This Palos Verdes Real Estate Market Report is a study of the effect by Supply and Demand on Palos Verdes Real Estate transactions.

Palos Verdes Real Estate Market Report Supply Demand

South Bay Real Estate Transactions

Palos Verdes Real Estate Market Report Conclusions for the month of …

For February 1, 2013

Each month in this Palos Verdes Real Estate market report, we observe changes, some for the better, some not. While this report is published monthly, I often will blog about real estate trends here on the Palos Verdes Peninsula and throughout the South Bay on the Palos Verdes Real Estate blog; please feel welcome to subscribe and/or read the posts.

The constant theme over the last few months … some indicators are pointing to positive changes and others negative changes. The other constant theme over the last few months is this, if you are a selling a property here in the South Bay, you must understand that to get your home sold, you need aggressive marketing by your agent with strong internet search engine knowledge, and you need to price your home right. This is very, very difficult to do and there are more chances to price your home wrong than right. It’s one reason why we see over 80% of the listings experience price drops.

The Palos Verdes real estate market report shows that we aren’t out of the woods yet; not by any means. However, there are some really interesting positive signs as evidenced by the tremendous drops in supply and increases in demand. If you want to see full size versions and updated charts sign up for my proprietary Palos Verdes real estate charts (there are many more charts than what are shown in this Palos Verdes Real Estate Market Report)

Note the breakdown of price support (weakness) but in the next couple of charts, note the significant improvement in supply/demand dynamics

THE BIG STORY for the

Palos Verdes real estate market report

SUPPLY IS WAY DOWN | DEMAND IS WAY UP!

If you’re like me, you’re sick and tired of real estate agents just making up stuff when you ask them “…how’s the market?…”

How about some REAL FACTS for a change? You will get that here.

Palos Verdes real estate Market reports should be objective and based on fact not opinion; therefore, you should benefit from looking at the facts as depicted in trend charts. WHAT ARE THE NUMBERS. Here’s a statement that might date me a bit, but like Sergeant Joe Friday used to say on the old TV show, Dragnet, “Just the facts Ma’am”

So what ARE the facts…. what should you be studying hard? Look at the Palos Verdes Estates Pending Volume changes. Are there more sales (demand) or less? Look at the new listing volume (supply). More or less?

So what really is driving a change in the unsold inventory index (this is the number of days of inventory remaining on the market at current rates of sales)? Is it because demand is changing more than supply or vica versa?

Palos Verdes Real Estate Market Report for all of the Peninsula

Look what has happened for example for … Supplies are up about 5.5% and demand up nearly 32%. For Palos Verdes Estates homes, supply is down 20%. And for the South Bay as a whole, supplies are down almost 16% while demand is up almost 22%! That’s incredible! What’s that tell you about the future potential for Palos Verdes homes and prices? Does that increase your confidence that prices will, at worst, be flat for a while if not even higher soon? It’s all about supply and demand folks; it’s not rocket science.

Let me know if you have questions about interpreting the data – I am here to help.

So what’s next? Will prices improve or not? There are folks much smarter than me that get predictions wrong frequently! So let’s be honest – any real estate broker or “expert” that says they can predict what the market is going to do, should immediately be dismissed. We don’t know … PERIOD. What I can tell you is that with over 30 years of experience, I’ve handled my clients’ best interests in all sorts of markets, from the Jimmy Carter 20% interest rate days, to the heady sellers’ markets of the late 80s to the ups and downs of just the last 8 years. And of course, you are welcome to read what my clients have about me

YOU CAN TRUST ME to tell you the truth – good, bad or neutral. You may or may not like what you hear from me and I will guarantee you that you will find plenty of Realtors that will tell you what you want to hear. But you WILL get the facts, the truth, undistorted so you can make decisions that ARE in YOUR best interests. You can be assured I will work hard to serve your interests before all others when you hire me.

As to market strength and weakness – real estate is no different than any other commodity. It is fueled by the ebb and flow of supply and demand. Just keep it simple. Supply and demand – new listing volume (supply), pending sale volume (demand). Focus on these numbers and that’s about the best we can do to understand market trends; where it is now, and maybe, just maybe, without predicting, get a “clue” as to what might happen in the short term. If you are reading this in a non-HTML format, go to this site to pull up the full South Bay Real Estate transaction report http://www.homeispalosverdes.com/palos-verdes-real-estate-market-report/

Please visit my website then click the link entitled “Trend charts for the South Bay & Palos Verdes“. It’s located in the “Seller and Buyer Tips” drop down menu and then the “Palos Verdes Homes Market Trends”. You won’t find this information anywhere else and you will learn the FACTS – not sales hype! I encourage you to also use my new “MLS Market Snapshot” (the green link near the top of the page) which, once you enter your address, will provide you supply/demand ratios for your property.

