Most Silicon Valley home buyers are well aware that a no contingency purchase offer is more appealing to a home seller than a contingent purchase offer. A prospective home buyer should still think carefully about the risks they face when making a no contingency purchase offer.Probably the most significant risk is not being able to get a mortgage. This has become a greater risk because recent disastrous wildfires have led many home insurance companies to withdraw from the California home…
The average Silicon Valley Homeowner used to be able to leave his home to his children as part of his estate planning. There were tax advantages just as there are for inherited 401k plans. Many parents hope to create a family home or business that will help their children and possibly their grandchildren. Proposition 19, promoted as "Home Protection... (for) ... Victims of Wildfire" had the more significant impact of making it difficult to create an inherited family home as…
Looking at the new homes built in Silicon Valley by the five largest builders in 2020 shows: 316 townhouses built, 230 condos built, and 148 single-family houses built.Townhouse construction surpasses both single-family and condo construction. If smaller homes were wanted, condo construction might surpass townhouses, but most home buyers want 3+ bedrooms. With local cities having height restrictions, townhouses can be built to the same density as condos.With so few new homes being built, Silicon Valley real estate market trends…
The news media has reported both tech companies and venture capital firms leaving Silicon Valley. Indeed the percentage of all US venture capital activity has declined in the Bay Area over the last decade. However end of year 2020 venture capital data (from PitchBook) shows over 2,500 VC deals completed in the Bay Area which is over that of 2019, with more data still expected.Over the last five years, over $151 billion of fundraising has happened in the Bay Area…
When deciding to fix or replace a property line fence, you need to understand the California Good Neighbor Fence Act. It makes both neighbors equally responsible for the cost of repairing or replacing a property line fence. A key requirement is that you have to notify your neighbor(s). Most people would talk with their neighbor but few would normally follow the steps specified (30 days’ prior written notice to each affected adjoining landowner).
Proposition 19: Death Tax & Proposition 13 Slow Elimination
The average Silicon Valley Homeowner used to be able to leave his home to his children as part of his estate planning. There were tax advantages just as there are for inherited 401k plans. Many parents hope to create a family home or business that will help their children and possibly their grandchildren. Proposition 19, promoted as "Home Protection... (for) ... Victims of Wildfire" had the more significant impact of making it difficult to create an inherited family home as part of your estate planning. Previously, there would be no property tax reassessment when a principal residence was transferred to a child. Proposition 19 only shelters $1M of increased value from new taxation, and only if the child uses the home as his principal residence. If you have two or more children, one of them would essentially have to buy out the interest of his sibling(s). A mortgage to do this would be much more expensive than a standard home purchase mortgage.
