The ballot on the November 4th 2014 election gives voters plenty of opportunities to say no to higher taxes and fees.
One of them – H is a VERY expensive tax hike on home sales over $1,000,000 (virtually all single family homes in Santa Monica). Measure H will raise the real estate transfer tax from $3 for every $1,000 to $9 for every $1,000 for all residential and commercial properties sold for one million dollars and up. Those in favor argue the City needs the revenue since the state has cut funding in recent years and it will provide services, specifically affordable housing. The rebuttal is that the Measure will be used for over development projects that the public cannot approve and will change the City’s beach community culture. The developments will be taller high density building with limited parking.
And in case you hadn’t heard, low income properties in Santa Monica are not so affordable!
Here is an example of the moderate income housing in Santa Monica: A single person cannot earn more than $59,800 and a couple cannot earn more than $68,000. Studios are approximately 332 square feet and lease for $1,495, 2 bedrooms are approximately 500-800 square feet and lease for $2,028 and the 3 bedroom apartments are approximately 1,100 square feet and lease for $2,360.
If Measure H is approved by voters Measure HH will decide if the proceeds shall be used for low-income housing, or not.
Also on the ballot are measures meant to raise fees for rent control registration and, of course, the continuing fight for control of the Santa Monica airport.
Do you plan to exercise your right to vote?
Here is your real-time real estate market info:
There are two new listings from the north of Montana flats that hit the market this week – 302 23rd Street and 714 10th Street. No new sales this week with total pending listings of 9. There was 1 closing this week and the YTD total number of closed sales is now 54.
New Listings this Week
302 23rd Street – 6 bedrooms + 8 baths. $6,750,000. Fully priced custom Mediterranean villa. Large corner lot of approximately 11,000 square feet. Bright and light. Great floor plan with 5 bedroom suites up and maid’s room down. Grassy backyard with pool. Last sold in August 2003 for as land value for $1,811,010.
714 10th Street – 3 bedrooms + 2 baths. $2,395,000. Very close to Montana Ave and being sold for land value only in its “as is” condition. Last sold in September 2013 for $1,700,000.
No New Sales this Week
New Closed Deals this Week
535 12th St. – 4 bedrooms + 5 baths – $4,525,000. Listed by Pence Hathorn Silver and sold way over asking with multiple offers.
Pence Hathorn Silver Active Properties:
303 9th St. – 5 bedrooms + 6.5 baths – $4,999,000
100 Esparta Way – 4 bedrooms + 2.75 baths – $2,999,000
12727 Sunset Blvd. – 4 bedrooms + 4.5 baths – $2,345,000
1544 12th St. #104 – 1 bedrooms + 1.5 baths – $1,195,000
3166 S. Sepulveda Blvd. #33– 1 bedroom + 1 bath – $329,000
Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Ave. community on our North of Montana blog. Add your comments (scroll down to the “Add Your Comment” section) and read other blogs. And please call my mobile phone (310) 924-4014 with any questions.