000 27.8%
Marina Del Rey 25 $979,000 $1,150,000 14.9%
Palos Verdes Estates 30 $1,600,000 $1,825,000 -12.3%
Play Del Rey 16 $665,000 $635,000 4.8%
Rancho Palos Verdes 47 $1,265,000 $1,250,000 1.2%
Redondo Beach 72 $1,105,000 $878,000 25.8%
San Pedro 69 $530,000 $588,000 -9.8%
Torrance 127 $675,000 $632,000 6.9%
Westchester 38 $1,089,000 $1,050,000 3.7%