Helpful Financial Information on COVID-19

A woman sits in a chair with her head in her hands. There are boxes all around her. She is exhausted and frustrated iwth moving.

Dealing with the challenges of COVID-19.

We are a few weeks into the stay at home order in California while we deal with COVID-19. As we continue to adjust to this new reality and stay healthy, I wanted to update you on some accommodations that have been made locally and statewide to help people during this stay-at-home order:

Income Taxes, Property Taxes, 1031 Exchanges

    1. 2019 tax deadline has been postponed until July 15, 2020.
    2. Both 1st and 2nd quarterly estimated tax deadlines have been extended until July 15, 2020.
    3. The Real ID deadline has been postponed until October 1, 2021.
    4. LA County property taxes were due April 10th however if you pay late, any late fees and penalties can be waived if you request it.
    5. 1031 Exchanges have been granted extensions.

Property Tax Deadlines

Statement from Keith Knox, Treasurer and Tax Collector on COVID-19 and April 10 Property Tax Deadline
“I understand that this is a very stressful time, especially for those suffering direct effects from this public health crisis, and my office is committed to helping in any way we can.  Los Angeles County property owners affected by the COVID-19 virus may have late penalties cancelled if they are unable to pay their property taxes by the April 10 deadline.

We have no authority to extend the April 10 deadline, as outlined by State Law.  However, beginning on April 11, the day after property taxes are due, people unable to pay on time for reasons related to COVID-19 may submit a request for penalty cancellation online. The department has set up a special team to process these requests for those who demonstrate they were affected by the outbreak.

We encourage all property owners who can pay their taxes on time to do so. This revenue helps keep the government running and providing vital services that the public relies on, especially in times like these.

Since County buildings are currently closed to the public during this emergency, there will be no in-person payments. Instead, taxpayers can pay online, via telephone or by mail. There is no cost for e-Check payments online.  For online credit/debit card transactions, our card payment processor charges a 2.25 percent service fee.

Taxpayers can also visit https://ttc.lacounty.gov/, to review payment methods and several other online self-service options.  Taxpayers may also call (213) 974-2111 for additional information”.

 

1031 Exchange Deadlines

If an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15.

  

Insurance – Quick Tip for Landlords

Photo of an insurance policy for a landlord.

Getting the proper insuranc is crucial when you own rental property.

When renting a property, it’s important to know what type of insurance should be put in place. If you were living in a home and then decided to move out and rent it, make sure that you change your homeowner’s policy to a landlord’s policy. It makes a big difference when it comes to liability. But what about your tenant? What type of insurance should your tenant carry? There is renter’s insurance which will cover the tenant’s personal property in case of damage. This is a smart move for a tenant. I know this first hand when years ago, my NYC apartment was broken into and I didn’t have renter’s insurance. It’s possible your renter’s insurance policy will even cover your personal belongings that are stolen from your car. So I highly recommend to any renter to get a renter’s policy. However, can a landlord require it?

Renter’s Insurance Cannot Be Required

In fact, a landlord or an HOA cannot require a tenant to carry renter’s insurance to cover the loss of his or her personal property. In reality, it is not that the landlord doesn’t have the right to require it, but the landlord is not the beneficiary. Because California courts have ruled that the failure of the tenant to carry renter’s insurance is not a material breach of the lease, it is assumed that the requirement to procure the insurance policy is no longer enforceable in California.

Liability Insurance is Another Story

However, a landlord or an HOA can require renter’s liability insurance as is addressed in paragraph 29 of the California Assoc. of Realtor’s (CAR’s) Residential Lease Agreement. A landlord may additionally want to request to be listed as an “Additional Interest” on that policy so that he or she will be notified if the liability policy lapses or is cancelled. Don’t confuse this with the term “Additional Insured” which is for someone who lives with the tenant and wants to be covered under the same policy. It’s important to note that if a landlord is named on the policy, it would preclude him or her from being able to make a claim against the liability coverage which is not what the landlord is looking for.

As a landlord you should think about your own insurance coverage as well as the potential liability the tenant may incur that could be insured BEFORE renting out your property.

