Three Sixty At South Bay

360 Real Estate and Homes for Sale in Three Sixty at South Bay, of of the premier gated communities

An Abundance Of Options – New Listings this Week in 360

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360 Market update

Although the housing inventory in Three Sixty South Bay remains low, this has definitely been a big week as there were several homes to come on the market this week.

Current Active Homes for Sale (as of 6/6/19)

  • 13024 Union Ave #403 – $690,000 – 1 bed /1.5 bath condo in the Flats – 1,160 sq feet (per assessor records)
  • 5535 Ocean #105 – $799,999  – 2 bed/2.5 bath townhome in the Courts –  1,320 sq feet (per assessor records)
  • 5565 Ocean #106 – $899,000 – 3 bed/3 bath townhome in the Courts  – 1,942 sq feet (per original builder specs)
  • 5560 Boardwalk #105 – $899,000 – 3 bed/2.5 bath townhome in the Townes – 1,629 sq feet (per original builder specs)
  • 5550 Strand #107 – $910,000 – 3bed/ 3 bath townhome in the Townes –  1,668 sq feet (per original builder specs)
  • 5254 Pacific Terrace – $1,115,000 – 3 bed/2.5bath single family style in the Terraces –  1,861/P
  • 5557 Palm Drive – $1,195,000 – 3 bed/ 2.5 bath single family style in the Terraces – 2,064 sq feet (per original builder specs)

It’s Been A While – One Bedroom Condo in the Flats for Sale

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Although there are a healthy amount of one bedroom condos in the Flats, it’s certainly been a rare find. There have only been 2 sales since the beginning of 2018 of one bedroom units in the Flats.  There’s finally a new listing at 13024 Union #403.  This top floor unit is priced at $690,000 and offers a little bit over 1,000 square feet.

For more information on any of the homes for sale let us know about your home search and we’ll send you email updates whenever a new listing comes on the market or contact us.

13024 Union #403, Hawthorne CA*

Single Level Flats Condos Don’t Last Long on the Market

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The real estate market in 360 South Bay has been white hot for over 2 years now.  The few times homes seem to stay on the market for long they are either overpriced or they have the unfortunately timing of listing when several others hit the market as well.    While the beginning of  the year showed signs of a slow down that was short lived and just about everything on the market went into escrow.

While some townhomes and single family style Terrace homes have lingered without quickly selling, that’s certainly not the case with the single level Flats condos.  Of the four that have sold this year only one was on the market double digits….and even that home sold for almost full price! Of the 4 Flats sales one was on the market 7 days, 5 days, 8 days and 55 days before selling.

As of this writing on 5/14 there are no active condos for sale in the Flats but check the current Three Sixty homes for sale to see the latest update on what’s for sale in this gated community.

2019 Condo Sales in Three Sixty

Does 360 South Bay have a Mello-Roos?

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When home buyers go into escrow in Three Sixty at some point they’ll find out that there is a mello roos in the community.  In general it means that there is a yearly addition to the normal property taxes.  Here’s a bit of background as to what it is, why and how much.

What is Mello-Roos?

Background
In 1978 Californians enacted Proposition 13, which limited the ability of local public agencies to increase property taxes based on a property’s assessed value. In 1982, the Mello-Roos Community Facilities Act of 1982 (Government Code §53311-53368.3) was created to provide
an alternate method of financing needed improvements and services.

The Mello-Roos Community Facilities Act of 1982
The Act allows any county, city, special district, school district or joint powers authority to establish a Mello-Roos Community Facilities District (a “CFD”) which allows for financing of public improvements and services. The services and improvements that Mello-Roos CFDs
can finance include streets, sewer systems and other basic infrastructure, police protection, fire protection, ambulance services, schools, parks, libraries, museums and other cultural facilities. By law, the CFD is also entitled to recover expenses needed to form the CFD and
administer the annual special taxes and bonded debt.

What is a Mello-Roos?
A CFD is created to finance public improvements and services when no other source of money is available. CFDs are normally formed in undeveloped areas and are used to build roads and install water and sewer systems so that new homes or commercial space can be built. CFDs are also used in older areas to finance new schools or other additions to the community.  This is why we see a mello-roos in 360 as it went to pay for the infrastructure for the community as it didn’t exist prior.

