Home Selling

Getting a Discount on your Future Retirement Home

This is a great article from a local title company which describes some of the more interesting aspects of the ’1031′ tax exchange rules. I am intrigued by this allowance for a couple of reasons…

1. If you need to move out of your primary residence and want to hold it as a rental property, then that might be a great strategy right now.

2. I REALLY like the idea of liquidating investment property and rolling it over into a home that you might like to retire to in future. You can thus defer your capital gains, and as this article describes, purchase your future retirement home, rent it out for 2+ years to enable it to meet the investment property definition for your 1031 exchange and then move into it in your retirement, essentially converting it into your primary residence

As you know, REALTORS can’t give you tax advice, only a tax professional can do this. So you should consult one to ask how this might apply to your personal situation. If you decide it’s helpful… then I’m ready to go to work to help you find that perfect retirement home.

Personal Residence to Rental

Sonoma County truly is ‘ON SALE’ and our prices are better than we ever expect to see again. Take advantage of our wonderful prices, lock in at a lower property tax base and buy your future retirement home now! We have a strong rental market here and I think this all combines to create ‘The Perfect Storm’ for your retirement and tax planning.

Lisa Thomas – Weekly Market Watch

Lisa Thomas Weekly Market Watch

Concerned about non-permitted improvements on your property?

I just attended a refresher course on the planning and permit process in Sonoma County. I’m reminded of the fact that many people really don’t know how to respond when contacted by the county about a possible code violation. So I thought I’d share the following…

1. You do NOT have to allow the county access to your property. If they can see the violation from the road or from Google Maps, then they probably have evidence. If it’s inside your home, you do not have to allow them access.

2. If you receive a threatening letter suggesting you have violations on your property… do not offer or volunteer any information. Make sure you understand what they are asking, ask what evidence they have to support this. You do not have to respond immediately. Find out what your options are before responding.

3. Good planning and permit consultants are available who can help you find a resolution at the lowest possible cost and/or effort. It’s almost always worth the price of a consultation to find out if they can help you.

It is important to know what the permit status is on your property. When the time comes to sell it, a buyer will find out if there are any ‘red-tag’ violations; you will have to disclose everything you know and in some cases, permit violations make the property ‘un-lendable’ which dramatically impacts the price. So if you have code violations, now is the time to resolve them, not when you’re trying to sell your property.

Any of course my last piece of free advice… never do any improvements without the necessary permits. When the time comes to sell your property, the buyer will rarely value the improvements at anything close to what they would be worth if they were permitted and often banks will not lend on the property if there are non-permitted units, etc.

For more information on things to do BEFORE you decide to sell your home, please feel free to contact me!

Latest Market Data on Sonoma County Real Estate Sales

This is a lot of information in a small space. Please feel free to call if you have questions about this or about the market in your specific neighborhood. I’m always happy to help you work on or understand property values.

 

