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Advantages and Disadvantages of Co-living
Like any living situation, co-living has its pros and cons. An article from the July/August 2020 edition of NAR’s senior newsletter can help you understand what they are. NAR outlines the advantages and potential disadvantages as well as how to mitigate them.
First, the advantages. Sharing responsibilities in the home is sure to decrease the burden on everyone. It’s especially useful if residents have distinct strengths and weaknesses and can complement each other. Residents in a co-living situation also divide costs, whether it’s mortgages as a homeowner or rent as a renter. Another big plus is the social factor. Humans are inherently social, and our physical and mental well-being depends on a sense of community.
Conflict is bound to arise between any people living together. This is especially true when there are power dynamics or physical limitations at play. Homeowners and renters may battle for a sense of control. Differences in health and mobility may place an unexpected burden on some residents. Luckily, many conflicts can be avoided with written agreements and trial periods. Be sure to interview prospective residents and discuss with them matters of finance, cleaning, visitors and pets, scheduling, and private vs common areas and household items. Background checks and credit checks may also be advised.
Photo by Thanos Pal on Unsplash
Recent South Redondo Sales
We monitor local South Bay real estate activity daily. The data is charted to show the direction of the market in terms of tendency to favor Sellers versus Buyers. Ideal market conditions are in the the center band where both have roughly equal market strength. As you can see, South Bay activity was right down the middle for July. The daily market trend has been more or less level since the beginning of the year, with only a slight upward movement each month.
Cumulatively, since the beginning of the year, the market has shifted from almost being a Buyers’ Market to being almost dead center on the chart. What that means in terms of value can be seen by looking at the most recent three months sales. The list below represents only houses, and only those sold in two neighborhoods. If you’re interested in real time information about homes like yours, or near yours, call and ask about our Neighborhood Notice service.
How To Safely List Your Home During COVID-19
If you’re worried about listing your home during the pandemic, or if you want to take advantage of the increased inventory and buy a new home, there is a protocol for doing so safely, even in heavily impacted areas of California.
You should discuss with your agent the things that can be done to curb the spread of COVID-19. Some things you can do while others your agent will be better able to do. You can leave interior doors open prior to a showing to ensure visitors don’t need to open doors. Also, you can open windows before and after showings to let in fresh air.
In addition to opening windows for a showing, use disinfecting wipes or spray to clean surfaces that you expect may have been touched frequently, such as countertops, cabinets, light switches, and door knobs.
You and your visitors should wash hands or use hand sanitizer, wear masks or other protective face covering, and practice social distancing. Any disposable protective gear should be discarded when leaving.
The listing agent can discuss the precautions with the buyer and/or buyers’ agent. They can discuss taking care to avoid touching surfaces as much as possible and other safety measures, as well as check to make sure everyone is symptom-free.
The California Association of Realtors (CAR) provides a poster guiding the actions of visitors to minimize risk, which should be posted near the entry. CAR also provides a form called the Coronavirus Property Entry Advisory and Declaration (PEAD) which requires all involved to certify that they are aware of the safety requirements. That form should be signed by the agents, seller, and any visitors.
Be sure to call or email us for more information about safely showing property during the pandemic or regarding other aspects of buying and selling in difficult times. We each have over 25 years of experience in good times and in bad.
Photo by Clay Banks on Unsplash
More: https://journal.firsttuesday.us/farm-health-precautions-when-listing-your-home/72565/
California gets serious on housing shortage
It’s no secret that California has exorbitantly high home and rental prices as well as increasing homelessness. What may be less obvious is that the issue lies in housing construction. There simply aren’t enough affordable units being built.
That’s why California’s Department of Housing and Community Development (DHCD) has established ambitious housing goals for the next decade. In order to be eligible for DHCD funding, a county such as Alameda County would need to plan to build 441,000 more housing units between 2022 and 2030. If that sounds unachievable already, take note that Alameda County is still behind by 188,000 units on its 2022 goal. As far as affordability, Alameda County has similar goals as other large metros for income distribution: about 45% to above-moderate income households, about 15% to moderate- and low-income respectively, and about 25% to very-low-income households. Local jurisdictions are also going to need to adjust their zoning laws to accommodate the new goals.
Photo by Denys Nevozhai on Unsplash
More: https://journal.firsttuesday.us/california-sets-lofty-housing-goals-for-the-decade-ahead/72328/
Co-Living vs Co-Housing: What’s the difference?