What is the Mello-Roos in Fusion?

While the amount of the mello-roos can vary and can change the mello-roos for owners in Three Sixty is currently (and approximately) around $1500 annually.   The table below is from a 2018 escrow with specific information at that time.  While we cannot guarantee the information below the contact number listed is 714-541-4585 for updated information.

 

How is a Mello-Roos CFD Formed?
A CFD is created by a sponsoring local government agency. The proposed district will include all properties that will benefit from the improvements to be constructed or the services to be provided.  A CFD cannot be formed without a two-thirds majority vote of residents living within the proposed boundaries. Or, if there are fewer than 12 residents, the vote is instead conducted of current landowners. In many cases, that may be a developer.

Once approved, a Special Tax Lien is placed against each property in the CFD. Property owners then pay a Special Tax each year. If the project cost is high, municipal bonds will be sold by the CFD to provide the large amount of money initially needed to build the
improvements or fund the services.

How is the Annual Charge Determined?
By law (Prop. 13), the Special Tax cannot be directly based on the value of the property. Special Taxes instead are based on mathematical formulas that take into account property characteristics such as use of the property, square footage of the structure and lot size. The
formula is defined at the time of formation, and will include a maximum special tax amount and a percentage maximum annual increase.

How Long Will the Charge Continue?
If bonds were issued by the CFD, special taxes will be charged annually until the bonds are paid off in full. Often, after bonds are paid off, a CFD will continue to charge a reduced fee to maintain the improvements.  According to the information from the table above the Mello-Roos will end in 2041.

IMPORTANT TO KNOW:
• Rights to Accelerated Foreclosure. It is important for CFD property owners to pay their tax bill on time. The CFD has the right (and if bonds are issued, the obligation) to foreclose on property when special taxes are delinquent for more than 90 days. Additionally, any costs of collection and penalties must be paid by the delinquent property owner. This is considerably faster than the standard 5 year waiting period on county ad valorem taxes.
• Disclosure Requirement for Sellers (California Civil Code §1102.6). When reselling a property in a CFD, the seller must make a “good faith effort” to obtain a Notice of Special Tax from the local agency that levies the Special Tax, and provide it to the buyer.

Two Listings from 2018 That Shows Just How Crazy Real Estate Can Be

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Buyers and sellers rely on realtors to help them determine a homes value and strategies when pricing.  While this is a large part of what we do and what we offer….it isn’t always as simple as it sounds.   “Market Value” basically fluctuates with each sale….sellers generally think their home is worth more than the last sale and buyers generally think the opposite.

Every once in a while certain listings come along that really wreak havoc on what values are and how they are perceived by buyer and sellers.  It’s challenging to explain to a seller that their home isn’t the same as the last sale of the same floorplan….maybe it’s location, maybe it’s upgrades and sometimes it’s just the lucky situation of a buyer simply wanting it and throwing “market value” right out the window.  While things like upgrades, location and condition definitely make a difference…..sometimes things just don’t make sense.

The listings below are the perfect example of why sale prices don’t always reflect what the market value of a home is.  In the summer of 2018 two Townes residence 3x homes sold within 2 months of each other.   Although these homes are fairly rare to market the median price at the time would have been a little over $1,000,000.  One of them was most definitely nicer than the other….it had been a model home, was slightly larger, was more upgraded and was a corner unit.  The other was a very challenging sale involving a bankruptcy and the uncertainty that goes along with that.  It was pretty basic and was definitely not a model home.  Having said that they were the same layout at the same time on the market.

One sold way over value at $1,206,000 and the other sold under value at $899,000.  That’s one heck of a difference.  It goes to show you why you can’t necessarily base value, whether you’re buying a home or selling a home, just on the last sale in the community.

Update on the 360 Condo Market

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Although the market is a bit slower at the moment, one element that hasn’t slowed is the condos in the Flats.  We haven’t seen many condos on the market in 2019 but the last 2 were only on the market for 8 and 5 days respectively.  Prices have been fairly steady ranging between $765,000 – $795,000 depending on the floorplan, layout and location.  Visit our Three Sixty recent sales page for the latest updated information.

See the current homes on the market in 360 South Bay

Recent Sales in the One Level Condos in The Flats

**this post is older…for an updated list of recent closed escrows see our recent 360 home sales page.