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Featured Articles
Los Angeles Tenants Rights
December 19th 2008 - Los Angles Mayor Antonio Villaraigosa signed into effect a new law protecting tenants in buildings that have gone into foreclosure. Tenants of buildings in foreclosure cannot be evicted until the properties have been purchased by new owners. This new law will protect many renters who have become innocent victims of [...]
[Read More...]One Person’s Trash is Another Person’s Treasure!
Discover how you can help recycle construction or deconstruction products.
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!
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Mandatory Access for Telecommunications Providers?
Mandatory Access to Commercial Property for Telecommunications Providers?
How do the contracts between commercial or multi-family property owners affect Tenants? The FCC is asking for your comments on an issue that could affect who has access to your property.
[Read More...]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.
[Read More...]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
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« Grant Funded Through ‘The Recovery Act’ to Increase Jobs and Provide Boost to Local Housing Economies |
Green Laws in California »
Real Estate
Development Opportunity or SFR on Culver Blvd
New Listing in Culver City 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
Be the First to Know
When the Price Changes
Beautiful Condo for Sale - 2451 Century Hill. The perfect choice for “down-sizers” transitioning from a large house. You will be pleased to find this unit filled with many of the amenities and highlights usually found only in exclusive private homes. MUST SEE TO APPRECIATE!
Shelving and cabinets throughout, including built-in silver pantry, recessed book shelves, “waffle” display divider, floor to ceiling linen cabinets, two huge walk-in closets, “hidden” storage mirrored wall, hand-painted scenic mural opening to bonus room storage and three car garage with additional cabinets.
High end materials include imported Italian limestone flooring on the main level, warm wood mixed with upstairs, beveled marble fireplace facings, solid sheets of triple-thick tempered glass staircase dividers, chair lift to first level from garage with upgraded flooring.
Beautiful landscaping on patio and balcony, and enclosed atrium includes custom planter boxes, potted plants, and trees that compliment the view of lush common area landscaping as well as neighboring city scenery.
Custom construction is unique to this unit, with lath and plaster walls and enclosed atrium (complete with remote controlled shade) providing expanded indoor dining and entertaining.
Reconfiguration of the top floor offers additional windows, skylights and expanded office/library/den space.
Kitchen features include Pacific Cloth lined, silver pantry, center island, and breakfast area opening to formal dining area and extended enclosed atrium patio. Conveniently adjacent is a custom powder room with curved-molded vanity.
Light flooded, Master Bathroom flaunts two walk-in closets, separate shower, tub with jets, enclosed toilet with floor to ceiling linen closets. Second bathroom with roomy shower (with built in tiled seat) flows right into comfy second bedroom.
Century Hill…One of the best kept secrets on the Westside!!
Because Century Hill is a low rise complex, with gated entrance it doesn’t attract as much attention as the high rises or more colorfully painted complexes. However the amenities and grounds are superb.
In addition to the main swimming pool adjacent the gyms and the community room, there are four other swimming pools and four spa jet pools (one in each quadrant of the property).
Tennis Courts, Gyms (separate men’s, women’s & co-ed), Indoor driving range, raquet ball/Ping Pong Room.
Large Club House overlooking main pool and deck boasts a built in TV, & full kitchen/bar for parties and gatherings.
The lushly landscaped grounds boast a beautiful Rose Garden and numerous seating areas where residents and their guests can enjoy the ambiance and environment.
Parking capacity is unbeatable with three car, side-by-side parking for each homeowner and plenty of valet parking spaces for one visitor or a large party of guests.
Package delivery, routine maintenance, guest escorts to units, and additional assistance are available through and in-house phone system that make Century Hill living convenient for the most discerning buyer.
We extend an invitation to show you this truly unique unit and the grounds of Century Hill. Call for an appointment at a time that is convenient for you and your client.
2 bedrooms, 2.5 bathrooms, bonus room
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 on the Market
The Listing Price for 2175 Beverly Glen #203 is now down to $529,000.
This extra large bright unit offers great flow for entertaining and you can’t beat the location. For more pictures of the unit visit 2175BeverlyGlen.com or call Phyllis Miller at 213.999.2425 for a private showing. 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.
