It’s easiest to think of the new tax this way, it’s the Orange County OC Beach tax. It increase the capital gains tax an additional 3.8% on real estate for individuals earning more than $200,000 AGI or $250,000 per couple. This tax is not called capital gains, it called a Medicare Tax, I guess to keep it separate from the capital gains tax.
4/02/2012 @ 9:57AMThere Is No Obamacare Tax On Most Home Sales. Really.
It is the unfounded rumor that never dies: You will have to pay a 3.8 percent federal health care tax on the sale of your house.
For all but a handful of taxpayers, this is not true. It is wrong. It is urban myth. It is the revenue equivalent of death panels or the Halliburton conspiracy to start the Iraq war.
This is one of those seemingly immortal Internet stories. You know the ones: They usually start with the assertion that, “They don’t want to know this but….” In the words of one blogger, “Obamacare will impose a 3.8 percent tax on all home sales and real estate transactions.”
Umm, no it won’t. Yes, the health law will impose a 3.8 percent tax on investment profits and other non-wage income starting in 2013. But that tax applies only to couples with adjusted gross income of $250,000 (or individuals with AGI of $200,000). About 95 percent of households make less than that, and will be exempt from the law no matter what.
However, on non principal residence transactions, where there no an exception , it’s an additional 3.8% capital gains tax.
The Tax Policy Center figures that in 2013 about 0.2 percent of households with cash income of $100,000-$200,000 would pay any additional tax under this provision. And they’d pay, on average, an extra $235. Keep in mind that is added tax on all sources of non-wage income, not just home sales.
Meaning investment income it will have the same income qualification.
Garden Grove Overview
| Median home price is $325,000. Based on a rental parity value of $466,000, this market is under valued. |
| Monthly payment affordability has been improving over the last 10 month(s). Momentum suggests improving affordability. |
| Resale prices on a $/SF basis declined from $233/SF to $232/SF. |
| Resale prices have been weak for 12 month(s). Price momentum suggests weak prices over the next three months. |
| Median rental rates increased $0 last month from $$1,932 to $$1,933. |
| Rents have been slowly rising for 12 month(s). Price momentum suggests slowly rising rents over the next three months. |
| Market rating = 7 |
Proprietary OC Housing News home purchase analysis 
11822 COMSTOCK Rd Garden Grove, CA 92840
$360,000 …….. Asking Price
$654,189 ………. Purchase Price
2/24/2012 ………. Purchase Date
($294,189) ………. Gross Gain (Loss)
($52,335) ………… Commissions and Costs at 8%
============================================
($346,524) ………. Net Gain (Loss)
============================================
-45.0% ………. Gross Percent Change
-53.0% ………. Net Percent Change
-166.5% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$360,000 …….. Asking Price
$12,600 ………… 3.5% Down FHA Financing
3.80% …………. Mortgage Interest Rate
30 ……………… Number of Years
$347,400 …….. Mortgage
$92,230 ………. Income Requirement
$1,619 ………… Monthly Mortgage Payment
$312 ………… Property Tax at 1.04%
………… Mello Roos & Special Taxes
$90 ………… Homeowners Insurance at 0.3%
$362 ………… Private Mortgage Insurance
………… Homeowners Association Fees
============================================
$2,383 ………. Monthly Cash Outlays
($247) ………. Tax Savings
($519) ………. Equity Hidden in Payment
$16 ………….. Lost Income to Down Payment
$110 ………….. Maintenance and Replacement Reserves
============================================
$1,743 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$5,100 ………… Furnishing and Move In at 1% + $1,500
$5,100 ………… Closing Costs at 1% + $1,500
$3,474 ………… Interest Points
$12,600 ………… Down Payment
============================================
$26,274 ………. Total Cash Costs
$26,700 ………. Emergency Cash Reserves
============================================
$52,974 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..
We're sorry, but it seems that we're having some problems loading MLS # P825964 from our database. Please check back soon.