Keep in mind, every market has its ups and downs, every market “breathes” and you need to stay tuned and MAKE SURE TO SUBSCRIBE TO MY TREND CHART SERVICE TO MONITOR

Don’t forget to download your own real estate app for your smartphone! smartphone-app-to-search-for-real-estate

IF YOU ARE SELLING A HOME? Make sure to check in here monthly to view the changes in the Palos Verdes real estate market report. You’ve got to price your home at a level (use the free “What’s My House Worth” link below) that makes Buyers perceive they are being compensated for the perceived risk of buying a home that may drop somewhat in value in the near term. Remember, go to http://www.homeispalosverdes.com to gain access to these charts so that you can monitor over time.

Make sure to check in to this website again next month to monitor the changes, and see how the “news” affects the market. Regardless of what the media portrays, what are the facts? While at my site, take advantage of clicking the other links such as my Free Reports, or Free Search of homes for sale and sold, or benefit from your PERSONALIZED “Listing Informer” service or better yet, the new “MLS Market Snapshot” service whereby you can become informed of all the listings & SALES around your own property!

I have a new feature on my website for you to view the “distressed” properties (Palos Verdes Foreclosures & California Foreclosures); properties which have notices of default or notices of trustee sale or actual bank owned homes. Unlike other sites that “tease” you with descriptions; I provide you the actual addresses and picture. If any these properties interest you, call or email me and let’s discuss strategy for placing an offer. You will be able to play a brief video tutorial on how to benefit from this section of my website

Again, and not to belabor the point important as it is, another high tech feature just added is my “MLS Market Snapshot” personal service. Imagine having an interactive mapping program showing your home and then the sales and listings around it; a program that will show you the changes in prices over time, the differential between list and sale price and more including the ability to see details and pictures of the competitive listings and sale data and changes in the supply/demand ratios! It’s FANTASTIC! Look for the MLS Market Snapshot in the 4 Power Tools drop down menu.

As part of my customer service, you now have THREE WAYS to “SEARCH LIKE AN AGENT” using my website. Go to http://www.homeispalosverdes.com and use the 4 Power Tools section to get to this. Use the one best for your needs.

A free customer service I offer clients is access to the proprietary Altos Research Charts. You may view these for free (I pay a hefty subscription fee for these charts and I’m happy to share with you at no cost and of course with the home that will demonstrate by commitment to serving your interests). Go to my site and then use the drop down menu under the Seller and Buyer Tips.

Also, one of the latest innovations in marketing I’m bringing to the benefit of my selling clients is the Mobile ID service that provides Buyers information and pictures as they drive by your home (captures more buyers quickly to get your home sold faster and at a higher net price through more competition) AND specialized SEO Marketing Tactics each of which create more buyer interest in the property you’re selling so that it sells not only faster but for a higher net price to you. If you are reading this and the links are active, just go to my website www.homeispalosverdes.com and scroll down to the bottom under Articles and Links and click the Supply Demand Report you see in the list.

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Many Palos Verdes homes have either a great ocean view OR a great flat lot with lots of yard utility.

But remember, Palos Verdes is a hilly community and this is why for Palos Verdes homes it’s an “either or” thing. But, when you get both of these highly prized features, great ocean view AND great lot utility in any of the Palos Verdes homes, you discover that it’s rare and coveted by many, many buyers.

This home is not formally listed for sale, but the owner will sell. Large street frontage but with a low contemporary profile makes this one of the most interesting Palos Verdes homes available. Bedrooms and living areas are spacious; there is over 3700sqft of living space. The lot is nearly all 100% useable with over 14000sqft of land. Even the hilly part of this lot is only gently sloping making this of all Palos Verdes homes, one of the most useable lots I’ve seen in Rancho Palos Verdes. There’s an enormous flat lawned section and I can see the gently sloping section used for where you could build a pool or have gardens. I can’t emphasize enough how with Palos Verdes homes, the combination of view and lot utility is so exceeding rare.