Single Family (Property Type to use: Single Family + Farms/Ranches)
AREA Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11
Cloverdale (B1500) # New 22 21 20 19 16 21 18
Cloverdale (B1500) $ Volume New 8,538,600 6,856,000 7,178,200 7,437,950 9,053,750 10,566,510 10,853,300
Cloverdale (B1500) Average Price 388,118 326,476 358,910 391,471 565,859 503,167 602,961
Cloverdale (B1500) Median Price 259,250 273,900 339,000 259,900 254,725 324,000 307,250
Coastal Area (B1400, B1800, B1900) # New 12 18 18 39 21 12 23
Coastal Area (B1400, B1800, B1900) $ Volume New 7,312,150 17,496,455 11,729,650 25,678,555 15,194,900 8,555,000 18,790,021
Coastal Area (B1400, B1800, B1900) Average Price 609,346 972,025 651,647 658,424 723,567 712,917 816,957
Coastal Area (B1400, B1800, B1900) Median Price 606,000 557,000 587,000 599,000 649,000 622,000 599,000
Cotati-Rohnert Park (B1100) # New 43 40 39 48 40 51 33
Cotati-Rohnert Park (B1100) $ Volume New 13,436,737 11,882,144 11,693,270 14,665,939 13,538,199 15,865,640 11,231,923
Cotati-Rohnert Park (B1100) Average Price 312,482 297,054 299,827 305,540 338,455 311,091 340,361
Cotati-Rohnert Park (B1100) Median Price 295,000 296,950 266,000 287,475 337,250 299,000 315,000
Healdsburg (B0500) # New 25 23 34 45 44 33 33
Healdsburg (B0500) $ Volume New 17,489,700 20,048,000 40,630,500 57,490,950 53,561,845 44,886,600 19,160,000
Healdsburg (B0500) Average Price 699,588 871,652 1,195,015 1,277,577 1,217,315 1,360,200 580,606
Healdsburg (B0500) Median Price 595,000 648,000 714,000 745,000 779,000 739,000 499,000
Oakmont (B1600) # New 17 19 8 19 19 20 19
Oakmont (B1600) $ Volume New 7,626,700 7,938,150 3,018,900 6,731,700 7,658,399 8,148,143 8,333,235
Oakmont (B1600) Average Price 448,629 417,797 377,363 354,300 403,074 407,407 438,591
Oakmont (B1600) Median Price 460,000 399,000 344,000 349,000 389,000 417,500 439,000
Petaluma East (B0900) # New 30 42 41 54 47 45 42
Petaluma East (B0900) $ Volume New 14,376,500 15,312,089 18,629,550 32,771,952 22,064,650 17,952,765 16,107,299
Petaluma East (B0900) Average Price 479,217 364,574 454,379 606,888 469,461 398,950 383,507
Petaluma East (B0900) Median Price 322,000 339,925 375,000 362,000 357,500 359,900 340,500
Petaluma West (B1000) # New 23 24 33 39 46 37 28
Petaluma West (B1000) $ Volume New 13,999,244 12,121,947 20,446,342 21,849,594 28,301,295 21,371,638 17,373,202
Petaluma West (B1000) Average Price 608,663 505,081 619,586 560,246 615,246 577,612 620,472
Petaluma West (B1000) Median Price 469,900 424,925 439,950 439,000 427,000 499,000 449,000
Russian River (B0700) # New 20 24 28 33 50 42 24
Russian River (B0700) $ Volume New 4,703,403 7,341,400 10,077,300 11,385,300 19,993,000 12,832,050 10,875,400
Russian River (B0700) Average Price 235,170 305,892 359,904 345,009 399,860 305,525 453,142
Russian River (B0700) Median Price 232,250 304,000 254,500 279,000 254,000 276,250 324,500
Santa Rosa – City # New 215 213 229 317 265 254 240
Santa Rosa – City $ Volume New 85,570,552 89,511,521 87,863,446 138,491,567 124,248,107 104,859,413 102,368,998
Santa Rosa – City Average Price 398,003 420,242 383,683 436,882 468,861 412,832 426,537
Santa Rosa – City Median Price 310,000 319,000 315,000 325,000 324,950 312,475 324,950
Santa Rosa – Northeast (B0200) # New 74 61 76 107 88 86 75
Santa Rosa – Northeast (B0200) $ Volume New 39,867,266 36,832,424 39,612,318 57,354,335 59,073,932 43,427,940 43,411,948
Santa Rosa – Northeast (B0200) Average Price 538,747 603,810 521,215 536,022 671,295 504,976 578,826
Santa Rosa – Northeast (B0200) Median Price 403,500 479,500 404,995 399,900 499,475 385,000 399,900
Santa Rosa – Northwest (B0100) # New 42 59 65 85 64 58 69
Santa Rosa – Northwest (B0100) $ Volume New 11,794,396 17,939,810 19,175,712 29,532,556 19,477,898 16,244,920 23,770,796
Santa Rosa – Northwest (B0100) Average Price 280,819 304,065 295,011 347,442 304,342 280,085 344,504
Santa Rosa – Northwest (B0100) Median Price 252,450 265,000 244,950 265,000 251,440 249,450 279,000
Santa Rosa – Southeast (B0400) # New 43 33 44 58 61 53 38
