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- Affordable Housing Opportunities: 20 Places in California with Plummeting Home Prices
California, the land of dreams, is known for its stunning landscapes, diverse culinary offerings, and thriving industries like Silicon Valley and Hollywood. However, one thing to keep in mind before making the move to the Golden State is its high cost of living. Not only are essentials like gas and food more expensive, but the real estate market is also at its peak. But fear not! In this article, we will explore twenty cities in California where home prices have significantly dropped, giving you the opportunity to purchase your dream home on the West Coast. 20. Castro Valley May 2023 Median Sale Price: $1,137,144 YoY Percentage Change in Home: -10.23% YoY Dollar Change In Home: -$129,595 Located in the heart of the East Bay, Castro Valley offers a serene suburban lifestyle with easy access to the bustling cities of Oakland and San Francisco. With a year-over-year percentage change of -10.23% and a median sale price of $1,137,144, this city presents an attractive option for potential home buyers. Whether you're looking for a cozy single-family home or a spacious condominium, Castro Valley has a variety of housing options to suit your needs. 19. San Carlos May 2023 Median Sale Price: $2,329,827 YoY Percentage Change in Home: -10.28% YoY Dollar Change In Home: -$266,832 Situated in the heart of Silicon Valley, San Carlos combines a vibrant downtown area with a suburban feel. Despite its proximity to major tech hubs, San Carlos has experienced a year-over-year percentage change in home prices of -10.28%, making it an appealing choice for home buyers looking to capitalize on the market downturn. With a median sale price of $2,329,827, you can find a wide range of housing options in this charming city. 18. South Lake Tahoe May 2023 Median Sale Price: $742,692 YoY Percentage Change in Home: -10.41% YoY Dollar Change In Home: -$77,280 Nestled in the Sierra Nevada Mountains, South Lake Tahoe offers breathtaking natural beauty and a vibrant outdoor lifestyle. With a year-over-year percentage change in home prices of -10.41%, this city presents an excellent opportunity for buyers looking for a vacation home or a permanent residence. The median sale price of $742,692 makes South Lake Tahoe an affordable option for those seeking a slice of paradise. 17. Livermore May 2023 Median Sale Price: $1,090,315 YoY Percentage Change in Home: -10.41% YoY Dollar Change In Home: -$126,634 Livermore, located in the East Bay region, boasts a rich history and a thriving wine industry. With a year-over-year percentage change in home prices of -10.41%, this city offers a favorable market for potential home buyers. The median sale price of $1,090,315 provides an opportunity to own a piece of this vibrant community without breaking the bank. Whether you're looking for a modern suburban home or a charming historic property, Livermore has something to offer. 16. Santa Cruz May 2023 Median Sale Price: $1,351,582 YoY Percentage Change in Home: -10.44% YoY Dollar Change In Home: -$157,507 Santa Cruz, known for its beautiful beaches and laid-back atmosphere, is a coastal paradise on California's central coast. With a year-over-year percentage change in home prices of -10.44%, this city presents an excellent opportunity for those looking to invest in a beachside property. The median sale price of $1,351,582 allows buyers to find their dream home or vacation getaway in this idyllic location. Pro Tip: When purchasing a property in a declining market, it's important to consider the potential impact on property taxes. While falling home prices may lead homeowners to assume that their property tax bills will automatically decrease, this is not always the case. Property tax assessments may not immediately reflect these price drops, requiring homeowners to take proactive steps such as property tax appeals to realize potential tax reductions. 15. Fremont May 2023 Median Sale Price: $1,454,926 YoY Percentage Change in Home: -10.60% YoY Dollar Change In Home: -$172,592 Fremont, located in the East Bay region, offers a perfect blend of suburban tranquility and urban amenities. With a year-over-year percentage change in home prices of -10.60%, this city presents an attractive opportunity for home buyers. The median sale price of $1,454,926 allows potential homeowners to find their dream property in this thriving community. 14. Mountain View May 2023 Median Sale Price: $2,142,656 YoY Percentage Change in Home: -10.65% YoY Dollar Change In Home: -$255,443 Home to major tech companies like Google and LinkedIn, Mountain View is a vibrant city in the heart of Silicon Valley. Despite its proximity to the tech hub, Mountain View has experienced a year-over-year percentage change in home prices of -10.65%, making it an appealing choice for buyers. With a median sale price of $2,142,656, you can find a range of housing options in this sought-after location. 13. Willits May 2023 Median Sale Price: $338,831 YoY Percentage Change in Home: -10.71% YoY Dollar Change In Home: -$40,637 Nestled in the picturesque Mendocino County, Willits offers a small-town charm and a close-knit community. With a year-over-year percentage change in home prices of -10.71%, this city presents an affordable option for potential home buyers. The median sale price of $338,831 allows buyers to find a property that fits their budget without compromising on quality of life. 12. San Anselmo May 2023 Median Sale Price: $1,681,816 YoY Percentage Change in Home: -10.89% YoY Dollar Change In Home: -$205,599 San Anselmo, located in Marin County, combines a serene suburban atmosphere with easy access to the vibrant city of San Francisco. With a year-over-year percentage change in home prices of -10.89%, this city offers a favorable market for potential home buyers. The median sale price of $1,681,816 allows buyers to find their dream home in this desirable location. 