Elaine Murphy Carlson

Nancy -

My guess is that the new buyers on Moro Bay bought the property at the Trustee's Sale which happens on the courthouse steps and is like an auction. According to Realist (Tax Assessor information), the Seller was Recontrust Co. If you are interested in receiving NOT (Notice of Trustee' s Sale) lists, please email me separately at Elaine@ElaineCarlson.com. or call me at 310-701-5698. - Wed Oct 1 2008, 08:33

Nancy -

28918 Moro Bay is currently off the market with a note that "Major Rehab in Process. Back on Market Mid October". Original list price was $1,175,000 with last list price $1,295,000. My guess is that they raised the price in anticipation of the remodel that is underway. According to the Tax Assessor records, this property sold 9/8/08 for $998,750 with a Trustee's Deed which usually means foreclosure. In 2005, the property was listed for $1,299,000 and sold in 11 days for $1,275,000 (closed escrow 8/24/05).

5811 Scotwood did indeed sell on May 16, 2008 for $990,000 (with an original list price of $1,199,000 then lowered to $1,075,000). This appears as a "flip" as it has come back on the market as a "beautiful remodel" for $1,299,000.

To answer you question about how they could buy these houses at such low prices, Moro Bay appears to be a foreclosure and Scotwood was purchased after it had been withdrawn from the market. I am not privy to the particulars on that one. There are actually 21 homes currently on the market in Palos Verdes that are under $1,000,000. The lowest price is on Indian Valley Road and was recently reduced to $799,00 for a 2,056 square foot house and offers are being reviewed on October 5th. - Tue Sep 30 2008, 20:53

Nancy - If you give me the address, I can search the History on that listing to give you a more accurate answer. - Tue Sep 30 2008, 18:26

Rachel -

When you purchase a property, it will be reassessed by the LA County Tax Assessor using the sales price as the base. Your new property tax will be 1% of the purchase price plus any local bonds and assessments (usually averages another .0025 of sales price). On the Palos Verdes Peninsula (which includes Rancho Palos Verdes, Palos Verdes Estates, Rolling Hills and Rolling Hills Estates), we have an additional Palos Verdes Unified School District assessment of approximately $175 per year. Homeowners in the city of Palos Verdes Estates pay an additional Fire/Police assessment of approximately $500/year. The city of Rancho Palos Verdes also has a new storm drain assessment. The City of Rolling Hills has a Homeowners Association fee of $.20 per hundred of assessed value.

The potential conflict in the square footage of the home you are looking to buy is another issue. Your lender will require an appraisal (the appraiser will tape the house and state that square footage on the appraisal).
If there is a substantial difference in the square footage on your appraisal and the tax assessor's records, you may want to call the LA County Tax Assessor to get the square footage corrected (but it should not affect your property taxes as that is based on the sales price). In my experience, the Tax Assessor is usually correct on the lot square footage but the only way to confirm the square footage of the lot is to get it surveyed.

Please let me know if I can be of further assistance. - Thu Sep 4 2008, 08:06