Christina’s Post

Upcoming changes to what can be taxed as capital gains is spurring a flurry of property sales, according to realtors and others in the housing market, reported The Vancouver Sun. “We are closing five transactions ahead of June 25. The speed has been unprecedented,” said Mark Goodman, principal at Goodman Commercial Inc., which specializes in sales of multi-family apartments, commercial properties, development sites and land. "One of the five deals he closed is for a 43-suite, 10 storey concrete rental tower in the West End with panoramic ocean and mountain views that was listed at $22 million. Another is a Kits Point waterfront development site with beach access that was listed at $14.5 million." "Usually, there is a gap in time from when a property goes under contract to when a sale is completed so buyers can do their due diligence or get financing. Instead, there has been a “turbo-charge” to getting these deals done, said Goodman, adding that buyers and sellers have both been benefiting." https://lnkd.in/gcpcgWRw #vancouver #multifamily #sales

This is a great example of how people pivot based on government intervention. Since the enactment of Measure ULA, also known as the "Mansion Tax," luxury homes sales have dropped by 68%. But this transfer tax also applies to commercial real estate, which, coupled with extensive rent control laws, means that market also slowed down, especially on the development side. This gives cities outside of Los Angeles an opportunity to grow. Places like Beverly Hills, which is already one of the most expensive cities in the world, may see an influx of development and buyers. But also gives some Los Angeles neighborhoods also a bump because the price point is lower. This includes areas like Playa del Rey and Mar Vista. . . . #mansiontax #measureULA #losangeles #realestate #sellinghomes #santamonica #marvista https://lnkd.in/gm-VGfJa

Measure ULA, the so-called “mansion tax” on property sales of greater than $5 million that took effect last April, has “significantly” reduced sales of apartment buildings in Los Angeles and the San Fernando Valley, according to a report from NAI Capital Commercial. In LA, wrote NAI Capital Commercial’s J.C. Casillas, sales volume for these properties plummeted by 71% year-over-year in 2023, “with the number of deals sharply declining by 85% compared to the previous year.” #cre #multifamily

Commercial properties are taxed at more than 3 times the rate of residential ones in biggest cities. https://ow.ly/TpJi50PVJwc #realestatelawyers #commercialrealestate #waterloolawyers

Measure ULA, the so-called “mansion tax” on property sales of greater than $5 million that took effect last April, has “significantly” reduced sales of apartment buildings in Los Angeles and the San Fernando Valley, according to a report from NAI Capital Commercial. In LA, wrote NAI Capital Commercial’s J.C. Casillas, sales volume for these properties plummeted by 71% year-over-year in 2023, “with the number of deals sharply declining by 85% compared to the previous year.” #cre #multifamily

Unsure if your property qualifies for a 1031 exchange? Check out this blog article detailing the various kinds of real estate that are eligible for a 1031 exchange as well as a few requirements for landowners to keep in mind. #NLR #weknowland

LA's questionably named "Mansion Tax," which applies to apartments, offices, retail, and industrial properties was supposed to have a "limited impact" on medium to long-term investors in Los Angeles real estate. Instead, the number of transactions has cratered, and the ULA netted $3,600,000 in tax dollars in April 2023, or 6.4% of the projected $56,000,0000 it was supposed to take in that month. #ula #cre #commercialrealestate #commercialrealestateinvesting

Developments in the VAT and residential property realm - part 1

Land & Property Services assisted by the Northern Ireland Statistics & Research Agency today released the House Price Index report for Quarter 2 2023.                        The Index measures change in the price of residential property sold in Northern Ireland (NI). The Index uses Stamp Duty information on residential property sales recorded by HMRC. The NI House Price Index was awarded National Statistics status on 18 September 2018. Results for the most recent quarter (April - June 2023), which are provisional, show that: Between Q1 (January – March) 2023 and Q2 (April – June) 2023 the house price index increased by 1.4%; Between Q2 2022 and Q2 2023 the house price index increased by 2.7%; The average price for a house in Northern Ireland is £173,898 and ranges from £152,388 in Armagh City, Banbridge and Craigavon to £203,161 in Lisburn and Castlereagh. 4,776 residential properties sold during Q2 2023.