To search for other Palos Verdes homes with ocean views use the map below

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Palos Verdes homes, at some point in time, will necessitate some degree of remodeling. Here are some tips for hiring a remodeling contractor

Tip #1: Does Your Contractor Have Proof of Insurance?
Ask the contractor to have his insurance company mail or fax a copy of his current contractor insurance card to you. If the contractor can’t do this – stay away. Why? If there is an accident at your Palos Verdes homes, you are then liable. This also applies to any sub-contractor or employee that the contractor may use – those individuals should have active insurance cards faxed or mailed to you as well.

Tip #2: Did You Check References and See Photos?
Ask for at least three references – with two of them being for the same type of project you are planning – and then call the references of Palos Verdes homes the contractor performed service for. Additionally, ask the contractor to provide photos of previous work, especially for the same type of project. If he produces lawn and garden photos and you’re planning a bathroom remodel, you may want to check out another contractor.

Tip #3: Does Your Contractor Take Debit or Credit Cards?
Besides your ability to earn a few points, bonus miles, or cash back on your project, a good sign that a contractor is financially savvy and has a bank behind his business is his ability to take debit and credit cards. This doesn’t just apply to big contracting companies. Many small, one-man shops will take cards if they have a good relationship with their business bank or credit union. I’ve seen more and more contractors servicing Palos Verdes homes even get something as simple as those bankcard swipe devices for their cell phones.

Tip #4: Manners and Appearance?
If the contractor drove his vehicle to your home to give you an estimate, take a look at the way he keeps the equipment and vehicle. Are things clean? Neatly arranged? If not – that’s a big warning. The way a contractor treats his tools is a direct connection to how he’ll treat your home. During the initial meeting, does the contractor present himself in a professional way? Do you feel comfortable around him or his employees? They will be working in your home after all.

Tips for owners of Palos Verdes homes looking to remodel

Tip #5: Clean Up Policy?
Ask about the clean-up policy. For example, if your Palos Verdes homes improvement is a multi-day project, will the contractor be cleaning up at the end of every day or will he leave the dust, wood chips, and other mess laying there for day #2? The more mess in your home – the more it gets tracked around. Many homeowners find themselves with mouths gaping wide after the contractor has left for the day and their floors and home are dirty and messy around the project area.

Tip #6: Will the Contractor Put It In Writing?
Is your contractor willing to put both his bid and the scope of work in writing? If not – walk away immediately. You’ll be surprised how many Palos Verdes homes owners have been duped by contractors who verbally tell you what’s included in their scope of work, but will then, in the middle of everything, require extra money to finish the remodel, thus holding you hostage with an uncompleted home project.

Tip #7: Availability?
Can the contractor get the job done in your timeline rather than his timeline? There’s nothing more frustrating than if a contractor tells you that a job will be done by a certain date and then it isn’t . On the flip side, if you can’t find a good contractor that’s willing to commit to your timeline, your expectations may be too high and you may need to adjust your timeline.

Tip #8: Does Your Contractor Use “Subs?”
Does your contractor plan on doing everything himself? Or will he “sub out” work to the “trades?” For example, if you are remodeling a bathroom, you may need a plumber, electrician, and carpenter. It’s okay if the contractor subs work out to these specific trades – it shows he wants the work done right. Remember Palos Verdes homes are a bit of a drive from the freeway and many subs will be driving a greater distance to get here compared to other homes in Southern California.

Also, it’s fair to say that you can expect your contractor to make money off the trades, or other sub-contractors, by marking up those quotes for the project. That is a standard practice to help the general contractor recover costs in the time it takes to manage the schedule. If you don’t want to spend the extra money on your contractor marking up the trade quotes, then you should prepare to project manage the remodel yourself, but know this may limit your options on contractors willing to work with you.

Tip #9: Quoting & Billing Procedure?
Ask the contractor about his quoting procedure. Will it contain general information, or will it be specific? For example – most contractors will charge you for a fuel surcharge, material up-charges, waste removal, labor, etc. Some will show you these exact costs in a line item invoice, but others roll it up into one big bill. How much detail do you want? You should clarify that with your contractor upfront.

Also – what is the payment or billing policy? Is money required upfront? If so, go back to #1 and #2 above to make sure you have the contractor’s references checked and have a copy of his contractor’s insurance.

