DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.
Issue link: https://uberflip.westsidedigs.com/i/1493294
8 DIGS.NET | 2.24.23 FEBRUARY 24, 2023 | ISSUE 152 722 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.. © 2023 Micro Market Media, LLC. All rights reserved. On The Cover PRESENTED BY SANTIAGO ARANA OF THE AGENCY LISTED AT: $69,000,000 FEATURED ON PAGE 22 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 Contributing Writers Senior Staff Photographer Warren J. Dow Bud Moore Kyle Coats Kieron McKay Matt Polizzi Rufus Agbede Jenn Thornton Constance Dunn Karine Monié Joclene Davey Abigail Stone Paul Jonason C O 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 The property information herein is derived from various sources 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 warranted and you should not rely upon it without personal verification. Not intended as a solicitation if your property is already listed 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. It's a well-known fact that for many seniors, the home is their single biggest asset, often accounting for more than 40% of their total net worth. And with interest rates escalating while home values are still high, this combi- nation creates the perfect dynamic for getting the most out of your built-in equity. However, many people aren't taking advantage of this unprece - dented period. According to recent statistics from the mortgage industry, senior homeowners in the U.S. are now sitting on more than 7 trillion dollars of unused home equity. Not only are people living longer than ever before, and with greater healthcare available to enable them to continue doing so, but there is also greater uncertainty in the economy and future structure of taxes. With home prices at new high levels, not taking advantage of the opportunity to free up some of this wealth may be short- sighted when looking for the best long-term outcome. Some families have used Home Equity Conversion Mortgage loans (HECM) to turn their home equity into extra cash for retirement. ‡ere have been many misconceptions about these loans and they are not suitable for all people. However, for seniors living on fixed incomes and not wanting to relocate for other reasons, a HECM loan can be worth looking into. However, there are many reasons why people choose to sell their home. ‡ey might do well to move closer to children and grandchildren for higher quality of life and family enjoyment. Others might like the benefits of an age 55+ community with programs and activities to suit their current and future life style. It can also be a way to gradually transition into a life without as much maintenance to have to think about, or uncertainties about how well the home might suit them through the years to come. And of course the money they could free up might be useful for traveling, buying a lower cost place, funding care-givers, etc All things considered though, there are several reasons why seniors do not elect to sell their homes at the same point in their lives that previous generations had done. For some it is a factor of simply feeling overwhelmed at the prospect of dealing with decades of accumulation of personal things, stored boxes of their children's stuff, etc. Often no one has suggested a plan of action that can gradually resolve this challenge, and how it could be comfortably accomplished while they are still living in their home. For others, the idea of paying capi- tal gains taxes is not acceptable – or their children decide for them to not sell so they can inherit the property years later at a stepped-up basis. Some would sell their home if they already had somewhere else to go, and are not aware of ways that they could accom- plish that. In many cases they have not been counseled on a wide range of alternative lifestyles that might be healthier, or provide facilities that would give them many activities to share with other active seniors. Still others would put their home up for sale if they needed to sell before buying their next home, but did not know of a way to be protected in case they were unable to find a suitable replacement. ‡ere are always creative options that can be considered to enable remaining in place for either a short or longer term while completing the process involved in making a move. At Last! A Useful Guide for Seniors with Concerns About Selling eir Home What options haven't senior homeowners been informed about? Homeowners who are interested in learning more can request a FREE Seniors Information Guide by calling 310-600-7422, or writing Michael@EdlenTeam.com