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If I remember correctly I think in CA you can tear down to the foundation, leave one wall up, extend, rebuild whatever and your property taxes will not be effected?
So, you are saying that at today's labor rates that would be a wash?
I was a little kid but I remember walking around in one of them and him saying, "I couldn't do this shit in CA", even back then it sucked apparently.
If I remember correctly I think in CA you can tear down to the foundation, leave one wall up, extend, rebuild whatever and your property taxes will not be effected?
I know one anecdotal evidence when attended to housewarming ceremony of relatively wealthy family. Found one big patch at the back of the new house. Later, I saw a related message on this site from Eman that house to be build with two work orders with interesting wording that should keep 1978 Prop 13 tax! That patch can be fixed with second work order.
But they won't look at the place if the photo look like shit. GNL could like attest to this.
Better get it built out before winter.
https://finance.yahoo.com/news/existing-home-sales-in-september-fall-to-lowest-level-since-2010-151911420.html
Existing home sales in September fall to lowest level since 2010
Demand Destruction for Existing Homes: Sales in 2024 to Plunge Below 4 Million Homes, Lowest since 1995, as Supply Spikes
by Wolf Richter • Oct 23, 2024 • 135 Comments
Because prices are way too high. Buyers’ Strike deepened even with mortgage rates at 2-year lows at the time of those sales. But rates have spiked since then. ...
The NAR has been blaming everything it can drag by its hairs except the actual problem: Prices are too high and have killed demand. Much lower prices would stimulate demand – and commissions for Realtors because they’d make more sales. Why is this so hard to come to grips with?
Demand Destruction for Existing Homes
household income and wages have increased since early 2022.
AD says
household income and wages have increased since early 2022.
What about spending power being reduced by 25% because of Bidenflation during that time?
AD says
household income and wages have increased since early 2022.
What about spending power being reduced by 25% because of Bidenflation during that time?
Inflation is killing the poor people. And that's why I think Trump wins. Rich people know the game, but there's not enough of them to sway an election, just donate money. Kamala has nothing to say about anything. The rich want inflation because $3 more on milk or eggs is nothing to them. If their piggy bank keeps growing, house value, they make up the difference in their sleep doing nothing.
So don't be poor, duh!
For those that own homes housing inflation has been a boon for them, hence why they don't move. If they bought in 2010-2020 they borrow tax free on their home.
Secondly, inflation is not a "boon" for a homeowner as it causes property tax increases.
My new assessment, for example, will cost me about $2,000 MORE per year in property taxes.
I agree 100%, even for landlords.
You can still appeal the assessment though
I'm surprised you two don't know this.
Doing that still doesn't negate the fact that inflation isn't good for anybody except for maybe something loan brokers can say to help them push product.
I also have never heard off $2k property tax increase. You own a $1M plus home?
Appeal.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.