The fiscal cliff is coming and nobody knows this fact better than top Orange County realtors who also serve affluent home owners around the Los Angeles and Orange County areas.
Frantic Phone Calls
Recently, many wealthy homeowners in this area have been frantically calling their Orange County Real Estate agents because they know that if they sell their homes after January 1st 2013, they may face the prospect of paying millions of dollars more in income taxes.
Also known as the “mansion cliff”, Orange County real estate agents have been staying busy and working hard to sell their client’s homes before January 2013. The positive thing about more mansions coming on the market in this area is the inventory is going up. A reverse effect is also being seen in that home prices at the top of the real estate market in many areas are also being driven down because of the increased inventory and uncertainty in the market.
The Best Time To Buy A Mansion?
If you have the money to spend on a Southern California mansion, now is the time to buy. Homeowners are selling these large homes at significant discounts for fear of paying hundreds of thousands of dollars more in taxes, once their homes sell, in just a few weeks.
One good example of this is a mansion that was sold recently in La Jolla, California for $13 million The owner sold their home at a discount because they ultimately saved $600,000 in taxes over a multi-year period compared to paying $162,500 in taxes next year.
If you’re planning on buying a mansion in Orange County or anywhere else in Southern California, contact the experienced team of top Southern California real estate agents at Fred Sed & Associates today by calling (949) 272-0125 or email us at email@example.com.