2955 Motor Avenue -- estimates

Michael A. Stecker
mastecker@gmail.com

2955 Motor Ave. Los Angeles, CA 90064
Price Estimates

Home 2955 Motor Painting Fall-2015 2955 Motor photos Cheviot Hills Homes San Diego Homes

2955 Motor Avenue, Los Angeles, California 90064 (Cheviot Hills) in December, 2015

Redfin estimates on 2955 Motor Avenue, Los Angeles, CA 90064
.Redfin Estimate, 10-2014: $1,582,00
Redfin estimate, 12-2015: $1,819,407
Redfin estimate, 6-2017: $2,042,500
Redfin estimate, Jan 6, 2018: $2,101,857
https://www.redfin.com/CA/Los-Angeles/2955-Motor-Ave-90064/home/6797830#redfin-estimate

Estimate on 2955 Motor Ave. if sold at $1,675,000 in June, 2017 "as is" cash deal
with no realtor commission

Possible Property Selling Price of $1,675,000 (in June, 2017, no commission)
Less Outstanding WF mortgage loan: $9,500 (as of June, 2017)
Gross Equity: $1,665,500

Closing Costs estimate, June, 2017
County Transfer tax: &1842.50
City Transfer Tax: 7,537.50
Grant Deed: 28.00
Sub-Escrow: 62.50
Title Wire Fee: 30.00
Recording Service Fee: 9.50
Settlement Agent Fee: 3,550.00
Processing Fee: 175.00
Prepare Grant Deed: 125.00
Messenger Fee: 50.00
Natural Hazard Report Fee: 74.95
City Report, Dept. of Building and Safety: 70.85
Certificate, LA Department of Water and Power: 15.00
TC Feee: 790.00
Total: $14,361

Net Equity for (June, 2017) is 1,665,500 - 14,361:
$1,651,139

Taxes:
Tax rate for sale of my house at over $1,000,000 is:
Federal: 20% cap gains plus 3.8% ObamaCare = 23.8%
California state tax is 11.2%
Total tax rate is: 35% (on taxable amount)

Taxable amount is:
(for June, 2017 selling price of $1,675,000)
$1,651,139 - $200,000 (price I paid for house in April, 1979) - $250,000 deductible for single owner - $10,000 (improvements) = $1,191,139

Total taxes if house sold for $1,675,000 in June, 2017 is:
$416,899
(Fed capital gains + Obama Care & California or 1,191,139 X 0.35 = $416,899)

So if my house sells in June, 2017 for $1,675,000 ($1,651,139 net equity after I pay off the $9,500 mortgage & deduct closing costs),
the Net after taxes is about $1,651,139 - 416,899 = $1,234,240

Net for sale of 2955 Motor for a $1,675,000 offer in June, 2017:
$1,234,240
(-26.3% from selling price)

SD HouseHunting estimate on 2955 Motor Avenue, Los Angeles, CA 90064 in June, 2017
http://www.sdhousehunting.com/

2955 Motor Ave. home value estimate -- June 7, 2017
http://www.sdhousehunting.com/home-value-results/?street=2955+Motor+Avenue&city=Los+Angeles%2C&state=CA&zip=90064
.
SD HouseHunting Estimate on 2955 Motor Ave. Los Angeles 90064, 12-2015:
$2,038,750

SD HouseHunting Estimate on 2955 Motor Ave. Los Angeles 90064, 3-2016:
$2,106,000
($67,250 appreciation over 3 months or 22,000 per month recent gain)

SD HouseHunting Estimate on 2955 Motor Ave. Los Angeles 90064, June 2, 2017:
$2,619,750
+/ - 9%
http://www.sdhousehunting.com/home-value-results/?street=2955+Motor+Avenue&city=Los+Angeles%2C&state=CA&zip=90064

******************************************************************

FSA Tax Service (Mike), San Diego, CA on 4-21-2015
Regarding taxes on sale of my house at 2955 Motor Ave., Los Angeles, CA. If my LA house sells for $1,700,000 and the closing costs are 7% then the net sale price is: $1,581,000.
Taxes would be federal: 23%, California 12% or total of 35% of taxable amount

Taxable amount is: 1,581,000 - 200,000 (price I paid for house in 1979) - $250,000 deductible for single owner - $15,000 (improvements) - 23,000 (loan remaining) = $1,093,,000
Total taxes (Fed & California cap. gains + Obama Care) = 1,093,000 X 0.35 = $382,550
Net on sale of 2955 Motor Ave. for $1.7 million is: 1,581,000 (after 7% closing costs) - $382,550 (taxes)
$1,119,450

If 2955 Motor sells for $1,650,000 (offer already received 12-2015): $1,534,500 (after 7% closing costs) - $366,275 (taxes) = $1,168,225
If 2955 Motor sold for $1,000,000: $930,000 (after 7% closing costs) - $164,500 (taxes) = $765,000
If 2955 Motor sold for $1,500,000: $1,395,000 (after 7% closing costs) - $327,000 (taxes) = $1,068,000
To keep the same property tax for a new house in San Diego as 2955 Motor, one needs to buy the new house for less than the sale of the old one (gross sale price)

******************************************************************

A. Kirsch tax rate if I sell my house in 2016

He got the information from his accountant:
M.N.
Woodland Hills, CA.

Federal tax rate for sale of my house at over $1,000,000 is 20% plus 3.8% = 23.8%
California state tax is 11.2%
Total tax rate is: 35%

Example 1: If my house sold for $1,650,000 thru SN from the non-accepted offer of RS
Offer for my house: $1,650,000
Mortgage due: $22,000, Net equity: $1,650,000 - $22,000 = $1,628,000
Closing costs are $89,914 (4.5% commission, plus other fees)
The net before taxes is $1,628,000 - 89,914 = $1,538,086
Taxes would be Federal: 23.8% (20% + 3.8%), California 11.2% or total of 35% of taxable amount
Taxable amount is: 1,538,086 - 200,000 (price I paid for house in 1979) - $250,000 deductible for single owner - $15,000 (improvements) = $1,073,086
Total 35.0% taxes (Fed & California) = 1,073,086 X 0.35 = $375,580

So if my house sells for $1,650,000 ($1,628,000 after I pay off the $22,000 mortgage), the Net after closing costs and taxes (35%) is about $1,538,086 - 375,580
Net is $1,162,506
(or if tax rate is 35.8%, $384,165, then net would be net $1,153,921)

******************************************************************************

Example 2: My guess estimate of net if house sells for $1,500,000 (KK possible offer on 1-19-2016) :
Offer (?) for my house: $1,500,000, Mortgage due: $22,000
Net equity: $1,500,000 - $22,000 = $1,478,000
If closing costs including commission is 7% it will be $103,346
If my LA house sells for $1,500,000 and the closing costs are $103,346 then the net before taxes is $1,478,000 - 103,346= $1,374,654
Taxes would be federal: 23.8%, California 11.2% or total of 35% of taxable amount
If my LA house sells for $1,500,000, my mortgage pay-off $22,000 and the closing costs are $103,346 then the net price is: $1,374,654.
Sum of Federal & State taxes would be 35% of taxable amount
Taxable amount is: 1,374,654 - 200,000 (price I paid for house in 1979) - $250,000 deductible for single owner - $15,000 (improvements) = $909,654
Total taxes (Fed & California cap. gains + Obama Care) = 909,654 X 0.35 = $318,379

So if my house sells for $1,500,000 with Kirt Kingzett (after I pay off the $22,000 mortgage), the Net after closing costs and taxes is about $1,478,000 - $318,379 (taxes) = $1,115,962
Net is $1,115,962