[CA renter]

I’ll say this much: things have gotten very busy at open houses just in the past few weeks. This is in the North County area (Carlsbad, Encinitas, Escondido, and Olivenhain, in particular).

We’re seeing traffic like it was 2004/2005 again. When we pull up to an open house, two or three cars (or more!) are pulling up behind us. A number of families with kids and heard a few people asking the agents about REOs because they wanted to buy more “investment” properties. VERY busy, and even the realtors seem to be taken by surprise.

It will be interesting to see if anything actually goes through and for what price, but there is definitely some activity right now. Hope it’s short and shallow. We’ll see…

[CA renter]

where do we look???

——————–
Look at retailers, luxury goods & services (sportfishing, pools, spas, “fancy” furniture, restaurants, etc.).

We’ve been watching for clues over the past few years (early, NOT wrong 😉 ) and have witnessed the subtle clues over the past year+.

I agree with the poster(s) who think this will lead to a depression. In all my talks with people who lived through the Great Depression, every single one has expressed concern that we’re headed for another one, very soon.

Get out of debt, sell unnecessary junk and prepare for some rough times, IMO.

[CA renter]

where do we look???

——————–
Look at retailers, luxury goods & services (sportfishing, pools, spas, “fancy” furniture, restaurants, etc.).

We’ve been watching for clues over the past few years (early, NOT wrong 😉 ) and have witnessed the subtle clues over the past year+.

I agree with the poster(s) who think this will lead to a depression. In all my talks with people who lived through the Great Depression, every single one has expressed concern that we’re headed for another one, very soon.

Get out of debt, sell unnecessary junk and prepare for some rough times, IMO.

[CA renter]

where do we look???

——————–
Look at retailers, luxury goods & services (sportfishing, pools, spas, “fancy” furniture, restaurants, etc.).

We’ve been watching for clues over the past few years (early, NOT wrong 😉 ) and have witnessed the subtle clues over the past year+.

I agree with the poster(s) who think this will lead to a depression. In all my talks with people who lived through the Great Depression, every single one has expressed concern that we’re headed for another one, very soon.

Get out of debt, sell unnecessary junk and prepare for some rough times, IMO.

[CA renter]

where do we look???

——————–
Look at retailers, luxury goods & services (sportfishing, pools, spas, “fancy” furniture, restaurants, etc.).

We’ve been watching for clues over the past few years (early, NOT wrong 😉 ) and have witnessed the subtle clues over the past year+.

I agree with the poster(s) who think this will lead to a depression. In all my talks with people who lived through the Great Depression, every single one has expressed concern that we’re headed for another one, very soon.

Get out of debt, sell unnecessary junk and prepare for some rough times, IMO.

[CA renter]

where do we look???

——————–
Look at retailers, luxury goods & services (sportfishing, pools, spas, “fancy” furniture, restaurants, etc.).

We’ve been watching for clues over the past few years (early, NOT wrong 😉 ) and have witnessed the subtle clues over the past year+.

I agree with the poster(s) who think this will lead to a depression. In all my talks with people who lived through the Great Depression, every single one has expressed concern that we’re headed for another one, very soon.

Get out of debt, sell unnecessary junk and prepare for some rough times, IMO.

[CA renter]

I’ve been watching that area over the years also. SDrealtor is correct, as that listing marked a landmark for me as well.

While there might have been some other sales under $500K, there have NOT been any listings under that for a 3/2 over 1200 sf — at least none that I was ever aware of.

Best of all, that house has been there for at least a week, IIRC. In the “good old days” it would have been gone within an hour at that price. Will be interesting to see what happens with it.

[CA renter]

I’ve been watching that area over the years also. SDrealtor is correct, as that listing marked a landmark for me as well.

While there might have been some other sales under $500K, there have NOT been any listings under that for a 3/2 over 1200 sf — at least none that I was ever aware of.

Best of all, that house has been there for at least a week, IIRC. In the “good old days” it would have been gone within an hour at that price. Will be interesting to see what happens with it.

