PORTOLA HILLS LIVING by Kelly Turbeville

Question....IS CAPITAL GAINS HOLDING YOU BACK FROM SELLING? For those who may not be aware... When you sell a house for more than what you paid for it, you could be subject to a capital gains tax on the profit you make from the sale. Generally, people who qualify for the home sale capital gain exclusion can exclude: $250,000 of capital gains if single. $500,000 of capital gains if married and filing jointly. This exemption is formally called the Section 121 exclusion with the IRS. So if you bought a house in Lake Forest for $500,000 and let's say it is now worth $3,000,000. You would have a gain for $2.500,000 - $500,000 for married couples.. now your gain would be $2,000,000. Which becomes taxable income. 2,000,000 x 20% (tax rate) = $400,000 in Capital Gain Tax 😲 This is happening all over Orange County and other high cost areas and one of the reasons why "Baby Boomers" are not moving and deciding to age in place. If this is you... there a couple of things you can do

HAPPY NEW YEAR!  Can you believe it, we are officially in 2024!  I personally can not believe how fast 2023 went.  The real estate market in 2023 in Portola Hills was very strong!  It actually outpaced the overall Orange County real estate market.   Below is our year end report that summarizes how the community performed, along with a spotlight on 3 popular neighborhoods.   Does it shock you the average price of Single Family home in Portola Hills is $1.6 million dollars and an Attached home, Condo/Townhome is $785,000.  Home prices from 2022 to 2023 increased 15% in Portola Hills.   We are starting 2024 off with very low inventory, there are only 3 homes available at the time we wrote this report.  My phone began ringing from potential Buyers when rates went below 7%, so I anticipate the early spring market is going to get a little crazy as rates hit closer to 5%.  What is the Value of my Portola Hills Home? If you are considering a move, let's chat about your goals and how I can

One of the reason's we love helping our clients expand their real estate assets is the tax benefits it provides to their families.  Let's be honest, no one loves paying taxes and in a day with inflation taking a portion of every dollar, having the opportunity to reduce, avoid or defer taxes is a huge benefit.  Good news owning real estate provides you a valuable opportunity to do just that!   Buying a home doesn't just provide shelter.. It is key asset to help you build financial security and help reduce your tax liability. Here are ten common tax benefits associated with owning real estate: ✨Mortgage Interest Deduction:  ✨Property Tax Deduction:  ✨Depreciation Deduction:  ✨1031 Exchange:  ✨Capital Gains Tax Exclusion: ✨Home Office Deduction: ✨Rental Loss Deduction:  ✨Tax-Free Exchange of Partnership Interests:  ✨Energy Efficiency Tax Credits:  ✨Real Estate Professional Tax Benefits: Here is a bonus one you may not be aware of,  is to eliminate/defer capital gains is throug

Have you seen those commercials, your home doesn't need anything just my sign in front to get it sold?  What those commercials doesn't tell you, is your home will sell for less in most cases.  Yes, with the current Buyer demand your home is in demand, but that does not mean it is in front of the right buyers nor does it mean it will sell for top dollar.  Plenty of homes sell below market even in this market. 😳 If you ever bought a home, you know walking into a beautiful home makes all the difference.  That is why new homes sell so well. Home buyers often don't realize the cost of those addition and staging would add over $100,000 in upgrades to your purchase. So the question comes up, do we have to stage.  Truthfully, the answers depends on your home!    One thing is for sure, staged homes sell for more $$.   We love helping our clients prepare their home for sale.  Some chose to stage others we assist the sellers on the best preparations for the home to present well.  We

  We took a look at the current real estate market and we only have 1 wish for Santa this Christmas... More Listings please!!  Overall, in the OC inventory is at record lows.  We are entering unprecedented levels when it comes to the number of homes on the market and available to buyers.    So we anticipate the market to remain strong in 2022, but there are a couple of factors that you should be aware of... but first let's look at how the Portola Hills real estate market performed last month.  As you can see in the above report the Portola Hills real estate market is extremely strong.  Currently there are only 6 Active Listings and 27 properties under contract.  That means we have less than half a month of inventory for prospective buyers.  With the majority of those homes, being new homes in IronRidge and Portola Oaks. The 3 hottest neighborhoods that sold in November were: Montecido at an average price of $590,000 Serenado at an average price of $885,667 IronRidge at an average p

We took a look at the Portola Hills real estate market and in one word, CRAZY! Sales volume is up, values are up, inventory of available homes is way down! Even at the new communities there is low inventory of available homes.  That means, Sellers can pretty much ask what they want for their home and if it is priced right, buyers are coming with aggressive offers.  As you can see from the above, values are up about 24% from the same time period last year.  That was right before Covid, landed on our doorsteps.  Who would have thought, we would see such strong growth during a pandemic.  Search Portola Hills Homes Buyer's have an insatiable demand for homes right now and want to take advantage of the low interest rates.  They are open to competing for the right home, and removing contingencies, etc. to ensure their offer is at least in consideration.  However, the offers are so strong, Seller's aren't even countering as they have a number of good offers to choose from. Ready

