The Fourth of July has always been one of our favorite holidays. It’s a time of friends and family, and an opportunity to celebrate all the things that make our country such a special place. Happy Fourth of July!
The Fourth of July has always been one of our favorite holidays. It’s a time of friends and family, and an opportunity to celebrate all the things that make our country such a special place. Happy Fourth of July!
Once again our own Tuba has proven how effective she is in helping her clients. Whether representing an owner sell their home, or helping a buyer find that perfect home, she is 24/7 in making sure her clients have her full attention in helping with their real estate needs.
Congrats again Tuba, for showing your clients past and present how dedicated you are.
LA Fleet Week has returned live for the first time in more than two years, after the pandemic drove it into an online presence only. So now its back and the organizers are expecting a super-sized celebration that will bring back much of the familiar, but with new twists, including non-stop live entertainment. The free event will run from 10 a.m. to 6 p.m. from Friday to Monday, May 27-30.
Festivities this year will also wrap along the entire waterfront, with the visiting Navy ships open for tours at the Outer Harbor and the main expo at the World Cruise Center and USS Iowa — all to be connected by ongoing shuttle services.
“We have a unique opportunity to have the waterfront completely connected,” said Jonathan Williams, president and CEO of the Pacific Battleship Center and president of the L.A. Fleet Week Foundation. “After all these years, people have wanted to see the downtown and the water connected and this year we’re testing that.”
The two visiting ships — the USS Essex, a helicopter carrier; and the USS Portland, an amphibious transport dock ship — are making their Fleet Week debuts this year.
Tours of both ships will be offered on a first-come, first-served basis, with lines forming at the main expo venue and shuttles taking tourists south to the Outer Harbor, where the ships will be docked through the weekend.
Having the lines on the main venue footprint, Williams said, will enable people to keep an eye on the best times to line up while still enjoying the rest of the festivities when the queues are too long.
“I’m excited Fleet Week is back and in person,” said Elise Swanson, president and CEO of the San Pedro Chamber of Commerce, which is coordinating volunteers for the event. “We’re getting a lot of our experienced volunteers signed up and there’s a sense of excitement that it’s back.”
The U.S. Navy holds Fleet Week events at ports throughout the United States, offering residents a chance to tour active-duty ships, talk with sailors and learn more about the Navy. This year’s LA Fleet Week, on Memorial Day, weekend will coincide with the New York Fleet Week event on the opposite coast.
Instead of a high-profile outdoor concert to kick off this year’s Los Angeles event, the 2022 Fleet Week will provide ongoing live entertainment across all four days, giving it more of a festival vibe, Williams said.
The port town’s adjacent downtown dining and shopping district in San Pedro, is gearing up for what is often a flood of sailors and civilians visiting the area’s restaurants, bars and art galleries. This year will also offer more visibility throughout other parts of Los Angeles.
The biggest change, of course, is the timing: held on Labor Day weekend in the past, the event, as of this year, has now permanently switched to Memorial Day weekend, which provides some advantages such as more temperate weather. Hopefully temperatures will remain in the low 70's for the Memorial Day Weekend.
The Memorial Day timing also provides a natural tie-in to a holiday that the USS Iowa — San Pedro’s battleship museum at the center of Fleet Week’s expo footprint — has already built into a big draw, with a patriotic ceremony, live radio broadcasts and booths providing services for veterans.
This year’s event will also include a stronger military emphasis, with wider participation by the Army and Air Force, along with the usual Navy, Coast Guard and Marines.
Annual visitors will still get to enjoy many of the regular events that will return again this year, including:
Late on the festival’s closing day, a Memorial Day service will be held at the Iowa.
Parking will be available at various lots in and around the downtown San Pedro area, including the Topaz Building at Sixth and Center streets; on the waterfront (a new lot has opened next to the Los Angeles Maritime Museum, at Sixth and Harbor Boulevard); and at outlying parking areas available at and around the Outer Harbor, 3011 Miner St., with shuttle service available to the main venue.
Photo of USS Spruance courtesy of Chuck Bennett (Daily Breeze)
Is Southern California's job rebound too much
‘too much good stuff’?
Local joblessness has fallen to 4.1% from 17.6%
Two years ago, the initial lock downs of the pandemic era crushed Southern California’s job market.
But a stunning rebound from those antsy, dark days now raises questions about an economy challenged with “too much good stuff.”
Two springs ago, bosses in Los Angeles, Orange, Riverside and San Bernardino counties cast aside 1.27 million workers as government officials and business leaders struggled to figure out how to slow the spread of the coronavirus.
That staff-slashing spree pushed the four-county unemployment rate to a pandemic high of 17.6%, up from 3.9%.
Layoffs and firings soon morphed into renewed hiring. Trillions in economic stimulus were thrown at the national economy to stabilize businesses, then reignite them. Consumers received enormous aid to keep bills paid and food on the table.