11. Albany May 2023 Median Sale Price: $1,317,489 YoY Percentage Change in Home: -11.24% YoY Dollar Change In Home: -$166,760 Albany, a small city in the East Bay region, offers a close-knit community and a convenient location near major cities like Berkeley and Oakland. With a year-over-year percentage change in home prices of -11.24%, this city presents an attractive opportunity for home buyers. The median sale price of $1,317,489 allows buyers to find a property that suits their lifestyle without breaking the bank. 10. Berkeley May 2023 Median Sale Price: $1,512,749 YoY Percentage Change in Home: -11.41% YoY Dollar Change In Home: -$194,928 Berkeley, known for its vibrant culture and prestigious university, is a thriving city in the San Francisco Bay Area. With a year-over-year percentage change in home prices of -11.41%, this city offers a favorable market for potential home buyers. The median sale price of $1,512,749 allows buyers to find their dream home in this dynamic community. 9. San Mateo May 2023 Median Sale Price: $1,708,961 YoY Percentage Change in Home: -11.49% YoY Dollar Change In Home: -$221,902 San Mateo, located in the heart of Silicon Valley, offers a perfect blend of suburban tranquility and urban amenities. With a year-over-year percentage change in home prices of -11.49%, this city presents an attractive opportunity for home buyers. The median sale price of $1,708,961 allows potential homeowners to find their dream property in this sought-after location. 8. Oakland May 2023 Median Sale Price: $892,504 YoY Percentage Change in Home: -11.94% YoY Dollar Change In Home: -$121,031 Oakland, a vibrant city in the San Francisco Bay Area, offers a rich cultural scene and a diverse community. With a year-over-year percentage change in home prices of -11.94%, this city presents an excellent opportunity for potential home buyers. The median sale price of $892,504 allows buyers to find their dream home in this thriving urban environment. 7. Alameda May 2023 Median Sale Price: $1,282,556 YoY Percentage Change in Home: -12.12% YoY Dollar Change In Home: -$176,822 Alameda, an island city in the San Francisco Bay, offers a unique blend of small-town charm and urban amenities. With a year-over-year percentage change in home prices of -12.12%, this city presents an attractive opportunity for home buyers. The median sale price of $1,282,556 allows buyers to find their dream home in this picturesque location. 6. Pleasanton May 2023 Median Sale Price: $1,599,329 YoY Percentage Change in Home: -12.14% YoY Dollar Change In Home: -$220,909 Pleasanton, located in the Tri-Valley region, offers a family-friendly community and a thriving downtown area. With a year-over-year percentage change in home prices of -12.14%, this city presents an excellent opportunity for potential home buyers. The median sale price of $1,599,329 allows buyers to find their dream home in this desirable location. 5. Palo Alto May 2023 Median Sale Price: $3,338,969 YoY Percentage Change in Home: -12.80% YoY Dollar Change In Home: -$490,187 Palo Alto, home to Stanford University and major tech companies, is a highly sought-after city in the heart of Silicon Valley. Despite its prestigious reputation, Palo Alto has experienced a year-over-year percentage change in home prices of -12.80%, making it an attractive choice for potential home buyers. The median sale price of $3,338,969 allows buyers to invest in a property in this prestigious location. 4. San Francisco May 2023 Median Sale Price: $1,418,416 YoY Percentage Change in Home: -13.04% YoY Dollar Change In Home: -$210,177 San Francisco, known for its iconic landmarks and vibrant culture, is a city that captures the essence of California. With a year-over-year percentage change in home prices of -13.04%, this city presents an excellent opportunity for potential home buyers. The median sale price of $1,418,416 allows buyers to find their dream home in this dynamic urban environment. 3. East Palo Alto May 2023 Median Sale Price: $976,698 YoY Percentage Change in Home: -13.47% YoY Dollar Change In Home: -$152,059 East Palo Alto, located in the heart of Silicon Valley, offers a diverse community and a convenient location near major tech hubs. With a year-over-year percentage change in home prices of -13.47%, this city presents an attractive opportunity for home buyers. The median sale price of $976,698 allows potential homeowners to find their dream property at a more affordable price. 2. Truckee May 2023 Median Sale Price: $1,050,673 YoY Percentage Change in Home: -13.50% YoY Dollar Change In Home: -$163,985 Truckee, nestled in the Sierra Nevada Mountains, offers a picturesque mountain lifestyle and a close-knit community. With a year-over-year percentage change in home prices of -13.50%, this city presents an attractive opportunity for potential home buyers. The median sale price of $1,050,673 allows buyers to find their dream mountain retreat in this scenic location. 