I am super excited to introduce our newest team member and neighbor to Portola Hills, Realtor Nancy Bishay.  Nancy is a former teacher who has moved to the area and will be working with our team at GPS real estate group at Keller Williams in our new Lake Forest office. If you are thinking of a move, you will now have a successful team behind your home sale.  We have been selling homes in the area since 2004 and is the only Real Estate blog dedicated to our clients.   Our strength in understanding what Portola Hills home sellers and buyers want is unsurpassed.  We are happy to further build this strength with Nancy's help!! Contact Nancy direct at NancyBishay.kw.com

Our listing at 28385 Pueblo Dr, in the Montecido complex of Portola Hills has gone into escrow.  This lovely home was priced right at $485,888 and received multiple offers and went into escrow on day 3 of the listing! Congratulations to our Sellers!   This home was a must see! Upgraded, move-in ready and a great value for first-time homebuyers, emptynester's and Millennial's alike! Its charming 2 story, 3-bed, 3-full baths (with bed/bath on ground floor and 2 master suites upstairs), 1300 sq ft. boasts high cathedral ceiling and over-sized windows making it bright and airy. It has a big, private backyard for summer BBQs, as well as an attached, direct access 2 car garage. Some of the features include upgraded kitchen, refurbished bathrooms, laminate wood floors, newer carpets, new garage door and water softener, just to name a few. Nearby shopping, restaurants, toll road, walking trails and walking distance to award winning schools. Low HOA dues and NO MELLO ROOS! 

Hard to believe we are half way through the year in 2017.   Time sure does fly by, so I hope you have been able to take some time and enjoy summer.   We have been busy with real estate as the market hasn't slowed down one bit, which is not typical for this time of year.  July and August are generally our slower months, as buyers and sellers are distracted by summer fun.    Below is a look a how the real estate market performed in July in Portola Hills. As you will note pricing is up 6% from this time last year, we also have more homes on the market with 15 vs 9 in 2016.  Homes are taking on average about 16 days to sell in Portola Hills.   However, I would anticipate that creeping up in August as summer distractions kick in high gear in August with last minute vacations and back to school. What's the Value of my Portola Hills home? Looking at the active inventory available in Portola Hills currently it is good to see more homes come on the market in the $4

Happy New Year Portola Hills Peeps.  Can you believe it 2017 is here!  As I always do, I like to take an in-depth look at how the Portola Hills real estate market performed for the entire year.   This review will include an overall look, as well break down the market into various property types to help you determine your Portola Hills home value. The biggest news of the year was sales volume.. do you think it was up or down in 2016?  Surprisingly it was down from 2015 levels.   81 homes sold in Portola Hills in 2016, while 107 sold in 2015 .   I will say 2015 sales volume was up significantly from recent years. Below is a look at the overall real estate market in Portola Hills in 2016. Portola Hills 2016 Real Estate Market Snapshot Keep in mind when you look at the above.. this is overall, this is looking at all homes that sold and averaging them out.    Below is a break down by property type and we will start with the Portola Hills Condo Market. Portola

We have hit the 6 month mark of 2016... yes today is June 1st, the unofficial beginning of summer after the Memorial Day holiday.  So what is happening in the Portola Hills real estate market so far.    Overall the market continues to shift from 2015.  We are still seeing increased pricing but sales volume is down from last year.   In May 9 homes closed escrow, which is down about 35% from May 2015.   The overall median sales price in May was flat compared to 2015.  Out of the 9 homes that closed escrow, 5 were Single Family Residence. The median sales price for a 3 bedroom 2197 square foot home was $810k The remaining 4 homes were condo's. The median sales price was $436k for a 3 bedroom 1151 square foot home. Are wondering why these numbers would be flat when we are hearing so much about the low inventory in south orange county? It is important to remember the median price is based on mix and with the number of sales down and the mix focused more on mid r

As I write this post the feeling of fall is in the air.  It's a cool 70 degrees out.  A welcome relief, I believe from the hot September we had.   It is also the perfect metaphor for the Portola Hills real estate market.   Don't forget to enter our Fall Door Decorating Contest!!  In September there were 12 homes sold in Portola Hills, that is up from 8 in 2014, which is a 34% increase in volume.   So you can say the market in September was pretty hot... just like the weather.   Below is a look at the homes that closed escrow in the community.  September 2015 Portola Hills Real Estate Sales As we enter October, we should certainly see the number of sales fall i.e. decrease.  This is typical for the fall.  Homes begin to stay on the market longer, though buyer demand is still strong, people tend to want to be settled in their new home before school starts and the fall/holiday festivities begin. That doesn't mean fall is a bad time to list your home. Homes

