I thought that Prop 19 would get lumped together with Prop 15 and cause voters to consider them both to be a change/threat to the original Prop-13.
Though Prop 15 is losing, it appears that Prop 19 has passed:
California Proposition 19
(100% reporting)
YES: 51.5%
NO: 48.5%
If passed, the initiative goes into effect on April 1st, so we should see seniors start to list their homes for sale in March. Look out for those tens of thousands of housing opportunities!
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
Here’s an unintended consequence of Prop 19. If you inherit your parent’s home and sell it, the property tax basis will be increased to market value as of the date of death. It will encourage those kids to hurry up and sell to save having to pay the higher tax. From the OCR:
But if Proposition 19 passes, property transferred between parents and children would be reassessed to market value as of the date of transfer, which in the case of inheritance is the date of death. A child would have to move in and make the parent’s home his or her primary residence within one year in order to qualify for an exclusion from reassessment.
If children who inherit their parents’ home and other property want to sell it, they would have to pay much higher property taxes over that average 17-month period from the date of death to the close of escrow. Our clients would have owed an average of $8,500 in extra taxes.
In my conversations with different county assessors’ offices in California, the majority of parent-to-child exclusions from reassessment under Proposition 58 are granted for this exact scenario. Proposition 19 will create a new tax for average Californians that just lost a parent.
The proponents of Proposition 19 say their measure eliminates “unfair tax loopholes used by East Coast investors, celebrities, wealthy non-California residents, and trust fund heirs.” They seem to be under the impression that a significant number of parent-to-child transfers are for wealthy, undeserving individuals. Let’s look at some data on our clients.
Over the last year, 61 percent of our clients have received an exclusion from reassessment for properties they did not intend to immediately occupy. Of those, 8 percent were not California residents. The non-California residents did not live farther east than Utah. The average property value for these non-California residents was $665,000. They were hardly wealthy, celebrities or from the East Coast.
The higher taxes under Proposition 19 would compel two-thirds of our clients to sell the property, even if they preferred to keep it. This might be great for realtors, who expect to collect more commissions. It’s not great for a family grieving the loss of a parent.
https://www.ocregister.com/2020/11/02/prop-19-will-negatively-impact-many-ordinary-californians/
Youre taking some small lumps on the predictions lately 😉 but its all gonna be fine whomever wins and whatever passes. Change comes slow.
I think this is like the election polls and it is way off regarding heirs. It is not gonna happen to prime real estate in CA. My kids will get mine someday paid off. Id love one of them to live here and maybe both if I ever get that grandpa flat built. If they rent out the result is instead of $60K of income based upon current prices they would make around $55K plus own a prime piece of CA real estate that will only appreciate more over time. While Prop 19 isnt a positive for them they are smart enough to do the math and keep it.
I do think it could be a nice boost for tax receipts as it could spur more older folks to move more often. Me? Not going anywhere!
Pie charts are hard!
You’re taking some small lumps on the predictions lately ?. I do think it could be a nice boost for tax receipts as it could spur more older folks to move more often.
At least my lumps are from being conservative! I do recommend that everyone moves every 6-12 months!
It does appear that California has a few more votes to count, so winning isn’t 100% yet. Today, the AP said the count is 82%.
Reporting on the props has been interesting. I saw in two places where they said it was 100%!
From the CAR president:
Proposition 19:
With the latest update from the Secretary of State’s office, some media outlets have already called the election in favor of Proposition 19. We remain highly confident that Proposition 19 will officially pass when all of the remaining 4.5 million votes are counted. We currently are holding at 51.4% “Yes” and 48.6% “No,” with approximately a 330,000-vote difference. The votes reported continue to remain consistent with the campaign’s voter modeling.
I would like to thank all of you for your hard work and the continued effort to pass Proposition 19. Each email, letter, phone call, social media post, and text message you shared about the initiative is appreciated and positively affected the Yes on 19 Campaign.