PORTOLA HILLS LIVING by Kelly Turbeville

  There is a phrase I keep coming back to lately: “A home starts with intention, not perfection”. And maybe that is something buyers need to hear right now. Because if you are waiting for the perfect house to come on the market, at the perfect price, with the perfect interest rate, in the perfect neighborhood, with the perfect kitchen... You may be waiting awhile and missing the opportunity in front o you.   Let’s be honest, The Perfect House Probably Doesn't Exist After more than 20 years in real estate, I have watched buyers walk into homes and immediately start mentally remodeling them. And there is nothing wrong with that. In fact, I think that is part of homeownership journey. But one questions, buyers often put out of the mind is the most important one. Does this work form my life today?   Can I comfortably afford it? Is it in the location I desire?   These four questions, are important because, let’s face it, they can be difficult or expensive to change. The m...

Portola Hills an the overall Orange County real estate is being shaped by more than home prices.   Rising inventory, mortgage rates, insurance costs, condo financing requirements and California housing policies are all influencing what buyers can afford and how sellers should prepare. One area in particular could be worrisome for Condo/Townhome owners in the area and Opportunity for Buyers.   For years, condos have been considered the more affordable path to homeownership. But rising HOA dues, insurance costs, special assessments and tighter lending requirements are changing that equation. We are seeing it right here in Portola Hills. According to July MLS data: • Attached homes averaged 75 days on the market • Resale single-family homes averaged just 6 days When I priced our last condo competitively, I received some concern from other agents. Even with the right price and marketing, we were on the market for more than 30 days. We sold. Other condos are still sitting...

In today’s real estate market, when homes are sitting on the market for nearly three months and price reductions are becoming the norm, it’s important to share the good news too. This is one of those stories. I first spoke with my clients almost a year before they made the move. With interest rates climbing and home prices staying high, “timing” just wasn’t their priority. But as life goes, when you outgrow your space; especially with two kids, it becomes clear: condo life had served its purpose, and it was time to move up. The Condo Sale Listed their home at 18986 Canyon Summit Hosted one open house → received multiple offers Sold in just 5 days Closed $25,000 over asking price with a cash offer Negotiated a free rent-back period so they could transition smoothly into their new home The New Home Purchase in Rancho Santa Margarita That’s not all; we found their dream single-level home, complete with a driveway and a spacious yard (the kind of details that make everyday life better). ...

Portola Hills Real Estate – July Market Update Summer distractions took full center stage in July, and it showed in the numbers. Homes stayed on the market nearly twice as long as we’ve seen in recent years. While interest rates certainly play a role in this slower pace, the truth is..... homes are still selling every day. In fact, right here in Portola Hills,  13  homes closed escrow in July ! That’s proof that buyers are out there, ready to act when they find the right home. If you’ve been holding off because you’re worried about timing, know this: the market will shift quickly; especially if interest rates drop as expected this fall. Lower rates could mean more buyers and faster sales, and the current inventory could get eaten up fast...  Insider Tip from a Local:   Portola Hills offers something truly unique... breathtaking views that stretch from the Saddleback Mountains to the Pacific Ocean, all while being centrally located in Orange County. That combination o...

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 co...

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,...

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 fo...

  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 pri...

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 ...