Tip #10: Did Your Contractor Get the Permits?
Ask your contractor to take care of the permits. Although permits cost you money, the inspection process is meant to protect you from poor workmanship and to make sure that everything is being built to code. Remember, Rolling Hills Estates and Palos Verdes Estates are two cities in which Palos Verdes homes when sold, need a building report showing the record of permits over time. This must be disclosed to Buyers and in all Palos Verdes homes no matter the city, as a Seller, you will be required to complete a disclosure form indicating whether or not improvements made were done to code and/or with permits.

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For Sellers of Palos Verdes Homes, here are some tips to help you gauge offers

6 Tips for Choosing the Best Offer for Your Home

Buyers of Palos Verdes homes are smart, smart shoppers. Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers.

Selling your home will go a lot smoother if you think of it as a business transaction and don’t let emotions get in the way. Owners of Palos Verdes homes have worked hard to get homes ready for sale and to price it properly; and I’m sure you’re not an exception to this! With any luck, offers will come quickly. You’ll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here’s a plan for evaluating offers on Palos Verdes homes.

Ask lots of questions when evaluating offers on Palos Verdes homes

1. Understand the process
All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer. Before even listing Palos Verdes homes, I always provide my clients a copy of the California Association of Realtors “Residential Purchase Agreement and Joint Escrow Instructions” as well as copies of all the mandated disclosure forms required in the State of California. Make sure to ask your Realtor for all the documents before you list; read them – thoroughly. Get questions answered and get informed up front so you are prepared for when the offers come.

2. Set baselines
Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer. Milton Friedman once said “There’s no such thing as a free lunch” so it’s exceedingly difficult to get 100% of everything you want. Frankly any agent selling Palos Verdes homes that says otherwise is lying, telling you what you want to hear just to get you to sign the listing. Prioritize what’s most important to you. Start thinking of the answers to questions, like “If I can get more of ________, I could give on ________”. Negotiating from a position of strength means, in part, hiring that agent that can act as your buffer to maximize the “more of” and minimize the “give ons”. There are specific strategies to do just that when selling my clients Palos Verdes homes.

3. Create an offer review process
If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive. In today’s market, some owners of Palos Verdes homes purposefully underprice their home in order to create that super heated competitive market that bids their home up in price during the offer process. This process can be inherently confusing and hectic; planning for it with rules in place will help manage your stress and get you the best outcome. What rules best maximize results? That’s something we can talk about.

4. Don’t take offers personally
Many of my clients Palos Verdes homes and homes around the South Bay are living works of art. My clients have poured their souls into their homes. Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term
Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures—such as appliances, furniture, or window treatments—to be included in the sale that you plan to take with you? Is the amount of earnest money the buyer proposes to deposit toward the down payment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise. Have the buyers attached a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can’t get a mortgage, and they’ll take their earnest money back, too. Are you comfortable with that uncertainty? Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline? With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative
Buyers of Palos Verdes homes are very savvy and well informed about your home’s competition and past sales that are competitive to your home. If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

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What is the Absorption Rate for Palos Verdes homes competitive to yours? How about Days on Market (or is that as important)?

While you’d like to get the best price for your home, if yours is one of the Palos Verdes homes not selling, consider our six reasons to reduce your home price.

Five Feng Shui Concepts to Help Palos Verdes Homes Sell

To put the best face on Palos Verdes homes listings and appeal to buyers who follow feng shui principles, keep these tips in mind.

Tips for owners of Palos Verdes Homes

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There seems to be a thought pattern out there amongst buyers of Palos Verdes homes or homes in other affluent areas such as Manhattan Beach, that the loan process is a simple one; or at least one that can be navigated easily. Unfortunately, I’ve learned too many times, and yes, often from some of my own clients, that no matter how much I prepare and try to set reasonable expectations for them, they invariably self-sabotage their own interests thinking foolishly that their economic status puts them above the fray.

Fortunately, I have someone like Kent Kirkpatrick of American Capital on my team. Kent is one of the principles of a firm that is the largest mortgage banking company in Los Angeles County. Let’s learn from his experiences and make the process of buying one of the Palos Verdes homes a more efficient one – for your own good. And remember the 21st version of the Golden Rule… The man with the gold MAKES the rules. If you want the lender’s money, you MUST play by their rules! PERIOD!