Photo of an insurance policy for a landlord.

Getting the proper insurance for you and your tenant is crucial when you own rental property.

Amy Cimetta, Realtor, 20 Years in South Bay

A Local Realtor, A South Bay Resident: Get to Know Amy

June 27th marked 20 years since I moved to the South bay from the east coast. It should have marked 20 years and 1 day, however my original flight scheduled for June 26th was canceled due to bad weather, and I was forced to reclaim my 3 army-sized duffel bags and 4 oversized suitcases (clearly airlines didn’t charge for baggage back then), and spend the night with my parents so I could turn around and do it all over again in the morning. Not much for superstitions – I think not walking under a ladder is just plain old good sense – I chose not to recognize the bad-weather delay as a sign that I shouldn’t move to California. In retrospect, I think it may have been a sign that I shouldn’t have moved in with my boyfriend, but that’s a topic for a different blog. No, I forged ahead on my cross-country move with high hopes, my MBA, and a Thomas Guide (remember them?).

My transition to the beach life was smooth sailing. (Not literally – I don’t sail and I have an illogical fear of sharks.) But I was already an avid volleyball player and sun worshipper. (Now I can’t wear enough sunscreen.) I enjoy the small town vibe and running into friends wherever I go. I worked in the entertainment industry for years in sales & marketing positions. Then 12 years ago, I earned my real estate license just in time for the market to implode. (I’ve always had impeccable timing.)

Now, with 20 years under my belt as a South bay resident, and 12 of those years as a local Realtor, I hope to share some of my insights about our community and cover one of our favorite topics around here – real estate. We’re proud to live in our bubble with our beautiful beaches, hip downtown areas, highly ranked schools, and forever-on-vacation vibe. The past 20 years has seen a lot of change… some for the better, some for the worse. I will always mourn the closing of Rocky Cola, but I look forward to the opening of new restaurants, Serve on Second being one of the latest incarnations. Metlox greatly enhanced the downtown Manhattan Beach experience; I have mixed feelings about the pending beachfront development in Hermosa which will completely change the look and feel at the pier, but of course bring in more revenue for the city. I think homeowners should have the right to rent out their homes for any length of time, but I grapple with the fact that short term rentals have made our neighborhoods more transient. As a Realtor, I appreciate the re-development: tearing down older homes and building two or three in their place… we need the inventory! But as a resident, I’m not crazy about the additional congestion and traffic that comes with it. Yes, change is inevitable. Our goal should be to preserve the characteristics that make our Beach Cities special, but strive to make changes that enhance our daily lives, our environments, and our well-being… and let’s face it, increase property values! I look forward to addressing these type of issues – and real estate topics specifically – with you in the weeks and months to come.

 

1626 Prospect Ave: Spacious town home… it doesn’t get better than this.

Let’s face it… quite often town homes don’t have the best floor plans, they are usually tight on space, and you can’t ever seem to forget that you have neighbors. But in this week’s listing update, 1626 Prospect Ave in Hermosa Beach breaks the mold. Let me tell you why.

1626 Prospect Ave, Hermosa Beach: a town home like no other

1626 Prospect Ave living room with sectional sofa and additional seating leads out to balcony.

The upstairs living room is bright and airy and opens on to an outdoor living space.

Downstairs family room with fireplace and sectional sofa.

The downstairs family room at 1626 Prospect Ave provides another space to gather your friends and family.

Balcony off living room at 1626 Prospect Ave offers an additional entertaining space, furnished with wicker table and chairs.

One of the outdoor spaces that provide more room to kick back or entertain.

First of all, it’s a front unit town home that enjoys great curb appeal. Looking out the windows you see green space, trees, open air or the ocean. You don’t feel like your neighbor, Joe, sporting his ubiquitous V-neck undershirt, is on top of you. Second, the 2,500+ sq feet provides ample space with a living room, family room, breakfast area, formal dining room, and charming balcony.  The staircase is complemented with a gorgeous tree that reaches for the second story. It’s light & airy and spacious, giving it the feel of a single family residence. The floor plan is well laid out. The property looks in great condition, but there’s still the opportunity to upgrade if you so choose. Finally, the location is walking distance to a park and Hermosa View Elementary. It’s also near restaurants and shops.

