PROPERTY TAX REMINDER- DUE DECEMEBER 10th TO AVOID PENALTY!
Friendly reminder to make sure you have paid your property tax bill by December 10th to avoid a large penalty. They are very strict when it comes to being delinquent after December 10th so make sure you get it taken care of if you have not already.
Where to pay property taxes online- LA County Property Tax Payment
By John SkinnerProposition 19 passed- Important info on tax changes concerning the property tax exclusion for transfers between parent and child
With Proposition 19 recently passing (and taking effect February 16, 2021), the good news is the increased flexibility for those over age 55 to transfer their property tax base to a new residence, even if it is more expensive (but with some adjustment for a more expensive property). The downside is that Proposition 19 effectively eliminates the property tax exclusion for transfers between a parent and child (and grandchildren in certain cases).
Under current law, parents can transfer their primary residence of any value to their children without any property tax reassessment. Also under current law, a parent can transfer up to $1 million (based on the assessed value, not fair market value) of other real estate without property tax reassessment. After Proposition 19, the exclusion is eliminated entirely for real property other than a primary residence. Further, the exclusion for the transfer of a primary residence is now limited both in amount and by requiring that child use the property as his or her residence.
If you own real properties that you want to keep in your family beyond your generation, I highly encourage you to contact your Estate Attorney to see if any pre-emptive planning can be accomplished. This property tax benefit will be gone after February 15, 2021.
My wife is an estate planning attorney and is very knowledgeable on this subject and has been emphasizing to me the significance of this change in the law. If you have questions, please feel free to contact me.
Beautiful New Listing in Brentwood! 5 bed/5.5 bath – 3,921 sq. ft. / 6K lot $4.299M
Exceptional Cape Cod in the heart of Brentwood! Built in 2016 and designed by Clark Remington, this 5 bed and 5 ½ bath home features a large and open floor plan, high ceilings, custom carpentry and designer finishes throughout. The first floor includes a formal living, dining room, guest room with en suite, butler’s pantry, and gourmet kitchen
with a large island, breakfast area, and family room. The lushly landscaped backyard is an entertainer’s dream with a built in BBQ and newly added saltwater pool and spa. The second floor Master Suite offers vaulted ceilings, dual large walk-in closets, stunning oversized bathroom with sperate vanities and a freestanding tub. Three additional bedrooms with en suite bathrooms and an outdoor patio complete the second floor. The home is finished with a full security system, Life Source water filtration system, and is smart home ready. Enjoy this gorgeous and meticulously maintained home while being close to all the spoils Brentwood has to offer.
PROPERTY WEB-SITE (includes full virtual tour and floorplan)
Pre-Market!- Vacant Santa Monica Duplex and a stunning Venice home
Santa Monica Duplex – 1527 19th Street – $2.250M
A Rare opportunity to acquire a centrally located duplex in Santa Monica featuring two vacant standalone homes with separate entrances situated on a 7,500 sq. ft. lot. The front house is 3 a bed/1.5 bath with hardwood floors, sizable front yard and back patio area. The back house is a 2 bed/ 1 bath recently remodeled home with a nice yard that rented for $4,200 in 2018. Phenomenal location providing easy access to everything Santa Monica has to offer, and from a long-term perspective, the potential ability to build more units with the city under enormous pressure from the state to provide more housing (*must verify with the City of Santa Monica). **Available to show in 1-2 weeks.
*Coming Soon- Stunning home in Venice- 4 bed/3.5 bath – 2,900 Sq. ft / 6K lot — $2.8M
Fully customized high-level home that was extensively remodeled in 2018, featuring an open floorplan, large kitchen, high ceilings, amazing indoor/outdoor flow, A-frame architecture, wide plank hardwood floors, sizable bedrooms, resort style first floor master and amazing yard space. Perfectly situated in a family friendly neighborhood near Penmar Park and a short distance to coffee shops, restaurants and the renowned Abbot Kinney. **Available Jan/Feb. 2021.
Notes on a Realtors Scorecard
*Apologies for the lack of updates…we fortunately got pretty busy through the summer and into the early fall and balancing that between family obligations during this COVID time has been a bit of a balancing act.
*As the media has reported, the single family property market has done very well since April thanks to the perfect storm of tight inventory, record low mortgage rates, the need of families to have more space and Silicon Beach (tech industry) and many high net wealth families thriving despite the pandemic. The fervor was at its strongest in the summer and has slowed down since late October but appropriately priced homes are still garnering multiple offers or a strong buyer in the first few weeks of being on the market, especially for “entry level” homes in sought after Westside/South Bay neighborhoods. Yard/outdoor space has played a much more significant role compared to pre-Covid times.
The higher-end homes are sitting a little longer but that also has to do with inflated list prices. It was mentioned in a recent office meeting the market above $5M was experiencing some softening in specific areas.
Though buyers are being aggressive, they are not straying very far from the comparable values and we have also had more issues with conservative appraisals which have either blown up deals or caused a re-negotiation. We had a brief period of price drops during the early COVID period and the appraisers have lagged the market turn-around. Overall, escrows have obviously been closing but the majority of agents will tell you they have been far more stressful and strenuous during this Covid and intense political time.
*The condo market had a strong run into the late summer but slowed down as we came into the election cycle. Things have picked up, but not nearly the fervor of the single family market. We are seeing condo owners willing to move to the valley or even further out to have a single family home over the ease and accessibility of being more centrally located.
*Single family home supply in Los Angeles is down 1.3 months compared to last year when supply was already tight. People are not moving during the pandemic unless they have to.
*Nationally, we have seen a 49% increase in people looking for single family homes online over last year.
*The well thought of Jon Burns Real Estate economic outlook for 2021 anticipates further appreciation in home prices to the tune of 3-5%. Bank of America is predicting similar appreciation. Main reason given are the fed maintaining the current interest rate policy for three years and expecting a strong economic jolt with Q1 Stimulus money up to $1T to be distributed along with job creation expanding as the economy normalizes into Q3 and Q4 after mass vaccination.
