Savides Real Estate

Santa Clara County real estate report for January 2021 http://rereport.com/scc/print/StephanieSavidesSCC.pdf

Featured in December 2020 issue of LUXURY HOME MAGAZINE Silicon Valley. Rare opportunity to purchase an ideal shaped, sunny, nearly half acre lot in the highly coveted Professorville neighborhood of Palo Alto, California!

California Property Taxes are DUE TOMORROW December 10! You must pay the first installment for fiscal year July 1, 2020 through June 30, 2021 by December 10, 2020 to avoid a 10% penalty.

Passage of California Proposition 19 was major! It will have a far reaching impact. The California Association of Realtors (CAR) was one of the biggest backers since they believe it will result in more home sales. But I voted against it since it includes a significant detrimental change to the property tax rules regarding inherited properties that was snuck into the proposition. When they advertised the Proposition, they talked only about the good things, like allowing anyon...e over age 55 and wildfire victims to transfer their primary residence property tax basis to a replacement property anywhere in California and at any price, even a higher price (which is different than prior law). That is nice. BUT the bill also included a provision that inherited property will be re-assessed unless the child or grandchild inheriting it lives in the property. This means that any rental properties or second homes can no longer be passed down to family members without re-assessment. I attended a seminar about this last week and the lobbyist for CAR was the presenter. It was clear that even he did not really understand all the implications and nuances of this complicated and misleading ballot measure. The CAR lobbyist also admitted that there was political jockeying that went on in drafting this proposition, which resulted in an exemption from re-assessment for farm land and wineries....Why? because Governor Gavin Newsom owns a winery in Napa Valley!! In other words, Newsom created an exemption for himself. Anyway, many people are not happy about the provisions of this measure related to inherited properties and it's possible those provisions will be struck down by courts. But in the meantime, prepare for this and discuss with your accountant. I still do not fully understand all the details of this measure, including the timing of when it goes into effect, whether it's retroactive, etc.. I'm not sure anyone fully understands it. I'll try to update you as I learn more.

For anyone looking to build their dream estate home in the best possible location of Palo Alto, I've got the property for you! Check out my new listing at 1201 Bryant Street in the heart of the coveted Professorville neighborhood of Palo Alto. Walk to Downtown Palo Alto, Town & Country Village, Stanford, etc. It's a sunny 19,452 sf rectangular shaped lot, no historic house designation. Prime lot to build your dream estate home with guest house, pool, gym, etc. Listed for $12,998,000. http://www.1201bryant.com/