Torrance real estate and homes for sale

Search for homes in Torrance CA

Who Pays for What During Escrow in Torrance?

by

By Keith Kyle21345_Hawthorne_Blvd_#415_bed1 copy

Closing Costs – Who Generally Pays What In a Torrance CA Escrow

Keep in mind that the charts below are based on the standard allocation of costs in Torrance.  As with any detail of buying a home everything is negotiable including who pays what costs during the transaction.  In addition not all of these costs exist in every transaction and many are dependent on the lender, escrow company and the details of the offer.

Title Fees

Cost
Customarily Charged By/To:
Description
Owners Title Policy Title:To Seller Fee for the title policy. Calculated using the sales price.May be reduced if home was purchased or refinanced inthe last 5 years. Insures that the title is as agreedto at closing
LendersTitle Policy Title:To Buyer Title policy issued to lender to cover the amount of the loan.Based on the loan amount unless it is a negative amortizationloan.
Sub Escrow Fee Title:to Buyer & Seller Fee to administer the payoff of loans or property taxes of the seller and collection of funds from the new lender
Document Transfer Tax County: to Seller at $1.10 per thousand of sales priceCity:  No transfer tax in Torrance Fee charged on all properties that transfer title – based on sales price.
Record Release/Reconveyance County:To Seller Charge to record the release/reconveyance
Federal Express/Messanger Fees Federal Express: to Buyer & Seller Charge to deliver all time sensitive documents and monies
Title/Wire Fee Banking Instituion: to Buyer & Seller Charge to wire funds to escrow, seller, lenders, etc
Electronic Recording County: to Buyer Charge to electronically record the document
Record Grant Deed County: To Buyer Charge to record the grant deed
Record Trust Deed County: To Buyer Charge to record the trust deed.
Messenger Messenger Service: To Buyer and Seller Charge to special messenger documents during the escrow: Fee
varies with distance
Lender’s Endorsement Title: to Buyer Charge for endorsements required by lender to cover “outside
the normal” risk circumstances

Escrow Fees

Cost
Customarily Charged By/To:
Description
Escrow Fee Escrow: Each pays own Covers liability assumed as well as standard processing costs.
Demand Fee Escrow: to Seller Charge to request a statement & process involved in getting a payoff figure
to escrow on the outstanding amount of the current loan. One demand fee per loan.
Process HOA Docs & Transfer Fee Escrow: Seller Fee for processing required to assign membership for HOA a& copying all governing documents
Document Fee Escrow: to Buyer Covers the cost of all processing required to meet new lender requirements
Loan Tie-In Fee Escrow: to Buyer Covers the cost of all processing required to meet new lender requirements
Federal Express Federal Express: to Buyer For document packages to out of County Lenders.

Lender Fees

Cost
Customarily
Charged By/ To
Description
Origination Fee Lender: to Buyer Charge for lending money at 1% of the loan amount
Documentation Preparation Lender: to Buyer Paid to lender for preparation of final loan documents
Tax service Tax Service: to Buyer Fee charged to buyer to set up property taxes with the state
Wire Banking institution Charge for the wiring of funds to title for closing
Underwriting Lender: to Buyer Fee to direct lender for the process of approving
Tax impounds Lender: to Buyer Collected to create an impound reserved account for the lender to pay property taxes twice a year
Prepaid Insurance Lender:to Buyer Generally 1yr of hazard insurance collected for impound reserve
account
Appraisal Appraiser:to Buyer Paid directly to appraiser for appraisal of property
Credit Report Lender: to Buyer Paid to credit bureau for report containing 3 credit scores
Processing Lender: to Buyer Paid to mortgage broker for processing loan package from application to closing

Disbursements

Cost
Customarily Charged By/ To
Description
HOA Transfer Fee HOA Management: to Buyer To transfer ownership and handle new accounting set up
HOA Dues HOA Management: to Seller Paid through month of closing
Fire Insurance Insurance Agency: to Buyer 1 year prepaid premium for Homeowners insurance
Notary Notary: to Buyer

Payoffs

Cost
Customarily Charged By/ To
Description
Recording Fee Existing Lender: to Borrower Charge for having reconveyance recorded.
Statement forwarding fee Existing Lender: to Borrower Charge for issuing a payoff statement

Credits and Prorations

Cost
Customarily Charged By/ To
Description
HOA Dues Seller: to Buyer Calculated from date of COA through month-end
County Property Taxes Seller: to Buyer Calculated from the date of payoff through end of period paid for.

Real Estate Micro Market Update – Southwood Torrance

by

Southwood Torrance Real Estate Update

By Keith Kyle

The neighborhood of Southwood in Torrance CA is a fantastic area with tree lined streets with primarily single family homes and a great community feel. Prices in this neighborhood, located just east of Redondo Beach, have seen steady increases since the beginning of 2013 and doesn’t show any signs of slowing down. Here’s a quick recap of the current real estate market conditions in this Torrance neighborhood.

