La Jolla Real Estate: La Jolla Luxury Homes

 

An increasing amount of foreign buyers have caught on to the terrific investment potential in purchasing luxury La Jolla Real Estate. However, often times they are not quite sure exactly how to draw the funds from their foreign bank account to pay for their luxury La Jolla Real Estate. A simple wire transfer is the answer, but unless you have moved funds in this manner previously, it could be intimidating. A wire transfer helps to move money from one account to another account, safely and quickly. The convenience of not having to personally move the funds is unbeatable and will have you buying or selling your luxury La Jolla Real Estate quickly and pleasantly. So, if you are buying or selling any property that will involve international funds, read these tips first.

Things You'll Need: Bank account in the US and a bank account in a foreign country

Step One:

Contact the foreign bank and collect the following information:
1. Name of Bank
2. Bank Identifier Code (BIC)
3. Full address of the bank or branch address
4. IBAN # if sending to Europe

Step Two:

Collect the following information from the beneficiary of the funds(person who funds are payable to):
1. Name
2. Account number
3. Complete address

Step Three:

Determine the amount of money you wish to send. Ensure the availability of the funds in your account. Remember, usually there is a fee for each international wire transfer. Shop around credit union banks for a good rate.

Step Four:

After sending the wire, ask for a confirmation. Collect necessary information to track the wire transfer. Also ask the beneficiary bank for an email or fax confirming the receipt of funds.

 

http://www.lajollacommunities.com/00644B

More and more younger La Jollans are making the move to purchase their first La Home in one of La Jollas premier neighborhoods such as La Jolla Frams or La Jolla Shores.   So it is natural that you are ready to purchase your first La Jolla home with so many great Real Estate deals in the area.   You may be wanting to take advantage of the Tax Credit.  Time is running out for you to take advantage of this tax credit, you must close on your home by November 30, 2009 to take advantage of it!   So if you are thinking of taking advantage of it, it is time to start the process.

The American Recovery and Reinvestment Act of 2009

Who is Eligible?

La Jolla California Buyers who have not owned a home for the preceding three years.  That means you may still qualify for the tax credit even if you and your spouse owned a La Jolla home more than three years ago. There are some eligibility requirements, so please be sure to talk with your tax professional.

How Much is the Tax credit?

The tax credit is limited to ten percent of the purchase price up to a maximum of $8,000* for a single resident or a married couple filing jointly.

Are There Limits?

The credit is phased out based on your modified adjusted gross income (MAGI). Please talk to your tax professional about your eligibility.

How Does It Work?

The tax credit reduces a your tax bill or increases your refund, dollar for dollar. It is fully refundable, meaning that the credit will be paid out to you, even if you owe no tax or the credit is more than the tax that you owe.  Even better, there is no repayment requirements associated with this incentive if you keep your home for at least three years.

La Jolla Buyers are permitted to claim the tax credit on their 2008 taxes even though the home closing occurs in 2009. A qualified La Jolla uyer may obtain the credit for the 2008 tax year by filing an amended 2008 tax return after closing.  The incentive is for homes that close between January 1, 2009 and November 30, 2009.

Can I use this credit on  Vacation Home?

The Tax credit is available for purchases of principal residences.  Purchases of La Jolla vacation homes and rental property are not eligible.

Additional information can be found at the National Association of Realtors website and can further assist you in clearing up any confusion for Buffalonians.

H.R. 1, the "American Recovery and Reinvestment Act of 2009," passed the House on February 13, 2009, by a vote of 246 - 184. Later that day, the Senate also passed the bill by a vote of 60 - 38. The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.
View how the U.S. House of Representatives voted>
View how the U.S. Senate voted>

The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote.  In the end, the elements of NAR's housing agenda were included.  Congress and the President have announced that a finance and housing package (including tax provisions) will be the next "big" initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.

The NAR site is full of information of the above details, visit the NAR site for the latest information.

 

 

http://www.lajollacommunities.com/009B64

Ever wonder about the state of the current housing market and La Jolla Real estate? Maxine Gellens is interviewed on Fox News and talks about the high end La Jolla real estate market, the current housing market and stock market impacts.

 

 

http://www.lajollacommunities.com/009745

Q & A with Luxury Real Estate Agents Maxine & Marti Gellens

 

In case you missed Thursday's live chat on www.SignOnSanDiego.com with the #1 Prudential Real Estate Agents in San Diego and Southern California,  Maxine & Marti Gellens, we've got the transcript below.

