Well it took 3 months for any home to come on the market but thankfully we’ve had two new listings hit the market this week. Priced at $799,000 the D floorplan is a popular layout with 2 bedrooms, 2 bathrooms and approximately 1,240 square feet with a 2 car attached garage. As with all Fusion homes this home has interior laundry as well as air conditioning.
We keep telling our eager home buyers that it’s just a matter of time before some new listings become available in the gated community of Fusion South Bay but we’ve now been saying that for a while. Although we’ve reached out to both homeowners and realtors, it seems that nothing new happens. It’s not been 3 months since any home was on the market in Fusion which has never happened as far as we can recall. Keep checking the current homes for sale in Fusion South Bay page as it’s continually updated or let us do the work for you and we’ll automatically notify you as soon as there’s a new home on the market.
While we may sound like a broken record, it still amazes us just how few homes have come up for sale in Fusion over the past 6 months. There hasn’t been a home on the market since November which is not good for home buyers looking in this gated community.
What is the reason there are so few homes for sale in Fusion?
Simply put….we’re just not really sure. It’s an incredible market for sellers as prices keep rising and pent up demand means lots of buyer competion, but that just hasn’t led to new listings.
We had hoped that the new year would bring new listings but that hasn’t been the case. A somewhat dated thought is that the market really picks up after the Superbowl when buyers and realtors really get back to the swing of things.
Let’s hope so!
It’s been a pretty slow start to the usually busy summer real estate market in Fusion South Bay. While there were a few sales early in the summer, there’s currently only one home on the market. Unlike 360 with a sudden influx of new listings there hasn’t been a new listing in Fusion since the rare H floorplan 2 bedroom became available last month.
Fusion Homes on the market and sold in 2019
As of 5/7/19 we’ve seen quite a jump in homes for sale . There are now 4 townhomes and condos on the market in Fusion. For various reasons there have been very few homes for sale in this gated community in the South Bay but that’s changed a bit. That’s good news for home buyers. Not only does that make negotiating slightly easier, but there is a variety of Fusion floorplans now for sale. Ranging from the smallest 2 bedroom B layout to the rare 2 bedroom H floorplan that’s the biggest 2 bedroom in the community. In addition to the 4 homes currently on the market we’re aware of an off market home as well making for an even greater number of homes and floorplans available.
Want an easier way to search for homes? Tell us just a bit about your ideal home and we’ll customize a search just for you and send you an email update whenever a new home hits the market in Fusion.
Current Fusion South Bay Homes for Sale
When home buyers go into escrow in Fusion at some point they’ll find out that there is a mello roos in the community. In general it means that there is a yearly addition to the normal property taxes.
What is Mello-Roos?
In 1978 Californians enacted Proposition 13, which limited the ability of local public agencies to increase property taxes based on a property’s assessed value. In 1982, the Mello-Roos Community Facilities Act of 1982 (Government Code §53311-53368.3) was created to provide
an alternate method of financing needed improvements and services.
The Mello-Roos Community Facilities Act of 1982
The Act allows any county, city, special district, school district or joint powers authority to establish a Mello-Roos Community Facilities District (a “CFD”) which allows for financing of public improvements and services. The services and improvements that Mello-Roos CFDs
can finance include streets, sewer systems and other basic infrastructure, police protection, fire protection, ambulance services, schools, parks, libraries, museums and other cultural facilities. By law, the CFD is also entitled to recover expenses needed to form the CFD and
administer the annual special taxes and bonded debt.
What is a Mello-Roos?
A CFD is created to finance public improvements and services when no other source of money is available. CFDs are normally formed in undeveloped areas and are used to build roads and install water and sewer systems so that new homes or commercial space can be built. CFDs are also used in older areas to finance new schools or other additions to the community. This is why we see a mello-roos in Fusion as it went to pay for the infrastructure for the community as it didn’t exist prior.
What is the Mello-Roos in Fusion?
While the amount of the mello-roos can vary and can change the mello-roos for owners in Fusion is currently (and approximately) The table below is from a 2018 escrow with specific information at that time. While we cannot guarantee the information below the contact number listed is 714-541-4585 for updated information.
How is a Mello-Roos CFD Formed?
A CFD is created by a sponsoring local government agency. The proposed district will include all properties that will benefit from the improvements to be constructed or the services to be provided. A CFD cannot be formed without a two-thirds majority vote of residents living within the proposed boundaries. Or, if there are fewer than 12 residents, the vote is instead conducted of current landowners. In many cases, that may be a developer.
Once approved, a Special Tax Lien is placed against each property in the CFD. Property owners then pay a Special Tax each year. If the project cost is high, municipal bonds will be sold by the CFD to provide the large amount of money initially needed to build the
improvements or fund the services.
How is the Annual Charge Determined?
By law (Prop. 13), the Special Tax cannot be directly based on the value of the property. Special Taxes instead are based on mathematical formulas that take into account property characteristics such as use of the property, square footage of the structure and lot size. The
formula is defined at the time of formation, and will include a maximum special tax amount and a percentage maximum annual increase.
How Long Will the Charge Continue?
If bonds were issued by the CFD, special taxes will be charged annually until the bonds are paid off in full. Often, after bonds are paid off, a CFD will continue to charge a reduced fee to maintain the improvements. According to the information from the table above the Mello-Roos will end in 2041.
IMPORTANT TO KNOW:
• Rights to Accelerated Foreclosure. It is important for CFD property owners to pay their tax bill on time. The CFD has the right (and if bonds are issued, the obligation) to foreclose on property when special taxes are delinquent for more than 90 days. Additionally, any costs of collection and penalties must be paid by the delinquent property owner. This is considerably faster than the standard 5 year waiting period on county ad valorem taxes.
• Disclosure Requirement for Sellers (California Civil Code §1102.6). When reselling a property in a CFD, the seller must make a “good faith effort” to obtain a Notice of Special Tax from the local agency that levies the Special Tax, and provide it to the buyer.