Sell Your Home and Transfer Your Tax Base

We can help you buy or sell using Prop 60 / 90 in San Diego County. CONTACT US

Not enough people know that they are able to see their home and transfer their property tax base. It’s available to anyone who is 55 and older. You can use prop 60 / 90 to Sell Your Home and Transfer Your Tax Base.

We have a housing shortage in San Diego and we also have very little inventory. Why is inventory so low? Because people who have owned a home for a long time don’t want to sell and lose their low property tax base. It’s also hard to find a replacement property because inventory is so low. It’s a catch 22.

 


Propositions 60 and 90 – What you should know


What is prop 60 / 90?

It’s a tax initiative that allows people 55 and older to transfer their tax from their current home to a replacement property if certain requirements are met. This could result in a significant property tax savings.

What is required to qualify?

The property must be your primary residence. The replacement home can be purchased or built but it has to be equal or less in value to your existing home. This benefit can also only be used once.

When do you file or make the claim?

You have up to 3 years to file a claim but usually this is something that you will do during your escrow period. Real life example, I helped my grandmother do this with her primary residence a couple years ago and we handled everything during escrow. The process was easy. She sold her home in Carmel Valley and purchased a condo Downtown.

The replacement home must be purchased or built within two years of the sale of the original property. This can be 2 years before or after but remember the value can’t be greater than the home you are replacing.

You or your spouse must be at least 55 years old at the time you sell the original home.


Common Questions about proposition 60 and Proposition 90


Q. What is the difference between Prop 60 and Prop 90?

A. Prop 60 relates to transfers within the same county and Prop 90 relates to transfers of base value from one in California to another County in California.

Q. What is the Proposition 60/90 filing deadline?

A. You must file a claim within 3 years of purchasing the new replacement home. You can file after the 3 year period but the benefit will start at the beginning of the calendar year in which you filed the claim.

Q. My original home is located outside San Diego County, but I am buying a home within San Diego County?. Do I qualify for relief?

A. Yes. This is the difference between Prop 60 & 90. (Explained Below)

Q. Are other counties covered if I move to another county other than San Diego?

A. You can qualify. Other counties in California have passed ordinances allowing Proposition 90. You should contact the county you are thinking of moving to and confirm eligibility of Prop 90.

Q. Do all replacement homes qualify?

A. As long as you are buying a home, condo, anything subject to local real property taxes and living in the unit as a primary residence you should qualify.

Q. What if I make improvements to my replacement property?

A. You can make improvements but if your improvements cause the home value to increase in value above the original property value than you would not qualify. Make improvements but keep the new value below the original property value.


We can help you sell property in San Diego for 2%

CONTACT US


Q. What does “equal or lesser value” of a replacement property mean?

A. The meaning of “equal or lesser value” depends on when you purchase the replacement property. In general, equal or lesser value means:

  • 105% or less of the market value of the original property. Replacement property is purchased within the first year after the sale of the original property.
  • 110% or less of the market value of the original property. Replacement property is purchased within the second year after the sale of the original property.

NOTE: It is important to understand that the market value of a property can be different than the purchase price. This is common with new construction. The Assessor will determine the market value of each property. With new homes often the sale price does not include upgrades paid for outside of escrow.

Q. Can I get partial relief?

A. No, the benefits can’t be partially granted. It is all or nothing.

Q. What if there are multiple owners, who get’s the benefit?

A. The owners have to decide who gets the benefit. The tax base can’t be split among different owners or properties. Only one original owner can claim the benefit.


Sell Your Home and Transfer Your Tax Base in San Diego County – Contact Us


Q. Instead of selling, what if I give my original property to family? Can I get the benefit?

A. No, the original home must be subject to reappraisal with the assessors office at full market value. You can certainly sell to family but the assessor will determine fair market value even if you sell at a reduced price.

Q. What if the original property is a 1-4 unit property?

A. The equal or lesser value is determined by the original single unit that the homeowner claims as their primary residence. And the replacement property must be equal or less to the market value of the original single unit. Not the entire multi-unit property.

