Home Buying in Los Angeles>Question Details

Dup, Home Buyer in Brooklyn, NY

We are looking to buy a two bedroom condo in Culver City. Max price would be $450,000. Can anyone give?

Asked by Dup, Brooklyn, NY Thu Jun 19, 2008

us a rough idea of what the monthly property tax would be for a condo like this?

Also do HOA dues cover your homeowner's insurance? Not for your possessions of course, but for the building itself? What else do they include?

Also would $200 a month be a fair estimate for PIMA payments on such a house? (We plan on putting down a down payment of 50K)

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6
Dear Dub, to clarify, the property tax itself is 1.0% of the purchase price.

There are additional voter initiatives collected with the property tax like LA County Fire Department Fund, LA West Mostiquito Abatement Fund, Flood Control Fund, Trauma/Emergency Service Fund, County Park District Fund, County Library Fund etc. The fund and the amount collected is shown on your tax bill.

Generally this is about 0.25% for Westside properties. It varies from area to area. I believe Culver City might be a little lower. In any event the total tax collected is approximately 1.25% of the purchase price.

Property tax is billed once a year for the tax year July 01 thru June 30. The bill itself is sent out around October. The first payment is due November 01 with a grace period to December 10. The second half is dueFebruary 01 with a grace period to April 10.

There is a good selection of condos available in Culver City.

In the Fox Hill Mall area there is The Kensington, Cambridge House, Fox Gate and Heather Village, These are mainly condo conversions meaning they were built as apartments and converted to condos.

In the area near the Sony Studios are the gated developments of Tara Hill On Indianwood Road and Hollow Corner Road, Lakeside Villas on Maytime Lane, Lakeside Village on Summertime Lane.

I can set you up on an auto-notification which will show all the units available in Culver City as they come on the market.

Go to my website.

All the best!
1 vote Thank Flag Link Thu Jun 19, 2008
Hi Dup,

Property taxes are roughly 1.25% of the purchase price (market value). So at $450,000 the taxes would be about $5,625/yr or $470 per month. Generally HOA fees cover fire insurance, earthquake insurance, and liability insurance, but not much else. You have to check with each HOA, because the type and level of coverage differs vastly.

You would need to get insurance for the contents of the unit. The individual insurance would need to be for fire, earthquake, and loss from theft. It is also wise to get liability insurance, in case someone hurts themselves on your property.

Depending on the type of loan you get, the mortgage insurance will differ. The best way to determine this is to make sure that you speak to a mortgage professional prior to looking for a home. Then make sure that your Realtor is aware of your home needs and financial constraints.

Let me know if you need a referral for a mortage professional.

Good Luck,

Ray
Web Reference: http://www.charityar.com
1 vote Thank Flag Link Thu Jun 19, 2008
Wow ...you got a lot different answers on the property tax question didn't you? The funny thing is that most of them were correct.

You can certainly find a condo in Culver City for $450,000 and I would be happy to help you find one.

Yes I believe $200 is a good ballpark figure for PIMA payments if you need to go that route.

Each HOA has a different policies and so it would be up to you, when you review your Associations policies, prior to the close of escrow, to make sure your OK with the coverage. Earthquake is of course the major concern given its high expense is usually reflective of the HOA fee.

Thanks

Stewart L Fournier
310-968-1730
Agent for BSA Realty
0 votes Thank Flag Link Tue Jun 24, 2008
you can get an advantage by searching the Multiple Listing Service for the entire County. You can search for available properties in and around Los Angeles County. Go to my website: reoLicensedSpecialist.com or if you email me, I can put you on a daily alert of properties that are in your price range and the fit your criteria only. This service is free to you.
0 votes Thank Flag Link Sat Jun 21, 2008
You might have to spend a bit more for a two bedroom Condo in Culver City. I am working with two couples right now who are looking. HOA's in the two big developments in Culver(Raintree and Lakeside) are from 350.00-650.00,depending on which you choose.
Property taxes are 1.25 %of the purchase price. The HOA's do cover earthquake insurance in one of the developments . I have a link on my website to Raintree with contact information for more detail.
0 votes Thank Flag Link Fri Jun 20, 2008
Property tax rates cannot exceed 1% of the property's market value and, absent a sale or major remodeling of the property, property value increases are capped at a maximum of 2% per year. On new purchases, the property is reassessed at 1% of the new market value with the 2% cap put in place for yearly increases (when applicable). In today's declining marketplace, many homeowners are actually qualifying for decline-in-value reassessments.

Typically, HOA dues cover insurance and maintenance for the common areas. Some, not all, complexes have earthquake insurance, basic cable television, etc.

For more details, please contact me as I am a Culver City condo specialist and have lived int he area for 9 years.

Lezlie Brazil
Keller Williams Realty
T 310-991-4263
F 310-861-0207
E lezliebrazil@kw.com
W http://www.lezliebrazil.com
Web Reference: http://www.lezliebrazil.com
0 votes Thank Flag Link Thu Jun 19, 2008
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