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

I am super excited to highlight a local favorite in our Monthly Giveaway!    Joe's Italian Restaurant and Bar in Ladera Ranch.  We miss having this popular restaurant right down the street, so I thought our neighbors would love a chance to visit a local favorite.  If you are not familiar with Joe's here is a bit direct from their website!  Joe’s Italian Restaurant & Bar, located in Ladera Ranch, California is a family-owned and operated restaurant and bar in Orange County. Our food represents traditional Italian cuisine with modern accents. Our goal is to provide an outstanding experience that will keep guests coming back again and again. We offer both contemporary interpretations of classic comfort dishes, as well as, unique ventures into new areas of Italian cooking. Why Joe's is one of my favorites.  Well just peek over at my Instagram Page, South OC Supper Club and you can see why.  But in short!  The food is excellent, the menu has a wide range of dishes and his w

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

Have you been to BRU lately in Lake Forest?  I popped in after some Christmas shopping and was so happy to see it filled with happy customers, celebrating the season.  BRU is one the only restaurants in Lake Forest that offers a place for a great meal, cocktail and ambiance! The new Beer Garden addition to the corner of El Toro and Rockfield is going to really brighten up that corner in Lake Forest.  If you haven't been to BRU,  we thought we would share a bit of what we like about it!  From the moment you step through the door, it's evident that BRU is more than just a place to dine; it's an experience to be enjoyed.  Matt and the team take pride in its diverse menu that caters to every palate. Whether you're a fan of classic American comfort food or crave a more adventurous culinary journey, BRU has you covered. From their mouthwatering burgers to their wild caught seafood, every dish is a work of art.  Beyond a lovely meal, BRU Restaurant offers a warm and inviting a

Residents are moving in.. to where you might ask?  The Portola Senior Affordable Apartments!  This has been a long time coming and the final buildout of the IronRidge community in Portola Hills, Lake Forest.   A little behind the scenes of this development.  When zoning changed in Lake Forest the owner of the land had the opportunity to move from commercial properties to residential.  There was a small group of us Portola Hills residence to who started a steering committee to try and ensure the development followed the wishes of the residents and stayed within natural aesthetic of lovely Portola Hills.  That was not always an easy task between builders and the city and honestly the residents, me included had huge concerns about this development.    Two areas, I am proud of is the Portola Park Dog Park , which was a suggestion of mine and then agreed upon with the city. This was a four million dollar project. This was needed as we only had 1 park in the area, Concourse Park and it was

Have you taken advantage of the City of Lake Forest BOGO to support local businesses.  It is such a great program.  Check out details here! In summary it allows you to purchase a $50.00 or $100.00 gift card and get a second one at the same value!  So you are getting FREE money.   There are over 80 local businesses in the city of Lake Forest that you can use the gift cards at!  Such a great way to support local businesses as well save on your purchases! Lake Forest BOGO Businesses If you have a business you still have time to add your business and with the holidays coming what a great way to bring in some extra business! I haven't seen this program at any other local cities, so I applaud the City of Lake Forest for keeping this program going!

As fall hits the calendar, we typically see a seasonal change in the real estate market.  Generally speaking it can be the best time to buy a home has homes that did not sell over summer, will start to see price drops and the hot selling season is over. That really hasn't been the case since before the pandemic however. Even this year, though sales volume is down, home sellers are still receiving top dollar for their home and in fact often times over list price.  That is certainly the case here in Portola Hills. Below is a look at how the Portola Hills real estate market performed in September, as you can see very strong.  We had a total of 8 homes sell and 7 went under contract.  The average days on the market is just 15 days.    Are you thinking about making a move but not sure if it is the right time for you?   Are you wishing you were living closer to family.   Did you know the number 1 reason people are making a move right now is just that, to be near family.   Search Availabl