Have additional questions about this article, Sell Your Home and Transfer Your Tax Base? Contact Us, we are here to help.


Sell Your Home and Transfer Your Tax Base Source: 1

San Diego Real Estate News – Popular Articles

Looking to Purchase a Home in San Diego? We can help. Please CONTACT US

This website focuses on San Diego Real Estate news and what is happening in the local market. I was recently reminded of an old article and it got me thinking about all of our older articles and what has been the most popular articles we have written. Here is a list of some of my favorite and most popular.

Downtown San Diego Real Estate – The downtown market is a big area that we spend a lot of time focused on. If you’re looking to buy or sell in the downtown San Diego area we are here to help and this website will always post updates about what is happening in the Downtown San Diego Real Estate Market.

What does $400,000 buy you in San Diego County? These articles are always fun to create and very popular. It gives you a great opportunity to track the market and see what has happened. This article focused on what you could buy with about $400,000 and was written a couple years ago.

What does $700,000 buy you in San Diego? Here is a recent article written in the last couple weeks about what you can purchase with $700,000. The market is always changing and these articles are good to write and use to track the market.


Remember to Contact Us if you’re looking to buy or sell San Diego real estate


San Diego Renovation Home Loan – These are popular and not enough people are away that you can do a conventional or FHA renovation loan that will allow you to finance the cost of repairs and improvements. This can be an excellent way to increase the equity in any home you purchase as your primary residence.

Lazy Real Estate Agents

Lazy Real Estate Agents! – Pretty self explanatory. I know we are not supposed to speak badly of our fellow Realtors but this article from July 2013 was well worth the post. I had to write about it although I did leave the real estate agents information out. If you’re too lazy to have professional photos taken or to even get out of your car to take a photo then you should find another career. This agent had the nerve to take the primary photo of the home they were selling from the inside of their car.

 


Looking for a Career in Real Estate? – Check out what Axia Real Estate has to offer. San Diego Real Estate Careers

What does $700,000 buy you in San Diego?

Buy or Sell real estate in San Diego

Looking to buy or sell real estate in San Diego? CONTACT US

Real estate is expensive, we all know that. Are we peaking? Hard to say. Rates are still low and as long as we don’t have a nuclear war things should remain fairly stable. We may have a market that is peaking much like it did 10 years ago but there are many things that are different that make this a stronger market.

What is the biggest difference today compared to 10 years ago? We don’t have LIAR LOANS aka stated income loans anymore. There are a couple stated income loans available but they usually require a minimum of 30% equity / down payment. Because everyone who has purchased a home in the past 8-10 years has had to use real income we have a much better foundation.

I get side tracked easily and the reason you came here was to see what you can buy for $700,000 in San Diego so let’s take a look.

Right now as I write this there are currently 550 homes for sale priced between $675,000 & $725,000 in San Diego County.

The largest of these homes is a 4,000 sf home listed for sale at $719,000. If you’re not familiar with Ramona it’s about a 45-1 hour drive from Downtown San Diego.

Speaking of Downtown San Diego, there are currently 27 listings for sale Downtown between $675-725,000. For $699,000 you can purchase a really cool 2 bedroom, 2 bath condo overlooking Petco park. This condo is located in the East Village which is a fun hip place to be in San Diego right now.

If you want to head about 20 minutes North of Downtown San Diego, you can purchase a townhouse in Carmel Valley which is just East of Del Mar. For $699,000 you can purchase a 3 bedroom town home with 1,432 sf. Carmel Valley has excellent public schools. It’s a great place to raise a family. I am a little bias because I grew up in Carmel Valley.

These are just 3 listings in San Diego. If you’re looking for the most expensive home currently for sale. You can purchase a 9 bedroom home sitting on 210 acres for $85,000,000. This home is located in Rancho Santa Fe. One of the most exclusive places to live in the United States.

Remember, if you’re looking to buy or sell in San Diego County please don’t hesitate to contact us.

