La Jolla Lower End

If you are considering the under-$1,000,000 market around the Del Mar/Solana Beach/RSF/CV area, you’ve noticed how low the inventory has been. If you are thinking of expanding your horizons, how about a La Jolla beach cottage?

5 Comments

tj & the bear on January 15, 2012 at 9:25 pm

C’mon… you really wanted to title this one “Slumming in La Jolla”. 😉

GameAgent on January 16, 2012 at 8:29 am

If Mitt wins, these dumps will be flying off the shelf.

Jim the Realtor on January 16, 2012 at 9:42 am

Only in Detroit?

Property owners in Detroit have found a novel way to avoid taxes: Let their properties go into foreclosure and then buy them back from the county for $500 each.

Landlord Jeffrey Cusimano avoided about $600,000 in taxes and liens by letting 34 of his properties go into foreclosure and then buying them back at auction, The Detroit News reported. He owes about $338,000 in taxes on 53 other properties that are headed for foreclosure.

“It’s the times,” Cusimano told The News. “I had my eye on 30 others in better neighborhoods if I couldn’t get these.”

The News calculated that owners of 400 properties were able to erase $4.7 million in taxes and liens last fall by buying back their own homes and businesses.

This would be a risky practice in cities where investors compete to pick up the good properties at tax auctions. In Detroit, however, which has lost significant population and has many vacant homes and businesses, it’s rare for anyone to bid against the former owners at auction. The county first offers the homes at a price equal to the unpaid taxes and liens plus $500. But if no one bids — and usually no one does — the properties are offered the next month for $500 each.

http://money.msn.com/tax-tips/post.aspx?post=5d8325c0-3917-47b9-98e6-3066c5198ae1