I am often asked by clients to describe some of the difficulties that we run into as mortgage professionals due to the current lending environment. While there are hundreds of examples of tough issues or problems that come up in transactions these days… I think describing a some of the more challenging deals in detail could be a good way to relay some of the issues that we face…

Last June a client called and wanted to be pre qualified to purchase a townhome which was a short pay ( seller negotiates with bank to pay less than actual loan amount off due to value being below sale price). I explained the difference between being pre qualified and being pre approved ( pre-qualified is a conversation over the phone where the loan professional asks numerous questions regarding the borrower’s finances and then obtains a credit report and then runs qualification tests to ensure that if all the paperwork matches the verbal information, then the borrower will be able to obtain loan approval. Pre Approval is filling out the loan application, forms and submitting them with personal financials ( two years tax returns, paystubs, two months bank statements) and then getting an actual credit loan approval from the underwriter). I further explained to the client that in short pay deals, typically the seller must close in less than 30 days from agreement. In order to be able to do this, the borrower should be pre approved due to the amount of time it takes to get a complete loan file together and then approved and then fund.

This client did the pre-qualification upon which I told him that he had very complicated financials and that he needed to get a pre-approval or it would be very difficult to close on time. The client did not follow through. The short pay approval came through in September and the lender wanted to fund in 30 days. We started all the paperwork with the borrower only to find out that there was a small second loan that refused to go along with the short pay until they did more research. So after getting an almost complete file, the borrower stopped submitting* … which we begged him not to do… had he continued to complete the file we could have obtained the pre-approval and been in a great position to close the escrow quickly. On December 15th the final approval came and the parties ( without consulting us) decided on a Dec 30th close date. We told them not possible due to borrower not being ready and the deal almost fell apart. The new close date would be Jan 15th… which we also said would be very difficult due to borrower financial set up and time of year. The borrower then took three weeks to get all the necessary documentation into us. We pulled numerous favors to rush it through the system only to find out the borrower claimed a large loss in one of his corporations that basically wiped out most of his income. After five days of creative underwriting and meetings, we were able to approve the file. The file funded and the deal closed. Had the borrower completed his loan application months back, he would have avoided a tremendous amount of hardship for him and all other parties in the transaction.

The pre-qualification versus per approval can also be a very tough part of what we do. When I talk to a client, one of the first things I do is to talk about these two processes and what they mean, why they are important. Most good listings these days have several, if not more, offers when they come out. The listing agent is going to look to the strongest overall offer… it is not just the price, but also about the closing time and the borrowers’ ability to obtain financing. If they come in with a pre-approval from a strong lender with a good reputation, that can make all the difference in getting the offer accepted. Too many questions are left up in the air with a pre-approval to be confident in today’s environment for most listing agents. Too many times their deal has gone south due to the pre-qualification either not being done correctly by the loan officer or the borrower not giving accurate information to the loan officer.

We had a transaction just last month where the borrower was buying a four unit investment property. She made an offer using a pre-approval letter from Chase bank. The offer was accepted and the deal went into escrow. Two weeks into the transaction the agent called me to tell me that the lender was not issuing an approval fast enough and they needed my help. I had the borrower get me a complete loan file and we looked through it. The Buyer’s financial profile was made complicated due to her owning multiple properties and the way in which the income was reported. Chase then denied the loan. We met with our head underwriter and were able to approve the file using a freddie mac approval with higher debt to income ratios… it took a week to work through but we got it done and were actually .125% in rate less on a 30 year fixed than what Chase had quoted her.

Another deal we recently worked on was a borrower who was quoted a lower rate at their bank’s private bank division. Three weeks into a 30 day escrow we got a call from the borrower to say that he had mistakenly compared our 30 year fixed quote to their ten year fixed adjustable and he did not want that adjustable loan. They were unable to get him a 30 year fixed rate that was competitive. The problem for us and him was that he needed to close in one week. I explained to the listing agent what had happened and asked for a one week extension which was granted and we closed the file in two total weeks.

The last example ( and again, there are too many to mention here….) is similar to the first in that the borrowers never completed their loan application prior to entering escrow… in this case, the borrowers were making numerous low offers over the course of one year…. They were recently married and both owned their own business. When they finally found the home they had to have they ended up offering more than another borrower due to their qualification being a pre-qual instead of a pre-approval… so when the listing agent said he was thinking of taking the other offer because that buyer had been pre approved… our client had to go up in price for them to take the risk on them… once the offer was accepted the borrower submitted their personal financial documentation and it showed that the husband had three companies with all different lengths of time in business and wildly fluctuating incomes for each one… which was not even close to what we were told during the pre-qualification… a mortgage lending nightmare…. After having to request an amazing amount of documentation and working a tremendous number of hours with our staff in a very short period of time, we were able to obtain loan approval and fund the loan. The borrowers however were exhausted and stressed out… none of which was necessary**

I hope these examples of difficult lending transactions are helpful and that if you are looking to purchase a property you plan ahead and work with the right people in obtaining real estate or mortgage advice.