Co-living and co-housing are two types of housing arrangements that may be confused. Both are types of “intentional communities” — that is, communities in which the residents share some or all of the space. There are important distinctions in how that space is shared, though, outlined in July/August 2020 edition of NAR’s SRES newsletter.
In a co-living arrangement, all residents share a single dwelling, and the residents are not relatives. Each resident will normally have a private bedroom and possibly a private bathroom. The rest of the rooms are communal, including the kitchen, dining room, living room, and laundry area. This will be familiar to college students living in dorms, but it’s also a potentially beneficial housing arrangement of seniors who may not be able to afford their own housing space or may need assistance.
Co-housing communities, on the other hand, are more private, and likely more expensive. Each party in a co-housing situation may or may not be a single individual; they could be couples or families as well. In any case, the living unit is not shared with other parties, and no room inside the dwelling is communal. Instead, the communal space all exists outside the dwelling, in the form of activity rooms, pools, meeting rooms, or similar such areas.
Photo by Nastuh Abootalebi on Unsplash
55+ Options in South Bay
This is not intended to be an exhaustive list of 55+ housing choices, but a reference point for the more commonly known, age-restricted accommodations available in the Los Angeles South Bay. We welcome your input, but cannot guarantee inclusion.
Condominiums
- Breakwater Village, 2750 Artesia Blvd, Redondo Beach, CA 90278
- Courtyard Villas Estates, 3970 Sepulveda Blvd, Torrance, CA 90505
- Gables, 3550 Torrance Blvd, Torrance, CA 90503
- Meridian, 2742 Cabrillo Ave, Torrance, CA 90501
- Montecito, 2001 Artesia Blvd, Redondo Beach, CA 90278
- New Horizons, 22603-23047 Maple Ave and 22601-23071 Nadine Circle, Torrance, CA 90505
- Pacific Village, 3120 Pacific Blvd, Torrance, CA 90505
- Parkview Court, 2367 Jefferson St, Torrance, CA 90501
- Rolling Hills Villas, 901 Deep Valley Dr, Rolling Hills Estates, CA 90274
- Sol y Mar, 5601 Crestridge Road, Rancho Palos Verdes, CA 90275
- Sunset Gardens, 24410 Crenshaw Blvd, Torrance, CA 90505
- Tradewinds, 2605 Sepulveda Blvd, Torrance, CA 90505
- Village Court, 21345 Hawthorne Blvd, Torrance, CA 90503
Independent/Assisted Living/Memory Care Facilities
- Belmont Village, 5701 Crestridge Road, Rancho Palos Verdes, CA 90275; 310-377-9977
- Brookdale Senior Living, 5481 W Torrance Blvd, Torrance, CA 90503; 310-543-1174
- Canterbury, 5801 West Crestridge Road, Rancho Palos Verdes, CA 90275; (877) 727-3213
- Clearwater at South Bay, 3210 Sepulveda Blvd,Torrance, CA 90505; 424-250-8492; (previously Wellbrook)
- Kensington, 320 Knob Hill Ave, Redondo Beach, 90277; (424) 210-8041
- Manhattan Village Senior Villas, 1300 Parkview Ave, Manhattan Beach, CA 90266; (310) 546-4062
- Silverado Senior Living, 514 N. Prospect Avenue, Redondo Beach, CA 90277; (310) 896-3100
- Sunrise of Hermosa Beach, 1837 Pacific Coast Hwy Hermosa Beach CA 90254; 310-937-0959
- Sunrise of Palos Verdes, 25535 Hawthorne Blvd, Torrance, CA 90505; 408-215-9608
Independent Living Only
- Casa De Los Amigos, 123 S Catalina Ave, Redondo Beach, CA 90277; 310 376 3457
- Heritage Pointe Senior Apartments, 1801 Aviation Way, Redondo Beach, CA 90278; (844) 220-4169
- Seasons at Redondo Beach, 109 S Francisca Ave, Redondo Beach, CA 90277; (310) 374-6664
Mobile Home Parks
- Skyline, 2550 Pacific Coast Hwy, Torrance
- South Bay Estates, 18801 Hawthorne Blvd, Torrance
- South Shores, 2275 25th St, San Pedro
Tips for seniors to find a housemate
More and more seniors are looking for a financially viable way to retain their independence as long as possible. Co-living is a promising solution, which means finding the right housemate for you. Here are a few tips to help, taken from an article in the July/August 2020 edition of NAR’s senior newsletter.