[Read More...]New Fannie Mae Guidelines Assist Investors
Effective March 1, 2009, Fannie Mae will start once again financing up to 10 properties for investors in order to help with lending recovery. See Fannie Mae for further details
New Federal Pool and Spa Safety Laws
In December, 2007, the Virginia Graeme Baker Pool and Spa Safety Act, 15 USC 8004) (the “Act”), was signed into law by President Bush. The main purpose of the Act is to increase the safety of pools and spas in the United States by requiring certain safety devices to prevent the tragic and hidden hazard of drain entrapments and eviscerations in pools and spas.
To this end, the Act requires that, among other things, by December 20, 2008:
1. Each public pool and spa must be equipped with anti-entrapment drain covers.
2. Each public pool and spa with a single main drain (other than an unblockable
drain) must also be equipped with a device or system designed to prevent
entrapment, such as a safety vacuum release system.
Finish this article by Michael W. Rabkin Esq.
[Read More...]Understanding Proposition 110
Proposition 1101 is a constitutional initiative passed by California voters that provides property tax relief for severely and permanently disabled claimants when they sell an existing home and buy or build another. It allows the transfer of the base-year value of their existing home to a newly purchased or constructed home within select counties in the State of California. In addition, the initiative also provides relief for modifications that make a home more accessible for a severely disabled person.
Who Qualifies?
If you or your spouse that lives with you are severely and permanently disabled2, you can buy a home of equal or lesser value than your existing home and transfer the trended base year value of your existing home to your new property. Also, you can modify your current home as long as the modifications directly satisfy disability requirements.
The transfer of a trended base value from one property to another is a one-time benefit only. You must buy or newly construct a replacement property within two years of the sale of the original property. Both the original property and the replacement property must be your principal place of residence, and you must file your claim within three years following the purchase or completion of new construction of your replacement property. Once you have filed and received this tax relief, neither you nor your spouse who resides with you will qualify to receive this benefit again.
If a person has been granted a Proposition 60/90 benefit and subsequently becomes severely and permanently disabled, he/she may also qualify for a Proposition 110 benefit.
Eligibility Requirements…
1. Both your original and replacement property must be eligible for the homeowners’ or disabled veterans’ exemption and the replacement property must be your principal residence.
2. The replacement property must be of equal or lesser “current market value” than the original property. The “equal or lesser” test is applied to the entire replacement residence, even though the owner of the original property may acquire only a partial interest in the replacement residence. Owners of two qualifying original residences may not combine the values of those properties in order to qualify for a Proposition 110 base-year transfer to a replacement residence of greater value than the more valuable of the two original residences.
3. The replacement property must be purchased or built within two years (before or after) of the sale of the original property.
4. You must file your claim within three years following the purchase or completion of new construction of the replacement property.
5. You or a spouse residing with you must be severely and permanently disabled when the original property was either sold or modifications were completed.
6. The disabled person, spouse or legal guardian must submit a Physician’s Certificate of Disability (Form OWN-107) with the claim.
Read more at the LA County Assessor’s Site
Understanding Proposition 60
In most cases, these constitutional tax initiatives allow senior citizens to transfer the trended base value from their current home to a replacement property if certain requirements are met. This may result in substantial tax savings.
Who Qualifies?
If you or your spouse who resides with you is age 55 or older, you may buy or construct a new home of equal or lesser value than your existing home and transfer the trended base value to your new property.
This is a one-time only benefit. You must buy or complete construction of your replacement home within two years of the sale of the original property. Both the original home and the new home must be your principal place of residence. A claim must be filed within three years of purchasing or completing new construction of the replacement property. If a claim is filed after the three-year period, relief will be granted beginning with the calendar year in which the claim was filed.
Once you have filed and received this tax relief, neither you nor your spouse who resides with you can ever file again.
Eligibility Requirements:
1. The replacement property must be your principal residence and must be eligible for the Homeowners’ Exemption or Disabled Veterans’ Exemption.
2. The replacement property must be of equal or lesser “current market value” than the original property. The “equal or lesser” test is applied to the entire replacement residence, even if the owner of the original property acquires only a partial interest in the replacement residence. Owners of two qualifying original residences may not combine the values of those properties in order to qualify for a Proposition 60 base-year transfer to a replacement residence of greater value than the more valuable of the two original residences.
3. The replacement property must be purchased or built within two years (before or after) of the sale of the original property.