Some quick suggestions for Palos Verdes homes buyers and lessons to learn for sellers ~

*Many buyers of homes in affluent areas such as that for Palos Verdes homes believe their strong financial profiles exempt them from the microscopic, intrusive, and repeated reviews by lenders; quite the contrary, for the financial complicates of high net worth individuals, the under writing process can be even more grueling. Put on your big boy pants clients; swallow your pride and just keep your eye on the prize – closing escrow on the house you want. Remember, you want the lender’s money, comply with what they request of you.

**The more information you can provide your mortgage banker UP FRONT the better off you are. Yes, it’s a pain. Yes, it’s a hassle. But not doing it will only cause more pain later. A good guideline on the information you will need to provide can be found here.

It’s certainly not my goal here to offend buyers of Palos Verdes homes. My intent is to inform and make the process as easy as possible, as stress free as possible. If you believe, like I do, to front load difficult processes so that you have time to adjust without the stress of a “tomorrow” deadline, we can work well together. Ignoring the lessons that Kent writes about above, only makes the entire Palos Verdes homes buying process a needless hyperstressful situation that could have easily been avoided.

For more information on searching for Palos Verdes homes use the map function below. And if you’re looking to find the value of various Palos Verdes homes, visit my home page and roll your mouse over the “What’s My Home Worth”. While the computer algorithms there can not replace a Realtor’s “eyes on” analysis, they can certainly give you a frame work.

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Palos Verdes homes like all homes around the South Bay, are subject to property taxes so this information is important to you. You have been sent a mailer from the County of Los Angeles providing you information on a proposed “Clean Water, Clean Beaches Measure”. Did you read it? Whether you own one of the many Palos Verdes homes or South Bay real estate, this measure affects what’s left over after paying the many taxes we already pay. The measure’s intent is to improve water quality and clean storm-water and urban runoff. (For more information on this Measure you can go to: http://www.lacountycleanwater.org/) You may discover that you are in favor of this new proposed tax on Palos Verdes homes and South Bay real estate or you may not. But at least get informed so you can make an informed decision. Here’s an overly simplistic video that was put out by proponents of the measure This mailer is actually a precursor to a ballot election in 2013 with a direct fiscal impact on your Palos Verdes Homes property taxes! If the ballot measure passes, you may see a property tax assessment which, according to county officials, averages $54 per year for a typical residence. However, the assessment can vary according to your property and the amount is determined based on an assessment formula which takes “Impermeable” square footage into account. “Impermeable” may mean things like buildings, concrete, asphalt, or materials that prevent storm-water from seeping directly into the ground.

What is the voting process for this to take into effect for Palos Verdes homes?

Three steps must occur:

1. NOTICE TO PROPERTY OWNERS which includes a protest form for property owners to oppose. (This was the mailer.) The deadline to submit your protest is: January 15, 2013.
2. PUBLIC HEARING ON JANUARY 15, 2013. If a majority (50% plus one) of property owners returns the protest forms by this date, the County may not proceed with this election.
3. ELECTION. If passed, it would appear on 2014-2015 property tax bills.

If you have any questions on the specifics of the Measure itself, please call (800) 218-0018 or email: water.info@dpw.lacounty.gov or visit www.lacountycleanwater.org for more information. I am also providing you a link to Don Knabe’s website which will give you information and links to be able to download a copy of your mailer, if needed. Don Knabe’s informational link: http://knabe.com/2012/12/04/all-county-residents-should-have-say-on-clean-water-clean-beaches-measure/#.UMY6hYP7KSo If you support this measure or otherwise do not want to file a protest, there is no need for you to take further action. Remember, your protest form must be received by January 15, 2013. I looked at my property tax bill and personally, $54 isn’t going to have that big of an effect on me. On the other hand, there are a couple of things on the tax bill for Palos Verdes homes that seem wasteful. Wouldn’t be nice if we could file “protest forms” on a lot of other taxes we paid and benefit by having a 50% +1 over ride?

Looking to own one of the many Palos Verdes homes now for sale

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