Tag Archive: Lake Arrowhead Real Estate


 

SellersFeelingGood

 

There has been a vast improvement in market confidence for sellers. Those who thought positive last year were right. Now even more sellers have high hopes. Perhaps they will be right again. Slow and steady market growth means a better economy for all. I’m not looking for a bubble that can burst, just healthy economic growth and positive equity for home owners.

Beautiful and Custom-Built ~ Your Next Mountain Home

1025 Black Oaks Dr., Lake Arrowhead, Ca 92352 Offered for  $499,000

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Bedrooms: 4

Bathrooms: 3

Year Built: 1993

Square Feet: 2361

Lot Size: 0.37 Acres

Garage: 2 car attached

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Property Description: Stunning custom built home w/ lake rights features a large mountain-level lot, panoramic views including a peek of Lake Arrowhead. Direct entry through the 2 car garage. 4 spacious bedrooms. Master bedroom w/ bath & fireplace as well as a deck w/ hot tub to take in the views. Grand kitchen w/ abundant storage, pantry, & nice appliances. Living room opens to a lovely deck. Dining room w/ fantastic picture windows. Fire sprinklers, super-foundation, surround soud, XL water heater – many upgrades.

 

835 Del Norte Ln., Lake Arrowhead, Ca 92352

Beautiful Home with fabulous Golf Course & Grass Valley Lake views. Granite Stone Fireplace in Living room, granite counters & upgraded stainless appliances. Dining area w/sliders to large TREX Deck – views forever. Master on Lower Level w/sliders to private deck, Family Room w/huge closet, – 2 additional bedrooms and Guest Bath. House is Air Conditioned! Partially finished Buildup great for storage,workshop, additional living space – easily accessed w/outdoor stairs and concrete decking and a 2 car garage- a rare find!!!! For more info, please visit the Virtual Tour.

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Offered for $499,000



 

KitchenLivingMasterDel NorteDeck

 

 

In April I sold a home to a lovely client and friend. She immediately got to work in remodeling her new vacation property. This house sits on an odd corner where it kind of touches 4 different streets. Three of those streets are in our countys Special Services District for road maintenance and plowing; etc. It’s close to the lake, surrounded by trees, a very nice spot. This month my friend received her semi-annual property tax bill. The bill had an assessment of $1,900, the first half of a $3,800 road assessment to repave on Special district streets. This was the first she had heard of this large sum and was shocked to say the least.

I called the selling agent, who called the sellers. Neither party claims to have had any knowledge of this assessment. I called the neighborhood organizer of this project. He gave me the phone number for the person at SB County handling it as well as the project name. He says he sent many emails to my friend letting her know how excited he was about the paving project. She says, yes, within 4 days of her closing escrow he came over and asked for her email. She shared his excitement about the maintenance and beautification of the roads. He never mentioned the cost. She never got anything from the county. He did say one interesting thing to me, however. He mentioned he was surprised this home was not exempt because of the placement, he wasn’t sure she would benefit from the project.

The county was able to disclose the mailing info (survey, ballot, results, notices) all went to the sellers mailing address. Seller says they didn’t see anything. I asked the county if this property could be exempt. Initially I was told, “no.” My friend took over with the county and worked with them. The county revisited the property and changed their minds about the exemption. So in the end my friend will be exempt from the $3,800.

My question is, should the seller have been responsible for the non-disclosure if, in fact, someone did have to pay? Are people responsible for reading their mail? The survey went out during the escrow period, the results were sent after we had closed. So, technically it was not a done deal. I think if one  has knowledge of a possible fee coming down the pike it should be mentioned. I think my client would have purchased the home anyway. Tax bills should not be a shock. Property taxes are something we check into during our discovery period based on public record. Since this was not yet enforced, there was no way of knowing for the buyer.

In the future, when I sell houses on these small roads, known to be in the Special Services District, I think I’ll give them a call and ask if there are any proposed fees. Just like I have to call the Weed Abatement department to ask if there are any outstanding notices or liens on a property. I learned a new lesson here.

Coincidentally, my partner in the office also sold a vacant lot during the same period on the same street. In her case it is not exempt and was also not disclosed. I have yet to see what will come of that scenario.

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Dont Work with a “Fish Out of Water”.

Dont Work with a

My broker, Steve, brings up a great point. I see a lot of out of area agents in and around Lake Arrowhead doing their best to represent friends and family members. We are such a unique market, there is no way they are doing right by said friends. Referrals are wonderful! If you are an out of area agent, refer your friends and family members to me. I will treat them as my own family and make sure they know the ins and outs of our wonderful mountain community. Who knows, maybe I’ll have a friend to refer back to you!

 

*Remember, friends don’t let friends work with inexperienced agents. 😉

Give me a call (909) 838-8715

As of 3/17/2013, there are currently 26 Lakefronts active on the market. The least expensive is $798,000 and the most expensive is $16 million. You can view the link for each of the listed homes here: Click here for link.

There are currently 2 Lakefronts in escrow, to view those, click here.

In the past 6 months, there have been 12 Lakefront sales. Sales prices have ranged between $500,000 and $3,000,000. You can view those homes if you click here.