4. Your original property must have been eligible for the Homeowners’ or Disabled Veterans’ Exemption.
5. You, or a spouse residing with you, must have been at least 55 years of age when the original property was sold.
Understanding Proposition 58
These constitutional initiatives provide property tax relief for real property transfers between parents and children and from grandparents to grandchildren. Collectively, they make it easier to keep property “in the family.”
In general, Proposition 58 states that real property transfers, from parent to child or child to parent, may be excluded from reassessment. Proposition 193 expands this tax relief to include transfers from grandparent(s) to grandchild(ren). In both cases, a claim must be filed within three years of the date of transfer to receive the full benefit of the exclusion.
Requirements and Guidelines for Propositions 58 and 193
1. The principal place of residence must have been granted a Homeowners’ Exemption or Disabled Veterans’ Exemption before the transfer. This residence need not be the new principal residence of the person that acquired the property.
2. In addition to tax relief on the principal residence, you may claim an exclusion on transfers of other real property with an assessed value of up to $1,000,000.
3. The $1,000,000 exclusion applies separately to each eligible transferor. A $2,000,000 limit applies to community real property of an eligible married couple.
4.Transfers by sale, gift, or inheritance qualify for the exclusion.
5. Transfers between parents and children as individuals, from grandparents to grandchildren as individuals, between joint tenants, from trusts to individuals, or from individuals to trusts may qualify for the exclusion.
6. Transfers from grandchildren to grandparents are not eligible for this tax relief.
7. Transfers of ownership interests in legal entities, aside from most trusts, do not qualify for the exclusion.
8. A claim must be filed within 3 years after the date of purchase or transfer for which the claim is filed or prior to transfer to a third party, whichever is earlier, or within 6 months after the mailing of the notice of supplemental or escape assessment, issued as a result of the transfer for which the claim is filed. Untimely filed claims are subject to certain conditions, i.e., the property must not have transferred or resold to a third party and the claim will only apply to future tax years.
9. If reassessment of your property occurs before the approval and processing of your timely filed claim, the reassessment may be reversed. In these situations, a corrected tax bill and/or a refund will be processed.
10. No limit is placed on the assessed value of a principal residence that may be excluded from reassessment.
(Proposition 58) Transfer between Parent and Child Eligibility Requirements
1. The real property must be owned by the eligible transferor who is either the parent or child.
2. You must be a parent or child. A child may be a son, daughter, son-in-law, daughter-in-law, stepchild, or child adopted before the age of 18.
Spouses of eligible children are also eligible until divorce or, if terminated by death, until the remarriage of the surviving spouse, stepparent, or parent-in-law.
3. You must complete a Claim for Reassessment Exclusion for Transfer between Parent and Child form for a gift or purchase of real property between parent and child.
Read further at the LA County Assessor’s Site
[Read More...]Understanding Proposition 8
In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1.
Eligibility Requirements
1. You must demonstrate that on January 1, the market value of your property was less than its current assessed value.
2. You must file a claim form for a Decline-in-Value Reassessment Application (Prop.8) with the Assessor between January 1 and December 31 for the fiscal year beginning on July 1. If December 31 falls on a Saturday, Sunday, or a legal holiday, an application is valid if either filed or mailed and postmarked by the next business day.
The Process
1. On your claim form, provide the Assessor with information that supports your opinion that the market value for your property is less than the assessed value. The best supporting documentation is information on sales of comparable properties. You should select two comparable sales that sold as close to January 1 as possible, but no later than March 31. You may query the Assessor’s database for sales in your neighborhood by clicking here. While the submission of comparable sales is helpful for the Assessor in determining the market value of your property, applications submitted without comparable sales will be accepted and processed.
2. An appraiser will review your claim form and the information you provide. Other sales information available to the Assessor may also be considered. If the market value as of January 1 is less than the trended base value2, your assessed value will be lowered to the market value for the fiscal year beginning on July 1. The adjusted value will be reflected on your annual tax bill.
3. If the current market value is higher than the trended base value, no change in assessed value will be made.
If you disagree with the Assessor’s findings, you may file an appeal with the Assessment Appeals Board. You must file your appeal between July 2 and November 30 for your annual tax bill.
Finish this article at the Los Angeles County Assessors’s Site
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