Goodwin & Thyne Properties Inc.

JUST SOLD! Olesya Thyne closed an amazing sale on the last day of 2020 after an 8 day escrow with multiple cash offers to preserve the best tax position for our client. 1309 Plaza Pacifica (one of her 5 escrows this month) was a record breaker! At $2,430,000 for this 938 square foot updated ocean view condominium, she reached $2,590/SqFt! Way to deliver for a very happy Seller! Call us today at (805) 899-1100! https://www.tourfactory.com/2784146

Just sold! Congratulations to our buyers who will have a Merry Christmas in their gorgeous new home! Many thanks to all involved! 2891 Hidden Valley, Montecito, Offered at $2,590,000

Happy Holidays from our home to yours!

IMPORTANT LEGAL UPDATE ABOUT REAL ESTATE Proposition 19 has now passed in California. This allows homeowners over the age of 55 to transfer their existing Proposition 13 tax basis (usually 1% of the price they paid for the property + 2% of the tax per year) in their primary residence from any county in California to any other county in California (changing Proposition 60 + 90), beginning on April 1, 2021. BUT, it also affects Proposition 58 regarding parent to child exclus...ions starting on February 16, 2021. Currently a parent can transfer up to $1 million in Proposition 13 basis to their children for any property they own (rentals, primary homes, second homes, commercial, etc...). Under this new law, a parent can only transfer a Proposition 13 basis if: (1) the transfer is of the parent's primary residence; (2) the child receiving the property will use it as their primary residence; and (3) the property's current fair market value is not more than $1 million above the Proposition 13 basis. Example: if a parent purchased a property in 1980 for $200,000 and is paying property taxes today of about $4,000/year, they can pass that tax rate to their child (no matter what kind of property or what the current value is) but after February 16, 2021 they can only do this if it is their primary home, the child will live there as a primary home, and the market value is not more than $1 mil above the assessed value. Otherwise the properties will be reassessed and property taxes will be higher. --- You have until February 16, 2021 to make transfers under the existing law. You can contact our law firm if you’d like to make such a transfer before the new law takes effect! www.ThyneLaw.com

This downtown State Street restaurant in the 500 block is perfect for an owner/user as either a restaurant, retail or office space. New wood floors, a fully functioning commercial kitchen with hood and grease trap, office, courtyard, outdoor seating (now to the middle of the street), large new bar with quartz top, accordion doors, dry storage, 2 stories, ADA bathrooms, service bar upstairs, dumb waiter, exterior deck and balcony all make this a very special opportunity for a buyer with vision! Explore this opportunity with a 3D Virtual Walk Through here: www.GTprop.com/532state