 

Ask the Pro's Interview with Maxine & Marti Gellens

SignOn Moderator:  Hello Everyone! Welcome to Real Estate Ask the Pros with Maxine & Marti Gellens of Prudential California Realty. Our forum today is intended for educational purposes, not to replace the advice of your tax planning professional or your attorney. If you are already represented by an agent- your agent represents you and is in the best position to advise you.

 

[Comment From Maxine and Marti Gellens]
Hello welcome to our online chat. This is Maxine and Marti Gellens.

 

 

[Comment From Tom]
I'm new to San Diego, what would you say are the top 3 luxury communities in this market?

 

Maxine and Marti Gellens:  La Jolla, Del Mar and Rancho Santa Fe

 

[Comment From Katie young]
If I inherit a home, how is the cost basis figured?

 

Maxine and Marti Gellens:  Please refer to your tax consultant. And then we would love to help you.

 

[Comment From Joseph Turner]
Under the new administration, are there any new tax consequences (positive or negative) that I should be aware of when purchasing a home? Thanks, - Joseph

 

Maxine and Marti Gellens:  Hi Joseph, again please refer to your tax consultant

 

[Comment From Sam]
What price range is considered to be luxury in the San Diego market?

 

Maxine and Marti Gellens:  Hi Sam, it depends upon the neighborhood within the San Diego area as they all have different price points. For instance, the luxury price point in La Jolla begins around 3-4 million. In Mission Hills it begins around 2 million.

 

Comment From Suzanne]
Being new to real estate, I have looked and looked for a checklist of sorts to know what forms to use, when, how, why, and what goes to whom. Does any such thing exist? I noticed in WinForms, there is a Transaction Checklist, but it is mainly geared for the Listing side, while I am focusing on the Selling side.

 

Maxine and Marti Gellens:  Good Morning Suzanne. Since we work with Prudential California Realty, all of the required forms and checklists are provided by our Broker. You could also use the services of a Transaction Coordinator to facilitate all of the required documents for a real estate transaction.

 

Comment From Sam]
I have not seen you mention Coronado at all... is that not considered part of San Diego?

 

Maxine and Marti Gellens:  Sam, yes Coronado definitely is. We were just giving you some examples. The luxury price point would start around 2 million in Coronado.

 

[Comment From Suzanne]
I am trying to rent my home in order to save it from foreclosure. I have yet to receive a ND, so if I can rent it, according to my lender, the amount from the 1st months rent and deposit would be all I need to be able to do a loan modification. This really is my last chance to save my home, since I do not have any other income possibilities at the moment. However, I do not want to risk having a renter be caught up in my mortgage mess. What are your thoughts in how best to go about this?

Maxine and Marti Gellens:  Suzanne, you will need to refer to your specific lender, for your specific situation. In any case, if you do rent the property, you will need to disclose your situation to any potential tenant.

 

[Comment From Derick]
I have not selected an agent yet, how should I go about choosing the company and the agent to work with?

 

Maxine and Marti Gellens:  Derick - Use an agent in your specific area. Ask your neighbors or people that live in the area who they would recommend. Interview 3 agents and have them provide to you their track record and a marketing plan. Derick - Feel free to give us a call at 858-551-6630 or e-mail us at maxine@gellens.com. We would love to help you out or give you a referral.

 

 [Comment From Ryan]
I'm interested in the luxury market, but I'm a little cautious. How have they faired recently considering the market decline?

 

Maxine and Marti Gellens:  Hi Ryan. The luxury market has definitely been hit, but it seems to be stabilizing. However, being cautious is not a bad thing.

 

[Comment From timothy]
Would you consider discounting your commission on large transactions?

 Maxine and Marti Gellens:  Timothy - Commissions are negotiable and we would discuss our fee with you in a face to face meeting.

 

[Comment From Guest]
How important is the Internet these days in marketing your home?

 

 Maxine and Marti Gellens:  Extremely important. We market our properties on 4 of our own sites plus approx. 15 others. 90% of all buyers go online first to look for properties.

 

[Comment From timothy]
is it true if I trade up and stay within a certain price increase or decrease that I can take my existing tax base with me?

 

 Maxine and Marti Gellens:  Timothy, you may sell a home every 2 years and if you are single, $250,000 is tax free after your original purchase price, capital improvements and closing costs including commissions. If you are married it is $500,000. However, we suggest that you refer to your tax advisers for this type of tax information since the laws are changing everyday.

 

What is the most luxurious community in San Diego County?
Del Mar ( 18% )

Coronado( 24% )

Rancho Santa Fe ( 29% )

La Jolla ( 24% )

Downtown ( 0% )

Mission Hills ( 6% )

 

[Comment From Holly]
How do I find out about the best buys in La Jolla?