1. Dublin May 2023 Median Sale Price: $1,341,498 YoY Percentage Change in Home: -15.75% YoY Dollar Change In Home: -$250,795 Dublin, located in the Tri-Valley region, offers a perfect blend of suburban tranquility and urban amenities. With a year-over-year percentage change in home prices of -15.75%, this city presents an excellent opportunity for home buyers. The median sale price of $1,341,498 allows potential homeowners to find their dream property at a significant discount. In conclusion, if you're looking to purchase a home in California, these twenty cities offer a unique opportunity to take advantage of the declining home prices. Whether you're seeking a serene suburban lifestyle, a vibrant urban environment, or a picturesque mountain retreat, California has it all. Keep in mind that falling home prices may not automatically lead to property tax reductions, so homeowners should be proactive in exploring options such as property tax appeals to realize potential tax savings. So, don't let the high cost of living deter you from pursuing your California dream. Explore these cities and find the perfect place to call home. Ready to make the most of these declining home prices in California and potentially reduce your property taxes? AOPTA, the Property Tax Experts, is here to guide you through the property tax appeal process. Our team of experienced professionals is dedicated to helping you save on property taxes and secure your dream home without breaking the bank. Contact us today for a free consultation and let us show you how we can make a difference in your property tax situation. Don't miss out on this opportunity to own a home in California's prime locations while keeping your property tax expenses in check. Your dream home is just a step away with AOPTA. Get started now!
- The New Wave of Property Development in California: Condominium ADUs and Their Tax Implications
Assembly Bill 1033 and The New Wave of Property Development in California: Condominium ADUs and Their Tax Property Implications Accessory Dwelling Units (ADUs), colloquially known as “granny flats,” are transforming the face of California real estate. Historically limited to the rental market, recent legislation has opened the doors for these units to be bought and sold as condominiums, bringing about a fresh perspective on property ownership. What Are ADUs? ADUs can be visualized in various forms. Whether it’s a renovated garage, a miniature house nestled in the backyard, or even an unused segment of a larger house – as frequently seen in cities like San Francisco. The versatility of ADUs is what makes them so appealing to both homeowners and property developers. New Opportunities with Assembly Bill 1033 The recently passed Assembly Bill 1033 is the driving force behind this shift. With this legislation, Californians in select cities (those that opt in) will be able to erect an ADU on their land and put it up for sale, just like a regular condominium. This not only diversifies construction options for homeowners but also aligns with the broader goal of enhancing homeownership rates. For this model to work, property owners are mandated to inform local utilities about the new ADU. This includes services like water, gas, electricity, and sewerage. Furthermore, the establishment of a homeowner’s association becomes necessary to manage fees associated with the upkeep of shared spaces, be it driveways, swimming pools, or common roofs. Property Tax Complications One of the significant changes that come with this model is the property tax structure. Each property, the primary residence, and the ADU will now be taxed separately. This bifurcation might appear straightforward, but it introduces a layer of complexity for homeowners, especially during the assessment period. It’s anticipated that many of the ADUs transitioning into this structure will likely be acquired by close relatives or friends of the property owner. However, as this becomes a more widespread practice and familiarity grows, the market may witness an influx of traditional real estate transactions involving ADUs. Who Stands to Benefit? The potential beneficiaries of this legislation are manifold. On one end of the spectrum, retirees can use this opportunity to generate supplementary income. For many of them, their financial situations may not favor moving or downsizing, making this a strategic alternative to harness the equity accumulated in their homes. Young families also have something to cheer about. As property prices soar, these ADUs present a more affordable entry point into homeownership. Outside of California, places like Oregon, Texas, and Seattle have already showcased the viability and success of such ADU practices. Seattle’s decision to reduce regulatory impediments in 2019 led to a surge in ADU permits – a staggering four-fold increase from the previous year. The subsequent year saw an even distribution between attached and detached ADUs, highlighting their popularity. Notably, the sales figures indicate that units exceeding 1,000 square feet can command prices ranging from $500,000 to $800,000. In Conclusion The real estate landscape in California is undergoing a transformation. As ADUs transition from rentals to purchasable condominiums, it presents both opportunities and challenges for homeowners. Understanding the tax implications and potential benefits can help in navigating this evolving domain. Whether you’re a retiree looking for an additional income source or a young family hoping to secure their first home, the ADU-as-condominium model is a trend worth watching. If you are considering undertaking such a project, it's crucial to fully grasp the tax implications. We highly recommend reaching out to the property tax experts at AOPTA to ensure you're well informed and prepared.
