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california: Protect and Transfer Your Home's Property Tax Basis at Orange County, California ~ Proposition 60 - 08/07/11 12:39 PM
A friend asked yesterday whether he could buy a house in Orange County first and later sell his prior house in Orange County while taking advantage of California Proposition 60 on transfer of property tax basis.
Answer is YES if you follow all conditions for qualification and tax relief as set forth by the Office of Orange County Assessor.
California Proposition 60 allows transfer of an existing Proposition 13 base year value from former residence to replacement residence, if certain procedures are met (once in a lifetime benefit for homeowners who are 55 years of age or more).
Proposition 60 was a constitutional amendment approved … (6 comments)
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california: California Homebuyer Income Tax Credit Program Funds Almost All Used Up - 08/17/10 07:16 PM
The CALIFORNIA state HOMEBUYER INCOME TAX CREDIT PROGRAM program is almost ending with the $100 million expected to be used up.
This follows the ending of the US First Time Homebuyer Tax Credit program, which ended April 30, 2010.
The CA Franchise Tax Board will continue to accept applications for state's New Homebuyer Tax Credit. However, the state has already received 12,090 reservation requests and applications, which is expected to use 80 percent of the $100 million funds allocated to this program. The Franchise Tax Board will stop accepting applications when the money is used according to pending applications.
See information and updates about this CA state first time homebuyer income tax credit program - … (0 comments)
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california: Private Transfer Fee Covenants Now Banned In Illinois - Should Also Be Banned in California - 08/11/10 05:57 PM
Private transfer fee covenants have now been banned in Illinois (one of 17 US states to impose government ban), and California should follow.
I posted last week about need for this ban in California - Home Re-Sale Private Transfer Fee Covenants Should be Eliminated by Law.
The use of private transfer fee covenants started in California, have been controversial as mechanism for financing of new residential developments, spread elsewhere and now been banned in 17 states.
State of Illinois joined the ranks of 17 states last month to outlaw most private transfer fees in the state.
See this Illinois Association of REALTORS® video for details on … (0 comments)
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california: HOAs in California Can't Collect Delinquent Unpaid Assessments from Buyers - 06/13/10 05:33 PM
Some homeowner associations in CA at common interest developmenrs are losing money these days, because delinquent assessments are unpaid, and homes are sold through short sale and being foreclosed on.
QUESTION: Can the HOA in CA require buyers to pay for unpaid assessments owed by the prior owner? Can the HOA amend its CC&Rs to state that a purchaser of a unit pay delinquent assessment from prior owners?
ANSWER: No. The buyer of a property in CA is not personally liable for the delinquent HOA assessments of prior owners. Civil Code 1466, Mountain Home v. Pine Mountain.
If the HOA in CA wants to get paid for … (7 comments)
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california: Job Growth at Orange County Expected During 2010 ~ Cal State Fullerton Economy Forecast - 10/27/09 10:30 AM
Job growth and employment figures aren't very sexy as topic for a blog article, but it's good to hear expert economist Anil Puri at Cal State University Fullerton make some positive predictions about Orange County. He sees job growth in 2010.
Cal State Fullerton's 2009 economic forecast now released with comment by Anil Puri, dean of the Mihaylo College of Business and Economics. This expert had predicted in April 2009 that the economy rebound but not quickly.
Good news for workers ~
Orange County payrolls should start showing job growth in second half of 2010. OC employers will add about 9,900 net new jobs next year (which is off the average annual … (2 comments)
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california: Buyer Demand Wiping Out REOs at Irvine Housing and Local Real Estate Market - 10/05/09 03:26 PM
Buyer Demand is Wiping Out REOs at the Irvine Housing and Local Real Estate Market. Trend for local market shows huge buyer demand for REO homes and that the market doesn't have enough listings to support.
Homes sold at Irvine, CA, last thirty days (ending September 29, 2009) - 170 homes Regular equity sales last thirty days - 131 REO homes sold last thirty days - 16 Short listings sold last thirty days - 23 More than half of homes sold were between $500k to $1 million
Irvine homes now listed for sale at SoCal MLS ~ 506 homes for sale (not enough). 345 of those … (6 comments)
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california: Trending Housing & Real Estate Market at Irvine, California - 09/24/09 06:17 PM
Irvine, California, homes and real estate market update. __________________________________________
As of September 21, 2009, there were 531 active homes listed for sale.
There were 458 pending sales listed at SOCAL MLS.
That's a huge number of pendings, which again are close to number of active for sale.
30 Irvine homes were sold during the past thirty days.
_______________________________________
Of the 531 Irvine homes for sale ....