100% Commission Real Estate Broker San Diego

100% Commission Splits For Real Estate Agents | 100% Commission Real Estate Broker San Diego

We are making a few changes and one of those is that we now have an option for real estate agents and broker associates to earn 100% of their real estate commissions.

We have some new commission options for real estate agents. In addition to using Axia Real Estate Group as our primary brand moving forward we have some new commission options. I’ll get right to the point and share those with you below and go in to detail below about what we will continue to offer.

If you would like more information please email me or fill out the form here so we can talk to you about joining our team.

Here are even more benefits you get working with us:

  • MLS ready, SEO friendly real estate websites with YOUR BRANDING (www.TeamAguilar.com is one example) These will create leads for you. Can you current broker say they provide a site that generates leads? As long as it meets Cal BRE Guidelines we will help you create your own personalized marketing.

  • 3 Commission Options (100% Commission Splits For Real Estate Agents)

    #1 $3,000 Year / $150 E&O Per file
    #2 $495 / Transaction + $495 Per Year / $150 E&O Per file
    #3 Traditional 85% Split / $150 E&O Per File
  • Centrally located San Diego office-space to work in at no cost

  • We’ll help you create your own branch and brand identity (Google “Dean Aguilar Group” – one of our success stories)

  • Video marketing to showcase properties and attract new business

  • In house broker / office manager available for all your needs

  • Weekly training sessions where we focus on marketing and the technical aspects of closing contracts

Imagine taking the money paid in franchise fees and commission splits and investing that money back into your business?


Looking to Earn 100% of Your Commission with Amazing Support? CONTACT US

MORE DETAILED INFORMATION about working with Axia Real Estate Group

Lead by Alex Aguilar, Axia Real Estate Group is a San Diego real estate company founded in 2007. Ever since Alex obtained his California real estate license in 2002, Alex has been active in managing the office and has played a central role in growing Axia Real Estate Group to its current market position.

Alex’s father Carlos Aguilar, while not looking after the day to day running of the company, maintains an active presence in the office. Licensed in 1976, Carlos is one of most experienced Realtors in San Diego, having accumulated several decades’ worth of knowledge and experience of the local real estate market.

Carlos remains a tremendous asset to the company and all of the agents still rely on his guidance and advice.

Our goal for Axia Real Estate Group is to aggressively expand our operations in and around San Diego, and we are looking for quality people to help us achieve that. We have a unique recruitment process that emphasizes hiring agents with a positive attitude and willingness to learn. We believe maintaining good office chemistry is essential to our success, and go out of our way to create a congenial, supportive and fun work environment. All of our agents and office staff at Axia Real Estate Group actually enjoy coming to work!


What we offer…

Quality leads – Many brokerages claim to offer leads but we really do provide solid leads to our agents. We do a tremendous amount of marketing and create a lot of internet leads. These are distributed to agents who choose to take leads and can be an excellent way to quickly jump start your business. Leads are paid at a lower split but compared to other brokerages it is a very fair and competitive commission split.

Building your business – Whether you’re an experienced agent or a newcomer to the business, Alex will work with you on a daily / weekly basis. This is his primary responsibility. When you join Axia you will work with Alex to start building an effective business plan tailor-made for you. We understand that every agent is different and what works for one agent may not work for another. After the initial business plan meeting you will have a good list of ideas and tasks to start working on. Alex will be integral in helping you implement these ideas. He could talk or meet with you daily or weekly – the decision is yours. It is expected that newer agents will take part in daily meetings while more experienced agents may choose to meet weekly. Ultimately the decision is yours.

Free agent website – Yes we know that just about every brokerage offers a website, but there is a big difference in what we offer. Our main company website, www.TeamAguilar.com, gets 15,000-20,000 unique visitors every month. We will provide you a copy of this website on the domain of your choosing – your domain, our website. We will discuss how to choose the right domain, how to run your site and how to maintain an effective web presence in greater detail during our weekly/daily meetings. You will have a copy of the website that will allow you to add / delete pages, edit text, write daily blog updates and have clients use to search the MLS.