Santa Rosa – Southeast (B0400) $ Volume New 16,944,277 16,467,997 17,226,322 31,806,744 30,483,793 27,899,410 17,214,620
Santa Rosa – Southeast (B0400) Average Price 394,053 499,030 391,507 548,392 499,734 526,404 453,016
Santa Rosa – Southeast (B0400) Median Price 347,500 309,900 334,975 359,000 379,000 371,204 341,975
Santa Rosa – Southwest (B0300) # New 39 41 36 48 33 37 39
Santa Rosa – Southwest (B0300) $ Volume New 9,337,913 10,333,140 8,830,194 13,066,232 7,554,085 9,139,000 9,638,399
Santa Rosa – Southwest (B0300) Average Price 239,434 252,028 245,283 272,213 228,912 247,000 247,138
Santa Rosa – Southwest (B0300) Median Price 244,000 228,500 249,350 272,450 224,000 239,000 239,000
Santa Rosa Total (B0100, B0200, B0300, B0400, B1600) # New 215 213 229 317 265 254 240
Santa Rosa Total (B0100, B0200, B0300, B0400, B1600) $ Volume New 85,570,552 89,511,521 87,863,446 138,491,567 124,248,107 104,859,413 102,368,998
Santa Rosa Total (B0100, B0200, B0300, B0400, B1600) Average Price 398,003 420,242 383,683 436,882 468,861 412,832 426,537
Santa Rosa Total (B0100, B0200, B0300, B0400, B1600) Median Price 310,000 319,000 315,000 325,000 324,950 312,475 324,950
Sebastopol (B0800) # New 18 28 31 41 52 36 35
Sebastopol (B0800) $ Volume New 10,507,239 18,953,000 29,622,750 29,541,400 35,864,600 24,604,900 29,969,750
Sebastopol (B0800) Average Price 583,736 676,893 955,573 720,522 689,704 683,469 856,279
Sebastopol (B0800) Median Price 432,750 527,000 599,000 559,000 647,000 554,500 599,000
Sonoma (B1300) # New 44 52 64 90 92 78 48
Sonoma (B1300) $ Volume New 42,331,049 43,023,449 44,931,360 85,958,669 93,370,581 70,145,700 30,398,499
Sonoma (B1300) Average Price 962,069 827,374 702,053 955,096 1,014,898 899,304 633,302
Sonoma (B1300) Median Price 482,000 664,500 450,000 569,950 499,450 513,950 419,400
Sonoma County Total # New 501 531 586 775 729 661 575
Sonoma County Total $ Volume New 240,129,964 261,141,165 305,448,383 450,561,211 444,030,774 358,672,816 296,247,832
Sonoma County Total Average Price 479,301 491,791 521,243 581,369 609,096 542,622 515,214
Sonoma County Total Median Price 347,500 353,500 368,000 379,000 385,000 359,990 359,500
Windsor (B0600) # New 41 43 42 44 51 42 48
Windsor (B0600) $ Volume New 16,111,390 15,901,160 16,598,957 17,302,335 25,153,947 16,357,800 23,559,540
Windsor (B0600) Average Price 392,961 369,794 395,213 393,235 493,215 389,471 490,824
Windsor (B0600) Median Price 335,000 319,950 348,475 349,950 329,950 349,000 322,450
Condominiums (Property type to use: Condo/Coop)
AREA Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11
Cloverdale (B1500) # New 8 6 1 7 2 2 5
Cloverdale (B1500) $ Volume New 1,317,800 1,043,300 109,900 1,377,919 299,900 224,400 849,600
Cloverdale (B1500) Average Price 164,725 173,883 109,900 196,846 149,950 112,200 169,920
Cloverdale (B1500) Median Price 144,000 172,750 109,900 225,879 149,950 112,200 199,900
Coastal Area (B1400, B1800, B1900) # New 1
Coastal Area (B1400, B1800, B1900) $ Volume New 895,000
Coastal Area (B1400, B1800, B1900) Average Price 895,000
Coastal Area (B1400, B1800, B1900) Median Price 895,000
Cotati-Rohnert Park (B1100) # New 23 27 30 30 25 17 21
Cotati-Rohnert Park (B1100) $ Volume New 3,231,550 3,918,256 4,323,559 4,378,607 3,591,483 2,705,350 3,140,949
Cotati-Rohnert Park (B1100) Average Price 140,502 145,121 144,119 145,954 143,659 159,138 149,569
Cotati-Rohnert Park (B1100) Median Price 131,900 129,950 135,000 133,485 140,000 156,000 149,000
Healdsburg (B0500) # New 1 1 2 1 1 1 2
Healdsburg (B0500) $ Volume New 115,900 369,000 518,000 88,000 175,000 359,000 585,000
Healdsburg (B0500) Average Price 115,900 369,000 259,000 88,000 175,000 359,000 292,500
Healdsburg (B0500) Median Price 115,900 369,000 259,000 88,000 175,000 359,000 292,500
Oakmont (B1600) # New 1 2 4 1 2
Oakmont (B1600) $ Volume New 329,000 415,000 878,200 289,900 464,550
Oakmont (B1600) Average Price 329,000 207,500 219,550 289,900 232,275
Oakmont (B1600) Median Price 329,000 207,500 217,400 289,900 232,275
Petaluma East (B0900) # New 7 3 3 2 6 2
Petaluma East (B0900) $ Volume New 1,826,305 736,400 850,500 482,900 1,673,850 529,000