- Reassessing Property Taxes in the Silicon Valley Office Market: An Essential Move
Silicon Valley's office market landscape is evolving, and not in the direction most would expect. The figures from the second quarter unveil a surprising increase in the vacancy rate, now resting at 19.4%. Meanwhile, the net absorption rate took a sharp downturn, hitting a record low at negative 1.4M SF. Even more striking, there's been a sharp rise in sublease vacancies by 290 basis points from Q1. By the mid-point of 2023, sublease vacancies in the tech hub of Silicon Valley reached a significant 4.4M SF, as highlighted in the JLL office market analysis. What's behind this shift? The tech industry's giants, like Google, are behind much of this change. There’s been a noticeable move by tech companies subletting massive portions of their office spaces, with Google's recent move from its Mountain View and Sunnyvale offices being particularly notable. Google isn’t slowing down in streamlining its substantial Silicon Valley presence either. Just this week, the tech behemoth has listed over 182K SF for sublease in a Palo Alto campus that has been part of its real estate portfolio for close to ten years. This campus at the Foothill Research Center, encompassing addresses like 4001, 4005, 4009, and 4015 Miranda Avenue, is now on CoStar’s listing, presented by Newmark. Adding to this downsizing spree, in May, Google made headlines by listing a massive 1.4M SF for subleasing, primarily located in the Moffett Park campus in Sunnyvale, a property under Jay Paul Co.'s ownership. Several properties in Sunnyvale and Mountain View are now up for grabs. These include buildings on Enterprise Way, a 27K SF space at 1215 Bordeaux Drive, and several buildings on Clyde Avenue and National Avenue. Notably, many of these properties are available for extended leases, some going up until 2031. Additionally, in a move that took many by surprise, Google recently put the brakes on their ambitious 80-acre Urban Village project in downtown San Jose. This $19B initiative, titled "Downtown West", had plans that included housing, office spaces, retail spaces, and even public parks. The project was primed to be a hub for about 25,000 Google employees, all centered around the future Diridon Station. A New Perspective from the Occupier's Standpoint The broader adoption of remote work is becoming more ingrained in long-term corporate strategies. With numerous firms granting employees the flexibility to work from home either partially or even permanently, this translates to a decrease in the need for physical office spaces. On average, this work-from-home wave is anticipated to minimize office space requirements by at least 20%. This shift could further increase vacancy rates in the upcoming months, particularly with tech giants like Google leading the downsizing trend. Working with a Property Tax Appeal Firm: Your Key to Savings In light of these changing dynamics in the Silicon Valley office market, property owners might be overpaying their property taxes. It's prime time to collaborate with a property tax appeal firm to ensure you're not burdened with excessive costs given the market's downturn. With tech giants releasing significant spaces back into the market, property valuations are bound to shift, and so should your property tax assessments. Stay informed and proactive. Seek expert guidance to ensure you're only paying what's fair.
