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 Email: diane@dianeverducci.com |
Under the old law a seller had to live in his property 2 out of the last 5 years to be exempt from payment of the 3-1/3% withholding tax when the property was sold. Under this new law, there is no particular time period that the homeowner needs to live in the home prior to sale as long as its "last use" is as the "main home". There are several factors that determine if the home is the "main home". Sellers seeking more information on this exemption should contact their accountant.
Interesting articles recently in the New York Times and the Wall Street Journal regarding the housing market, interest rates, Mr. Greenspan and second-guessing on how to keep up with inflation. Considerations are the bond market, mortgage loan rates (that are still low) and interest rates for credit cards, car purchases, etc. (that are not low). More talk about the Bubble and whether we have one or not. All I know is more property is coming on the market, there are plenty of buyers and sellers, if they present their property well, can be in the driver’s seat. But don’t forget there is an expectation for paying a price that is more than anyone else was willing to pay, and that is cooperation from the seller. The transaction has to have a feeling of good will between the parties and in that spirit, it will come together.
Summer brings home projects so you may want to check out the Building Education Center, which is a non-profit organization located in Berkeley. Their web site is www.bldgeductr.org. If I had the time, I might attend some myself. Some of their seminars cover finding and assessing fixer-uppers, cabinet refacing, tricks of the trade for painting, earthquake retrofitting and much, much more. Caution should be taken when hiring contractors. 10 tips for making sure your contractor measures up can be found at www.cslb.ca.gov. One of those tips is to keep a job file of all papers relating to your project. Years later when you sell your home, this information can be passed on to a buyer and will help substantiate the value of your home at the time of your sale.  Call me at 510-652-2133 or
Email me at diane@dianeverducci.com
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Once again the City of Berkeley is tightening the reins for conversions; The cost is increasing and the paperwork substantial. I’m amazed the city doesn't recognize this is one chance of affordable housing for homebuyers and that the city will make far more in the transfer tax than in collecting permit fees. How about this: In the early 1920’s the concept of homeowner apartment units made its debut. These units were called "own-your-owns" in California.
» 35th Annual Live Oak Park Festival June 11-12, 10:00 am-6:00 pm - Free Original arts, handmade crafts, delicious foods and music. Free Shuttle N. Berkeley BART Station every 20 minutes. www.liveoakparkfair.com » Ice Cream In The Park Chabot Space & Science Center will host this event packed with ice cream contests, carnival games and special guests. Admission includes unlimited ice cream and admission to Chabot June 12 - 1000 Skyline Blvd. 650-553-2192 » Walk in the Wild Oakland Zoo's Wildest Party. Enjoy wonderful food and beverages from some of the finest restaurants, bakeries and wineries in Bay Area and beyond. June 18, 5:00-10:0 PM Online Information and Reservations
» Facts for Consumers Home Sweet Home Improvement Federal Trade Commission Whether you're planning an addition or a growing family or simply getting new storm windows, finding a competent and reliable contractor is the first step. Tips on finding a professional, hiring a contractor, getting a contract and more. » Summer Reading List: UC Berkeley Summer Reading List Personal choices of Berkeley faculty and staff members recommended for you. » The National Archives: Website From Domesday to the present, over 1000 years of history. Looking for an interesting website you saw in one of the previous newsletters? This month's links and links from previous issues can be found at http://www.dianeverducci.com/news_links.html |
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Diane@DianeVerducci.com | 510-654-1280 ext. 449 |