 

Maxine and Marti Gellens:  Holly, that is a very subjective question, depending on what you're looking for, and who you are asking. We'd be happy to discuss it with you, please call us at (858) 551-6630.

 

 [Comment From Charles]
I've located two homes within my price range that appeal to my wife and me. The first is larger, on a grander piece of property but is adjacent to a less than desirable road situation. The second is located in a beautiful neighborhood with a lovely garden but has less square footage. In your opinion, which option is better for a long term investment?

 

 Maxine and Marti Gellens:  Charles, there is no question that the location of a property is THE most important thing to consider when purchasing a property. A busy road will always hinder future appreciation. This is one case where size doesn't matter!

 [Comment From Al L.]

How high can a conforming high balance loan vs. a non conforming Jumbo loan be??

 

 Maxine and Marti Gellens:  The conforming high balance as of today is $546,250 - going to $697,500 hopefully very soon. With regards to a non-conforming jumbo loan, there are many different programs available depending upon your situation and whether you are using an institutional lender or private banking. All programs are dependent upon down payment.. The sky can be the limit.

 

 [Comment From Al L.]
Thanks....I appreciate your expertise

 

 How did you hear about this chat?
Newspaper ( 40% )

 

Online ( 47% )

 

E-Newsletter ( 7% )

 

Other ( 7% )

 

Comment From Pete R.]
How high does my fico score have to be for a jumbo loan? And is it different for a conforming loan??

 

 Maxine and Marti Gellens:  Pete - 720 if not higher. Yes, for conforming it could be as low as 600.

 

 [Comment From Ervin]
Is it true that most luxury homes are purchased with cash?

 

 Maxine and Marti Gellens:  Hi Ervin, welcome! About 50/50.

 

[Comment From John C.]
What is the price per square foot in La Jolla and also for Oceanfront La Jolla? thanks for the help, guys..

 

 Maxine and Marti Gellens:  John - in La Jolla there is no rule of thumb because it is dependent on view, terrain, location and condition. As far as the oceanfront is concerned in the past year it ranged from $1,500 to $4,000 per square foot.

 

 [Comment From Phil]
When listing a home, what does your typical marketing plan look like?

 

Maxine and Marti Gellens:  Phil - it has an array of options depending upon the property. Marketing is a very big part of our Real Estate practice.  We would be happy to discuss it further with you. Please give us a call at 858-551-6630 or e-mail us at maxine@gellens.com. Thanks!

 

 [Comment From Phil]
Thank you :)

 

 [Comment From Donna J]
What is now considered a Jumbo loan??

Maxine and Marti Gellens:  Donna - As of today a jumbo loan is any loan amount over $546,250. However FHA is at $697,500.

 

 [Comment From Donna J]
My second question regarding jumbo loans is how much down would we have to place??

 

Maxine and Marti Gellens:  Donna - Down payment requirements in San Diego for jumbo loans are generally around 30% down. However, with a perfect financial profile (fico score above 760, with 12 month liquid cash reserves) it could be as low as 20% down.

 

[Comment From Clayton]
Is there a price range in homes you prefer to represent?

 Maxine and Marti Gellens:  Clayton - It is more dependent upon the area in which the property is located rather than the price range. We represent all price ranges. Thanks for asking.

 

 [Comment From Guest]
In La Jolla, what is the average market time to sell a house?

 

 Maxine and Marti Gellens:  The lower priced homes are selling faster than the upper end of the market. According to the La Jolla board the average time on market in La Jolla is approx. 95-100 days

 

 [Comment From Dean Moriarty]

Howdy! I am a huge golfer. Do you have any luxury listings with great golf courses? Torrey Pines perhaps?

 

Maxine and Marti Gellens:  Dean - There are no homes on the Torrey Pines golf course. There is 1 home on the La Jolla Country Club golf course for sale not in the MLS for $3.6 million, another one listed at $1,749,000 and lastly if you are a real golf fan, there is one listed at $18 million. La Jolla Country Club is the only golf course in La Jolla with adjacent homes. Please feel free to contact us at 858-551-6630 or e-mail at maxine@gellens.com. There are many options in North County.

 

[Comment From Andrew]
Is there a particular area in San Diego that celebrities like to live? Would it help my investment in a home by purchasing in one of these areas?

Maxine and Marti Gellens:  Andrew - Celebrities in San Diego are mostly very low key. They live all over the county and the only thing we can tell you that causes a house to appreciate is it's location and the ECONOMY, not who lives there. Thanks!

