Home Prices Jump in the South Bay

California housing market defies tight inventory as sales and median price propel higher

– Existing, single-family home sales totaled 427,630 in August on a seasonally adjusted annualized rate, up 1.5 percent from July and 1.3 percent from August 2016.
– August’s statewide median home price was $565,330, up 2.9 percent from July and 7.2 percent from August 2016.
– At the regional level, the San Francisco Bay Area, Inland Empire, and Los Angeles metro area all registered year-to-year sales increases of 6.5 percent, 8.2 percent, and 4.4 percent, respectively.
http://www.car.org/aboutus/mediacenter/newsreleases/2017releases/aug2017sales 

“While August’s strong housing market performance is encouraging, it’s really a tale of two markets. Despite sales growth across all segments of the market, lower-priced homes are particularly inventory constrained, which leads to weaker sales growth, faster rising prices, and fierce competition for the few homes that are listed,” said C.A.R. President Geoff McIntosh. “These homes are selling faster than historically and for top dollar, adversely impacting entry-level buyers who are already struggling to afford to buy their very first home.”

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Town Hall Meeting Torrance: Here Ye! Here Ye!

 

ABC7’s Eyewitness News, Programming and Public Affairs Departments will be at the Torrance-South Bay YMCA on Wednesday, September 20, 6:00-8:00pm to meet with community leaders and residents.

The goal is to hear from you about local issues and stories that affect your community. Information will be available on how to access the television station for news stories, promoting non-profit events and job opportunities.

Space is limited, so please RSVP with ABC7 at meeting@abc7.com or call 818.863.7238. Refreshments & Registration: 6:00-6:30pm, Meeting: 6:30-8:00pm. Torrance-South Bay YMCA, 2900 W Sepulveda Blvd., Torrance, 310.325.5885,

www.ymcaLA.org/tsb.

 

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Come Celebrate Torrance HS 100 Year Celebration

The paint is still drying in some spots around campus. Getting ready for the first day of school and the big celebration happening.

Torrance High celebrates 100 Years!

School starts Thursday.

Friday starts the party as the Tartars football team seek a victory over the visiting Culver City Lancers.  Players from all eras are invited back home.

The party continues on campus on Saturday at 10 am, with food trucks, Torrance Bakery and other local businesses hosting.

7pm and its concert time with Concert of the Century.
David Pack founder of Ambrosia and his Tartar pal Fred Beato will put on a show starting at 7pm.

More information can be found at the website:
http://www.torrancehighcentennial.com/ 

You will get the opportunity to see every little bit of campus, from the Home Economics building and the Colonnade down to the Annex if you go to all of the exhibits. Make sure you have your walking shoes on!


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South Bay’s Got Talent

Are you the next South Bay Superstar? Share your talents with all of the South Bay for the top prize. Audition request deadline is Monday, August 7, 2017, with auditions on August 21 and 22, 2017 (by appointment).

For questions or other inquiries regarding the South Bay’s Got Talent event, please email: contest@torrancearts.org.

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Public Hearing Proposed Apartment Complex on NE corner of Crenshaw and Lomita

This could be a huge traffic increaser along Crenshaw and Lomita Blvd.

Reminder – Public Hearing Tomorrow Mon, night Proposed Apt Complex on NE corner of Crenshaw and Lomita
Reminder –

What: Public Hearing RE: Proposed 220 Apartment Complex on NE Corner of Lomita and Crenshaw

When: Monday, August 14, 2017, at 6:30 PM

Where: Lomita City Hall, 24300 Narbonne Ave

Please try to attend or/and send an email or write to the Ctiy of Lomita RE: this proposed Project.

 

The City of Lomita Planning Commission is holding a public hearing tomorrow, Monday, August 14, 2017, at 6:30 PM at Lomita City Hall, 24300 Narbonne Ave RE: the proposed 220-unit apartment complex which will be on the NE corner of Lomita and Crenshaw. This would be kitty corner from Crossroads Shopping Center, (where Home Depot is located), behind the Shell Gas Station and also on the lot where A-1 Coast Rentals is now located.

