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Who Sets Prices in Laguna Niguel Real Estate? Where’s the Market Going?

Who Sets Prices in Laguna Niguel Real Estate? Where’s the Market Going?

Ron Buck, Realtor, reports that in Laguna Niguel 56% of the detached single family homes are over One Million Dollars. In Dana Point 73% of the detached homes are over One Million Dollars. Ron Buck, Realtor, says, “Laguna Niguel as of May 18th has 48 attached homes on the market of which two are REO properties and one is a short sale. There are 102 detached homes on the market today and only five are distressed properties. And, there are only 21 detached homes under $800K for sale today and only four of those are under $600K. Laguna Niguel has 23 properties over $2.5 Million actively for sale.” “Dana Point, on the other hand, has 110 detached homes for sale today. Only 16 are under $800K and there is only one distressed property among them. Only three of the detached homes are under $600K. As far as homes over $2.5 Million there are 41 for sale.” Adds Ron Buck, Realtor. In Orange County the inventory is just barely creeping up. What can we expect to see through the rest of the year? Let Ron Buck, Realtor, take a stab at that question. Most experts say the interest rates will remain low for the rest of the year which should keep the buyer demand strong. “As the prices continue to rise many more homeowners who have been under water will realize that they can now sell without a short sale and will list their homes for sale. We will continue to see multiple offers on lower priced homes but there will be an increasing number of homeowners who will test...

Proposition 60 and 1031 Tax laws

Two Ways to Move Up or Down in Laguna Niguel and Dana Point. Many empty-nesters would like to move but do not want to pay higher property taxes. Don’t forget Proposition 60 is there to help you. Prop 60 allows you to sell one time and buy a different home at the same or lower price and move your tax base. Let’s say you bought that beautiful 5 bedroom home twenty years ago for $300,000 and you can sell it today for $1 million. Your tax base is the “adjusted base year value” of the home you are selling. If either the husband or wife is over 55 years old then you may sell your current home and buy a smaller home closer to the beach or maybe a townhome without the exterior maintenance to worry about and transfer your tax base. This works within Orange County and is reciprocal with certain other counties who have cooperated with the law. An appraisal may be necessary. If you buy a new home or a new build two years later you may buy up to 110% of the value of the original sale. Make sure to check with your tax professional. Remember the 1031? This federal rule allows investors to do a “like kind exchange” of property which “defers” the tax consequences to a later time. You may sell one property or land and buy two. You may sell two or three and buy one. Or you may sell and buy into a Real Estate Investment Trust of some kind. I find that homeowners still mix up the property tax laws....