How the numbers work
How much will I net selling a home in Venice?
Start with the sale price, then subtract commissions (commonly 2.5% to each side), escrow and title costs (roughly 0.5%), the LA County transfer tax ($1.10 per $1,000), the City of Los Angeles transfer tax ($4.50 per $1,000), any Measure ULA tax above $5.4 million, and your loan payoff. On a $3.7 million Venice sale with no loan, that leaves roughly 94% of the price.
Who pays transfer tax in Los Angeles, the buyer or the seller?
By local custom the seller pays the county and city transfer taxes, including Measure ULA and Santa Monica's Measure GS. It is negotiable, but buyers rarely take it on at higher price points.
Should I price my home just under the Measure ULA line?
Often, yes. Because Measure ULA applies to the whole price once a sale crosses $5.4 million, a sale slightly above the line can net less than one slightly below it. In the City of Los Angeles, a seller needs to reach roughly $5.64 million to come out ahead of a $5.4 million sale. The right answer depends on the house and the buyers, which is a conversation worth having before you list.
Does Santa Monica have a mansion tax?
Yes. Santa Monica taxes the whole sale price at 5.6% once it reaches $8 million (Measure GS), compared with 0.6% between $5 million and $8 million. A sale needs to reach roughly $8.45 million to net more than one at just under $8 million.
For today's monthly cost of owning on the Westside, see what it costs to own. If you are thinking about selling, I am happy to run your numbers with you, including the ones that are not on this page.