May 2015 has come and gone.. It's the unofficial start of summer and the end of the spring selling season.   So what how did the real estate market perform for Portola Hills? During May 15 homes closed escrow in Portola Hills that is up from 9 in 2014. The average sell price for 2015 was $618,679 up from $528,833.  This makes the average sales price up 15% from 2014.   An interesting note as well is the days on the market.  The average days on the market for this last month was 46 days down from 67 days, a 30% decrease in the days on the market.  What is interesting the overall inventory 2014 was slightly less then it is today, which should have indicated less days on the market.   However what it shows is the market today is Hot, Hot, Hot!  Homebuyers are ready to buy, but inventory is extremely low, thus pushing up prices. Portola Hills May 2015 Sold Homes If you want to take advantage of the strong market as these home sellers NOW is the time to list your home

Have you heard about the "HERO Program" and wondering what it is all about? Are you thinking of some new improvements to spruce up the home but worried about cost, then this program is something you might want to consider.   HERO is an acronym that stands for: Home Energy Renovation Opportunity.  It is the #1 energy efficiency financing program in United States.  HERO partners with local governments to make energy efficient, water efficient and renewable energy products more affordable to homeowners.   HERO financing is paid through the homeowners property taxes.  The repayment is included in your property tax bill.  You will see a line item titled HERO Financing on your property tax bill and if property taxes are impounded your lender will adjust your monthly payment to include the amount due for HERO financing. Eligibility criteria includes (terms apply): Mortgage related debt must not exceed 90% of the value of the property. Mortgage payments must be curre

The 1st Month of the 2014 is down and are you wondering how Portola Hills real estate market did....? Five homes sold in the community.  The average square footage was 1735 sq.ft. and closed at $552,580. The highest rice sold was $724,900 for 2694 sq.ft.  The lowest sold price was $312,000 for 1000 sq.ft. and was sold over the list price by $8000 and only on the market for 33 days. Portola Hills Average Closed Sales Jan 2014 Below are the properties that sold. Overall the days on the market averaged about 35 days which is pretty quick considering we were just finishing up the holidays. Portola Hills 2014 Sold Property Detail. Currently there are only 6 homes listed on the market in Portola Hills.  Which is low for this time of year as we begin the spring season.   If you are considering a move, give Kelly Turbeville a call to review the best strategy to get your home sold.  Inventory is low, buyer demand is still high and interest rates have rema

Buying a home is a hot topic once again and a happy one at that.  Which is great to hear after a few depressing years.   Though there are hurdles to over come, the one thing that has not changed for Home Buyers is the fact that is is a very important aspect of life that brings a number of benefits to your life.   Are you sitting on the fence of homeowner ship, here are few little reminders of what owning a home brings to you! 1.   Tax Breaks :    Currently the U.S. Tax Code allows you to deduct the interest you pay on your mortgage, your property taxes and some of the cost involved in buying your home.  2.   Appreciation :  Yes we can say that word again....  Real Estate has long-term, stable growth in value. Even with the last few years decline, National Association of Realtors (R) estimates home sale prices increased 88.5% over the last 10 years. Over the next decade it is expected to rise 15% due to the high demand for housing. 3.   Equity:   Money paid for rent is

As we enter summer in Portola Hills, all signs for the real estate market are hot, hot, hot!  Low inventory, high buyer demand are the key factors keeping this market hot!! Typically this time of year we see an increase in listing activity but all over Orange County the number of new listings is down.  Overall the economy is improving, prices are up but some homeowners are still siting on the fence...  Maybe waiting for price increases, maybe repairing credit after taking hit, the answers are in the hands of homeowners, but one thing is certain those who have decided to sell are receiving top dollars for their home. If you are considering a move and looking to move up into that dream home then you will want to keep in mind with the continued low interest rates and high buyer demand you truly have entered the perfect storm to sell and buy your next home. Portola Hills April-May 2013 Closed Sales   In April and through today, 9 homes have sold in Portola Hills.  On the snapshot

It was a quiet month for real estate in Portola Hills, below is a quick recap of what was sold and is currently active on the market. Sold Properties: 4 Attached Homes:                3-Bedroom / 2-Baths Average Sq. Footage:         1469 sq. ft.   Average Price:                    $376,000 Average Price Per Sq.Ft.    $255. Single Family Residence:       5-Bedroom / 4-Baths Average Sq. Footage:          3500 Average Price:                     $780,000 Average Price Per Sq.Ft.     $218 Active Properties:  20 Current Active Properties: Attached: 14 homes with 2 bedroom and an average square footage of 1304. Average Listed Price:          $307,000 Average Price Per Sq.Ft.    $232 Detached: 6 homes with the 4 bedrooms and an average square footage of 2562. Average List Price:              $573,000 Average Price Per Sq.Ft.     $224k Portola Hills Best Buy - At the moment the listing at 19321 Sleeping Oak is the best buy.  This home has over 3200 sq. ft, 5 bedrooms,