Palos Verdes Real Estate

July 2024 Newsletter

Dear Neighbor:

I was bombarded with phone calls after my May newsletter, on the subject of Proposition 19 and property re-assessment upon death of a parent.  As the bill was originally passed and implemented, it required that, upon death of the parent, ALL heirs move into the inherited house to avoid a reassessment at market value which, as you can imagine, would trigger a massive increase in property taxes.  Well, it appears that Sacramento was also bombarded with complaints about that (unpublicized) aspect of the bill and has revised their interpretation of it:  as of late 2023 they quietly changed it, and now require that only ONE heir live in the house to avoid re-assessment . . . which is considerably more likely than all heirs being able to relocate.  So you can cut back on your blood pressure medication to the extent that my May newsletter caused you to up the dose.

While we’re on the subject of onerous legislation from Sacramento and elevated blood pressure, another very local issue that you need to be aware of, if you are not, is the attempt by the State to override all local zoning and impose high-density, low-income housing on all cities in California, which includes the 4 in PV.  In essence, the State has dictated that all California cities must come up with a State-approved plan for low-income housing (aka:  the “Housing Element”) or be subject to the “Builder’s Remedy”, which essentially allows a builder to basically just build what he wants where he wants.  An egregious example is what is going on in Silver Spur canyon near the elementary school, where a builder plans to build 4 11-story condo buildings that include 482 units.  The builder lives in RPV but obviously doesn’t give a rip about the community.  Another huge building was proposed for Via Colinita in Miraleste, but a stiff letter from the Art Jury and the [ahem] attention of the longshoremen caused that buyer to have second thoughts.  There are also several locations designated in PVE, specifically the Christian Science Church at Campesina and PV Drive North, a building on the east end of Via Tejon in Malaga Cove Plaza, and the “Patio Building” in Lunada Bay, where Viva La Salsa and Lunada Bay Hardware are.  The penalty for non-compliance is $100K/month/city.  As I told the PVE City Council last year, that amounts to about $7.41/head in PVE (RPV is less than half that), which I am confident the residents would readily pay, rather than have these Soviet era East Bloc-style abominations shoved down our community throat.

I could write pages on this, but there isn’t room here.  You can get more information at pvpwatch.com/news/buildersremedydevelopments and get involved at OurNeighborhoodVoices.com.  If the people promoting this don’t understand the level of community opposition they face, they will if they ever break ground.

Meanwhile, I’ve got a lovely new listing coming up at 4128 Via Solano in Valmonte – 2300+ square feet 3 bedroom 2 bath with pool and spa, asking $2.2 million.  I am also going to have 4128 Via Picaposte for lease – 3 bedroom 1.5 bath about 1500 square feet with a huge rear garden for $6000/month.  If 4128 is your address, call me.  We should talk.

Call me at 310 613-1076 or email at [email protected], and thank you for your continued support.

This entry was posted on Sunday, August 4th, 2024 at 8:51 am and is filed under Buyers, Everything I've Written, History & Current Events, Newsletters, Sellers. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Comments are closed.