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$357,500 11851 SHETLAND Rd |
0.15 miles 4 bd / 1 ba 1,359 Sq. Ft. |
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$549,000 11642 LAMPSON Ave |
0.22 miles 3 bd / 1.75 ba 1,688 Sq. Ft. |
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$448,000 12512 MERRILL St |
0.26 miles 4 bd / 2 ba 1,485 Sq. Ft. |
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$386,000 12646 MORGAN Ln |
0.28 miles 3 bd / 1.5 ba 1,842 Sq. Ft. |
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$425,000 11581 JERRY Ln |
0.28 miles 4 bd / 2.75 ba 1,632 Sq. Ft. |
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$450,000 12065 CHILI PEPPER Ln |
0.78 miles 3 bd / 2.75 ba 1,583 Sq. Ft. |
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$489,000 11841 DELLA Ln |
0.89 miles 3 bd / 2 ba 1,729 Sq. Ft. |
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$499,999 11032 CAMELLIA WAY Way |
0.9 miles 4 bd / 2.5 ba 1,790 Sq. Ft. |
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$430,000 13261 NINA Pl |
0.94 miles 3 bd / 2 ba 1,556 Sq. Ft. |
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$369,500 12071 PEARCE Ave |
1.01 miles 3 bd / 2 ba 1,257 Sq. Ft |
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See the enormous foreclosure pipeline for yourself below. Enter location and press search. Scroll through list by pressing "next."
We provide detailed information on any property.
Newly foreclosed former owners are being pushed into the rental market, and their activity is driving up rents everywhere.
Rental Market Attracting Residents Despite Price Increases: Survey
The rental market appears to be doing more than just sustaining its health. After surveying property managers, TransUnion found that increasing prices aren’t keeping tenants away.
Overall, managers reported they are doing better than the year before and are having an easier time attracting in residents despite the increase in prices.
The credit bureau’s June survey included 1,248 property managers across the U.S. who represented a range of property sizes.
Almost half (48 percent) of the managers surveyed reported rental price increases on the majority of their units since last year in June.
Approximately 44 percent said rental prices remained the same. In TransUnion’s 2011 rental survey, 39 percent of respondents stated that prices increased while 48 percent said prices were the unchanged.
For large properties (more than 200 units), 70 percent of managers reported price increases this year compared to 64 percent last year. Among small property (200 units or less) managers, 46 percent reported price increase from last year, an improvement from 36 percent last year.
“Data throughout the last year has pointed to a healthier rental market, and our survey helps validate the current strength of the rental industry,” said Steve Roe, VP of TransUnion Rental Screening Solutions. “The rise in rental prices, coupled with a decrease in vacancy rates and the ability to attract new residents with less effort are all positive signs for the market and rental property managers.”
Even with rental prices increasing, property managers are having an easier time with finding tenants. Nearly 73 percent of managers said finding residents is not difficult compared to 67 percent last year.
The percent of respondents stating vacancy rates for their properties are between 0 percent and 5 percent increased to 83 percent this year from 81 percent in 2011. When dividing up respondents based on property size, large property managers saw an increase to 64 percent his year compared to 60 percent last year.
In addition, 70 percent of small property managers said their vacancy rates are at 0 percent, which is an increased from 66 percent in 2011.
Even with a healthier rental market, property managers still face the issues with finding quality residents.
Nearly 60 percent of respondents said they are concerned or very concerned with finding reliable tenants.
“Though this number is down from 65% in last year’s survey, it does point to the continued unease about the economy and a lingering question about the ability of tenants to make timely rental payments,” said Roe.
More than half of the respondents (53 percent) said they have had a renter leave the unit with unpaid rent or damages, and about 18 percent said a tenant has done so in the last year.
“Finding reliable tenants is critical as property managers can lose thousands of dollars in rent if a tenant skips out of a rental unit, or if the property manager must take action to evict someone from a unit,” said Roe.
The survey included 1,107 small property managers and 141 large property managers.
TransUnion offers two rental screening services to screen residents: CreditRetriever, which is for large property management companies and SmartMove, which targets small and independent property managers.