Don’t limit yourself to only looking for other seniors to be your housemate. College students are often looking for co-living situations as well, so such an arrangement could be mutually beneficial. You may look for other types of individuals that are not usually home, such as business professionals or frequent travellers. It’s okay if you and your housemate have differences. Learn to appreciate those differences and enjoy your time together.
Make sure they aren’t too different, though. Take the usual precautions to determine whether you and your housemate are compatible, such as shared interests, lifestyle, and privacy expectations. You and your housemate should complement each other’s strengths and weaknesses. Your safety is also important — meet first in a public place, have friends with you, get references and maybe even a background check or credit check.
Photo by LOGAN WEAVER on Unsplash
The barriers to homeownership for Black and Latinx buyers
Throughout the country, Black homeowners pay an average of 13% higher property taxes than White homeowners. This is because of assessed values, which are on average 10% higher in Black and Latinx neighborhoods relative to the sale price. Local governments use higher property tax rates to push for gentrification, which they know new white owners can pay but the minority families already living there cannot. White buyers are also more easily able to appeal their property tax assessment.
The problem is worse in California, where Prop 13 is limiting property tax rates on unsold homes by basing property tax assessments on the value at time of sale. The proposition is designed to protect older residents who are on a fixed income and could otherwise lose their homes. But there are some negative consequences for low-income buyers. As soon as the home is sold, the new buyer is potentially facing significantly higher property taxes than the previous owner was, which prices out some people who are otherwise able to afford the purchase itself. And in the meantime, local government has less revenue from property taxes, so they have to make up the difference elsewhere. This often comes in the form of sales tax, which, because the rate is identical regardless of the buyer’s income, is proportionally a larger burden for Black and Latinx indivduals who tend to be lower-income earners.
Taxes aren’t the only issue Black and Latinx people face, though. When the economy crashed in 2007-2009, minorities were disproportionately affected because of discriminatory lending practices. Lenders would statistically charge higher fees to minorities with equal qualification as whites, or steer minorities towards subprime loans regardless of credit history. This meant they were less likely to be able to pay their mortgages after the crash. With all these barriers to homeownership, Black and Latinx individuals lose out on one of the largest sources of wealth, owning a home.
Photo by Masaaki Komori on Unsplash
New LEED guidelines established for COVID-19
In order to help combat COVID-19, the U.S. Green Building Council has established new LEED safety guidelines. The new recommendations cover layout, materials, air quality, and smart technology, and are focused on senior care facilities.
The guidelines suggest that facilities renovate to create more single-occupancy rooms. Flexible layouts and multipurpose rooms can help to address both current and future concerns without needing additional space. Uncoated copper alloys are best for knobs and rails, as the copper alloys have an antimicrobial factor. Curtains should be replaced with glass or plexiglass. Countertops and floors should use nonporous or less porous materials such as quartz and Corian for countertops and porcelain, vinyl, or wood for floors. Ventilation is of utmost importance, particularly in bathrooms, and should be maintained regularly. Touchless features go a long way, such as automatic doors, touchless faucets, and voice activated lights.
Microunits may be permitted in some multi-family areas
California bill AB 3173, introduced in February, would require some cities and counties to permit microunits in areas zoned for multifamily residences. The city or county must have a population of 400,000 or more to qualify for this requirement. Because of the way zoning laws operate, the bill would not apply on city land in a city with a population under 400,000 even if the county has a population over 400,000. The bill also establishes size and affordability requirements for the microunits.
Using 2019 population estimates for cities and the 2010 Census data for counties, the bill would apply in 8 cities and 21 counties. Eligible cities are Los Angeles, San Diego, San Jose, San Francisco, Fresno, Sacramento, Long Beach, and Oakland. It’s possible that Bakersfield, with an estimated population of 384,145 last year, has now passed the 400,000 mark. Eligible counties are Los Angeles County, San Diego County, Orange County, Riverside County, San Bernardino County, Santa Clara County, Alameda County, Sacramento County, Contra Costa County, Fresno County, Kern County, San Francisco County, Ventura County, San Mateo County, San Joaquin County, Stanislaus County, Sonoma County, Tulare County, Solano County, Santa Barbara County, and Monterey County. It’s very likely that Placer County, with a population of 398,329 at the 2010 census, has now surpassed the requirement.
Photo by Lachlan Gowen on Unsplash
Read the full bill: http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB3173