Stacy’s Newport Beach & Real Estate
Newport Beach, Corona Del Mar & Coastal OC Real Estate1000’s of Californians Whose Homes Were Foreclosed on or Sold at a Loss Would Get Tax Relief Under Measure Approved Thursday [4/8/2010] by the State Legislature
By Patrick McGreevy / Reporting from Sacramento
The bill would waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. It is expected to affect about 34,000 taxpayers.
Gov. Arnold Schwarzenegger said he would sign the measure, which would also provide about $60 million in tax credits to green-energy companies, when it reached his desk. Californians can already claim the tax breaks on federal returns.
Lawmakers passed the measure in time for people to take advantage of it by the April 15 deadline for filing tax returns.
The short-sale provision would mean about $34 million less in tax revenue for the state over three years, according to the Franchise Tax Board.
The “green” credits are a response to the federal American Recovery and Reinvestment Act, which provides grants to firms for power plants that produce renewable energy. The federal government does not tax the grant money. Under the bill approved Thursday, California would provide similar relief.
Other parts of the measure, SB 401 by Sen. Lois Wolk (D-Davis), were called tax increases by Republicans. Even though they supported the tax-relief element, several GOP members of the Senate and Assembly voted against the bill, which was opposed by the Howard Jarvis Taxpayers Assn.
The changes would also make it harder to qualify a home as a principal residence for purposes of escaping capital gains taxes when the property is sold, and some penalties and interest charges to corporations would be increased, according to Therese M. Twomey, a principal consultant for the Senate Republican Policy Office.
These changes would bring in more than $10 million in new revenue over five years, Twomey said.
Huntington Beach 4 Bedroom Pool Home For Sale
This is a very nice 4 bedroom + 2 bathroom, one level Home For Sale in Huntington Beach.
It’s located a short distance north of Huntington Central Park, the main Huntington Beach Library, the Huntington Beach Equestrian Center, and a short drive to the beach.
This home is ideally positioned on a desirable interior cul de sac street, and it’s in move-in ready condition.
Listed at $585,000.
Buying Costs Are High in Monaco, or…So You Thought Buying Costs Were High in The OC?
How difficult is the property purchase process in Monaco [France]?
Monaco ’s prime residential real estate market is in Monte Carlo, which is famous for its Place Du Casino. The most prestigious area is the Carre D’Or” (Square of Gold) around the Place Du Casino. Prices drop by between ten and fifteen percent as one heads east or west of this point. Fontveille, an economical and industrial district, has a supplementary discount due to its less noble access, although the fact that the environment is constantly evolving assures a similar evolution in perceived values .
Much of the available property in Monaco and Monte Carlo is apartments, from small studios to large luxury triplexes and penthouses. Those overlooking the harbor and Formula 1 circuit are naturally more expensive. There is also a selection of luxury villas and beautiful townhouses and these are even more valuable .
Acquiring property in Monaco is quite straightforward. There are no restrictions on foreigners. You will need the services of a public notary to ensure that the terms of agreement are accurate and conform to the law.
The purchase usually takes place in two stages :
- Signing the contract; and
- Executing the transfer deed before the notary.
On signature of the contract, the buyer is generally asked to pay a deposit of 10% of the price, which may be held by the notary or the estate agent.
The purchaser of real estate may be asked to sign an offer or a pre-contract. This is common practice particularly in a buoyant real estate market. There is no consumer credit or “cooling off” principle which entitles you to reconsider a hasty purchase and recover your deposit.
Footnotes to Transaction Costs Table
The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.
Registration fee:
Registration fees are imposed at 7.5% (6.5% for registration and 1% for entry) of selling price or market value, whichever is higher.
VAT:
For properties that are either new or under construction, registration fee is 20.6% VAT plus 1% entry.
Notary fees:
Notary fees plus supplementary expenses such as copies and stamps range from 1.5% to 2.5%.
Estate agent’s commission:
Real estate agent’s commission is paid by both parties, 5% (plus 20.6% VAT) for the seller and 3% (plus 20.6% VAT) for the buyer.
Vanishing Credits and Advantageous Interest Rates!
Just a short note to remind all of you regarding the upcoming expiration of the First Time Buyer’s Tax Credit and MBS-Mortgage Backed Securities.
(1) The First Time Buyer’s Tax Credit will still be applicable to your transaction(s) if you have a valid open escrow by no later than April 30, 2010, and that escrow closes by no later than June 30, 2010.
