Obviously, it must be “hot and boring” in “Mormon territory.” sdr totes his REALIST subscription around wherever he goes, LOL.
Wantoceanview, many “heirs” of well-located property in CA are “well-heeled” in their own right. Even if they currently live out of state or out of the country, many of these heirs don’t “have” to sell unless they find the right buyer who appreciates the property for exactly what it is and is willing to pay for that. This is due to Prop 13 in CA preventing reassessment for owners who purchased prior to April 1978 and still own the property (dead or alive), causing their annual property tax to be artificially low by today’s valuations.
This “low-tax” benefit is “inheritable” to children via Prop 58 (1986) or grandchildren (Prop 193) if the decedent-owner’s children (their grandchildren’s parent) is deceased. If the heirs don’t get good enough offers for the property while it is listed, one of them can buy it from the other(s), excluding their portion of equity and assume the low tax basis of their deceased parent for as long as they own it and also pass the property to their own children, if they wish. This leaves less incentive to sell or sell in an inopportune market :=}
sdr, while you’ve got the chance, why don’t you get off your laptop and mosey on over to the Petrified Forest tomorrow and stop at the Conoco Dinosaurs for dinner (outside Holbrook)?? You and Ms. Caymus can rejoin the Piggs when you return to your desk in Gridlocked Nirvana and share your pics with us ;=D.