If you have any additional questions or want to talk about the current market, give me a call! (909) 838-8715

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For Sale: 2BR/1 1BA Single Family House in Lake Arrowhead, CA, $149,000.

Lake Arrowhead hideaway

Darling Cabin in the Woods! 2 bedroom Mountain hideaway with Lake Rights for $149,000. You don’t want to miss this one. Call Holly (909) 838-8715 or email: jhgalligan@msn.com for this or other Arrowhead properties.

This is the 38th anniversary HOME TOUR – Saturday, September 15th, and Friday Night Gala at Taraloch in Shelter Cove September 14th- Get your tickets early at the Lake Arrowhead Chamber office, Lake Arrowhead Village 909-337-3715.
Limited tickets.

Classic Arrowhead Lakefront


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Offered for $1,125,000

Beautifully remodeled Lakefront charmer custom designed by owner/builder.Light & bright eat-in kitchen with Viking stove and top of the line appliances. Wood floors,vaulted – beamed ceilings, laundry room, and pantry. Heated slate floors in the family room. New, heated 2 car garage, plenty of parking & easy access.Guest quarters with en suite bath and kitchenette. 4 additional bedrooms and 3 baths in the main house. Outstanding outdoor space: Cozy gazebo, large lakeview patio perfect for entertaining. Backyard with outdoor fireplace. Gentle walk down to 1/2 double TREX dock and new dock house. 2006 Mastercraft wakeboard boat available for extra $$. The Lake Arrowhead lifestyle you’ve dreamed of, move-in ready… All of this could be yours.

Year Built 1947 / Remodeled in 2008
Sq Footage 2,307
Bedrooms 5
Bathrooms 4
Floors 3
Parking 2 Car garage + driveway for 3
Lot Size 5,570 sqft

Here is an informative article from #1 Daily News:

With the economy in a recession and the Real Estate Market at its worst in decades, many taxpayers have either experienced or are facing the threat of a foreclosed home or other piece of Real Property.

The number of foreclosed homes and short sales has skyrocketed in recent years amongst a failing economy and an unemployment rate hitting historical highs. To make matters worse, some experts are predicting a “bottoming out” of the economy as late as 2012. In the meantime, the number of people losing their homes continues to rise.

The foreclosure of Real Property can give rise to many questions and concerns for taxpayers.

Upon the foreclosure or short sale of a piece of real estate, the lender with the deficiency will issue a Form 1099-C, Cancellation of Debt to both the taxpayer and the IRS. In past years, the amount of cancelled debt would give rise to what is sometimes referred to as “phantom income”. This phantom income would be taxable as ordinary income and would result in tax that had to be paid by the taxpayer. The taxpayer however, having never taken actual receipt of any cash, would many times be unable to pay the tax this phantom income produced.

Fortunately for taxpayers, Congress addressed this very issue in The Mortgage Forgiveness Debt Relief Act of 2007. The bill; H.R. 3648, was passed by Congress and was signed by President George W. Bush in December of 2007. The bill, grants relief to homeowners that have been given relief from mortgage debt through a foreclosure, short sale or other similar agreement with the lender. Generally, eligible debt is what is referred to as acquisition indebtedness. Acquisition indebtedness is defined as debt incurred to acquire, construct or rehabilitate a residence. However, refinanced debt will qualify, so long as the debt does not exceed the original amount and home equity debt will qualify so long as the funds were used to improve the taxpayer’s home. No relief is available for cash-outs. The forgiven mortgage debt must have been secured by the residence and no more than $2 million of mortgage debt is eligible for the exclusion ($1 million ofmortgage debt for a married person filing separately). The relief applies to qualified debt forgiven between January 1st 2007 and December 31st 2012.

While the State of California does not conform exactly to Federal law, it also provides relief from tax on forgiven mortgage debt for calendar years 2007 and 2008. Senate Bill 1055, enacted September 25th, 2008

allows taxpayers to exclude up to $250,000 of cancellation-of-debt income resulting from a discharge of a loan that was used to acquire, construct, or substantially improve the principal residence of the taxpayer. The maximum amount of a loan eligible to be excluded is $800,000. The exclusion is further phased-out for discharged loans that exceed $800,000. Some taxpayers may need to file an amended California return for 2007 in order to take advantage of these provisions. Doing so may result in a refund or reduction of tax liability.

For taxpayers who have lost their homes either through foreclosure or a short sale scenario these relief provisions are welcome news. However, it is important for taxpayers to remember that these provisions only apply to principle residence loans that were used to acquire, construct or rehabilitate a taxpayer’s principle residence. Taxpayers who have used loan proceeds for other purposes may still be facing a taxable income situation. Taxpayers who have experienced or are facing foreclosure or short sale scenarios on rental, business or investment properties are likewise at risk as these provisions will not apply. In these situations it is imperative that taxpayers have a competent tax professional to assist them with their tax planning and preparation. Taxpayers may still be able to obtain relief under other provisions such as the establishment of insolvency. However, navigating specific tax laws in these areas can be tricky.

Christopher R. Jacquez, EA

CEO, eTaxRelief – Tax Negotiation & Preparation Services, Debt Relief

http://www.eTaxRelief.com

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