- AOPTA The Property Tax Experts | Property Tax Appeal in California
Our Expert Team Can Reduce Property Taxes. Recent shifts in the economy and real estate market have allowed many property owners to receive relief from taxes through property tax appeal. Our innovative and expert strategies maximize property tax savings for all types of properties. Check your Value Property Review Free E-Book 5 Steps to Saving Money on Property Taxes in a Recession success Our fee is Contigent upon our success of your property tax appeal. No Reduction, never a fee. We have a 95%+ success rate for our clients. Rather than mass filings, we focus on client cases with real property tax issues and overwhelming burdens. research Constant students and mentors of the state of property values paired against economic conditions. Staying informed and updated for clients is paramount. We are ahead of the curve and value predictions. Network Combined forces among Appraisers, Residential & Commercial Brokers, Real Estate Attorneys, and CPAs to assist our strategies to win for our clients. experience 22 years of residential & commercial valuation experience, 1,000's of all property types reviewed, all 58 counties in California worked and hundreds of thousands returned to our clients. "Every property tax payer deserves expert representation." At AOPTA, we are the property tax experts, providing comprehensive and full service solutions for property tax appeals and property tax optimization. Our focus is on reducing property taxes for our clients and solving problems that can be a burden for property owners. Led by Anthony O'Connor, the founder of AOPTA, we are the first "fintech" property tax appeal firm in California, dedicated to delivering results-driven, tailored services to our clients. We pride ourselves on fostering a team-oriented, family-like atmosphere among our experienced specialists. In the Summer of 2023, we introduced Ytrepo.com, a revolutionary platform designed to simplify the property tax appeal process. With Ytrepo.com, Californians can easily "Search" their property, "Click" to determine if they are over-paying on property taxes, and file for an appeal with our team to "Return" any over-payments. Ytrepo.com is the ultimate tool for property tax optimization and appeal in California. Pre-Action Analysis When considering an acquisition (pre-acq) or pre-development (pre-dev) of a property, understanding the tax implications is a crucial issue for investors. We take the guesswork out of the equation. Learn More > New Construction Development Avoid problems before they happen. AOPTA navigates through pre-assessments and works with assessor's through construction minimize increases in assessed value due to new construction. Learn More > Our Other Services Appraisal Trust us with your appraisal needs - we're your one-stop solution for all types of property evaluations Learn More > Ownership Changes Challenge your assessment after a legal change of ownership which triggered a re-assessible event and increase in property taxes. Learn More > Affordable Housing Opportunities: 20 Places in California with Plummeting Home Prices The New Wave of Property Development in California: Condominium ADUs and Their Tax Implications Reassessing Property Taxes in the Silicon Valley Office Market: An Essential Move Navigating Sacramento's Shifting Office Market: Are Property Taxes Weighing You Down? Recent Blog Posts CONTACT US firstname.lastname@example.org (858) 492-7177 San Diego Main Office (310) 620-6573 Los Angeles Regional Offce (916) 426-7776 Sacramento Regional Office Serving California's 58 Counties Property Review Appeal Status Start Your Appeal
- Success Stories | AOPTA
Our Success Stories At AOPTA, we take immense pride in helping property owners across California achieve fair and accurate property tax assessments. We're a leading property tax appeal firm with a strong record across all property types, from residential to industrial. Our skilled team has effectively navigated tax assessment challenges, securing notable reductions for our clients. Here, you'll see the real difference we've made, helping property owners get fair tax valuations and transforming the property tax appeal landscape. Every Property Tax Payer Deserves Expert Representation BEVERLY HILLS MULTI-FAMILY BASE YEAR REDUCTION A success story featuring a 6-unit apartment complex in Beverly Hills. Discover how our base year reduction approach resulted in an impressive $360,000 assessed value reduction from the sales price, guaranteeing enduring financial advantages for the owner. Read More CORONADO NEW SINGLE FAMILY RESIDENTIAL CONSTRUCTION Discover how we persuaded the Assessor to set the final assessed value of a newly constructed home in 2022 close to the 2020 purchase price of the lot with its older structures. Read More FDLA LOS ANGLES CHANGE OF OWNERSHIP PROPERTY VALUES RESTORED TO 2018 AOPTA, the Property Tax Experts, skillfully challenged and reversed the assessor's rolls, leading to the restoration of the original base year values for 13 retail spaces in the downtown fashion district. This action was taken following a change in legal entities between parties who were not operating at arm's length. As a result, a refund of $360,000 was secured. Read More Share Your Success Story with AOPTA These are just a few of the success stories that demonstrate our commitment to excellence in property tax appeals. If you've benefited from AOPTA's services and would like to share your own success story, please reach out to us. We are honored to have played a part in your journey toward fair property taxes, and we look forward to helping more clients achieve similar success. At AOPTA, we believe that "Every Property Taxpayer Deserves Expert Representation." We are dedicated to making it a reality for property owners across California. Get in Touch 1741 Eastlake Parkway, Ste 102 #2022 Chula Vista, CA 919 3128 O Street, Ste 102 Sacramento, CA 95816 858-792-7177 San Diego 310-620-6573 Los Angeles 916-426-7776 Sacramento email@example.com Propert Address Email Message Send Thanks for sharing your success story with us!