South Bay Echo for May 5

Tensions at La Venta Inn, real estate scammers and local ballot measures in MB and Torrance

Hello friends… Welcome to the 31st edition of South Bay Echo, your source of local hometown news with a real estate angle.

This Substack is brought to you by Rosetree Real Estate, a full service real estate brokerage dealing in residential and commercial properties to both own and lease. For more information visit RosetreeRealEstate.com. DRE# 02145024

Tensions boil over La Venta Inn

La Venta Inn in Palos Verdes Estates is credited as being one of the first buildings on the peninsula completed in 1924 and it continues to be a hidden gem among the upscale neighborhood well known for hosting weddings and other events.

Lately, tensions have been high before the city’s planning commission between local residents and the relatively new owners of the inn .

Geoff Hagins

At first, the owners wanted to codify some of their neighborly obligations that have been informal for many decades. But the planning commission, spurred by certain neighbors, tried to take things a step further and prohibit outdoor dining completely, not allow guest parking on the street altogether and cap the occupancy at 200 people.

It seems, however, after multiple meetings including one that lasted well into the night on Tuesday, May 3, the appointed body as reneged on those requirements. A recommendation is now headed to the PVE City Council.

Here is a history about the inn.

South Bay man, sister plead guilty in real estate scam

Flickr

In a story that gained national attention this week, a Torrance resident and his sister have pled guilty to federal criminal charges related to a $6 million real estate scheme, according to a press release from the US Attorney’s Office Central District of California.

The pair, along with others, conspired to list properties for sale and then bilk anyone who made an offer. Some victims transferred the full price of the sale after receiving forged approval letters. The scam went on from 2013 to 2016 out of real estate offices in Cerritos, La Palma and Long Beach.

What a nightmare. This is why choosing a reputable and trustworthy realtor is so important. If you are looking to buy or sell a piece of property, be sure to check on your agent or broker’s license and that is in good standing.

June election preview

Creative Commons

In less than a month, on June 7, voters head to the polls for local elections. Along with important races for mayor and city council, voters in Manhattan Beach and Torrance will be deciding on ballot measures that stand to raise taxes.

Measure A in Manhattan Beach

In Manhattan Beach, Measure A, would impose a $1,095 parcel tax for 12 years on each piece of property within the city. Seniors and low income individuals are exempt. The $11 million to $13 million in funds per year would go toward local schools.

Based on the state’s funding formula to pay for education, Manhattan Beach receives among the smallest contribution from state coffers. That’s because it’s also one of the wealthiest communities in the state.

Those opposed to the measure often cite the inflation issue. Yes, the tax is set to increase no greater than inflation, capped at 5% based per year based on a memo of understanding drafted by the city.

Bottom line: Residents can afford it and the schools need it. Vote Yes on Measure A

Here’s the Ballotpedia page for Measure A and here’s the full text of the measure.

Measure SST in Torrance

In Torrance, the city is asking residents to approve a 1/2 cent sales tax to generate an estimated $18 million per year for general city services. Voters have defeated similar sales tax measures in the past. So what’s changed? Not a whole lot.

Instead of a 3/4 cent tax hike, which is the maximum the city could propose, they chose a 1/2 cent tax. The only problem I really have with this measure is that the city is not being entirely honest with where the money is going. They cite city services such as fire/paramedic/public safety/9-1-1 respond, safe schools, clean parks, homelessness, etcetera, etcetera. But nowhere on the list are pensions.

In 2017, Torrance ranked in the state’s top 10 for retirees earning more than $100,000 per year. In 2020, the city addressed its extreme pension liabilities using a rare move by issuing lease revenue bonds.

They are saving money but in Fiscal Year 2022, CalPERS costs citywide were still about $53.7 million. By 2044, the bond will likely save the city an estimated $172.2 million.

I would just like for officials to be more honest and at least include this giant suck on the city budget in the language of the ballot measure. By not doing so, they are being disingenuous in my opinion.

City Councilman Aurelio Mattucci, running for re-election in June, and Councilman George Chen, who is now running for mayor, both oppose the sales tax measure.

Here is the Ballotpedia page for Measure SST and here is the full text of the measure.

All for now… Thanks for reading.