  • Active Southwood Torrance homes for sale – 8
  • Lowest list price – $485,000 – 5500 Torrance Blvd #C121
  • Highest list price – $1,199,000 – 21213 Anza Ave
  • Average list price – $753,713
  • Average price per square foot – $483.68
  • Average Days on Market – 35
  • In escrow – 8
  • Total homes sold in 2014 YTD – 20
  • Average sales price – $627,688
  • Average price per square foot – $474.73

21213 Anza Ave – Southwood Torrance Home for Sale

by

Currently the highest priced home in the great neighborhood of Southwood is located at 21213 Anza Ave.  The home is described as:

This is a beautiful 2003-2004 remodeled home with over 3500 square feet of living space. The lot consists of 6741 sq ft professionally landscaped with lush fruit trees, yard art and koi pond. The formal living room has 18 foot ceilings with a magnificent wood staircase that ascends to family sitting room. Off the sitting room there are three bedrooms each having its own private bath. The kitchen and great room are the center of this beautiful home with commercial appliances and granite flooring. On the main floor there is one bedroom with private bath.

The home is quite large for the area and has some interesting features but reaching a number of almost $1.2M on the busy street of Anza (although it’s on a service road off of the main street) seems quite unlikely.  Few homes in the area sell for anywhere near this rarified price and all are located in prime locations.

[idx-listing mlsnumber=”PV14078225″ showall=”true”]

55+ Condos for Sale in Torrance – 21345 Hawthorne Blvd

by

By Keith Kyle21345_Hawthorne_Blvd_#415_kitchen1 copy

The 55+ community of Village Court is possibly the best location in the nicest complex in the South Bay. This home is absolutely turnkey and features a spacious bedroom, kitchen with granite counters and large island, big views of the pool and spa area as well as wonderful western exposure offering sunset views and cool ocean breezes. Village Court is a 55+ complex built in 2005 offering all of the best amenities including a resort style pool and spa, large outdoor dining and relaxation area, gym, clubhouse with pool table, beautiful lobby and more.

See the current Village Court 55+ condos for sale below

Current Condos For Sale in Village Court 55+

South Bay School API Test Scores – How Local Schools Compare

by

**please note that this blog post was originally posted in 2014 and has not been updated

Good schools are the cornerstone of good communities, and nowhere is that more true than in the Beach Cities and South Bay.  With manyRiviera Elementary School Torrance home buyers searching for specific school districts, and sometimes even specific schools, the list below should provide assistance as to how they rate and compare with one another.  Contact us to determine what neighborhoods attend what schools.

