According to this article on CNN's site ( http://money.cnn.com/2005/03/22/real_estate/homeguide_schools/ ), homes in cities with good schools may be worth 12% to 25% more than comparable homes with worse schools. LAUSD is as bad as it gets on Earth and a handover would result in lower standardized test scores. It is safe to say that if the Hermosa Beach School District is handed over to LAUSD, property values in Hermosa Beach should rapidly fall 10% or 20% or more. That is an immediate and permanent $100,000 to $250,000 decrease in price on a $1 million home.
Here are a couple quotes from the article:
Education is so important, say agents, that buyers without children should sit up and pay more attention to school."By going in areas where the schools are not as strong, you're essentially cutting out a potential group of buyers," , said RealEstate.com general manager Jeff Lyons.In his hometown, Charlotte, N.C., houses in school zones with higher test scores sold for an average of 12 percent more than similar houses in areas with lower test scores, based on research by UCLA and Dartmouth for sales between 1994 and 2001. That discrepancy is likely to be even greater today.In the suburbs of Columbus, Ohio, buyers might pay as much as 25 percent more for a house in a desirable school zone, according to Jill Rudler, a real estate agent with HER Real Living. "I've always looked for property in areas where the schools are improving," she said. "I'm willing to pay a little more in taxes to ensure that my investment is solid.".....
"I was just working with a family looking for property in the $5 million range," said Meris Blumstein, a real estate agent with the Corcoran Group. "They insisted on being in a particular school district. That was their first criterion."
Hermosa Beach City Council
Peter Tucker Mayor peter@electpetertucker.com
Howard Fishman Mayor Pro Tempore kkfish@earthlink.net
Jeff Duclos Councilmember jeff@jeffduclos.com
Patrick "Kit" Bobko Councilmember kit.bobko@gmail.com
Michael DiVirgilio Councilmember mdivir@gmail.com
Councilmembers' phone number (310) 318-0216
Councilmembers' fax number (310) 372-6186
-
4 comments:
What can I, just a citizen do?
What is needed to prevent this and other things to keep Hermosa from becoming like Venice Bch or L A?
The bars and night clubs were allowed based on getting the money this city needed. Did any of that money go to schools or to pork belly politics (special interest)? Hermosa is failing it's citizens young, old, or disabled because of the lack of empathy, thinkers and doers.
The same people that created the problem can't fix it. I wish I could talk to the authority in this town without them being so defensive or abusive. G.Allen
Gary,
Good question. There are a couple things that you can do.
If you talk to any of the authorities who turn out to be defensive or abusive, tell us here. People tend to turn nicer and more helpful when they have an audience.
Another thing you can do is to really learn the funding process. I have been studying the issue, and it is a mess. That should not be an excuse for any official, but it does dictate that a solution has to develop in certain ways. I will do a post on the absurd limitations.
The last thing you can do is to make sure everyone knows you are interested. Tell people about this blog and www.savehermosaschools.org . Comment on the blogs. Write letters to the papers. Use the contact info I frequently include for the City Council. And tell people how important it is. Most people have no clue what is going on. They don't know the schools are a financial mess, and they don't know how that impacts them. You must educate them. And I will try to help you to do that.
Thanks,
Keith
David Cohn is passionate about Hermosa Beach. He is endorsed by numerous community leaders, is a 14 year Hermosa Beach resident, and has a B.A. in Business and over 40 years of experience as a money manager for major corporations such as Beatrice Foods and City National Bank.
The current Hermosa Beach Treasurer, John Workman has a less than stellar record managing Hermosa Beach’s money. Here are some troubling facts to consider:
Hermosa Beach is earning less than one half of one percent on its $25 million in liquid investments while neighboring South Bay cities earn as much as 4 times that rate. (Source: Hermosa Beach City Treasurer)
According to some estimates, the city has lost over one million dollars in the past three years because of Workman’s poor investments. (Source: Beach Reporter, 10-6-11)
We can't afford business as usual in the Treasurer's office.
You can follow the campaign for Hermosa Beach Treasurer on Twitter @DCohn4Treasurer
Or find us on Facebook here: https://www.facebook.com/DavidCohn.Treasurer
This is a response to the recent comment on this post by David Cohn.
David Cohn, the "according to some estimates" you site from the October 6th Beach Reporter was from a Letter to the Editor. (http://www.tbrnews.com/articles/2011/10/06/letters_to_the_editor/letters.txt)
Your campaign reeks. If you have any facts then give them to us.
Post a Comment