This is an SEO (search engine optimization) friendly website, meaning you will have good visibility in all the major search engines (Google, Bing, Yahoo, etc.). We will show you exactly what you need to do to start building your own organic SEO traffic.

While it is ultimately your responsibility to maintain your site, we can guarantee that no other brokerage will be willing to give you a custom-made SEO friendly website that has the ability to generate traffic / business at no additional cost. We also understand some agents may not want to do a lot of this work. We can provide the option of using one of our assistants in the office to do much of the leg work and handle the technical aspects of running the site.

  • Complete office facilities – we have all the tools you need to succeed. Our main office is conveniently located in Mission Valley and offers workstations, computers, 2 conference rooms, high speed internet, wi-fi, fax, scanner, printer, copier and onsite technical support. All of these tools are available to you at no cost.
  • Flexible working hours – come and go as you please! We have no set working hours. We do not require floor time and WE DO NOT micromanage our agents. We will push you if you want to be pushed but that is up to you. Some agents like to be left alone and some will want to be held accountable. This will be taken into consideration at our initial meeting when you join our team.
  • Personal branding – want to use your own name to market yourself? Many brokerages won’t allow you as they want you to only market their brand and image. We are flexible, as long as you register your own DBA and maintain all compliance requirements you are free to create a personal brand.
  • Office meetings – We don’t hold meetings for the sake of repeating the same old topic every week. We realize our agents’ time is valuable and only hold office meetings when we feel like they will directly benefit them.
  • Work from home – Would you rather work from the comfort of your home-office? You are free to do so when working for Team Aguilar. Drop in to use the office-facilities whenever you feel like it! We always encourage agents to be in the office. It certainly helps and create great energy so stop by whenever you want and enjoy a Keurig cup of coffee or tea!
  • Training / networking sessions – we believe that you never stop learning, and we will do everything needed for our Realtors to become even more productive and successful at closing deals. We typically hold a weekly networking / training session and encourage your attendance. In addition, we provide mentoring for new agents, provide you access to many online training courses and classroom marketing / education sessions.
  • No experience? No problem – As mentioned above, we will work with new agents. The key is having the right attitude and a willingness to learn. As long as you bring a positive attitude and willingness to learn we will consider training and mentoring you. We have trained many new agents who have gone on to become extremely successful Realtors.
  • We really believe that we are as competitive if not more competitive than any other brokerage. We are independently owned, which allows us to be more flexible and quickly adjust to changing market trends. Thanks to our access and use of technology, we are able to create a large internet presence that rivals all of the large brokerages.
  • Our recommendation for all agents is to get out there and talk to multiple offices to make sure you get a good vibe from the office you are thinking of attending. Contact us if you would like to talk, after our initial conversation we will invite you to several of our training sessions or meetings so you can get a better idea of what are office is like. Also feel free to contact any of our agents and ask them how they like working with Axia.
  • Conclusion – The bottom line is that your success will depend on how much time and effort you are willing to put in to building your business. We provide the guidance, tools, training and support for all of our agents to succeed in this business – the rest is up to YOU.

Contact us to learn more about working with us and our 100% Commission Options

 


Filed Under 100% Commission Real Estate Broker San Diego

Real Estate Investment Opportunities in San Diego County

We are experiencing a strong real estate market right now with many great investment opportunities out there – but you have be proactive and seek them out. To get a leg up on the competition you must think outside the box and be willing to do what other property investors are not.


Real Estate Investment Opportunities in San Diego County


One such example is buying the ugliest home on the block and improving it. Not only can you find such homes at bargain prices, you can greatly improve their resale value with minimal investment on your part. Another option is buying a 2 bedroom / 1 bath home and then adding 700 square feet and an extra bedroom and bathroom. Turning a 2 bed / 1 bath home into a 3 bed / 2 bath means you are creating equity on your property instead of just sitting back and hoping the price goes up – something every investor should strongly consider.