API – Academic Performance Index
 2013 Growth 2012 Base 2012-13 Growth Target 2012-13
Growth
CENTINELA VALLEY UNION HIGH 680 698 D -18
High Schools
Hawthorne High 640 678 6 -38
Lawndale High 725 756 5 -31
Leuzinger High 669 696 5 -27
EL SEGUNDO UNIFIED 892 894 D -2
Elementary Schools
Center Street Elementary 901 922 A -21
Richmond Street Elementary 910 908 A 2
Middle Schools
El Segundo Middle 906 891 A 15
High Schools
El Segundo High 880 889 A -9
HAWTHORNE 799 797 D 2
Elementary Schools
Eucalyptus 821 801 A 20
Jefferson 801 793 5 8
Kornblum 789 772 5 17
Ramona 818 816 A 2
Washington 793 775 5 18
York 758 781 5 -23
Zela Davis 809 815 A -6
Middle Schools
Bud Carson Middle 779 791 5 -12
Hawthorne Middle 783 781 5 2
Prairie Vista Middle 771 775 5 -4
High Schools
HERMOSA BEACH 937 946 D -9
Elementary Schools
Hermosa Valley Elementary 939 944 A -5
Hermosa View Elementary 934 961 A -27
LAWNDALE ELEMENTARY 806 809 D -3
Elementary Schools
Billy Mitchell Elementary 802 811 A -9
F. D. Roosevelt Elementary 755 777 5 -22
Kit Carson Elementary 749 773 5 -24
Lucille J. Smith Elementary 834 848 A -14
Mark Twain Elementary 871 880 A -9
William Anderson Elementary 796 805 A -9
William Green Elementary 819 799 1 20
Middle Schools
Jane Addams Middle 825 824 A 1
Will Rogers Middle 786 787 5 -1
MANHATTAN BEACH UNIFIED 935 940 D -5
Elementary Schools
Pennekamp Elementary 946 942 A 4
Grand View Elementary 966 969 A -3
Meadows Elementary 961 951 A 10
Robinson Elementary 965 971 A -6
Pacific Elementary 968 965 A 3
Middle Schools
Manhattan Beach Middle 943 959 A -16
High Schools
Mira Costa High 912 916 A -4
PALOS VERDES PENINSULA UNIFIED 925 924 D 1
Elementary Schools
Cornerstone at Pedregal Elementary 977 974 A 3
Dapplegray Elementary 934 936 A -2
Lunada Bay Elementary 941 942 A -1
Mira Catalina Elementary 919 919 A 0
Montemalaga Elementary 947 951 A -4
Point Vicente Elementary 954 947 A 7
Rancho Vista Elementary 943 946 A -3
Silver Spur Elementary 968 969 A -1
Soleado Elementary 966 948 A 18
Valmonte Elementary
Vista Grande Elementary 936 936 A 0
Middle Schools
Miraleste Intermediate 932 914 A 18
Palos Verdes Intermediate 951 956 A -5
Ridgecrest Intermediate 955 960 A -5
High Schools
Palos Verdes High 884 896 A -12
Palos Verdes Peninsula High 909 906 A 3
REDONDO BEACH UNIFIED 887 892 D -5
Elementary Schools
Alta Vista Elementary 946 929 A 17
Beryl Heights Elementary 942 952 A -10
Birney Elementary 917 927 A -10
Jefferson Elementary 936 941 A -5
Lincoln Elementary 910 913 A -3
Madison Elementary 910 906 A 4
Tulita Elementary 912 929 A -17
Washington Elementary 893 906 A -13
Middle Schools
Adams Middle 872 B B B
Parras Middle 907 921 A -14
High Schools
Redondo Union High 856 858 A -2
TORRANCE UNIFIED 860 869 D -9
Elementary Schools
Anza Elementary 916 918 A -2
Arlington Elementary 885 887 A -2
Edison Elementary 860 876 A -16
Evelyn Carr Elementary 813 834 A -21
Fern Elementary 844 864 A -20
Hickory Elementary
Howard Wood Elementary 842 846 A -4
John Adams Elementary 850 853 A -3
Joseph Arnold Elementary 899 907 A -8
Lincoln Elementary 894 897 A -3
Riviera Elementary 907 918 A -11
Seaside Elementary 902 915 A -13
Torrance Elementary 821 837 A -16
Towers Elementary 908 916 A -8
Victor Elementary 899 916 A -17
Walteria Elementary 906 909 A -3
Yukon Elementary 838 859 A -21
Middle Schools
Bert M. Lynn Middle 910 936 A -26
Calle Mayor Middle 908 928 A -20
Casimir Middle 859 862 A -3
Edward J. Richardson Middle 907 921 A -14
J. H. Hull Middle 800 826 A -26
Jefferson Middle 858 887 A -29
Madrona Middle 882 891 A -9
Philip Magruder Middle 846 827 A 19
High Schools
North High 807 815 A -8
South High 875 876 A -1
Torrance High 811 822 A -11
West High 868 873 A -5
WISEBURN ELEMENTARY 869 883 D -14
Elementary Schools
Juan Cabrillo Elementary 888 906 A -18
Juan De Anza Elementary 872 882 A -10
Peter Burnett Elementary 879 871 A 8
Middle Schools
Dana Middle 863 885 A -22
High Schools
Da Vinci Design 762 746 5 16
Da Vinci Science 816 799 1 17

Torrance Real Estate Explained – Hillside Overlay

by

By Keith Kyle

Home with "flags" marking outline of proposed addition
Home with “flags” marking outline of proposed addition

A few of the many benefits of living near the beach are the wonderful ocean views and ocean breezes that make life here so unique.  These ocean views have immeasurable value from both a quality of life aspect as well as a significant monetary impact.  In many of the South Bay cities these views are unprotected and it’s not rare for a home’s stunning ocean views to disappear when the one story home next door gets torn down and new and much larger home replaces it.

Certain areas of Torrance are the exception. Primarily found in the Hollywood Riviera and Seaside Ranchos neighborhoods the city has incorporated much stricter building guidelines known as the “Hillside Overlay” area.  (see map below)

See the homes currently for sale in the Hollywood Riviera

In 1977, the Hillside Overlay Area was established in Torrance, CA in order to address issues concerning building, remodeling, and protecting views and privacy.  All new construction (meaning both new homes and expansions on current structures) are subject to review and input by neighbors including “flagging”  where a mock up of the future structure are marked with plastic flags  to approximate the outlines of any proposed addition to the structure prior to permit approval so that neighborhood input may be obtained.

Torrance Municipal Code Excerpt (Hillside Overlay)

The basics of the hillside overlay are as follows:  Upon receipt of the complete application, the Community Development Director shall set a date, time and place for a public hearing thereon as soon as practicable and shall send notice thereof to the owners of land included within a three hundred (300) foot radius of the exterior boundaries of the land for which the permit is sought

No construction and no remodeling or enlargement of a building or structure shall be permitted unless the Planning Commission (or the City Council on appeal) shall find that the location and size of the building or structure, or the location and size of the remodeled or enlarged portions of the building or structure, have been planned and designed in such a manner as to comply with the following provisions:

  1. The proposed development will not have an adverse impact upon the view, light, air and privacy of other properties in the vicinity;
  2. The development has been located, planned and designed so as to cause the least intrusion on the views, light, air and privacy of other properties in the vicinity;
  3. The design provides an orderly and attractive development in harmony with other properties in the vicinity;
  4. The design will not have a harmful impact upon the land values and investment of other properties in the vicinity;
  5. Granting such application would not be materially detrimental to the public welfare and to other properties in the vicinity;
  6. The proposed development will not cause or result in an adverse cumulative impact on other properties in the vicinity.