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Now that the new health care law is in full swing, here's the highlights as it relates to home sellers with large capital gains. There are two main qualifiers. 1 - Applies to home owners who earn more than $200,000 a year, if you are single, or $250,000 a year if you are married. 2 - The tax will only be levied on capital gains over and above the current thresholds for a single person of $250,000 of gain, and $500,000 of gain if you are married, when selling your personal residence. It is my...
Single Family Homes As the market rages on all over the country (Click here see Case Shiller index here) , the local real estate activity continues to amaze even the more experienced realtors among us. For the first time ever, Culver City home prices averaged $1M in April. This number was helped by one sale at $2M on Mentone Ave, but this lofty level of pricing will clearly become the norm here shortly. For a more in depth look at the causes and effects of local market, take a look at the video....
In the home selling process there are many situations that can cause the seller/s to "lose money." The most common one is the home inspection. So your home has been listed and marketed for sale, you receive offers on the property and after some back and forth, you sign a purchase agreement with the best buyer. Now the fun begins. The standard purchase agreement allows the buyer/s to have some time (usually 17 days) to fully inspect the home so they can make sure they know what their buying,...
In this market of thin inventory and properties being snapped up swiftly with multiple bidders, one of the biggest challenges facing move up, or trade down sellers (empty nesters) is how to compete in a very aggressive market with other buyers. Sellers with plenty of equity in their home, but who need to utilize that equity to make their next purchase (i.e.; make the purchase contingent upon the sale of their current home) face not being able to make the move at all because sellers are incredibl...
Single Family Homes After several months of price increases month after month, single family home prices seemed to level off a little in march but they are cruising along at new highs. Only 4 homes actually closed escrow last month. This is the lowest number of closings, in Culver City proper, that I've seen in 14 years! If the low, super low inventory continues expect the price rises to extend further into 2014. Rates are stable around the 4.5% range, and most lenders I talk to do not see any...
Culver City School District Home Price Comparison This week I thought it would be interesting to see if Culver City's Elementary School District boundaries have any influence over home prices. The chart below compares the 4 elementary school districts that are populated by their respective geographical neighborhoods. See map obtained from the CCUSD web site. (click on the image to enlarge) The four schools are Farragut Elementary, Linwood E. Howe Elementary, El Rincon and La Ballona. El Marino...
Single-Family Homes Seems that every month I repeat the same thing, Culver City real estate prices hit new highs. For all current homeowners out there it's nothing but good news. Homebuyers, on the other hand, are becoming increasingly anxious as multiple offers and many all cash offers abound. New listings are under contract within a week or two of hitting the market, and buyers’ agents are working overtime to get their clients offer accepted. For all the numbers on last month’s activity wat...
If you are a property owner in Culver City you should read this. The Culver City Unified School District Board is placing a Bond Measure on the ballot in June that will increase property taxes for the next 25 years. If passed, this measure will add a total of $217 million to the cost of owning a home over the next 25 years. Academically our schools are performing admirably and many of them have significantly improved their API scores over the last few years. The school board argues however,...
Since time immemorial, the conundrum for potential homebuyers, is WHEN to buy. Culver City real estate prices have risen significantly in the last two years. Single-family home prices have already exceeded their prior high in 2007, and I predict that 2014 will be the year that the condominium market in Culver City will break new highs. How will a rise in home mortgage interest rates effect buyers potential purchasing power? Given that there appears to be no signs in the general economy of...
In my job as a real estate agent I often find myself talking to buyers who are considering somewhere on the westside to live. They are often not too familiar with all the nuances of the different cities and neighborhoods. When the conversation comes around to Culver City and Culver City Schools, it's the "local" and "small" features I spend some time discussing. I talk about how residents can feel they can make a difference in their community. This is somewhat more challenging if you happen to...
