February 23rd, 2008 — Fixer-Upper
Often we sell properties that need something. Even brand new homes usually require the buyer to install window coverings and landscaping at a minimum. However, most of the homes we sell range in age from 30-100 years old! Some have been updated, but the truth is, a “turnkey” property is rare. The improvements a typical home needs vary anywhere from simple maintenance items to “Oh my Gosh, where do we start?
In November, I sold a “where do we start” project to clients who intend to live in the home long-term. The house had a lot of square-footage, a good location and a great bay view, however, most everything else needed updating.
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February 5th, 2008 — Capital Gains
This piece came to us from Leonard Spoto at Asset Exchange Company. We thought it was clear and helpful so here it is.
Many property owners are familiar with the “Terrible T’s” in real estate: termites, tenants and trash. Often the “Terrible T’s” become so burdensome that investors decide they want out of real estate altogether. At that point however, investors become all too familiar with another “Terrible T” - Taxes! In the state of California, property owners who decide to sell an investment property are subject to the following taxes on gain:
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January 18th, 2008 — Real Estate Market
We have all heard the words “Change” and “Challenge” a lot lately, particularly in every political campaign out there … well, they are good ones to apply to this year’s real estate market.
There are at least 3 good reasons we can think of that would indicate that this next year will be an awesome time to buy and maybe a good time to sell.
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January 18th, 2008 — Property Taxes
If you bought in 2004, 2005 or 2006 and you think that the value of your casa has taken a temporary drop in value and you’re not selling, we have good news for you.
You may be entitled to a reduction in your current property tax, which could net you enough to make the improvements you’ve been putting off. For example the seismic upgrades you’d promised you’d do when we sold you your house (by the way, we are both busily doing that to our own homes). In some cases, properties may be down in the $50,000 - $100,000 range which will represent an annual savings of about $600 - $1,100 a year. Imagine what you can do with that!
Just how much and how you apply depends on where you are and when you bought. We’ve spoken with the Assessor’s office for both Alameda and Contra Costa Counties. Both of the woman we spoke with were knowledgeable and helpful.
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