I am always thrilled when I hear from readers, but equally gratified when other REALTORS contact me who often send thoughtful ideas and insights my way (Realtors work best when we work collaboratively). This week I am teaming up with Linda Granger of Chase International in Tahoe. With Memorial Weekend just ahead of us, many of you may be setting your sights on the Tahoe marketplace. For those of you who thought that Tahoe/Truckee would never be in your future or who are interested in "moving up," read on - it may be closer than you think! Here's what Linda has to say about the Tahoe/Truckee market . . .
One quick observation before I turn over this week's Perspective. Piedmont had some fantastic pending sales this week, including the estate on Lincoln Avenue, listed at $7,800,000 and the wonderful Traditional on Oakmont Drive, listed for $1,550,000. Both of these properties went pending in quick time and with spectacular results - as did 17 Pacific Avenue - just this afternoon. (Smaller homes are finding great demand as well.)
This signals a return of confidence to the marketplace. Take note, this is my prediction of a Late Spring Market playing out. Good, well-priced homes sell! Piedmont is in high demand today. (Please take note of my new listing on 324 Sea View Avenue at the bottom of this week's e-letter!)
Now back to Linda . . . As a Tahoe/Truckee REALTOR who often works with buyers purchasing vacation/investment homes, one of the questions that I inevitably get asked is, "What are the tax benefits of owning a second home?" This leads me to believe that not everyone is aware of the difference in tax advantages between a primary home and an investment property or a second home. I have created a simple chart that spells out the advantages in easy to read format. (Please contact me for a copy at firstname.lastname@example.org .) As you will see, there are many ways in which the tax laws favor investment in real property and that's fabulous news!
Remember, there are always limitations and exceptions, so a prudent investor will consult with a tax professional.
Julie Gardner, has been writing The Perspective for 15 years and has published more than 600 essays. She is also a frequent contributor to the Sound Off column in the Real Estate section of The San Francisco Chronicle.