Lomita City staff is recommending changing the project area from the current commercial and industrial zoning to high density residential.

Lomita Planning Commission Agenda:

#6. GENERAL PLAN AMENDMENT NO. 2017-01; ZONE TEXT AMENDMENT NO. 2017-01; ZONE CHANGE NO. 2017-01; SITE PLAN REVIEW NO. 1187; AND DEVELOPMENT AGREEMENT NO. 2017-01 –

A request for an amendment to the City of Lomita General Plan Land Use Map and Land Use Designations from Commercial and Industrial to High Density Residential; and an amendment to the City’s Zoning Map from C-G and M-C, to create a new Specific Plan referred to as the 24000 Crenshaw Blvd Specific Plan.

The Specific Plan is for the property located at 24000 Crenshaw Blvd., Lomita and more specifically as Assessor Parcel Numbers (APNs) 7374-011-032, 7374-011-034, 7374-011-037, 7374-011-039, 7374-011-041, and 7374-011-036.

In conjunction with the GPA, ZTA, ZC and DA, the project also includes a Site Plan Review to permit the construction of a new 220 unit, five-story, multi-family residential development with 409 parking spaces (including one level of subterranean parking).

The Project includes a Final Environmental Impact Report which will also be considered.
APPLICANT: The Picerne Group, 5000 Birch St. East Tower Ste: 600, Newport Beach, CA 92660 (the “Applicant”)
RECOMMENDATION: Adopt Resolutions Recommending City Council Approval and Certification of the Environmental Impact Report

PRESENTED BY: Principal Planner Alicia Velasco

More info:
URL to the City of Lomita Planning Commission Agenda for the public hearing http://www.lomita.com/cityhall/government/pzbs/pcMeetings/ar_2017-08-14.pdf

 http://www.dailybreeze.com/business/20170729/residents-alarmed-over-large-apartment-building-plan-for-lomitas-border-with-torrance

 

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“Hidden” Costs of Homeownership

After your tax write offs it is worth the deed. Add in pride of ownership and homeownership is a must have.

However, be aware of the costs that come with homeownership.

  • U.S. homeowners can expect to spend $9,080 per year in hidden costs related to owning and maintaining a home, according to a new analysis from Zillow and Thumbtack, or $757 per month on top of a monthly mortgage payment.
  • The typical U.S. homeowner pays $2,110 per year in property taxes, $2,953 in utility costs and $996 in insurance costs – all unavoidable expenses associated with homeownership.
  • “Optional” but popular homeownership costs including landscaping, cleaning and maintenance can add an additional $3,021 to the typical U.S. homeowner’s annual costs.
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Football in SoCal This Summer

One of the cool experiences in Southern California is watching our college and pro football players start their Summer Camp.

USC and UCLA are both starting up.

While The San Diego, I mean Los Angeles Chargers are in practice in Costa Mesa.At
Jack Hammett Sports Complex
2760 Fairview Rd, Costa Mesa, California 92626
More Information here
http://www.chargers.com/schedule/training-camp-schedule

The Rams are in Irvine for their dog days of Summer Sessions.
http://www.therams.com/ramscamp.html


And the Cowboys are in Oxnard again.
http://www.dallascowboys.com/trainingcamp

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A Beach in Torrance?


Are you familiar with “Rat Beach”?  Not too many people, including some Torrance residents are aware of Torrance Beach, but it’s true. Torrance beach runs from the southern tip of Redondo Beach, south to Malaga Cove.

Right After Torrance (RAT) Beach is located along southern Santa Monica Bay in Torrance, California, situated on the city’s border with neighboring Palos Verdes Estates in Los Angeles County.  The beach is a popular local surf, windsurfing, diving and spear fishing spot. The world famous giant kelp forests just off the coast offer great diving as well as spear fishing. The uncrowded beach attracts windsurfers and surfers, although the beach’s waves are not normally very big. https://en.wikipedia.org/wiki/RAT_Beach 

This is a beautiful section of beach, with wonderful single family homes, Torrance condos and apartments overlooking the beach and the Pacific. (“Rat Beach” meaning: Right after Torrance, or Redondo and Torrance Beach).  Its peaceful, quiet and has plenty of parking.

