The Fallout from Prop 19

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In November 2020, California voters narrowly passed Proposition 19, changing the way property taxes are assessed to provide more portability for seniors, people with disabilities, and those who lose their homes in wildfires and other disasters. But the new law also came with consequences for family transfers…

CHIC (Pearl)

Under Prop 19, there are new limits on property tax exemptions in transfers to family members. The transfer must be to a child or grandchild, that family member must make the home their primary residence within one year of the transfer, and the exemption is limited to the first $1 million of assessed value over the original base assessment. And no, gifting your property to your child would not qualify for an exemption!

GEEK (Kevin)

Another Prop 19 quirk is that the same property owner can take their base property tax assessment with them to 3 different properties anywhere in California, provided the original and replacement homes are of moderately equal value. I don’t think this will lead to a flurry of seniors on the move, but it seems a bit antithetical to the original intent of Prop 13, which was to allow Californians to age gracefully in place.

Your Real Estate Horoscope for 2024

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Last week, Master Y.C. Sun, renowned fortune teller, astrologer, and feng shui master, shared his predictions for the Year of the Wood Dragon with the Silicon Valley Association of Realtors. The program, attended by over 150 members, was hosted by the Global Business Council in conjunction with the DEI (Diversity, Equity & Inclusion) Committee. These were our key takeaways…

CHIC (Pearl)

Master Sun noted that 2023 was the Year of the Water Rabbit, which did not bode well for the real estate market simply because of the characteristics of those elements. On the flip side, a Dragon has a strong sense of ownership and an ability to turn things upside down. It never gives up and releases powerful energy to accomplish its vision. And Wood, like a tree with branches, is a sign of limitless growth and expansion. This means we can expect a stronger year for the market.

GEEK (Kevin)

Master Sun also cautioned that “general predictions are based on ancient Chinese methodology and should be viewed with a discriminating eye and an open mind." As a numbers guy like me would expect, more accurate predictions can be achieved with a detailed analysis. I also appreciated his encouragement to get in shape, eat healthier, spend less time on social media, visit nature, learn a new skill, and focus on your family’s interests and safety.

Got questions? Contact Master Sun directly at askmastersun.com.

Coming Soon in Mountain View!

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201 Flynn Ave, Unit 16, Mountain View, CA 94043

2 Bed | 2.5 Baths | 1,254 sqft

Take a sneak peek at this end unit townhome with an uncommonly spacious backyard close to the diverse and dynamic culture of Downtown Mountain View. It’s the perfect combination of private getaway and centralized location, surrounded by great school districts and major tech companies, some of which are within walking — or bicycling — distance, including Google, Samsung, LinkedIn, Symantec, and NASA.

With the Stevens Creek Trail and Shoreline Lake and Golf Links nearby, there’s plenty of opportunity to connect with nature and stay fit. And Shoreline Amphitheatre is always a destination for the best live music. Relax in the clubhouse, take a lap in the pool, or lay out and enjoy the backyard paradise we created for our clients. We’re really happy with how the home turned out after new painting, clearing, light fixtures, and planting, and we hope you’ll like it, too!

Contact us for a before market showing.