Tax Information for Home Buyers

Having a higher mortgage can be a huge tax benefit and one of the major benefits associated with real estate ownership. When you are purchasing a new home, it is important to understand the tax ramifications associated with it. Be sure to contact us if you have additional questions and enjoy the real estate tax resources below.
Real Estate Tax Info Links for Rolling Hills Estates real estate and homes for sale and Rancho Palos Verdes, Rolling Hills, Palos Verdes Estates, Redondo Beach, Torrance

• IRS Tax Forms
• Intuit Turbo Tax
• TaxNews
• Department of Treasury
• Federal Tax Law
• U.S. Tax Code On-Line
• H&R Block
• Yahoo: Tax
• CNN Taxes/Finance
• TaxAdmin.Org
• NTAnet.Org

Entertainment near Palos Verdes- The Hollywood Bowl

Entertainment Near Palos Verdes: The Hollywood Bowl

The Hollywood Bowl ins't necessarily close to Palos Verdes, it's about an hour and half away, but its worth the drive. The Hollywood Bowl is an amphitheater in Hollywood used for music performances. The Bowl is known for its distinctive shell arches, set against the backdrop of the Hollywood Hills and the Hollywood Sign.

The amphitheater is home to the Los Angeles Philharmonic during the summer. Some other acts include Elton John, Andrea Bocelli, Luciano Pavarotti, and Alicia Keys. The environment and experience provides a great cultural experience for the young and the old.

Hollywood Bowl, 2301 N Highland Ave, Los Angeles

Real Estate Glossary

A Real Estate Glossary to help you when buying or selling your Palos Verdes home.
Acceleration Clause- allows the lender to demand immediate payment of the outstanding loan balance if the borrower defaults, misses payment, or when/if the home is sold
Adjustable rate mortgage- Mortgage loans in which the interest rate is adjusted periodically based on predetermined factors such as an assigned index or designated market factor. There is typically a limit to how often and by how much the interest can fluctuate.
Appraisal, Approved Value- an appraiser's estimate of the value of the property. Banks require appraisals to determine how much money it will lend you
Appreciation- An increase in the value of a property due to changes in market conditions or for other reasons, such as additions and renovations.
Betterment- An improvement that increases a property's value, different from routine home maintenance and repairs.
Bill of sale- A written document that attests the transfer of the ownership of personal property
Buy down- A fixed-rate mortgage where the interest rate is "bought down" for a temporary period, usually one to three years. After that time, the borrower's payment is calculated at the note rate. In order to temporarily buy down the initial rate, a lump sum is paid to the lender and held in an account used to supplement the borrower's monthly payment. these funds usually come from the seller as an incentive to induce someone to buy their property.
Capital improvement- any item, structure, or addition which is a permanent improvement to the property
Chain of title- The history of all of the title transfers to a piece of real estate
Comps, comparables- Comparable properties; properties in close proximity which have sold recently that are about the same six with similar amenities, used to determine value of a property by comparison
Contract of sale- Agreement between the buyer and seller which conveys title after certain conditions are met, outlining purchase price, terms, etc.
Down payment- Usually 10-20 percent of sales prices paid by the buyer at the time of purchase. Comprises the difference between the purchase price and the mortgaged amount
Encumbrance- A lien or claim on a property
Equity- The value an owner has in real estate over and above the debt of the property. For example, if a homeowner owns a house valued at $100,000 and has a mortgage balance of $20,000, the homeowner's equity is $80,000. The homeowners equity increases or decreases accordingly as the value of the house increases or decreases. The lender's equity is equal to the value of the outstanding loan.
Escrow- Funds that are set aside and held in trust. usually used for payment of taxes, insurance, etc.
Fixed-rate mortgage- A mortgage with a set interest rate for the entire loan, regardless of interest rate fluctuations. This creates consistent, predictable payments, but it's not always the cheapest option
Home inspection- A complete and thorough inspection of the physical condition of a property, including all major systems and structural elements, conducted by someone who knows what to look for and who will disclose the findings to you
Homeowner's insurance- An insurance policy required by many lenders when you take ownership that combines personal liability insurance and hazard insurance for the home as well as its contents
Interest- The amount of money charged for the use of the money borrowed
Lien- A claim upon real or personal property for the satisfaction of some debt or obligation
Market Value- the amount that a seller may expect to obtain in the open market
Refinance- Obtaining a new mortgage loans on a property
Title Insurance- Insurance, usually issued by a title insurance company, which insures a homebuyer against errors in the title search. The cost of the policy is usually a percentage of the property value

