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The Hoffman Murphy Team's Blog

By The Hoffman Murphy Team | Agent in Hermosa Beach, CA
  • Propositions 60 And 90

    Posted Under: Market Conditions in Hermosa Beach, Home Buying in Hermosa Beach, Investment Properties in Hermosa Beach  |  June 18, 2014 12:54 PM  |  54 views  |  No comments
    Thinking about selling the family home and moving to a smaller home? But you love your currently low property taxes?  California has a unique law that may enable you to sell your home now and take your low property tax base with you to your new home.  Propositions 60 and 90 are California constitutional amendments passed by California voters that provide property tax relief for homeowners who are 55 years old and over. The intent of the propositions is to allow senior citizens to transfer their low property tax base if they purchase a home of equal or lesser value - most likely a smaller home. This program only applies to your principle residence, and it is a one time only option. If you or your spouse use this benefit, you loose the ability to ever use it again.  The seller or their spouse must be 55 or older as of the date of sale of the original property.  They both do not have to be 55, only one of them.  

    How can these propositions benefit a member of your family? Purchasing a new home, even of lesser value, can still result in a large increase in property taxes for seniors who have lived in a home for many years.  The annual property taxes on a new home may be a barrier to downsizing. These propositions eliminate that barrier by allowing a senior to transfer the prior property tax base to the new home. The property sold must be located in one of the 8 counties currently part of the program and you must purchase a property located in the same county or one of the 8 counties participating in this program. At this time the eight participating counties are: Alameda, El Dorado, Orange, Los Angeles, San Diego, San Mateo, Ventura and Santa Clara. 

    Specific criteria for your property to be eligible for the property tax benefit include: 
    ·  It must be equal to or less than the sales price of your current residence if you purchase the replacement property before you sell your current residence
    ·  The replacement property purchase price must not exceed 105% of the sales price of your current property if purchased within the first year after the sale of your current residence
    ·  The replacement property purchase price must not exceed 110% of the sales price of your current property if purchased within the second year after the sale of your current residence
    · You MUST close on the replacement property within 2 years of the date of sale of your current property to qualify.

    Note that you can purchase a replacement property before selling the current residence, and you also have two years after a sale to apply the lower tax benefit  to a new home.  In addition, the purchase price can be up to 110 % of the value of the old home for a delayed purchase ( up to two years).  As with any government program, you will want to verify details and the process with the county Assessor's Office. 

    Does this benefit apply to a purchase of a home outside the state of California? The answer is no- our state property tax structure under proposition 13 is unique to our state, and most other states do not base property taxes on the value at time of purchase, rather taxes are reassessed annually and continue to rise with the market.


    Contact Hoffman Murphy today at 310-939-9393 for more information on selling your home in Redondo Beach, Hermosa Beach, Torrance and all surrounding areas!
  • Condo in Long Beach Offers Designer Appeal

    Posted Under: Home Buying in Long Beach, In My Neighborhood in Long Beach, Investment Properties in Long Beach  |  June 13, 2012 4:54 PM  |  210 views  |  No comments


    The Hoffman Murphy Team welcomes you to contemporary living! This 1 bedroom, 1 bath condo located at 945 Pacific Avenue in Long Beach is bursting with charm and elegance!




    This condo is located in Pacific Shores, which is situated near public transportation as well as downtown Long Beach. Located in a secure building, it also offers ample parking as well as landscaped grounds.





    Remodeled in 2010 and bursting with designer taste and appeal, this unit offers recessed lighting, crown molding, baseboards, fresh paint and designer chandeliers.




    All appliances are included in the remodeled kitchen, which boasts black granite counters, abundant cabinet space, and a glass backsplash.



    The master suite offers a walk-in closet with built-ins, which is a lovely surprise and wonderful feature! The washer and dryer are included in this unit.

     

    Contact the Hoffman Murphy Team today at 310-939-9393 for more information on this listing or other condos for sale in the Redondo Beach area. We are the “Best of the Beach”!


  • Considering Buying A Home in Redondo Beach? Check With Us First!

    Posted Under: Home Buying in Redondo Beach, Home Selling in Redondo Beach, Investment Properties in Redondo Beach  |  June 1, 2012 11:21 AM  |  124 views  |  No comments



    The Hoffman Murphy Team loves to help everyone with the purchase of their home. Whether you are a first-time homebuyer or are considering purchasing your retirement home, we love helping others with their decisions. If we didn’t love our job, we would never be in the real estate business!

     

    Don’t delay with asking questions about purchasing your next home. We are here to make the entire process as easy as it can possibly be for your next move.

     

    Click on the form below, and let the Hoffman Murphy Team guide you, every step of the way!



  • How Much Home Can You Afford?

    Posted Under: Home Buying in Redondo Beach, Financing in Redondo Beach, Investment Properties in Redondo Beach  |  May 25, 2012 7:29 AM  |  131 views  |  No comments



    The Hoffman Murphy Team wants to answer that question for you! Do you know how much you can afford to pay for a new home? We have a very simple-to-use mortgage calculator on our website, which offers you the opportunity to play around with different payment options, the length of your mortgage, down payments and more. However, we don’t want you to stop there!

     

    If you are thinking of buying a new home, contact the Hoffman Murphy Team today. We will have one of our professional lenders contact you to discuss all your available options.

     

    We invite you to fill out our Mortgage Calculator form and get pre-approved for your new home today! If you have any questions on buying or selling a home in the Redondo Beach/Hermosa Beach/Manhattan Beach area, be sure to contact us!


  • You could own this condo in Hermosa Beach for $2300 per month!

    Posted Under: Home Buying in Hermosa Beach, In My Neighborhood in Hermosa Beach, Investment Properties in Hermosa Beach  |  April 26, 2012 1:00 PM  |  197 views  |  No comments

    The Hoffman Murphy Team is proud to bring you this amazing 2 bedroom condo in Hermosa Beach! You won't believe the location and amenities!

    Walk to the beach, piers, shopping, restaurants and more - this condo is convenient to everything, not to mention the scenery from your balcony.

    A spacious sun-filled living room awaits you, leading to a private balcony with views of the Valley greenbelt.

    A spacious kitchen with breakfast bar and ample counter space overlooks the living room, which offers a great layout for entertaining.

    With a community pool and other amenities, this condo offers it all!

    Contact the Hoffman Murphy Team for more information on this property, and others throughout our area at 310-939-9393.

  • 3 Bedroom Bungalow in North Redondo – So Much To Offer!

    Posted Under: Home Buying in Redondo Beach, In My Neighborhood in Redondo Beach, Investment Properties in Redondo Beach  |  April 9, 2012 10:51 AM  |  164 views  |  No comments


    The Hoffman Murphy Team is pleased to bring you another wonderful home for sale in our area.



    Located in North Redondo Beach, this 3 bedroom home beams with the pride of ownership. You will adore the long gated driveway, front porch, and formal living room. Brand new crown molding, paint and carpeting throughout this home make it sparkle from the inside out with charm and character.



    Enter a kitchen with extra counter space, an abundance of cabinets, and a separate dining area.

     


    A casual family room located in the rear of the home boasts a beautiful brick fireplace, and offers additional space for all social gatherings. Exit through French doors off the family room to the rear patio, and enjoy a beautiful backyard which is perfect for BBQs.



    Visit this amazing bungalow, which is located on a tree-lined street and in a quiet neighborhood, today by contacting the Hoffman Murphy Team! We’re ready to assist with all your real estate needs!

 
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