... 389 were regular equity sale listings
(this is too low for our market).
126 of those for sale were short listings (this is too high).
16 of those listed for ale … (6 comments)
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california: Interesting Coincidence: Orange County Home Sold Prices Rose Almost $8K During August 2009 v. July - 09/17/09 07:19 PM
The Orange County median home sold price was up almost $8,000 in August from July 2009.
Coincidence is and on lots of minds these days that the $8,000 US First Time Homebuyer Tax Credit expires November 30, 2009.
My prior article ~ Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit.
Median sold price of an OC home was $427,750 in August 2009 ~ per MDA DataQuick. August's median sold price is the highest that Orange County has seen in 10 months, but down about 3% from same time during 2008. And it's down more than 30% from all-time high in June 2007.
Home Prices Rise … (0 comments)
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california: Rebates for Residential Water Customers & Water Saving Devices at Irvine Ranch Water District - 09/16/09 02:02 PM
We are all concerned about water conservation here in Southern California and Orange County.
The Irvine California Ranch Water District Rebate Reservation System is now in effect.
Before purchasing a qualifying water saving device, your reservation number is required. The IRWD rebates require reservation numbers prior to purchase of the eligible devices and the new format electronic applications.
REBATE RESERVATION RESTRICTIONS:
During the weekend of September 18 through September 21, 2009, rebate reservations will not be available. Purchases made during this weekend, without a previously obtained and approved reservation, will be ineligible for rebates. Future REBATE PROGRAM CHANGES:
Beginning September 21, 2009, at 9:00 a.m., rebates … (0 comments)
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california: Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit - 09/15/09 06:30 PM
Act Now and Take Advantage of your first time homebuyer tax credit ~ Get Going before it's too late, and deadline for purchase and closing of escrow is November 30, 2009.
Existing US home sales have jumped recently, and first-time homebuyers are buying about one third of all homes sold. This is because of tax incentives, interest rates at historic lows and housing affordability at best level in many years.
Guidelines for eligibility for this tax credit:
First-time homebuyers can claim 10% of the purchase price up to $8,000, or $4,000 for married individuals filing separately. Tax Credit for purchases completed on or after January … (3 comments)
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california: Property Tax Value Basis Protection in California on Home Selling and Buying - 09/14/09 06:05 PM
For home owners age 55 years of age or more in California, it's possible to plan and protect property tax assessed value basis on the sale of a home and buying replacement.
Home value basis protection is important in California where most property taxes are paid at one percent of assessed value.
Assessed value protection for people 55 years of age and over who want to sell their home and buy another is especially important.
California Proposition 60 was a constitutional amendment approved by the voters in 1986 ~ Section 69.5 of the California Revenue & Taxation Code~ allowing transfer … (2 comments)
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california: Irvine's Home Sales Continue on the Upswing - 09/14/09 11:01 AM
Irvine, California, home resales have continued to be on the upswing.
We see lots of buyers and investors getting involved. Homes at under $500k are in special demand, get multiple offers, and are on the market a very short time.
There are now only 558 Irvine homes listed at MLS on the market.
135 Irvine homes are short listings, which are mostly not good situations for buyers.
15 Irvine homes are bank owned REO after foreclosure.
187 Irvine homes have sold during the past 30 days ending September 13, 2009. Average sold price for those 187 homes was $671,743.
We expect the … (2 comments)
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california: Upswing Continues for Orange County Home Sales - 09/11/09 02:52 PM
The Orange County Housing Market has heated up even more these days. Those of us involved with real estate sales at Orange County have known for several months that buyer demand and sales have improved, particularly for homes at under $500k.
We and other Orange County REALTORS and real estate professionals have written and presented lots of purchase offers during the past ninety days.
Why aren't some purchase offers been accepted? Here's our experience:
Heated buyer demand Competition from other buyers Multiple offer situations Some buyers have expectations of success based upon 2008 slow market FHA buyers with 3.5% down are unable to compete with … (2 comments)
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california: Hot Buying Season at Local Housing Market ~ Irvine, California - 09/10/09 01:53 AM
Irvine, California, a city in Orange County with population of about 210,000 people, is a central economy engine in the county with location for the University of California Irvine, and home offices to Broadcom, Blizzard Entertainment, William Lyon Homes, The Irvine Comany, and many others.
Irvine has lovely residential villages where you will find all kinds of properties, apartments, condos, luxury estates, and well maintained neighborhoods with single family detached homes. Many of Irvine's village areas are in high demand and where people want to live. The fantastic Southern California weather, cool Pacific Ocean breezes, are more reasons that people are choosing to move to and live in Irvine.