And do not forget the business boost from the medical miracle of coronavirus vaccines. These breakthroughs dramatically trimmed the risks of hospitalization or death for COVID-19 patients. Still, 1 million Americans have died.
So two years after record-shattering job losses, April’s employment report from the state’s Employment Development Department details a remarkable recovery.
Southern California’s worker count is just 108,000 short of pre-pandemic employment. Joblessness in the region has fallen to 4.1%.
The unprecedented help given to consumers and corporations restored employment and boosted savings accounts and investment values. At the latest count, the cost of living soared 10% in a year in the Inland Empire and 8.5% in L.A.-O.C.
Consider the number of Southern Californians who are officially out of work.
When the virus struck, roughly 1 in 6 local workers lost a job. The official number of the unemployed swiftly grew four-fold.
The rehiring spree has left just 363,000 unemployed as of April 2022 — that’s roughly one-third less than the average number of out-of-work Southern California since 1990.
And you wonder why the average weekly wage for the region is up 15% in the two years ended in September 2021?
Coronavirus changed how we shopped for the goods we need.
A huge winner was the transportation and warehouse industries as online retail grew even faster.
Local logistics shops cut 28,000 jobs when the virus hit, but since that low point, 111,000 such jobs have been added — or roughly four times the virus-linked layoffs.
Early in the pandemic, there were fears shopping centers might become extinct. Southern California’s store owners cut 150,000 jobs as clicking for goods at home became too easy.
But the “death of the mall” thesis was proven wrong. Folks wanted the in-person shopping experience, and brick-and-mortar merchants have now replaced all their pandemic job cuts.
Of course, this leads to a new question — do we now have too many people handling the shopping needs of Southern Californians?
Another huge early winner in the pandemic was the property business.
Cheap mortgages and a thirst for larger living spaces drove demand for home purchases, rental units and mortgages.
Starting this year, though, mortgage rates that fell below 3% mid-pandemic have jumped above 5%.
That’s quickly chilled the real estate business.
Bosses in real estate, finance and construction initially cut 76,000 jobs but have refilled 63,000 as the property game heated up. But the sudden real estate chill has cost 4,000 workers their jobs in recent months.
Photos & article courtesy of Orange County Register
Marymount California University Closing After 54 Years!
After 54 years on the Palos Verdes Peninsula, Marymount California University will be closing its doors.
This large campus recently announced that after years of financial struggles, declining enrollment, rising costs and the coronavirus, they have decided to close its doors. Earlier the school had been optimistic about being able to merge with Saint Leo University, a larger Catholic campus in Central Florida. Sadly the merger didn't happen and so the 500 students and 140 employees will be leaving the campus as of August 31,2022.
Marymount College has roots dating back to the 1930's. It was founded in 1968, and has been a small liberal arts college throughout its history offering an associate degree, nine bachelor degrees and a master of business administration degree. In the US News & Worlds Reports 2022 college rankings, it listed Marymount California University as the 12th most ethnically diverse liberal arts college in the nation.
Photo courtesy of Marymount College
Heard about the Proposition 19 property tax break?
Wondering who qualifies?
Curious to see the tax break in action?
This month, C.A.R. began running a new consumer ad campaign to educate consumers who might benefit from Proposition 19. In addition to a targeted ad campaign, we've created a new website (prop19taxbreak.com) for consumers to get up-to-date information on this potential property tax break. One helpful feature of the site is the
examples of how the tax break actually works.
One example your clients can access on the site:
A 55-year-old couple purchased their home 30 years ago for $110,000. The taxable value of their home is now $200,000 (the $110,000 tax base value increasing 2% each year for 30 years). Their annual property tax bill is $2,200 (1.1% multiplied by the taxable base). Under Prop 19, the couple can sell their home for $600,000 and transfer the property tax base of their original home to a replacement home anywhere
in California, up to three times.
If the couple sells their home for $600,000 and buys a replacement home for the same amount or less, the couple could transfer the lower tax base of their original home to the replacement home and save $4,400 on their annual property tax bill. By transferring the original home’s tax base ($200,000) to their replacement home, the couple would pay the same amount in property taxes ($2,200) after moving – instead of paying $6,600 on the replacement home’s purchase price of $600,000.
Visit the website to learn more about eligibility and how you
can take advantage of this tax break.
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3 Ways First-Time Homebuyers Should Protect Their Investment |
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This material is not intended to be relied upon as a statement of the law, and is not to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice. The material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. |
Palos Verdes homes owners need to be aware that property tax deadlines are approaching. If your tax payment are impounded with your home loan, they should have been paid for you. Everyone else must pay their property taxes normally by April 10th, but this year since it falls on a Sunday, the date has been extended until April 12, 2022.
This is just a friendly reminder that you only have until Tuesday, April 12, 2022, to get them paid without penalty. According to the Tax Assessor, if paid after the second Property Tax installment deadline of April 12, there will be a 10% penalty plus a small charge added to your amount due.
Photo of the Garden Clock located at the Promenade on the Peninsula