Without enough homes for sale to satisfy current buyer demand. Irvine CA real estate has remained strong during first four months of this year 2013.
Irvine CA real estate markets continue to favor sellers big time and have been starved for listings all this year 2013. With so few homes listed for sale (208 as of today), and big buyer demand, Irvine continues to have hottest markets in Orange County.
Resale Homes Prices were up 21.9 percent from same time April last year
Condo sold prices were up 30.7 percent from prior year
Stella Ling at California Association of Realtors’ legal department wrote an article for this month’s “California Realtor” magazine entitled “RPA Myths Debunked”.
She introduced that the Residential Purchase Agreement and Joint Escrow Instructions form published by CAR and used throughout the state for most residential sale transactions is eight pages in length and “clearly articulates the parties’ respective rights and obligations to help sellers, buyers and agents close their transactions as easily and amiably as possible”. 
Continue reading
The subject real property is a “leasehold”, and the “lessor” is owner of the land, and homeowner leases the land from the lessor, is the “lessee” of the land and owns only the improvements or the home itself. Continue reading
With such beautiful parks and recreational areas, excellent geography, weather, public schools, and hiking and walking trails, location close to campus of the University of California Irvine, Turtle Rock has been a happy place for homeowners and residents for years.
With increased home sold prices and values this year, now is a particularly happy time for owners and sellers at Turtle Rock.
Newport Beach homes are in high buyer demand, and the Newport home selling market showed good signs during first quarter of this year 2013.
Newport Beach CA has investors who want to buy foreclosure homes and properties – at both trustee auction sales after non-judicial foreclosures – and when properties are listed again as REOs on the MLS. Continue reading
Orange County CA homes sales and median selling prices were up last month during February 2013.
People who want to sell a house at Orange County and buy a replacement house ask us how they can protect and transfer their prior property tax basis.
Ad valorem property taxes in California are primarily guided by what is set forth in California Proposition 13, a constitutional amendment enacted by voters during 1978. 
Annual property taxes according to Proposition 13 to be paid by owners are generally equal to one percent of assessed value each year. (This assessed value can be increased by as much as two percent per year by the county assessor.)
Example: If your home at Orange County has value of $500,000 determined by county assessor, your annual property tax would one percent of that – or the amount of $5,000.
If you want to sell your home and buy a replacement home in Orange County, and if you follow California law guidelines, you can sell first and then buy a different house – or you can buy a house in Orange County first and later sell the prior house - while taking advantage of transfer of Proposition 13 property tax basis.
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 by the voters of California in 1986.
This is codified in Section 69.5 of the California Revenue & Taxation Code, and allows the transfer of an existing Proposition 13 base year value from a former residence to a replacement residence, if certain conditions are met. This benefit is open to homeowners who are at least 55 years old and are able to meet all qualifying conditions.
The following conditions must all be met for qualification and property tax relief to be granted under California Proposition 60:
a) Both the original property (former residence) and its replacement must be located in the same county. If the replacement property is located in a different county from the original, see possible transfer basis rules set for at California Proposition 90.
b) As of the date of transfer of the original property, the seller or a spouse living with the seller must be at least 55 years old.
c) The original property must have been eligible for the Homeowners' Exemption or entitled to the Disabled Veterans' Exemption.
d) The replacement dwelling must be of equal or lesser value than the original property.
e) The replacement dwelling must have been purchased or newly constructed on or after 11/06/86.
f) Without exception, the replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property.
g) The original property must be subject to reappraisal at its current fair market value as the result of its transfer, in accordance with Sections 110.1 or 5803 of the Revenue and Taxation Code.
h) Without exception, a claim for relief must be filed within three years of the date a replacement dwelling is purchased or new construction of a replacement dwelling is completed.
Professional REALTOR® agent and broker representation - for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
Harrison K. Long, Realtor and broker associate – CADRE 01410855 – also an attorney member of the California State Bar Association #69137 – 949-701-2515 for direct telephone or text contact.
People ask us about strategy for listing and selling Orange County CA homes and real estate.
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