In a hot real estate market there is no shortage of investors looking to make a quick buck, but few are willing to go the extra mile and add additional square footage to an existing property to significantly increase its resale value.

We are happy to show you real-world examples of this and work with you to find these types of opportunities. Below are two such examples from recent projects. As always please keep us in mind for all of your real estate needs and don’t hesitate to contact us if you need help or have a question.

Search All Homes For Sale in San Diego County

 

The Loan That Killed the American Dream | Stated Income Loan

Here’s a question I am asked on a regular basis: When is the housing market going to crash (again)?

Let’s answer that by talking about the STATED INCOME LOAN – This loan destroyed the economy 10 years ago. It single-handedly killed the American dream for an entire generation – many of whom are still struggling with the fallout to this day. It began as an attractive loan product for self-employed people to qualify for a mortgage and immediately exploded in popularity because it created billions in short-term profits for investors, homeowners, lenders, loan officers and, most importantly, the Wall Street financiers whose firms bankrolled the whole thing. Wall Street was so happy with the stated income loan that they started to tweak and manipulate the loan product so they could offer it to a larger audience of potential borrowers.

The American Dream San Diego

The stated income loan went from being a niche product for self-employed borrowers to something that was being made available to everyone. Because it was now easier than ever to qualify for a stated income loan, lenders went into overdrive pushing it on unsuspecting borrowers – “Don’t worry about the paperwork, let’s just wrap this loan up today, get it funded and you will have your equity by next Wednesday!” Millions of people were using this loan to purchase real estate on the assumption home values would continue to increase. Getting a stated income loan was an easy and convenient method for homeowners to cash out, pay off debt, buy a boat, remodel their home. It was the cash register for anyone needing a few extra dollars in their pocket.

Note: Roland E. Arnall created Ameriquest Mortgage, the company reputed to have created stated income loans. Read about his history, involvement in politics and connection with the Bush administration. I know many of you hate government oversight but when you have people in powerful positions making decisions based on personal profit, you have to: (1) Question their sincerity and (2) ask how such a blatant conflict-of-interest was allowed to take place at the highest levels of politics.

So why am I going on about a loan product that hardly exists today? Because I am hearing more and more people talk about the bubble bursting soon on the current housing market. I am also hearing rumblings about the stated income loan coming back.

According to data available we are just about back to where home values were 10 years ago. We have had a steady increase in home values for the last 7 years. What is the difference between today and 10 years ago? The stated income loan does not exist like it once did. There is a stated income loan but it is only available for people that are self-employed and it usually requires 30% down payment or equity.

With no stated income loan available for homeowners over the last 8 years, we have a market full of owners that have used real income to qualify and purchase their home. There’s a HUGE difference in the fundamentals of this market compared to 10 years ago. You can’t compare this market to the previous market. Yes, we will see the market cool off because the income earned by individuals can only qualify to purchase so much property. We may also see regions of this country affected by layoffs or local issues in the economy. What we do not expect to see is the entire country’s real estate sector wiped out like we did before. The foundation that this housing market is standing on is so much more stable compared to 10 years ago.

In order to continue the cycle of increased home sales and rising home prices you need more homeowners to use the equity they have accumulated over the last 8 years to purchase larger homes with higher down payments – and we aren’t seeing those move-up buyers like we did 10 years ago. Why? Because the lack of availability of the stated income loan makes it harder to qualify for a new loan. Another reason could be that the housing crash from 10 years ago is still fresh in many homeowners’ minds and they’re more conservative when it comes to blowing their savings on a newer, larger home – an extra bedroom or larger backyard may not be worth the risk.

Five Ugly Celebrity Homes

Social media and reality TV have shown us a glimpse of the inner lives of the rich and famous – champagne wishes, caviar dreams and all that. We’ve become intimately familiar with celebrities and business elites whose palatial estates cost tens of millions of dollars and require a small army of workers to maintain. The hefty monthly expenditures on on upkeep and taxes alone is enough to make anyone blush.