[CA renter]

I’ve been watching that area over the years also. SDrealtor is correct, as that listing marked a landmark for me as well.

While there might have been some other sales under $500K, there have NOT been any listings under that for a 3/2 over 1200 sf — at least none that I was ever aware of.

Best of all, that house has been there for at least a week, IIRC. In the “good old days” it would have been gone within an hour at that price. Will be interesting to see what happens with it.

[CA renter]

I’ve been watching that area over the years also. SDrealtor is correct, as that listing marked a landmark for me as well.

While there might have been some other sales under $500K, there have NOT been any listings under that for a 3/2 over 1200 sf — at least none that I was ever aware of.

Best of all, that house has been there for at least a week, IIRC. In the “good old days” it would have been gone within an hour at that price. Will be interesting to see what happens with it.

[CA renter]

I’ve been watching that area over the years also. SDrealtor is correct, as that listing marked a landmark for me as well.

While there might have been some other sales under $500K, there have NOT been any listings under that for a 3/2 over 1200 sf — at least none that I was ever aware of.

Best of all, that house has been there for at least a week, IIRC. In the “good old days” it would have been gone within an hour at that price. Will be interesting to see what happens with it.

[CA renter]

SDR,

I’m not a realtor nor a lawyer, but recently filed a PC Exclusion myself, so looking at the pamphlet…

You said they obtained the property from their parents but didn’t specify if it was an inheritance or transfer or sale or??

If the parents simply transferred it, and they (parents) also applied for a Reappraisal Exclusion for Seniors on their next residence (assuming they just moved from that house to another), it seems the children couldn’t apply for a Parent-Child Exclusion on the transferred house. The parents would have transferred the low tax basis to the next property.

Also, regarding corporate holdings or partnerships, they appear not to qualify for the Parent-Child Exclusion. But properties held in trusts do seem to qualify.

Again, not an attorney, so ask an attorney if seeking legal advice!

[CA renter]

SDR,

I’m not a realtor nor a lawyer, but recently filed a PC Exclusion myself, so looking at the pamphlet…

You said they obtained the property from their parents but didn’t specify if it was an inheritance or transfer or sale or??

If the parents simply transferred it, and they (parents) also applied for a Reappraisal Exclusion for Seniors on their next residence (assuming they just moved from that house to another), it seems the children couldn’t apply for a Parent-Child Exclusion on the transferred house. The parents would have transferred the low tax basis to the next property.

Also, regarding corporate holdings or partnerships, they appear not to qualify for the Parent-Child Exclusion. But properties held in trusts do seem to qualify.

Again, not an attorney, so ask an attorney if seeking legal advice!

[CA renter]

SDR,

I’m not a realtor nor a lawyer, but recently filed a PC Exclusion myself, so looking at the pamphlet…

You said they obtained the property from their parents but didn’t specify if it was an inheritance or transfer or sale or??

If the parents simply transferred it, and they (parents) also applied for a Reappraisal Exclusion for Seniors on their next residence (assuming they just moved from that house to another), it seems the children couldn’t apply for a Parent-Child Exclusion on the transferred house. The parents would have transferred the low tax basis to the next property.

Also, regarding corporate holdings or partnerships, they appear not to qualify for the Parent-Child Exclusion. But properties held in trusts do seem to qualify.

Again, not an attorney, so ask an attorney if seeking legal advice!

[CA renter]

SDR,

I’m not a realtor nor a lawyer, but recently filed a PC Exclusion myself, so looking at the pamphlet…

You said they obtained the property from their parents but didn’t specify if it was an inheritance or transfer or sale or??

If the parents simply transferred it, and they (parents) also applied for a Reappraisal Exclusion for Seniors on their next residence (assuming they just moved from that house to another), it seems the children couldn’t apply for a Parent-Child Exclusion on the transferred house. The parents would have transferred the low tax basis to the next property.

Also, regarding corporate holdings or partnerships, they appear not to qualify for the Parent-Child Exclusion. But properties held in trusts do seem to qualify.

Again, not an attorney, so ask an attorney if seeking legal advice!

[Author]

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