Contributed by Michael Edlen, Real Estate Consultant We are in a local real estate market that has no precedent in all of its aspects. Sellers are tending to hold on to their properties for much longer than in previous decades,
There has been considerable interest expressed about the signs of the current market transitioning and what we might expect in 2019. In noticing that there have been a large number of leases this year, the question that arose is how that compares with the current sales levels.
This review is not intended to be a political statement or position, but hopefully is useful in bringing together some of the more significant issues that have been identified and raised by various people and analysts.
Proposition 60 originally required that the replacement and the original be located in the same county, and 90 was passed to enable other counties to opt-in if they elected to. The tax relief is not automatic but must be requested within three years of the replacement property purchase.
One of the most frequent questions I am asked is “How is the market?” I always have to ask in turn, “Which market?” Most of the time we think in terms of a broad picture such as the Westside in general or Pacific Palisades as a whole.
I am frequently asked how current economic and political conditions might impact the real estate market, and if we can learn lessons from the past to have a better perspective of likely future values. It is timely to be asking such questions and to consider previous periods of house price surges.