Archives for January 2012
If you’re a 55+ homeowner and are thinking about downsizing, you will most probably be able to take advantage of Propositions 60/90 which offer substantial tax advantages for Redondo Beach & South Bay seniors. California Props 60/90 may benefit those senior homeowners who want to move to a smaller house or one of the South Bay senior condos.
Below is a quick summary of Propositions 60/90 as well as quick links to more information, if needed.
Propositions 60/90 are constitutional initiatives passed by California voters. They provide property tax relief by preventing reassessment, when a senior citizen sells her/his existing residence and purchases or constructs a replacement residence worth the same or less than the original. This may result in substantial tax savings.
In general, “equal or lesser values” means that the fair market value of a replacement property on the date of purchase or completion of construction does not exceed 100 percent market value of original property as of its date of sale if a replacement dwelling is purchased before an original property is sold; 105 percent of market value of original property as of its date of sale if a replacement dwelling is purchased within one year after the sale of the original property; 110 percent of market value of the original property as of its date of sale if the replacement dwelling is purchased within the second year after the sale of the original property.
The seller of the original residence, or spouse who resides with the seller, must be at least 55 years of age at the time of the sale.
If you need more information, please contact me at 310.918.5027. I’ll be glad to help!
Originally built in 1889, Redondos historical Wharf 1 was the first of Redondos era of piers, wharfs, and harbors. Located just 8 miles south of Los Angeles International Airport (LAX), today The Pier is the last landmark still representing that era, and continuing to host visitors from around the world and supporting regional tourism. The current seventh generation horseshoe-shaped pier, is known for its 70,000 square-feet of open space, and as the largest “endless” pier on the California coast
Yesterday, the city officials revealed plans to revitalization and renewal of the Pier’s vintage buildings and surrounding public areas.
The project is a collaboration among the city and private developers, with the city largely responsible for renovations of the pier’s open public spaces and landscaping.
The first phase of the facelift, which has already begun on RDR Properties’ Redondo Landing building–a facility that houses well-known establishments like El Torito Grill, the Brixton and Breakwall Bar and Grill–will involve a remodel of the Redondo Landing, updates to city-managed areas of the pier and construction of a new Shade Hotel at the site of the old Red Onion building. “Our shared vision for the new Redondo Landing is one that recaptures the rich architectural history of the waterfront, while propelling the entire area into a vibrant, new future,” said Redondo Beach Mayor Mike Gin in a statement. “The new, boutique Shade Hotel on the Harbor side, and the Redondo Landing on the Pier side of the waterfront are the centerpieces and the catalysts of this revitalization.”
With this renovation, The Pier will surely return to its glory days.