When you come right down to it, the one percent are just like you and me. They put their pants on one leg at a time, go through the same daily frustrations and challenges in life, and some also have hideous taste in architecture – just like regular people!

Here are five ugly, gaudy or just plain weird celebrity homes:

 

1. Spaceship House – Naomi Campbell / Vladislav Doronin

  

Built by billionaire Russian property tycoon Vladislav Doronin for his then-fiancée, supermodel Naomi Campbell, this futuristic residence looks like something straight out of Star Trek. Designed by renowned architect Zaha Hadid, this angular glass and concrete monstrosity took years to build and can be found in the resort town of Barvikha just outside Moscow.

 

2. Airport Mansion – John Travolta

  

When he’s not busy acting, John Travolta is something of an airplane geek in his spare time. An accomplished private pilot with extensive flight experience and a commercial pilot’s license, Travolta owns a fleet of five aircraft including a Boeing 707 commercial jet airliner – all of which he pilots himself.

North of Ocala, Florida lies the little settlement of Jumbolair. Officially titled Jumbolair Aviation Estates, the community bills itself as the “…gold standard for residential aviation communities.” Essentially this is a luxury residential community with its own private airport facilities, including a 1.4 mile runway that leads directly to your front door. Travolta’s 6,400 square foot mansion with attached airplane hangar is located here.

 

3. Wacky Desert Wonderland – Penn Jillette

  

Magician Penn Jillette fell in love with this little bit of Las Vegas real estate back in the 1990’s. The property initially featured a single two story building with an A-frame design. Over the years Penn started buying up land around the building expanding his property from a few thousand square feet to a 10 acre compound. He then proceeded to fill his ten acres with a cornucopia of weird and colorful structures that ended up resembling a toddler’s attempt at building a Lego house.

As of 2015, citing pressure from the family, Penn has moved out of his colorful desert wonderland, and is actively seeking buyers.

 

4. Versailles, Florida – David Siegel

  

A monument to gaudiness and out of-control-spending, the Versailles is a 90,000 square foot mansion under construction in Windermere, Florida modeled after the Palace of Versailles in France. Commissioned by billionaire David Siegel, construction started in 2004 and stalled in 2006 with 60% of the work done. The house languished for years in its incomplete state during the Great Recession, but construction restarted in 2013 and the property is due to be fully completed by 2016. The Versailles features 14 bedrooms, 11 kitchens, 32 bathrooms, an indoor roller rink and a 2 story movie theater. It is expected to be appraised at $100 million.

The home has been featured in multiple news stories and TV exposés, and was the subject of award winning documentary 2012 The Queen of Versailles which chronicled the Siegel family’s attempts at building the mansion. The Siegels went on to sue the producers of the documentary but lost the case.

 

5. Gas Station Mansion, Long Island NY

  

Ok, so it’s not a celeb property, but we just had to include this 6 bed / 5.5 bath / 8,700 square foot Long Island property. Constructed in the 1994’s and consistently ranked as the ugliest mansion in America by Forbes, this ugly domicile has always been something of a local landmark in Lake Success, Long Island. Nicknamed ‘gas-station mansion’ for obvious reasons.

 

Opportunities for San Diego in a Possible Chargers Exit

Rafael Perez San Diego Union Tribune article.

Our own Rafael Perez has an article in the San Diego Union Tribune where he discusses possible opportunities amid all the doom and gloom of the Charges leaving the city. I can’t describe it any better than Rafael already has, so please click the link below to read this article.

http://www.sandiegouniontribune.com/news/2016/jan/13/perez-chargers-positives/

We have a team of agents, just like Rafael, who are all passionate and knowledgeable about living and working San Diego. Contact us and take advantage of our expertise.

Real Estate 101 with Team Aguilar: Episode 2 – Dual Agency is Bad News

In our continuing series of weekly vlogs, we tackle the tricky issue of dual agency. It’s no secret I’m no fan of dual agency; I’ve been fairly vocal about this topic.

In this video I discuss the various ethical issues that routinely crop up with dual agency and how it can cost sellers money.