(2) The extremely advantageous interest rates for home loans are expected to remain low until the Feds discontinue their backing of MBS-Mortgage Backed Securities. The Feds are scheduled to cease buying MBSs at the end of this month – March 30, 2010. When that happens it’s projected home loan interest rates will begin to rise and probably go up at least 75 basis points (0.75%) in the near future. If you are already in escrow make sure your lender has locked your loan and, even if your escrow closes April 1st or after, the interest rate of your new loan is protected (for the duration of the lock).
(3) Current Interest Rates for 30-year Fixed Rate Loans as of 3/16/2010:
A) Conforming Loans at $417,000 or under – 4.75% with 1 pt.
B) Conforming Loans under $729,500 – 5.00% with 1 pt.
C) Jumbo Loans between $729,500 to $2,000,000 – 5.25% with 1 pt.
Newport Beach, Corona Del Mar & Newport Coast REAL ESTATE MARKET NEWS for mid-March, 2010.
The median list price in NEWPORT BEACH, CA 92660 this week is $1,682,500. Average Price-per-Sq.Ft is $542. Average DOM (Days on Market) is 245. Demand measured by the Market Action Index is increasing and days-on-market is trending downward. Even as more properties come available, these are positive trends for the market.
The median list price in NEWPORT BEACH, CA 92663 this week is $1,975,500. Average Price-per-Sq.Ft is $783. Average DOM (Days on Market) is 262. Demand measured by the Market Action Index is increasing and days-on-market is trending downward.
The median list price in CORONA DEL MAR, CA 92625 this week is $2,500,000. Average Price-per-Sq.Ft is $901. Average DOM (Days on Market) is 269. Inventory and days-on-market are climbing, while the Market Action Index has been flat recently. The trends point to a
weakening market.
The median list price in NEWPORT COAST, CA 92657 this week is $3,037,000. Average Price-per-Sq.Ft is $739. Average DOM (Days on Market) is 301. Inventory is tightening and days-on-market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.
First Time Home Buyer Tax Credit 2010
Frequently Asked Questions About the First-Time Home Buyer Tax Credit
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
For the rest of the story, click on http://www.federalhousingtaxcredit.com/faq1.php
Newport Beach & Orange County, CA Traditional Real Estate Market Trends-March 2010
*The sellers of a 1,600 square-foot, 2-bedroom, 2-bath condominium want to move up. They have $200,000 in equity and an outstanding loan amount of $200,000 at 6%. The move-up seller’s monthly payment is $1935.77 including principal and interest, $1,199 .10; property tax, $366.67; and homeowners fee, $370.
For only a few hundred dollars more a month, these move-up sellers can purchase a newer 2,200-square-foot, 4-bedroom, 3-bath home for $550,000.have been lost in a little over two years.
Here’s how… (To read the full and current post of Orange County market trends of attached and detached homes with numerous CHARTS, click on the following link.)
Newport Beach & Orange County Real Estate Upscale Market Report for March 2010
Upscale Real Estate Market Reports for Newport Beach, Laguna Beach and all of Orange County, California:
One of the bright spots of the economy is the rise in economic indicators for the last ten months. But in January 2010, five of the ten indicators that rose weren’t the ones the
economy is watching most closely. Jobs, money supply, building permits and capital goods ordered all declined.
The home building industry posted its first production gains in years in January, but new home units are still 75% below where they were at the peak of the housing market. Further
hampering construction recovery are the rising costs of lumber and any goods derived from oil.
That’s a good thing for California home sellers, whose properties don’t need more competition. Foreclosed homes are being dumped on the market and selling at an average 28% discount (according to research by Zillow.com). This has driven housing prices to pre-boom levels.
What’s changed? Jobs – 8.4 million have been lost in a little over two years.
(To read the full post, click on the following link.)
Honduras ISLAND for Sale (watch on YouTube)
Honduras ISLAND for Sale (watch on YouTube) http://tinyurl.com/4Sale-Island Lambay Cay (Island) has home with running water, septic tank, two guest cottages, full-time caretaker, small harbor and pier, white sand beaches, about 6.5 acre PRIVATE Island! SCUBA Diving Paradise close to Roatan. My friend is selling he…r island. Please tell everyone. Who do you know who could be interested in owning their own private paradise island??
Stacy's Newport Beach & Real Estate 