RAT Beach, located on the southernmost section of Torrance Beach, is a quiet stretch of sand that’s popular with surfers and divers alike. It’s usually not very crowded, and it can be quite beautiful with the towering Palos Verdes cliffs on one side and the urban sprawl of Torrance and Redondo on the other. 

All in all, it’s just a quaint spot that’s ideal for fishing, low-key beach getaways or a quick surf session. But given its idyllic nature, what’s with the unflattering name? Who put the “RAT” in RAT Beach?

Well it might come as a surprise, but that’s something that South Bay locals have been debating for years, and nobody can seem to agree on anything concrete. The short answer: No one knows for certain when the beach earned the name, but according to the Los Angeles County Department of Beaches and Harbors and lifeguard captain Mike Inscore, the most widely accepted answer is that RAT is an acronym for “right after Torrance. http://www.oursouthbay.com/r-a-t-beach/” 

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What to Look for in a 1031 Exchange

1031 tax exchange properties have very specific requirements attached to them and this article will focus upon what to look for when searching for 1031 tax exchange properties.

To give a little background on the IRS and what it considers a 1031 able exchange. Consider the various ownership methods:

  • land held for investment
  • land held for business
  • land held for personal residence
  • land held primarily for sale

For a property to qualify for as a tax exchange property, it must fall into one of the first two categories. The land must either be held for business purposes or land which is held for investment purposes.

This quickly eliminates your personal residence as a potential property which you can use as a 1031. The other category is land held primarily for sale.

If you are someone who buys houses and sells them quickly (flips property), this falls in the category of land held primarily for sale.

You should know the type of properties which are tax exchange properties and this is also important in knowing what type of properties you are not able to exchange for. They must fall under the same two categories explained above and these properties are known as like-kind properties.

To give further clarification consider a sold farm, you often will have your personal residence as well as farmland. Your real estate can potentially fall under two different classifications then as you have farmland for business purposes as well as a personal residence.

Whenever you are looking at 1031 exchange properties, make sure to get qualified professionals to help you with this. This is crucial as you can be penalized if you do not abide by the rules.

Then once you have sold you are property, you have 45 days to find a property which you exchange for the one which you have sold.  In other words the race is on!

You also only have 180 days from the sale of your property in which to close on the sale of these properties. 1031 exchange properties can be more than one property that you trade for another property.

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Navy / Fleet Week in San Pedro

2017 Promo for Fleet Week

LA Fleet Week® is a free public event celebrating our U.S. armed forces at our nation’s #1 port, the Port of Los Angeles. A new Labor Day tradition in Los Angeles, the event welcomes active military ships and personnel to the LA Waterfront, and features public ship tours, military equipment demonstrations, live entertainment, educational activities and more.
Fleet Week from Los Angeles California..Start of the tour of the USS Abraham Lincoln begins with about a 2 1/2 hour wait as the line makes it way to the buses that transport visitors to the aircraft carrier.
Very well run, very smooth and somewhat exciting thinking about boarding an aircraft carrier.

2016 Fleet Week Promo

Originally posted 2011
After driving around the hill in Palos Verdes to catch a glimpse of the old lighthouse and to see Donald Trumps new golf course where Marineland used to be, I decided to go visit San Pedro and go onto some of the navy ships that are visiting San Pedro for ‘Navy Week’.

What a great idea and great success it turned out to be.  Thousands of people came and went onto the ships to see our great battleships and our first line of defense. It took hours to get here for those who are not lucky enough to live in the South Bay.  Even with the frustrated delays, it was worth every minute we all had to wait. And now they have decided to continue the celebration this weekend, so you still have time to view these great ships.

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