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California Solar Center
The California Solar Center has compiled a list of financial incentives offered for using alternative energy sources.
Reuse Building Materials
Discover how you can help recycle construction and deconstruction products.
New Fannie Mae Guidelines
Effective March 1, 2009, Fannie Mae will start once again financing up to 10 properties for investors in order to help with lending recovery. Find out what this means for you.
Wall Street Journal
National and International Real Estate trends and news.
Go Green
Everyone has ideas about greening residential real estate, but what about commercial investment property going green. Share your experiences or questions…comment here!
House of Representatives
Learn about the Bills currently on the table and how to voice your opinions.
Pool and Spa Safety Laws
Pool Safety Laws and information including the Virginia Graeme Baker Pool and Spa Safety Act, 15 USC 8004.
To Exchange or Not to Exchange…that is the Question!
Whether ‘tis better to sell and pay taxes or by deferring gain to leverage your portfolio?
Section 1031 of the Internal Revenue Code provides that neither gain nor loss is recognized if property held for investment use in trade or business is exchanged for like property. The term “like kind” refers to the grade or quality of the property, not a specific type or class. Thus, single family rentals can be exchanged for a retail strip center, commercial or industrial property. The Delayed Exchange is the most commonly utilized strategy, validated by the 1979 federal case, Starker v. U.S. 602 F2d 1341, 9th Circuit. The seller retains a Qualified Intermediary to facilitate the exchange so that the Seller never has actual or constructive receipt of the funds. The Seller has 45 calendar days from the date of sale of the relinquished property to identify an exchange property and 180 days to close on the replacement property.
There are very specific rules as to documentation, designation, and delivery and so it is very important to have confidence in the Qualified Intermediary handling your transaction. You will need to focus all you attention on finding the exchange property which presents various challenges in any market. You have three options for identification during the 45 days:
Select three properties, regardless of fair market value.
Pick any number of properties, provided that the aggregate fair market value does not exceed 200% of the fair market value of all the relinquished properties.
Any number of properties may be selected with no restriction on value, provided that you acquire 95% of the value of the identified properties.
The Reverse Exchange is less stressful but less stress comes at a price. The Seller acquires the replacement property prior to the sale of the relinquished property, utilizing an Exchange Accommodation Titleholder to hold title until the Seller has sold the relinquished property. The 180 day rule applies as with the delayed exchange and there are various requirements and additional insurance complicating the Title Parking process.
The Simultaneous Exchange, Improvement Exchange, and Personal Property Exchange are addressed as well under IRC § 1031 and the best time to evaluate these options is during the evaluation process.
Explore all options with your Realtor and once you have made the decision to exchange, there’s no shortage of experienced Qualified Intermediaries to explain in further detail what you can expect and how much the tax savings will cost.
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REAL ESTATE
West Hollywood 3 Bedroom
Cute cottage with lovely front and backyards at 362 Huntley Drive. This charming 3 Bedroom, 2 Bath is located on a cul de sac between La Cienega and San Vicente. $773,000. See the MLS for more info
Development Opportunity or SFR on Culver Blvd
Culver City home at $549,000. Great Starter House… Priced Right With Nice Backyard & Mature Trees. Across From Bike/Pedestrian Path. Close To Freeways, Shopping, Public Transportation. Or Hold & Develop This R4 Property Later (Buyer To Confirm Current Zoning W/City). Court Confirmation Not Required
Santa Monica Extends Smoking Ban into Residential Territory
February, 2009- Santa Monica is known for its already severe anti-smoking legislation. City Council has passed further measures to safeguard residents against secondhand smoke. The new law regulates smoking in common areas of multi-family residences including apartment buildings and condos. Victims of secondhand smoke can file a civil action which can award them up to $100 in damages or order legal injunction. It is necessary that the victim of secondhand smoke attempts to reach a solution with the smoker and provides written notice before these matters are brought to court. Some tenants rights organizations feel that this bill goes too far into regulating residents lives, while some health organizations feel that these anti-smoking measures are too soft. This reaction is par for the course with the polarizing smoking issue.
Beverly Glen Condo
This extra large bright unit offers great flow for entertaining and you can’t beat the location. The condo is centrally located near bus stops, and minutes from the Rancho Park Golf Course, recreation center, Westfield shopping malls (Westside & Century City), movie theaters,
Westwood Village, UCLA, and a variety of neighborhood restaurants, shops and services. Huge living room with wet bar & fireplace opens up to huge seating area, separate dining area, and adjacent kitchen. Building offers controlled access, elevator, pool, and spa.
Investment Opportunities in Corona del Mar
There are uniques opportunities in this upscale community where duplex/condo conversions provide investment opportunities for the small investor. Corona del Mar is a fashionable beachside Orange County community with dazzling residential properties as well impressive shopping and entertainment options. Explore Corona del Mar