The Cities of Palos Verdes Estates

Lunada Bay, a small town along the West coast of Palos Verdes Estates, sits on the cliffs of the Pacific Ocean and the north western edge of the peninsula. Boasting a fountain and quaint, charming commercial district, Lunada Bay gives residents a local market, service station, shops, and restaurants. A larger shopping plaza was originally planned for the area that included an incline railway down the bluffs with bath houses at the beach. When the Great Depression happened, plans fell through and commercial lots were turned into residential ones. Now, streets with "plaza" after their name indicate a connection to the commercial district from the original master plan. A favorite among families, Lunada Bay is within walking instance of all three local schools- Lunada Bay Elementary School, Palos Verdes Intermediate School, and Palos Verdes High School. The eastern section of Lunada Bay border Rancho Palos Verdes along Via Coronel and Via Castilla known as "University Subdivision.
Bluff Cove is a wide, sweeping bay surf spot in Palos Verdes. Located at Palos Verdes Drive West and Via Monte Mar, the Cove was popular with the redwood paddleboard crew of the 1930s. Also a marine preserve, it offers a rugged element unique to the L.A. surfing experience. Home to porpoises, seals, and sea otters the area generally keeps healthy kelp beds and wind chop to a minimum. The bulge of the Palos Verdes Peninsula blocks all but west and northwest swells creating usually small swells during this summer but several consistent winter breaks. The Cove has three main breaks- Little Reef (up to six feet on a medium to high tide), Middle's (the main break with up to 12 feet), and Boneyard's (scattered series of reeds at south end that break erratically, up to 15 feet).
Malaga Cove, located near the intersection of Palos Verdes Drive West and Palos Verdes Drive North, is a region along the north shoreline of Palos Verdes Estates home to a shopping plaza and library built with Spanish Renaissance architecture in mind. The plaza, library, and original homes were built starting in the late 1920s. TheMalaga Cove Library can be found one block uphill behind the plaza's south side. The weekends bring a large flow of cyclists through Malaga Cove. One of Palos Verdes Estates’ notable landmarks is Neptune Fountain, donated to the city by the Palos Verdes Project, in Malaga Cove Plaza. The elaborate two-thirds scale replica of a bronze statue and fountain erected in Bologna, Italy in 1563, was donated to Palos Verdes Estates in 1930 by the Palos Verdes Project. The statue is thought to have been over 100 years old before it was brought to the City and was obtained from a villa courtyard outside Venice. The Palos Verdes Police Department, County Fire Station, and government offices are all located in Malaga Cove. Located next to Rat Beach is the Palos Verdes Beach Club. Built in 1930, the Club was remolded into a Mediterranean-styled favorite for Palos Verdes families.
Valmonte is an area located at the northern end of Palos Verdes Estates known as "The Grove," for its dense eucalyptus tree growth. Situated between the border of the Palos Verdes Golf Course at the south and theHollywood Riviera at the north, Valmonte presents prospective buyers with large and charming homes predominantly featuring Eastern traditional and Southern colonials styles. Prized for its convenient location,Valmonte offers easy access to the beaches, the Torrance financial and shoppings districts, and the 110 Freeway. The City of Palos Verdes Estates owns a horse stable located in Valmonte, operating under a concession agreement. Located at 4057 Via Opata, the stables offer riding lessons, trail rides, housekeeping for privately owned horses and a summer horse camp.
Montemalaga can be found above Lunada Bay and north of Rancho Palos Verdes near La Venta Inn. It has some of the largest homes on the Peninsula.  Montemalaga homes are at the highest elevation in Palos Verdes Estate.

New Listing in Rolling Hills Estates

This charming 4 bedroom and 4 bath home situated on a private cul-de-sac has it all.  Enjoy the professionally landscaped private park-like yard with spacious grassy areas, in-ground pool and spa, cozy fire-pit, Covered patio with top of the line outdoor kitchen area, granite counters and Lynx BBQ, bar area, spacious dining and sitting areas, wired for sound and TV.   Ideal floor plan w/tons of natural light. Spacious updated kitchen with granite counters, built-in refrigerator cozy breakfast nook.  Large formal dining room with pastoral views and gleaming hardwood flooring.  Living room with natural stone fireplace and sliding doors leading to the amazing back yard.  Other amenities include beautiful hardwood flooring in most upstairs rooms, skylights, enormous family room w/fireplace and direct access to the yard of your dreams, huge laundry room w/built-ins, main floor master bedroom w/large walk-in closet, recessed lighting, attached 2 car garage, fruit trees, great curb appeal, etc…

Price upon request… 

Preparing Your Home to Sell

Planning to sell your home? Below are some quick tips to prepare your to help it sell faster-

• Presentation is the number one key for preparing your home to sell.  Home buyers will be most attracted to your home and what it has to offer if it is clean and spacious.
• It is crucial to get rid of clutter and personal items from tables, floors, counter tops, etc.
• Clean your house like you never have before- both inside and out.
• Create attractive curb appeal- see more tips to improving curb appeal here.
• And last but not least, fix squeaky doors, holes in the walls, creaking steps etc.

Before you show off your home to potential buyers, have your realtor and a friend or family member come over and do a walk through. See if they have anymore suggestions for making it look perfect.

Places to Visit in Southern California- The Getty Museum

Places to visit in Southern California: The Getty Museum

The Getty Center, located in Los Angeles, contains Western art from the Middle Ages to the present. The museum estimates that it receives 1.3 million visitors annually making it one of the most visited museums in the U.S.  The second location of the Getty Center is the Getty Villa, located in the Pacific Palisades, features art from ancient Greece, Rome and Etruria. At the Getty, visitors can learn unlimited facts about the exhibitions using the GettyGuide- an audio player with commentary from curators and conservators, watch art-making videos, play with an interactive timeline, and much more.
Getty Center

What to See European paintings, drawings, manuscripts, sculpture and decorative arts, and European and American photographs A selection from the special collections of the Research Library at the Getty Research Institute Modern architecture and gardens

1200 Getty Center Dr, Los Angeles CA 90049
Hours-
Mondays: Closed
Tuesday-Friday: 10 am-530 pm
Saturday: 10 am- 9 pm
Sunday 10 am-530 pm
Admission- Free
Parking- $15 per car. It is free after 5:00 pm


Getty Villa
What to See

• Greek, Roman, and Etruscan antiquities arranged by themes including Gods and Goddesses, Dionysos and the Theater, and Stories of the Trojan War
• Roman-inspired architecture and gardens

17985 Pacific Coast Highway, Pacific Palisades, CA 90272

Hours-

Monday: 10 am-5 pm

Tuesday: Closed

Wednesday: Varies

Thursday-Sunday: 10 am-5 pm

Admissions- Free, BUT an advance timed-entry ticket is required
Parking- $15 per car, free for all evening programming