Thank you for reading our newsletter. In light of limited inventory, we found this article of interest this month. We look forward to being a resource for all of your real estate needs. Happy Spring, Amanda, Pamela & Jace
New California legislature could provide opportunity for long-time owners
Source: CNBC - March 26th, 2018
A proposed ballot initiative in California could encourage older homeowners with larger homes to downsize and move to other counties, freeing homes for younger families and potentially easing the state's chronic housing shortage.
The proposed voter measure would allow homeowners age 55 and older to sell their primary home in one county and move anywhere else in California without a significant property tax hit, assuming the new property is valued the same or less. If the replacement property is higher value, though, there are still incentives under the portability measure since it keeps property tax benefits under the citizen-led Proposition 13 tax rate rollback passed in the 1970s.
"Many seniors live in homes that no longer fit their needs because their homes are now too big or too far away from their families," said Steve White, president of the California Association of Realtors, the group behind the proposal. "If they want to downsize or move closer to their children, they could face property tax increases of 100 percent, 200 percent or even 300 percent."
In recent years, 350,000 to 450,000 homes have sold in the California market annually, according to the Legislative Analyst's Office. It estimates that the proposed measure has the potential to increase that number "by as much as tens of thousands per year."
Finally, the California Chamber of Commerce supports the voter measure and says the state has "a massive housing shortage and needs at least 100,000 additional new units a year to meet demand." It also believes the initiative "could help ease the shortage by freeing up modest-priced homes and move-up housing for young families.
Amanda has received a nomination in the Orange County Business Journal Women of the Year Awards!
Thanks to our clients and friends who support us in making a nomination like this possible!
New Listing! 3095 Nestall Road, Laguna Beach Enjoy fantastic canyon and city views from this Top of the World single level three bedroom home at the end of the cul-de-sac. http://www.3095Nestall.com
In Escrow! 245 Aster St. #3, Laguna Beach Representing Sellers
April 2018 Laguna Beach Statistics
Active - 255 Pending - 53 Sold in March - 33
6 - Less than $1,000,000 (0 in March) 14 - $1,000,000 - $2,000,000 (+56%)* 8 - $2,000,000 - $3,000,000 (+100%)* 3 - $3,000,000 - $4,000,000 (-43%)* 1 - $5,000,000
*Compared to March 2017
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