Current … (0 comments)
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california: Mortgage Insurance Protection Offered by California Association of Realtors ~ First Time Homebuyers - 08/04/09 06:15 PM
The California Association of Realtors has offered since April 2, 2009, a mortgage protection Plan (insurance program) for first time homebuyers.
CAR has purchased and provided about 400 such insurance policies for first-time homebuyers at no cost to the buyers. This can provide up to $1,500 a month in mortgage assistance for six months if the buyer lose their jobs.
CAR has said it use $1 million that its members California Association of Realtors had donated to a charitable fund earmarked for affordable housing, which was to buy the one-year mortgage payment protection policies for about 3,000 first-time homebuyers.
The CAR program has been successful, and it has now received … (0 comments)
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california: Buyer Demand Way Up & Home Sales Market Time is Short ~ Irvine, California - 07/30/09 11:34 AM
Irvine, California ~ with some of the best residential neighborhoods at Orange County, located near Newport Beach, Laguna Beach, Newport Coast, and within a 10 minute drive of the Pacific Ocean at Crystal Cove.
Famous for pleasant weather, Irvine has lots of sunshine, award winning public schools, healthy business climate with good job opportunities, the University of California Irvine, wonderful parks and recreation areas, encouragement for business and development, diverse backgrounds of residents, many locations for recreation and fitness, places for freedom of worship, and is one of the safest cities in the United States.
LOCAL HOUSING MARKET REPORT
600 Irvine homes are now for sale on the market, with 164 homes sold the last thirty days, and 406 homes … (4 comments)
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california: When Somebody Says People Are Leaving California ~ That Has Me Fooled - 07/14/09 01:32 AM
The Associated Press published an article several days ago ~ Poor leave Calif. at higher rate than rich ~ reported about a new study that showed:
The poor are more likely to leave California than the rich, despite concerns that the state's relatively high income tax rate is driving away the wealthy. That's silly. I disagree and don't see any need for such a study. We don't see any particular group leaving California.
The poorest 20 percent California residents are twice as likely to leave the state as the richest 20 percent. More silliness from the study.
Our freeways, schools, parks, beaches, airports, buses, hospitals, … (6 comments)
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california: CA Home Resales and Sold Prices Up in May 2009 ~ News - 06/26/09 12:05 PM
It's good news that CA homes median sold prices were up in May 2009, as compared to April and March 2009.
Sold prices are still down May 2009, as compared to same time last year, May 2008. This is because of buyer market rush to pick up the REO bank owned and distressed homes at lower price level.
Realtors report 10% jump in O.C. house prices (click here) ~ OCRegister.com, June 26, 2009. This is report that home sale prices were up form the month of May as compared to April, 2009.
CA Home Sale Prices Climb 3rd Consecutive Month (click here) ~ … (4 comments)
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california: Foreign Investment in California Business and Real Estate Should Be Encouraged - 06/24/09 06:53 PM
We need and should welcome foreign investment of money and capital in business and real estate here in California and Orange County.
US IMMIGRATION THROUGH INVESTMENT ... Under section 203(b)(5) of the Immigration and Nationality Act (INA), 8 U.S.C. §1153(b)(5).
10,000 immigrant visas per year are available to qualified individuals seeking permanent resident status on basis of their engagement in a new commercial enterprise. Policy behind this U.S. Investment Visa program was to attract needed foreign sources of capital into the US for development projects and employment for American workers.
See my prior article ~ The INVESTMENT VISA ~ US Immigration Through Investment In Commercial Enterprise ~ April 23, … (4 comments)
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california: California Foreclosures ~ Articles and Information - 06/18/09 11:17 AM
Seeing lots of articles about California home foreclosures and real estate activity in May ...
...so we turn to Google Alerts and find some links:
California Homeowners and Renters Fall through the Cracks ~ American Chronicle, June 25, 2009
Californians Get 90 Day Foreclosure Moratorium ~ Examiner.com, June 24, 2009
Consumer Group to Pressure Lenders to Help Homeowners ~ San Diego Tribune, June 24, 2009
Despite Foreclosures, Housing Markets Bump Along ~ ForeclosureS.com, June 23, 2009
We're In a Slow, But Definite Recovery Mode ~ SacramentoBee.com, June 22, 2009
Foreclosures Grind On ~ USA Today, June 16, 2009
7 Lenders Get Immunity from CA Foreclosure Prevention Law ~ Sacramento Bee, June 20, … (8 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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