Remodel Mistake #1

Remodel Mistakes

Skipping the permit

There’s no denying that getting permits can be a pain. For one, they add another cost to your likely already-stretched budget. For another, inspections by local authorities can slow down the work or even bring it to a halt altogether. But, having the right permits in place is a crucial factor when you eventually go to sell your home down the road. Not having them could cause your eventual sale to fall through. Worse, if the new buyer were to get hurt because of unpermitted workmanship, you could be sued.

If you’ve hired the right kind of contractor, he or she will most likely take care of the permitting for you, but that doesn’t mean that you can just brush this task aside. It’s up to you, as the homeowner, to verify that all of the correct permits are in place and that the work is being done to code.

Tara Mastroeni

Like-Kind Property

1031-exchange

IRC Section 1031 limits like-kind property to only certain types of real property. The term like-kind property refers to the nature or character of the property, rather than its grade or quality. Real property must be exchanged for like-kind real property. Furthermore, real property held for investment can be exchanged for real property used in a trade or business or real property held for use in a trade or business can be exchanged for real property held for investment.

WHAT IS EXCLUDED?

Personal property is not eligible for 1031 exchange tax deferral.

Regarding real property, a taxpayer’s primary residence and property held primarily for resale or dealer property are excluded from tax deferral under Section 1031. Section 121 provides tax exclusion for a taxpayer’s primary residence held for two (2) of the past five (5) years.

QUALIFYING REAL PROPERTY

The types of real property which can be exchanged under Section 1031 are very broad. Any real property held for productive use in a trade or business or for investment, whether improved or unimproved, is considered like-kind real property. Examples of like-kind real property include:

  • Unimproved property for improved property;
  • Fee for a leasehold with 30 or more years;
  • Vacant land for a commercial building;
  • Duplex for a retail property;
  • Single-family rental for a multi-family apartment;
  • Conservation easement for warehouse to be used in the taxpayer’s business;
  • Industrial property for rental vacation property in a resort area.

Downtown Update

minden nevada

Over the last 90 days there have been 45 sold listings in the downtown areas of Minden-Gardnerville.  Another 28 are currently in escrow, performing inspections or waiting to close while 30 home listings are still available for those out searching.

The median sales price of those sold homes is $416,000.  The average number of days all homes have been on the market is 88.  The highest priced home downtown sold for $590,000.  It was located at La Costa At Monte Vista in Minden.  This was a brand new 1 story floor plan with its backyard facing the Martin Slough path with fantastic views of Job’s Peak from the great room and master bedroom. 

The least expensive home sold for $168,000 and was located on Gilman Avenue behind Sharkey’s.  This charmer of a home built in 1941 at Gardnerville, had knotty pine walls, wood floors, rock fireplace, and tons of character!

To find your dream home or receive an opinion of value on your current residence contact Robert Stiles of Chase International.  Toll free 877-617-2498.  Serving all of the Carson Valley.



How they Figure NV Property Tax

property tax

The method of property valuation in Nevada is different than that used in any other state. Rather than assessing property on the basis of market value, Nevada’s property tax system uses market value for land but values most improvements to real property based on replacement cost minus depreciation as set by state law (American Bar Association 2016). This concept is known as taxable value. Download the full report by the Lincoln Institute to learn more.

Carson Valley Real Estate Update

Carson Valley Update

Eighty four sales have been recorded in the Carson Valley since April 1st.  Property sales are really beginning to heat up this spring.  Most of the sales have occurred in the downtown Gardnerville-Minden areas.  However Johnson Lane and the Ranchos are not far behind.  The median sales price for our area has been at $429,000.  The average days on the market for these properties have been a little over three months.  The lowest priced property sold for $168,088 off of Gilman Avenue in Gardnerville.  The highest priced property sold for $910,000 in Summit Ridge at Genoa Lakes.  For more information on your community visit CarsonValleyCommunities.com.

Carson Valley Condominium Marketplace

So what’s going on this week in the condominium marketplace?  I know at times I wish I owned a condominium so I could get away from doing yard work this time of year.  As of May 9th we currently have seven listings within the Carson Valley.  Eight more are in escrow, and twenty units have sold thus far in 2019.

Where is most of this market activity occurring?  Well, downtown Minden and Gardnerville look to be the most popular places to purchase.  The median sales price of those sold units is currently $213,500 as compared to $162,000 last year.  The lowest priced unit sold for $100,000, and was a bank owned property located in the Ranchos area.  The most expensive unit sold at The Esplanade at the Ranch for $368,420.

Twice as many units have sold this year so expect some competition from other buyers if you’re out there looking.  As always please contact Robert Stiles, Realtor® for additional information on your local community.  He works strictly for you!

Wire Fraud is Real

wire fraud

Just days before closing on a home, I got a message from my escrow officer—or at least someone pretending to be her. Our closing costs needed to be wired to the title company right away, she said, or our closing date would be pushed back.

Considering the six weeks I’d spent waiting to close on the property—not to mention the disdain I had for our current rental home—the message sent my heart racing.

The font was right. The signature was right. There was even a CC to my real estate agent. But something seemed off.

A closer look at the header revealed the problem. Each email address—one for my agent, one my mortgage broker and one for my escrow officer—was a single character off.

It was a fake. Click here for the rest of the story.