Property reassessment triggered on transfer of property to LLC Reported by Alex Gomory An owner of property transferred his ownership to a Limited Liability Company (LLC) in which he held 50% ownership as a member. Upon the transfer, the assessor reassessed the property, which in turn increased property taxes. The LLC paid the increased property taxes and sought a refund of the amount of increase, claiming the 100% change of ownership necessary to trigger reassessment had not transpired since the former owner continued to benefit financially from the property and take part in its management as a 50% shareholder in the LLC. The assessor claimed the reassessment was valid since full ownership of the property had been transferred from the owner to a separate entity. A California appeals co... 03/11/2010

I called a neighbor the other day to find out if she was interested in selling her home... I have a possible buyer.  She had an Agent in our area make this home available for showing today... It is not listed in the MLS, but the owner had asked her to show and handle the property. The owners have had an appraisal done, but have or will not share the results with their agent, (so I assume it is low) ... and they have not named a price for the house.  The agent said "they are looking for an offer".  How should I advise my client to proceed?  The owners paid $2Million for it. 03/10/2010

  Are you using YOU-Tube as a tool for Real Estate?  If not, WHY NOT ?  I have created my own Channel on YOU-Tube to promote my listings and the desert area in general.  I take my Flip-Video camera wherever I go and am always finding fun and informative things to upload. My Broker, Lori Bowers, also has a channel for The Lori Bowers Group.  We are constantly taping and uploading-- sharing good info about the desert and boosting our SEO!  By "forcing" (asking) everyone in our Group to make a daily visit to our YOU-Tube videos and rate them, write comments, and increase views... we can internally optimize our Google ranking!  Check out our videos... both kschowe and The Lori Bowers Group, give us a rating, leave a comment... and get going on YOUR YOU-Tube Channel!   03/09/2010

Art Under the Umbrellas 2000/10 Season Schedule Old Town La Quinta Select Saturdays – 10am to 4pm October 10, 2009 – Columbus Day Weekend November 7, 2009 November 28, 2009 – Thanksgiving Weekend January 16, 2010 – Martin Luther King Weekend February 13, 2010 – Valentine’s/President’s Day Weekend March 27, 2010 April 10, 2010 Art Under the Umbrellas shows are one day events located in Old Town La Quinta from 10am to 4pm on designated Saturdays. These popular events attract Coachella Valley residents (including our annual population of snowbirds), visitors, and hotel guests. For additional ambiance, live music and wine tasting are provided. Free admission and ample parking. Fifty to seventy artists participate at each Art Under the Umbrellas event, located along the closed-off streets o... 03/08/2010

The 28th Annual La Quinta Arts Festival returns to the visually stunning setting of La Quinta’s Civic Center Campus in the greater Palm Springs area – Southern California’s preferred desert resort location. Produced by La Quinta Arts Foundation, in partnership with its Premier Sponsor the City of La Quinta, La Quinta Arts Festival is the primary fund-raiser for La Quinta Arts Foundation. This award winning event attracts art patrons and tourists from across the nation as one of the Coachella Valley’s premier attractions.. Preview the list of 2010 La Quinta Arts Festival invited artists here! La Quinta Arts Festival is nationally recognized by artists and art patrons alike as one of the renowned art festivals in the nation. Recent La Quinta Arts Festival accolades and awards include: “A ... 03/08/2010

Annual La Quinta Arts Festival - 10 a.m.-5 p.m. March 27; La Quinta Civic Center Campus, La Quinta. Enjoy a contemporary fine arts and crafts festival. Cost $10. 760-564-1244; www.lqaf.com.Annual La Quinta. 03/07/2010

If you would like to see any of the properties listed below which are Bank Owned Properties / Foreclosures in La Quinta , please call us at the numbers below. Were committed to helping you find the home of your dreams. As a Real Estate Agent with over 20 years of experience in the local Real Estate market, Elaine truly enjoys helping people in the process of buying or selling a home. Elaine Stewart - Remax Real Estate Consultants Mobile: (760) 668-2399 - Office: (760) 391-4415 Email: desertrealestate1@yahoo.com 03/03/2010

Shop Around for your best Loan Deals..there are lots of options available today if you're looking to buy your first home, move up, refinance and yes, even the Jumbo Loan Market has relaxed a bit.  (5.88% down from 7% in 2008)In La Quinta and the Coachella Valley, we have MANY local lenders with tremendous knowledge and the willingness to sit down and explain your options to you..very carefully.  These are just two that I work with regularly and my clients are very satisfied. Franklin Loan Center Cal-Metro First timers sitting on the fence might want to hop on down.  Prices in the entry level are astoudningly low, FHA loans are great, Interest rates are low, (and will probably go up soon), inventory is actually dropping in this price point and be smart about what listings you are looking... 03/03/2010

