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 co...

Summer is just around the corner and in Orange County there are a ton of events to enjoy.  We put together a list of activities throughout the county for the month of June.  Make sure to get out and enjoy what the local community has to offer!! South Orange County Job Fair    June 1 Dress professionally and bring your resume. Priority registration table for veterans.  9am-12pm / Laguna Hills Mall 949-341-8000 / www.oconestop.com Hyatt Regency Newport Beach Jazz Festival    June 2-4 Celebrate the kick-off of summer with a star–studded lineup of musicians, delectable food and drink selections, and dancing on the lawn. www.festivals.hyattconcerts.com Russo & Steele Collector Automobile Auction    June 2-4 The electric atmosphere of auction in the round auction block provides enthusiasts an outstanding destination to bring the whole family to experience their passion of classic cars, but also the amazing commun...

If you haven't heard... El Nino is on its way to SoCal.  Actually it is already here, just the rainy part is projected to start and consistently happen from January through March and as you know Portola Hills and the Canyon areas of the South Orange County can get hit hard with rain and wind.   Personally I knew in the back of my mind, I needed to do some maintenance around the house.... but with no rain in site... yes I procrastinated.   Well today as I was having new satellite service installed, I looked up to see a lovely site (ugh) one of my eaves is having an issue.. Water, Termite, Clogged Gutter, not sure what... but what I know for sure... It is time to prepare for El Nino...   Over the last few years with the drought, things we didn't really have to worry about are about to hit us all. As I was thinking about my house,  I pulled together the following list of items to consider as you prepare your home for El Nino 5 Quick Home Mai...

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 pay...

Can you believe it... August is over and summer is wrapping up.   Even though fall will be here in less then 20 days... the weather is still hot and kinda stagnant.. Which seems to be an accurate comparison to the Portola Hills Real Estate Market this month. In August the area saw a total of 5 homes sold compared to 9 homes sold in August of 2013.   As you can see prices are up... about 22% over 2013, but so are the number of days on the market.  Currently there are a total 25 homes active in Portola Hills with the average days on the market over 50.   So did a 22% price increase scare off potential buyers... possibly as inventory increased so does selection, but what is really interesting is overall Orange County still has very low inventory rates... So you may be wondering why there is a slow down.... it's simple... Pricing and Marketing are all required to bring in the right buyer.      As inventory increases, buyers are expecting to se...

It's getting cooler outside, there is a slight chill in the air, is it the same for Potola Hills Real Estate?  The summer rush certainly has slowed, with homes staying on the market a bit longer then they did in the summer months, but I don't believe that is a real reflection of a cooling market. Did the government slow down effect sales, possibly, certainly took longer to get details processed but I didn't see it affecting buyer motivation.  Traditionally sales tend to slow in October, kids are back in school, people want to be settled for the holidays seems to be more of the case. However in my experience this is the perfect reason to list now as inventory typically drops off. For us in Orange County, the inventory is still incredibly low, homes priced right will bring out the serious buyers who want to be in their new home before the holidays, allowing move up buyers to do the same!! Below is snapshot of what sales closed in Portola Hills for October! When I a...