500 SOUTH GRAND AVENUE, SUITE 1480 LOS ANGELES, CALIFORNIA 90071 PHONE 213.622.8095 2207002.RB:KHH
WWW.KEYSERMARSTON.COM 18545.007.016
ADVISORS IN:
Real Estate
Affordable Housing
Economic Development
BERKELEY
A. Jerry Keyser
Debbie M. Kern
David Doezema
LOS ANGELES
Kathleen H. Head
James A. Rabe
Gregory D. Soo-Hoo
Kevin E. Engstrom
Julie L. Romey
Tim R. Bretz
SAN DIEGO
Paul C. Marra
July 8, 2022
Rita B. Wachs
2750 Artesia Boulevard #215
Redondo Beach, California 90278
Re: Maximum Sales Price Request
Dear Mrs. Wachs:
The City of Redondo Beach Housing Authority (Housing Authority) has engaged Keyser Marston Associates, Inc. (KMA) to provide consulting services related to the affordable housing units located in the Breakwater Village project. The following letter is a response to your request for an assessment of the maximum allowable sales price for the Low-Income unit you own at 2750 Artesia Boulevard #215, Redondo Beach, California 90278.
The conditions imposed on the resale of the residence are presented in the Addendum to Grant Deed, Covenants, Restrictions and Option to Purchase, which is dated October 19, 2009 and was recorded on November 19, 2009 by the Los Angeles County Recorder as Instrument No. 20091752412. Under the terms and conditions included in Section 7 of the Agreement Containing Covenants, Restrictions and Option to Purchase, the maximum sales price that you may receive for any type of Transfer of your residence ("Resale Price") shall be the lesser of the following:
1. The Low Income Affordable Purchase Price at the time of Resale; or
2. The Increased Base Price plus the “Value of Capital Improvements” that have been approved by the City of Redondo Beach, if any.
Rita B. Wachs July 8, 2022
2750 Artesia Boulevard, Unit #215 Page 2
2207002.RB:KHH
18545.007.016
The Unit Resale Determination Worksheet follows this letter. Based on the calculations included in the Worksheet, the Resale Price is based on the Increased Base Price. As of today’s date, the maximum Resale Price is $124,045.
The Resale Price provided to you will be valid for three months from the date of this letter. Should the Resale Price expire, a new Maximum Sales Price Request must be submitted. In that case a completed application (and fee payment, if applicable) should be submitted to the Housing Authority.
Sincerely,
Keyser Marston Associates, Inc.
Kathleen Head
Owner's Name Rita B. Wachs
Development Breakwater Village
Unit Number 215
Assessor Parcel Number (APN) 4082012091
Income Level Low
Number of Bedrooms 1
The Maximum Resale Price is equal to the Lesser of:
1. The Increased Base Price, and the
2. The Moderate Income Affordable Purchase Price.
Current Owner's Purchase Price $79,400
Current Owner's Purchase Date (HCD Income 2009) 11/19/09 Area Median Income at Time of Owner's Purchase $49,700
Area Median Income at Calculation Date (HCD Income 2022) $72,900 Percentage Increase in Area Median Income 46.68%
Increased Base Value $116,464
Increase in Value Due to Capital Improvements $7,581
Increased Base Price $124,045
Low Income Affordable Purchase Price $134,100
Maximum Resale Price $124,045
Calculation is Valid Through: 10/6/22
Prepared by Keyser Marston Associates, Inc. Kathleen Head Date the Calculation is Completed 7/8/22
UNIT RESALE PRICE DETERMINATION WORKSHEET
Increased Base Price
After this date, if Owner has not entered into a purchase and sale agreement, the sales price will need to be recalculated to take into consideration any changes in the Area Median Income, HOA dues, etc. Please see below for additional information.
The Maximum Sales Price is based on the formula included in the Addendum to Grant Deed recorded on the property with the County of Los Angeles. The formula takes into consideration the Area Median Income as determined by the State of California and makes allowances for utilities, HOA dues, taxes, PMI, homeowners insurance, etc. Additionally, calculations are subject to change at any time due to changes in the abovementioned information. Please check with the Housing Authority prior to entering into a purchase and sale agreement.
Prepared by: Keyser Marston Associates, Inc.
File name: 7 8 22 ASP Calcs