DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.
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8 DIGS.NET | 12.16.22 DECEMBER 16 2022 | ISSUE 150 722 1st Street, Unit D, Hermosa Beach, California, 90254 Office: 310.373.0142 Westside DIGS Magazine is published every other Friday by m3 Media, LLC. Reproduction in any form or by any means is strictly prohibited without the prior written consent from m3 Media LLC. The Publisher and advertisers are not responsible or liable for misinformation, misprints, or typographical errors. All advertised properties are subject to prior sale or withdrawal without notice. Real estate advertised in this publication is subject to the Federal Fair Housing Act. M3 Media will not knowingly accept any advertising for real estate which is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis. Any and all submissions to this publication become the property of m3 Media, LLC and may be used in any media. CREATIVE SERVICES & AD DESIGN/ORIGINAL ARTWORK PROVIDED EXCLUSIVELY BY WESTSIDE DIGS.. © 2022 Micro Market Media, LLC. All rights reserved. On The Cover PRESENTED BY CHARLES PENCE OF PENCE HATHORN SILVER | COMPASS LISTED AT: $7,995,000 FEATURED ON PAGE 22 How Will The New "Mansion Tax" Affect You? Measure ULA passed in a recent election, which resulted in a large added transfer tax to Los Angeles homeowners of any property sale of more than $5 million beginning April 1, 2023. The impact of the measure will likely be widespread. For a property that sells at $4.5 million The transfer fee rate will remain the same at $4.50 per $1,000 resulting in a fee of $20,250. For a property that sells at $5 million The transfer fee will jump to $40.00 per $1,000 resulting in an increase to $200,000! For a property that sells at $10 million The transfer fee will be $45.00 per $1,000 and will result in an increase to $550,000! Homeowners who are interested in learning how Measure ULA will impact their home can call (310) 600-7422 or write Michael@Edlenteam.com Clearly equity of the seller will be significantly impacted by these much higher transfer fees! Becoming aware of the financial impact may also alter the timing of your decision to sell because today, many sellers continue to get record-high home sales... Before the end of 2023, the market may reach a balance between buyers and sellers, and if interest rates go higher it will impact buyer affordability even more. The impact will affect owners of high-value residential real estate, who will bear the brunt of the new tax. Let's illustrate its impact on property owners with a straightforward calculation: The property information herein is derived from various sourc- es that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not war- ranted and you should not rely upon it without personal verifica- tion. Not intended as a solicitation if your property is already list- ed by another broker. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company. ©2019 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo service marks are registered or pending registrations owned by Coldwell Banker Real Estate LLC. CalRE#00616212 Michael Edlen DRE 00902158, Tatiana Weiss DRE 01751813, Christina Wagner DRE 01310664, Jolie Hernandez DRE 01208938, Keith Craven DRE 01239016 TO OUR READERS South Bay DIGS welcomes your feedback and encourages reader response to our editorial features. Please send your letters to the Publisher at 722 1st Street, Unit D, Hermosa Beach, California, 90254 or via email to Contact@WestsideDIGS.com. Please include your name and contact information. Letters may be published and we reserve the right to edit. ADVERTISING For inquiries, please contact Publisher Warren Dow at 310.373.0142. EDITORIAL For editorial inquiries, please email Editorial@SouthBayDIGS.com Founder & CEO / Publisher President & COO Chief Growth Officer Digital Media Director Video Editor Senior Graphic Designer Senior Graphic Designer Contributing Writers Senior Staff Photographer Warren J. Dow Bud Moore Kyle Coats Kieron McKay Matt Polizzi Jim Alba Rufus Agbede Jenn Thornton Constance Dunn Karine Monié Joclene Davey Abigail Stone Paul Jonason CO N N E C T W I T H U S Listen & subscribe on iTunes, digs.net or your favorite podcast provider. The Titans of Real Estate INFLUENCERS PODCAST .net