Should California get rid of property taxes?
- Florida lawmakers in talks about property taxes
- Rancho Palos Verdes, California
- Is your house in a FIRE ZONE?
- Los Gatos Home of the Week
- Price Reductions
- FREE HOME BUYER CHECKLIST HERE
- Home Inspection CHECKLIST HERE
- Santa Clara County High's and Low's
Should California get rid of property tax? Florida is talking about it. So we'll talk about that as well as, the palace for the last palace. Verde's is sinking into the ocean and fire hazard month. Tuesday's highs and lows and price reductions and Los Gatos home of the week.
Let's get moving here.
Florida's Property Tax Proposal
So I saw this the other day. Thought maybe you'd love to see this. Florida is talking about getting rid of all the property tax altogether.
Oh no, sorry. Anybody that buys a house is now exempted of 100, 000 of the value from real property from being taxed. Those over 65 would be qualified to be exempted from 250, 000. That's great. There are a lot of houses that are under that value, so it totally makes sense, right?
They're also talking about getting rid of property tax altogether. A revised bill filed on February 1st states that the office would study the impact of getting rid of all property tax and replacing lost money with the consumption tax. That means they're 8 percent down. Sales tax for whatever it is, goes up to 15%.
Whatever it is so they don't lose any money, right? So is that a good thing or is that a bad thing?
California's Property Tax Discussion
Is that something California should consider doing? Santa Clara County came in with 5 billion in property tax, something crazy like that.
Property tax continues to tax on the same thing that you own. It's almost not fair to tax something over and over again every year. You get taxed on everything you buy.
So why not just convert that into a VAT or a value-added tax on top of a sales tax on whatever it is you buy. And let's say you buy, I don't know, a 10 million yacht. Guess what? You're going to be paying tax on that. I think it's a good idea. Something to consider, What do you think?
Rancho Palos Verdes, California is sinking into the ocean. I don't know if you've seen it or not. Landslides galore and back in the nineties Malibu had the same problem.
All sorts of stuff is happening all over the southern coastal area. It really sucks when you lose a house.
Personal Story: Oakland Landslide
And I can tell you that firsthand because when I lived in Oakland, You can see what's going on. There are properties just sinking into the ocean and separating from the land, and that's really sad.
I can tell you that it's devastating for one reason When I first came to the United States, I lived in Oakland We lived on Holman Road and I used to go to Crocker Highlands Elementary and my aunt lived right here.
My uncle built this. The Thuye's lived there. The Galloways lived there, but we lived here. Actually, it's over here. And this house right here, I think 1420 is the one that we lived in. Yeah. That's the one that we lived in. And my room was right here on the second story. These two houses which are now rebuilt fell down that Hill.
These houses are brand new. This is the house. That was my room when I was a kid. Funny thing. I remember I was using my mom's 10-speed running down this sidewalk, and I cranked the front brakes, and I alley-ooped and did.
So yeah, that was my house. It's much better looking than it was back then, but that was my room. It used to have iron and rope. Windows, the sash windows
Brings back some memories, but back in the seventies, when I lived here, yes, I'm that old, these two properties had houses on them both fell down the hill and they were utter losses. My mom panicked, sold, and wound up. Taking a huge chunk out of her equity it's a nice looking house. Now I wonder what it's worth. It's devastating to lose a house. It's devastating to be around something like that. I feel bad for those people. I see why some want to stay in their house, but if it gets too dangerous, get the hell out.
I think this is a state of emergency right now. So California is going to help them out.
Fire Hazards and High-Risk Zones
Are you in a fire zone? This isn't officially fire month, but I'm telling you it should be because there are fires everywhere. Houses are being lost every day. Yesterday, it was 5, 700 wildfires. Now it's 6, 000.
We still only have one fatality and we have 1, 248 structures damaged or destroyed.
Los Gatos House of the Week
Let's go to Las Gadas house of the week. I pulled this guy right here. Glen Ridge. It's a 6 million 5 or $6 million house, $5.5 million, five-bedroom, four and a half bath, 4,000 square feet. Your house is in a high fire zone. Would I buy something like that in that area? I don't know. The more I look into it, the more it just seems more of an opportunity for devastation.
Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist
There are certain things you can do to prevent your house from burning down in a forest fire. We were looking at a 2,500-square-foot house. Down Gilroy that was in the yellow zone right around here and the insurance was five thousand dollars a year should be about a thousand to twelve hundred I think it's a little bit more now, but there you go home inspection checklist If you're thinking about selling your house drop this checklist off There's a little link right here.
It'll walk you through every nook and cranny of your home, so you can check it off and see if there's a honeydew list. I just ordered an appliance repair guy. My refrigerator is not cooling. It's probably because it needs to be cleaned. And then there's something stuck in the drain for my dishwasher.
So I know those are getting taken care of. Little things like that. They're annoying to live there, but they're sure signs of lack of maintenance when you're selling your house and a buyer goes, Oh, there's a crack in the walls right next to the windows. I wonder what else is wrong. So not that you want to hide it.
You want to fix it, disclose it, and then move on. House of the week Los Gatos house of the week is Glenn Ridge. 5. 5 million dollars, on market 47 days. Hasn't budged.
That's a cement roof, right? Which is nice, but your house is completely around foliage. It's a firetruck. It's a beautiful house close to downtown walking distance to downtown. You can walk downtown, and have dinner. Have a couple drinks, stumble back home, and enjoy it, but the risk of fire is always going to be there unless they do something about it.
We have 200 list price reductions. Last week was only 119. It's actually not abnormal, Some houses came off the market, either expired, canceled, withdrawn, or went into contract because we had 132 closes last week, and 163, four weeks ago. It's just back to normal now.
I think 18 percent right now is pretty normal. I think those numbers are going to go down a little bit During Labor Day weekend, two weekends ago, that's not a big selling weekend. I had my house up on the market and there wasn't a lot of traction there. So we're pushing it out.
I'm going to see what happens.
Highs and Lows in Real Estate
Highs and lows. This is still the highest-listed price home. 20 weeks in a row. How long has it been on the market? 131 days. My suggestion to you is don't be a market maker, attract the market.
Let's take a look at this one. Got a new one. And Gilroy, look at this bad boy, So this one was on the market then it was pulled off the market and now it's 50, 000 more.
I think the big winner here is the fact that you're right close to the freeway. If you can live next to a freeway, it is a good opportunity for you, that one's a work of art.
The most expensive house sold in Santa Clara County is this one on Hamilton. Not my listing six bedrooms, four and two half baths as a little 226 square foot ADU. It was built in 1915, took 58 days to sell, and sold at 95, 96 percent of the sales price. And the lowest sold, sorry, where is it? The lowest-sold house is right here.
690, 000 two bedroom, one bath. 800 square feet and 9, 300 square feet. I don't get it. I think something's wrong here. Somebody inputted something wrong. It was built in 1920. Not my listing. Took 21 days to sell and sold for 86, 87 percent off the list price.
I think right now is a good time to get a decent deal. Sellers, understand that the market is only what the buyers will or are willing to pay, right? And if this house is a fixer-upper like this there's a lot of work to be done Maybe they bought that as a rental.
Holy cow. I don't even think that's legal. That is not that scary, but it is what it is. There you go. That's the lowest-sold house in Santa Clara County. 200 price reductions in Santa Clara County. There you go. That's it. All right.
Conclusion and Final Thoughts
Should we get rid of property tax in California? I think we should. I'm Vito with Albertans. Thanks for watching. We'll see you out there.
Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-705-6817 Vito@abitano.com Website: abitano.com https://www.onereal.com/vito-scarnecchia-1 update your home value: https://hmbt.co/bT7qRJ RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: https://calendly.com/abitano/15min Home Buyers Course YT YouTube.com/SanJoseLiving IG https://www.instagram.com/abitanogroup/ FB https://www.facebook.com/vito.scarnecchia/ LI https://www.linkedin.com/in/vito-scarnecchia/ Blog http://blog.abitano.com/ POD https://spotifyanchor-web.app.link/e/oxdH1Hwfcvb Professional Photography by Kim E https://photosbykime.com / Local Real Estate Market and Home Value Report https://hmbt.co/bT7qRJ Financial Intelligence https://docs.google.com/forms/d/e/1FAIpQLSc0R5pjHIAPguZ5GDEB-fTbGJXKpWK3coK9Khymv_GTWkMnyQ/viewform?usp=send_form https://www.onereal.com/vito-scarnecchia-1 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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