Thinking about buying a new Ventura single-family home or one in the San Fernando or Santa Clarita Valley? You may be in for a shock when it comes to the monthly payment. The culprits: Homeowner’s Association (HOA) and Mello-Roos fees, which can add many hundreds of dollars to your payment every month, pushing the cost of homeownership out of reach. The Farm in Ventura has no HOA or Mello-Roos fees on single-family homes—one of the many reasons this new masterplanned community from Williams Homes is so popular.
“California has some of the highest HOA fees in the nation; in Ventura the average is $230 per month,” said Daniel Faina, Vice President, Sales and Marketing, for Williams Homes. “Mello-Roos fees can add another couple hundred dollars monthly. When every dollar matters, you can see how these extra costs would pose a problem for homebuyers.”
Nearby, HOA dues at Oxnard’s RiverPark community are over $200 per month and Mello-Roos fees add another $300 per month or so. Seabridge in Oxnard has pricey HOA and Mello-Roos and The Bridges in Fillmore has Mello-Roos. It’s also important to remember that Mello-Roos can go up every year on a new Ventura single-family home or one located throughout Southern California. “For many buyers, an HOA, Mello-Roos—or both—can mean the difference between being able to comfortably buy a home, and having to seriously reconsider,” added Faina.
What are Mello-Roos taxes?
Most buyers today understand what an HOA is, but Mello-Roos can be confusing. A Mello-Roos fee is a special assessment—outside of property taxes that everyone pays no matter where they buy—that is imposed on homeowners in many newer communities, like a new offering coming soon to Moorpark in Ventura County. The approval of a Mello-Roos District will mean that, “The owners of a single-family home up to 2,600 square feet would pay a maximum tax of $4,303 annually, and the owners of a home greater than 2,600 square feet would pay a maximum tax of about $4,598 a year,” said the Ventura County Star. That means an extra $4,303–4,598 per year, or $358.88–383.16 per month, for those who buy in this community.
Added Chelsea Robinson Real Estate: “Mello-Roos districts may issue municipal bonds to finance development projects with high costs. If voters in the area have elected to become a Mello-Roos district, they are responsible for the repayment of these bonds through a special tax, assessed annually based on the value of the properties within the district.” When it comes to newer areas in the Santa Clarita Valley and San Fernando Valley cities like Calabasas, that can mean Mello-Roos financing for “schools, roads, libraries, police and fire protection services or ambulance services.”
The Santa Clarita Valley is ripe with Mello-Roos as well as HOAs, making prices even higher for buyers of a new Ventura single-family home or one in any number of Southern California cities. “Many of the newer Valencia areas such as Northbridge or Tesoro De Valle have Mello-Roos, in fact Tesoro does not have a community without the tax assessment,” said Real Estate for Santa Clarita. “Some of the new developments off of Plum Canyon in Saugus and Canyon Country and Newhall have the tax as well. The fees can range up to $400.”
Savings at The Farm
Some buyers in newer communities may accept HOA and Mello-Roos fees as a fact of life because the community requires infrastructure that is not being paid by the developer. That is not the case at The Farm, where buyers of single-family homes do not have to pay for either. This makes the homes more affordable than what buyers can find in competing communities and even allows them to buy more home than they may have thought they’d be able to because they’re essentially saving hundreds of dollars a month compared to what they would pay elsewhere.
Lower prices at The Farm as compared to many homes in the Santa Clarita and San Fernando Valley—especially as “San Fernando Valley single-family home prices hit a new all-time high…with a median cost of $708,000, according to the Southland Regional Association of Realtors,” said Curbed—along with exceptionally better weather, with temps up to 30 degrees cooler in the summer, and a family-friendly atmosphere just 10 minutes from the beach are also driving buyers to the community.
The Farm’s new-home offerings include:
Traditional single-family homes with one- and two-story residences, classic architecture, chef’s kitchens, and California rooms; Three to four bedrooms and two to three baths; 1,914–2,753 square feet of living space
Luxurious single-family homes with open flow, downstairs bedrooms, great outdoor space, and alley-loaded garages; Four to six bedrooms and three to four and one-half baths; Separate apartment units over the two-car garages in two plans; 2,781–3,343 square feet of living space
Light-filled single-family homes with open floorplans, island kitchens, first-floor en-suite bedrooms, and alley-loaded garages; Four bedrooms and three to three and one-half baths; 2,223–2,702 square feet of living space
Unique townhome designs that live like single-family detached homes, with open plans, upstairs bonus rooms, and private yards; Three to four bedrooms and two and one-half to three baths; 1,744–2,287 square feet of living space
For more information about buying a new Ventura single-family home, visit the website. You can also register your name on the VIP interest list to make sure you are kept up to date on important community news.