Petaluma East (B0900) Average Price 260,901 245,467 283,500 241,450 278,975 264,500
Petaluma East (B0900) Median Price 239,000 247,500 312,000 241,450 274,450 264,500
Petaluma West (B1000) # New 2 4 2 2 1 1 1
Petaluma West (B1000) $ Volume New 406,500 645,100 425,725 575,000 419,000 180,000 165,000
Petaluma West (B1000) Average Price 203,250 161,275 212,863 287,500 419,000 180,000 165,000
Petaluma West (B1000) Median Price 203,250 146,550 212,863 287,500 419,000 180,000 165,000
Russian River (B0700) # New 1 2 2
Russian River (B0700) $ Volume New 239,000 418,000 524,900
Russian River (B0700) Average Price 239,000 209,000 262,450
Russian River (B0700) Median Price 239,000 209,000 262,450
Santa Rosa – City # New 42 34 33 42 33 30 34
Santa Rosa – City $ Volume New 6,595,865 5,744,508 5,329,130 6,608,900 5,000,560 4,478,805 6,290,256
Santa Rosa – City Average Price 157,044 168,956 161,489 157,355 151,532 149,294 185,008
Santa Rosa – City Median Price 126,950 175,250 159,000 155,000 134,900 140,750 182,950
Santa Rosa – Northeast (B0200) # New 9 12 9 12 7 9 11
Santa Rosa – Northeast (B0200) $ Volume New 1,485,800 2,079,710 1,620,600 2,500,600 1,392,700 1,623,700 2,439,800
Santa Rosa – Northeast (B0200) Average Price 165,089 173,309 180,067 208,383 198,957 180,411 221,800
Santa Rosa – Northeast (B0200) Median Price 139,900 181,250 167,000 182,450 220,000 170,000 262,000
Santa Rosa – Northwest (B0100) # New 18 5 12 12 13 15 6
Santa Rosa – Northwest (B0100) $ Volume New 1,900,240 722,900 1,657,000 1,408,750 1,488,450 1,627,405 648,500
Santa Rosa – Northwest (B0100) Average Price 105,569 144,580 138,083 117,396 114,496 108,494 108,083
Santa Rosa – Northwest (B0100) Median Price 114,450 165,000 146,500 116,250 121,000 109,000 108,250
Santa Rosa – Southeast (B0400) # New 14 7 6 13 4 1 7
Santa Rosa – Southeast (B0400) $ Volume New 2,880,825 1,148,299 913,200 1,885,950 618,900 179,000 1,369,506
Santa Rosa – Southeast (B0400) Average Price 205,773 164,043 152,200 145,073 154,725 179,000 195,644
Santa Rosa – Southeast (B0400) Median Price 229,753 137,900 144,700 125,000 159,450 179,000 199,900
Santa Rosa – Southwest (B0300) # New 10 4 5 5 4 8
Santa Rosa – Southwest (B0300) $ Volume New 1,793,599 723,330 813,600 622,310 758,800 1,367,900
Santa Rosa – Southwest (B0300) Average Price 179,360 180,833 162,720 124,462 189,700 170,988
Santa Rosa – Southwest (B0300) Median Price 204,750 200,000 162,000 114,000 186,950 188,250
Santa Rosa Total (B0100, B0200, B0300, B0400, B1600) # New 42 34 33 42 33 30 34
Santa Rosa Total (B0100, B0200, B0300, B0400, B1600) $ Volume New 6,595,865 5,744,508 5,329,130 6,608,900 5,000,560 4,478,805 6,290,256
Santa Rosa Total (B0100, B0200, B0300, B0400, B1600) Average Price 157,044 168,956 161,489 157,355 151,532 149,294 185,008
Santa Rosa Total (B0100, B0200, B0300, B0400, B1600) Median Price 126,950 175,250 159,000 155,000 134,900 140,750 182,950
Sebastopol (B0800) # New 1 3 3 7 1 2 1
Sebastopol (B0800) $ Volume New 149,500 361,500 525,000 1,420,200 144,900 173,000 120,000
Sebastopol (B0800) Average Price 149,500 120,500 175,000 202,886 144,900 86,500 120,000
Sebastopol (B0800) Median Price 149,500 94,000 195,000 209,000 144,900 86,500 120,000
Sonoma (B1300) # New 7 6 7 5 5 3 4
Sonoma (B1300) $ Volume New 1,703,060 1,659,800 2,079,500 1,227,000 1,087,800 949,000 1,578,000
Sonoma (B1300) Average Price 243,294 276,633 297,071 245,400 217,560 316,333 394,500
Sonoma (B1300) Median Price 199,000 265,000 274,500 199,000 199,900 360,000 391,500
Sonoma County Total # New 94 86 85 99 76 63 75
Sonoma County Total $ Volume New 15,876,380 14,766,664 14,892,814 17,121,426 12,982,493 11,466,155 14,411,322
Sonoma County Total Average Price 168,898 171,705 175,210 172,944 170,822 182,002 192,151
Sonoma County Total Median Price 147,450 162,450 149,900 159,900 152,425 162,000 179,000
Windsor (B0600) # New 3 2 4 2 2 4 3
Windsor (B0600) $ Volume New 529,900 288,800 731,500 723,900 590,000 1,083,600 628,617
Windsor (B0600) Average Price 176,633 144,400 182,875 361,950 295,000 270,900 209,539
Windsor (B0600) Median Price 145,000 144,400 186,250 361,950 295,000 277,350 238,717