 

 

1626 Prospect Ave is brokered By: Douglas Elliman of California

Redondo Beach: Hot Properties for Sale 4/23/17

Here are some of my favorite properties for sale in Redondo Beach that hit the market in the past week (some a little longer). I selected each of these homes for reasons that I will explain below.

504 S Gertruda Ave, Redondo Beach. $1,999,999

This property has been on the market for 27 days now, but it’s worth a look if you haven’t seen it yet. I love this location in South Redondo because the incline allows for great ocean views. Also the streets in south Redondo are broad, creating lovely curb appeal, and a feeling of space that is hard to find in the beach cities.

On the front deck of the house, looking out at the view of the ocean from the first floor.

Ocean view from 1st floor

Looking at the spectacular ocean views from the 2nd floor master bedroom.

Unobstructed ocean view from the 2nd floor.

504 S Gertruda 1

Stairs from the back patio in this Redondo Beach single family lead to a large grassy backyard.

So here’s what I like about this property:The backyard is large and versatile. There is a patio area just off the kitchen which is perfect for entertaining. Then take a few steps up to the grassy yard, ideal for kids or pets. 1. The location: not only is it esthetically pleasing, but it’s not too far from the beach and not too far south to make your commute north absolutely miserable. 2. Views: You can enjoy the ocean views from the front deck and living room as well as the master bedroom and bathroom. The views on the first floor can be blocked, but the second floor views are spectacular and they are safe from obstruction. 3. Square footage: This is a large home with 2,845 sq. feet. All the rooms are spacious; the kitchen has a huge island and a pantry. 4. The backyard: Like I said, it’s been on the market for almost a month so it may be time to negotiate the price down!

2834 Pinckard Ave, Redondo Beach, $899,000

This home is on one of the best streets in the TRW tract of North Redondo Beach. It’s a small remodeled home with only 2 bedrooms, but the lot is 8,315 square feet, leaving room to grow. You can live in this home and add on down the road. What makes the home very livable is the outdoor living/entertaining space. It’s an awesome free standing covered patio with bar, built-in barbecue, refrigerator, heater and flat screen TVs. You will want to invite all your friends over every weekend! This home is priced at $899,000. The house is small, but the home will sell for more due to the size of the lot and backyard.

Redondo Beac home iwth outdoor patio with bar, barbecue, refrigerator, table and chairs and 3 flat screen TVs.

Entertainer’s Dream Outdoor Space in Redondo Beach

Second angle of the outdoor patio in Redondo Beach featuring stonework, granite counters.

Hang out in your high end outdoor patio with all the amenities.

Large backyard thanks to the 8,300+ sq foot lot in the TRW tract in Redondo Beach

Large backyard of this 8,300+ lot on Pinckard Avenue in Redondo Beach. There’s room to build a much larger home and still have a rockin’ backyard.

 

 

 

 

 

 

 

2303 Harriman Lane, #B, Redondo Beach, $1,049,000

The master bedroom in this North Redondo Beach townhome has a spacious alcove which is currently used as an office space.

The master bedroom in this North Redondo Beach townhome has a spacious alcove.

As usual a few townhomes in North Redondo Beach have it the market. My favorite this week is 2303 Harriman Lane, #B. It’s the back detached unit on a 2-on-a-lot. This home gets great light. It was built in 2000 but its appointments are still attractive and don’t feel too dated. I like the curved staircase. And my favorite features were in the master bedroom. There’s the tw0-way fireplace and a large, pretty alcove that is perfect for a home office, workout area or a sitting room. It’s well priced at $1,049,000. The current competition is higher priced and not as nice, in my opinion.

South Bay Events March – April 2017

Spring is finally here and it looks like the worst of the rain is over so… time to get back outside! Here are some fun South Bay Events in the upcoming month.

