The median sale price was $655,630 for a single family home compared to $583,340 last year. Wow, that represents a 22% increase in twelve months! It is becoming a near impossible task for buyers to find the home they want, and when they do, they face multiple offers and offers substantially over asking price. Add to this situation rising interest rates and the process becomes even more challenging. Unsold inventory declined from over four months on the market to less than 3 months. It is going to be difficult for buyers this summer. The enclosed chart depicts market statistics for Irvine. Irvine May PWR
This fraud alert was published by the O.C. Office of the Assessor. If you require additional information, please contact any of the resources listed at the bottom of the PDF document. If you would like information regarding specific real property, call 714-264-5964 or email firstname.lastname@example.org
Real Estate Fraud Alert
Orange County Secured Property Tax Notices were mailed out on July 12. If you disagree with the assessed value, you may file an appeal, but you must do so before September 17, 2012. There are no fees for filing.
How to Appeal
Northpark is an upscale neighborhood in Irvine. It was established in 2000 and consists of 1600 homes. Home prices currently range from $380,000 to $1,500,000. Presently there are 18 homes for sale, which is a paltry 15% of the normal offerings of about 125 homes. Sales from January through June have totalled 40 homes, which equates to about 6.6 sales per month. This means there are less than three months of inventory available for sale. These conditions represent a Seller’s market, although Buyers are not behaving that way; especially, toward homes priced above one million dollars. The chart below provides a clear snapshot of the market.
A Buyer’s Market
ObamaCare smacks a new tax on unearned income in order to help pay for the gargantuan program. Many refer to the tax as a real estate sales tax, or transfer tax. Even though it is not such a tax, it sure looks and smells like it; especially, when applied to net investment income generated by real estate. It also hits income generated by other forms of capital. In many ways, it becomes a double whammy on those who pay capital gains tax. The new tax goes into effect January 1, 2013. It seems like just another way to punish successful investors. The 3.8% levy will not affect any other segment of the population. Wouldn’t it have made more sense to let everyone contribute via a National sales tax? The link contains a thorough Q&A covering the important aspects of the tax.
Q&A Sheet Podcast