Estate Home Sales Soar in CA

Great news for the upper end of the real estate market! Check out this report on CA sales over $1 million. We’re seeing great activity here in Sonoma Co. as well.

 

http://www.latimes.com/business/realestate/la-fi-luxury-home-sales-20110212,0,2968790.story

Seminar for Wells Fargo customers having trouble making mortgage payments

This info was sent to me recently; I thought I’d share it in case anyone had need of it. Please let me know if I can help further… if you need your home valued, or to pursue a short sale in lieu of foreclosure, I will do all I can to protect your interests and assist you in every way:

Wells Fargo Home Mortgage is Holding a Two- Day Workshop

Wells Fargo will hold a two-day workshop for its customers who are struggling to make their mortgage payments.

The event is an opportunity for customers of Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity to meet with representatives from the bank and discuss options, such as payment plans and loan modifications.
While walk-ins will be welcome, the bank recommends people register before the event to guarantee a meeting with a bank representative.
Details:
Dates: February 10th & 11th
Time: 9:00 am to 7:00 pm
Location:
Sacramento Convention Center
Exhibit Halls D and E
1400 J Street
Sacramento

Huge increase in Sonoma County home sales in January

We often look at Newly Opened escrows to get a feeling for activity levels and what to expect in terms of home sale statistics. It’s an early forecaster for the real estate market. And wow! Look at the January results. This is a huge kick-off for our 2011 market:

Newly opened escrows in Sonoma County, CA

Home Sales make huge increase in January

Selling Your Home without an Agent

Considering selling your home yourself?  You might be surprised at what to expect and the results you’ll achieve.

Selling your Home without an Agent pdf