 

 How soon do you intend to buy a home?
0-3 Months ( 14% )

 

4-6 Months ( 43% )

 

7-12 Months ( 14% )

 

More than a year ( 29% )

 

(Comment From Wayne from del mar]
Hi, thanks for doing this chat. Is there a single most important thing I should consider when buying one of these luxury homes?

 Maxine and Marti Gellens:  Wayne - Yes, its location and your specific needs

 

[Comment From Robert]
My wife and I are considering building a luxury home in San Diego. Is there a location that is friendly for custom homes, also where would be the best place to go for a larger plot of land?

 

 Maxine and Marti Gellens:  Robert - The easiest place to build a custom home with a large parcel of land would be North County in an unincorporated area because of the less restrictive codes. The larger plots of land are located in these same areas. Building in an area such as Rancho Santa Fe would be most desirable for building a custom home on a larger plot of land but you must be aware of the restrictions from the homeowners associations and governing bodies.

 

[Comment From Holly]
How can I keep current on the real estate market in La Jolla?

 

 Maxine and Marti Gellens:  Holly - We would be very happy to add you to our automated online property update via e-mail if you are interested. This would keep you apprised of any new listings and sales in La Jolla on an ongoing basis. Please contact us at 858-551-6630 or e-mail us at maxine@gellens.com.

 

Maxine and Marti Gellens:  We want to thank you all for attending this chat with us. For any further assistance you can contact us at 858-551-6630 or e-mail us at maxine@gellens.com or go to www.gellens.com.

 

SignOn Moderator:  

 

Thank you participating in today's live chat. We hope you enjoyed our latest feature from SignOnSanDiego.com. Stay tuned for more Real Estate chats, coming soon!

 

Recognized Agents: Maxine & Marti Gellens

Maxine & Marti Gellens of Prudential California Realty, La Jolla, received their most recent accolade in April when it was announced at the Prudential National Sales Convention that they ranked fifth among Prudential sales teams in the nation for 2008. Maxine and Marti also recently earned the distinction of being ranked number one in three categories for 2008: first for Prudential California Realty, La Jolla, in sales production; first for San Diego County in sales production; first for Southern California in sales production. This mother-daughter partnership has been a major force in the real estate market since 1994, when they merged their considerable talents to become one of the first mother-daughter teams to sell real estate.

 

 

Highlights & Awards

Recognized and respected by nine out of ten Americans, the Prudential name brings you the strength of one of the nation's largest financial services company. In fact, Prudential Financial has grown to provide services to more than 50 million people in North America.

Prudential California Realty is the largest franchisee of the Prudential Real Estate Network. Based in Southern California, Prudential California Realty operates over 58 offices and is ranked among the top five brokerages in the nation.

When you choose Prudential California Realty, you have made a decision to work with a highly professional team that brings to you personal representation, powerful resources and proven results.­­­ www.gellens.com

­­ www.SignOnSanDiego.com, Thursday, April 16, 2009

 

http://www.lajollacommunities.com/0096B3

Maxine and Marti Gellens of Prudential California Realty in La Jolla have earned the distinction of being ranked No. 1 in three categories for 2008:  No. 1 for Prudential California Realty, La Jolla, in sales production; No. 1 for San Diego County in sales production; No.1 for Southern California in sales production. Last but not least, this year as in past years, they are in the "Top Ten" nationally among  58,000 Prudential Real Estate associates.  Their actual  ranking nationally for 2008 will be announced the end of March at the Prudential Real Estate National Sales Convention in Las Vegas.

 

This mother-daughter partnership has been a major force in the real estate market since 1994, when they merged their considerable talents to become one of the first mother-daughter teams to sell real estate. Today's economy and real estate market is a formidable challenge to buyers, sellers and their realtors.  Maxine & Marti have risen to the occasion, instilling confidence by how they handle complex issues and relate to their clients. 

The admiration of one of their clients is expressed in a letter recently received: "We will long remember your calm & constancy during a turbulent escrow, counseling a troubled client faced with a vacillating buyer."  Another client has written, "I always felt well cared-for by Maxine & Marti and their staff.  Who would have thought the economy would tumble?  In spite of that, you persevered and succeeded."

 

 Maxine & Marti Gellens are located at Prudential California Realty in the heart of La Jolla Village at 1299 Prospect St., La Jolla.  They can be contacted at 858.551.6630 or emailed at maxine@gellens.com.  Their website with information and photos of all their listings can be reached at www.gellens.com.

http://www.lajollacommunities.com/0095AB