It’s Paella week at Basque Kitchen! If you’ve never tried Paella, it’s a rice dish originating on the central coast of Spain and comes in vegetarian, fish and mixed versions. Basque claims they are “Abducting unsuspecting paella lovers everywhere” March 22-26. Located on the Redondo Beach Pier. Click here for details.

The City of El Segundo is having its 100th anniversary concert on Saturday March 25. Admission is FREE! For more info, click here.

The 2017 Multicultural Film Festival is happening from March 31 to April 2 at several locations in Palos Verdes. To find out where and when, click here.

The Annual LA Harbor International Film Festival is going on March 16-19 at the Warner Grand Theater in San Pedro. Click here for schedule and tickets.

Put your running shoes on for the 2nd Annual Matzoh Ball Run/Walk on Sunday March 26. Benefitting the kids of Hillel Hebrew Academy, it takes place at Dockweiler Beach. Click here for more info and to register.

Don’t forget the Torrance Antiques Street Faire featuring over 200 sellers! Sunday March 26 from 8AM to 3PM. 1317 Sartori Ave, Torrance, CA 90501

It’s no April Fool’s joke! The first annual Whisky, Wine and a Splash of Love event will take place on April 1 in Manhattan Beach. Sample fine wine, whisky and bourbon to benefit the P.S. I Love You foundation. For tickets, click here.

The Annual Culture Fashion Competition is being hosted by the Multicultural Film Festival on April 1. Everyone is welcome to show off their wearable art inspired by the culture of any country you choose. Click here to register!

Enjoy an overnight adventure, and spend the night on the Battleship USS Iowa! Take this extraordinary and rare opportunity to sleep on a real battleship. Tour the ships, have dinner in the mess hall and Q&A with legendary Veterans and more. Overnight April 1-2. Click here to book your passage!

For more nautical fun, check out the Queen Mary’s 2nd Annual Fantasea Magic Festival. The Academy of Magical Arts and The Magic Castle team offer a day of magic, mentalists, illusions dinner shows, mind readers and even a haunted tour of the ship. Saturday April 8. For more info and tickets, click here!

Easter is just around the corner! Come back next week for a list of upcoming Easter events in the South Bay.

Happy Father’s Day and Hello, Summer!!!

Happy Father’s Day and Hello, Summer!!!

For full event details and information, click on links.

June 21:  Pig Out With Pop at the Shade Hotel: Happy Father’s Day!!!

June 27th: Ultimate Fitness Expo: Get your Beach Bods back!

June 27th2nd Annual Bierfest: The Euro Bierfest features the best imports from the continent!

June 28thTorrance Antique Street Faire: Vintage Shopping in Old Torrance

June 28thSalute to the Troops: Picnic & Concert in Polliwog



What To Do in Early June

Looking for things to do in or out of South Bay in the upcoming weeks?  Add some of these events to your life and spice up your summer. Enjoy!

For full even details and information click on links.

June 3rd-7th:  Art Exhibition: Been There-Done That-Doing This :Featuring a solo exhibition of paintings and drawings executed by Jim Murray over the last four decades.

June 6thVolleyball Ventures Tournament: Our favorite Beach Sport!

June 7th: Hermosa Beach Fine Arts Festival: Previously known as The Hermosa Beach Art Walk

June 8thHermosa Beach Singles Fiesta Love & Key Party: Meet & Mingle!

June 10thRock ‘n’ Roll Billboards of the Sunset Strip: Love the beach life but let’s not forget about Hollywood!

June 13thUSAV Jr. Beach Tour HB Open: More of our favorite Beach games!

June 13th&14thSpecial Olympics Hands Project: Add your handprints to the new portable wall celebrating the Special Olympic World Games.

Tonight – Hermosa Beach Community Dialogue regarding oil drilling

There’s a meeting tonight at Hermosa Beach City Council Chambers at 6pm. It’s a “community dialogue”. The Community Dialogue team members are presenting their findings on what Hermosa residents’ values are and how to apply those values as a community. This decision-making tool will help guide city council to make decisions compatible with community values. Come and show your support by attending tonight. The findings are open to comments. Come and make your voice heard. #stophermosabeachoil #keephermosahermosa