Happy Chinese New Year Everyone! What's lucky in the year of the Rat? The Year of the Rat (2020) is expected to be more about progression and starting a new project with great energy. People will develop their skills and move toward things they are aligned with.
Studies show that putting your goals for next year in writing increases your chances of achieving them exponentially. Get out of your comfort zone and reach for the stars!
In this month’s newsletter:
Learn how to transfer the assessed value of your existing home to your new home (Prop 60)!
Renting versus Buying
New Rent Control Law Affecting Your Condo
Upcoming Community Event - Dumpling Time!
Listings & Off-Market Offerings by Mia Takami Real Estate Group
And don't forget to get to know a little more about me at the end with our monthly Q&A.
Hope you enjoy the read!
Did you Know?
Prop 60 is a constitutional amendment passed by California voters in 1986 that allows owners who are 55 years old or older to transfer the assessed value of their existing home (original property) to their new home (replacement property) if both properties are located in the same county.
The Cost of Renting
Some 9.5 million renters — more than half of California’s tenant population — are burdened by high rents, spending at least 30% of their income on housing costs, according to a recent estimate by UC Berkeley’s Haas Institute for a Fair and Inclusive Society. See how much you would spend renting over the next 20 years. Contact us if you want to discuss entering the market in 2020!
New Rent Control Law
The new California-wide rent control bill will affect some owners, locking them into a max 5% rent increase year over year. There are a number of exceptions to the law’s new rules. But the new rules extend protections for renters living in newer complexes in cities with rent control.
The rent cap will not apply to apartments built within the last 15 years or single-family home rentals unless they’re owned by corporations or other institutional investors.
Limits on rent increases will not change for those currently living in rent-controlled apartments.
Condos and single-family homes will be exempt, unless they are owned by a corporation or real estate investment trust.
Duplexes where the owner lives in one of the units will also be exempt.
Listings & Off Market Offerings by Mia Takami
1501 Greenwhich St #401 | Russian Hill $1,549,000 or TBD 2 Bedrooms / 2 Bathrooms / Approx. 1194 Sq Ft Luxury corner condo in newer elevator building in the heart of Cow Hollow/Russian Hill!
255 Berry St #519 | Mission Bay $1,588,000 or TBD 2 Bedrooms / 2 Bathrooms / Approx. 1300 Sq Ft Newly renovated east facing condo with beautiful garden view along the Mission Creek!
COMING SOON 250 King ST #780 | Mission Bay $1,318,000 2 Bedrooms / 2 Bathrooms / Approx. 1518 Sq Ft Stylishly renovated designer home at The Beacon w/ serene courtyard & downtown views!
Today, the question everyone is asking: what to expect in 2020? All signs remain strong that real estate prices will continue to rise because of the following factors: low interest rates, low inventory, strong buyer demand, and an exceptionally strong job market. Until one of these factors changes, the equation has only one possible outcome: higher prices.