Three Sixty At South Bay

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

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.

Three Sixty South Bay Real Estate Resources

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Information to help you get started in the gated community of Three Sixty.  Whether you’re thinking of buying a home in 360 or want to get the value of your home in the community, you’ve come to the right place.

Real Estate Resources for Three Sixty Buyers and Sellers

homes for sale in Three Sixty South Bay
Search for homes in gated Three Sixty
what is your home in Three Sixty worth
recent home sales in Three Sixty South Bay
community amenities in Three Sixty South Bay
Freestanding Terrace homes in Three Sixty
townhomes for sale in Three Sixty South Bay
single level condos in the Flats at Three Sixty

7 Homes on The Market in 360 ….There’s No Better Time

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One of the reasons that prices have continued to go up in 360 is that the demand for homes in the gated community never seemed to slow.Court home in Three Sixty at 12822 Manhattan Court  While demand is still strong there’s no doubt we’re in a bit of a slowdown in the 360 real estate market.  One thing that may finally settle the incredible “sellers”  market down a bit is an increase in available homes.  That seems to be changing and as of 3/15/19 there are 7 homes for sale in 360.  That’s far more than we’ve seen in the past few years and we’re aware of at least two other upcoming listings.

Buyers Being Able To Negotiate?

One of the challenges for buyers in the past years is that with the demand and number of other buyers, there has been very little ability to negotiate.  In a normal “balanced” market things are on a relatively even terms.  Homes sit on the market for a while, and buyers have the ability to try and negotiate good terms, whether that’s a good price or whether thats other items like repairs, timeframes, etc.

For Homebuyers Interested in 360….Now May Be The Time

With the increased home inventory it may be possible to purchase a home below the value of the last few sales.  As every home is different and every seller is different, there’s no guarantee of a good negotiation, but the market environment certainly makes that more likely.  If you are looking to buy a home in 360 we would love to help.  Contact us to tell us about your home search, or sign up for our FREE listing alerts and never miss a new 360 listing again.

Current homes for sale in Three Sixty at South Bay

**The listings below may be represented by other realtors. We are providing this information as a service to our clients.

Click any MLS number above for details and photos of the home.

**The listings above may be represented by other realtors. We are providing this information as a service to our clients.

Why Buy in 360 Instead of Rent?

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Information for First Time Home Buyers

When you’re thinking about buying your first home, it’s essential for you to be confident in your decision to buy instead of rent. However, you may not know about the many great reasons to buy a home! Here are just a few of them:

Smart Investment
When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you’re still paying off your mortgage. You even get to live in it while your investment matures.

Tax Advantages
Since both mortgage interest and property taxes are tax deductible, homeownership can save you significant amounts of money every year.

Planned Housing Costs
You decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.

Improvements to Your Taste
You can choose which improvements to make your own property, such as a deck, kitchen remodel, or new paint, instead of needing permission from your landlord.

See the current homes for sale in 360 South Bay.

If you have more questions about making the decision to buy a home, please feel free to call or email.

See the Homes in 360 That Have Sold So Far in 2019

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2019 has started off strong in the gated community of 360 South Bay with a number of home sales along with the current homes for sale. Through March 13 there have already been 6 closed escrows.  The highest price so far for the year was 5542 Palm Drive which was a 4 bedroom single family style detached home in the Terraces which closed at $1,215,000 early in January.  The lowest sale so far has been a 2 bedroom in the Court which closed at $765,000 on March 3rd.  See all of the closed sales below.

360 Home Sales in 2019 through March 13th

**The listings below may be represented by other realtors. We are providing this information as a service to our clients.

Click any MLS number above for details and photos of the home.

*Information deemed reliable but not guaranteed.  All information to be verified.