The Surprise Tax Investors contemplating a 1031 exchange are usually focused on the capital gains which are taxed at 15%. However, they often overlook "recaptured depreciation" which is taxed at 25%. As this tax is based on the total of all the depreciation taken over the years, it can in many cases, particularly with lower gains in today's market, more than offset the capital tax benefit, if not structured correctly.  For example, a house purchased in 2000 for $100,000 is sold for $120,000.  After closing costs, the capital gains are only $4,000.  At 15% Federal Tax Rate (ignoring State Taxes), this would only be $600 in taxes.  However, the recaptured depreciation is $36,364 and the tax on that amount is $9,000.  Surprise!  Make sure your 1031'a are structured effectively to defer bot... 03/02/2010

My Broker had a tough week last week.  She was feeling beat up, discouraged, doubting her skills.  The Lori Bowers Group is a big fan of the Tom Ferry philosophy and we subscribe to his positive message.... your strategy matters and your passion rules!  So today at our Monday meeting she shared this Tom Ferry video-- that encourages you to seek out the postive and not let the negative vampire energy suckers get you down!  Check it out and see if it can turn your mojo around!   03/01/2010

According to todays Desert Sun-- The real estate world was very different in the Coachella Valley five years ago. Prospective buyers streamed through model homes while real estate agents poked pins onto maps to reflect constant sales — some posting $10,000 price gains by the month. Phones rang incessantly. Common were bidding wars, waiting lists, lotteries and house-flippers, the latter often cashing out six-digit profits. It was fast and frenzied in 2005 as price seemed to be no object and affordability dissipated, squeezing many families out of the market.  Prospective buyers streamed through model homes while real estate agents poked pins onto maps to reflect constant sales — some posting $10,000 price gains by the month.       The picture is a stark contrast to today's market — stil... 02/28/2010

View map  For a fun time in beautiful La Quinta, be sure to stop by the new open-air Farmers Market at Old Town La Quinta featuring fresh produce and fruit grown by local farmers. The market will be open every Sunday from 8:00 a.m. to 12:30 p.m. during the growing season. Vendors will be offering fresh vegetables and fruit (no spray and organic), cut flowers, honey, eggs, nuts, herbs, bread, cheese and plants, with a backdrop of musical entertainment. A "Market Chef" booth will feature cooking demonstrations and recipes using fresh produce from the Market.  Certified Farmers Markets are weekly "food-based" community events sponsored by the Palm Springs Cultural Center, a non-profit organization established to advance both access to and enjoyment of a broad range of cultural arts in the ... 02/27/2010

La Quinta, California;  Did you Know?  The City of La Quinta is known as "the GEM of the Desert.", and it is.  In 1982, La Quinta was named for the resort opened in 1926 by Walter Morgan..La Quinta Resort & Club.  Still here, operating and a huge "snowbird" draw, the hotel is only part of it..When the floor of the valley first began sinking, it was covered by the Pacific Ocean.  Over a period of hundreds of years, the Colorado River flowed into the Gulf of California and deposited silt, forming a large delta fan.  The silt deposits got larger and larger until the shrinking basin was cut off from the ocean.  Five hundred years ago, the Colorado River changed it's course and flooded the east Coachella Valley, creating the freshwater lake called Lake Cahuilla.  That same lake's water line ... 02/27/2010

As reported in The Los Angeles Times, the Internal Revenue Service (IRS) recently issued new guidelines and clarified documentation that taxpayers must submit to successfully obtain the federal tax credit for home buyers. The federal tax credit for home buyers was extended and expanded late last year.  Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010.  Repeat buyers may be eligible for a tax credit of up to $6,500. Click here for more information about the federal tax credit for home buyers, including eligibility requirements. To receive the tax credit, home buyers must comply with the IRS's documentation requirements, including a fully executed IRS Form 5405.  On the form, which is available on the IRS's Web si... 02/25/2010

La Quinta's Farmer's Market...come on out!  Old Town in La Quinta has developed into quite the local hot spot for La Quinta residents of the La Quinta Cove area, including visitors staying at both the La Quinta Hotel and also Embassy Suites Hotel.  Each Sunday through about mid-June, the main street is a walking, moving jumble of people, vendors, store owners, restauranteers, dogs and kids.  There are tents with fruits, vegetables, cheese, nuts, flowers and fresh baked goods.  Organic, fresh, colorful selections sold to you by the actual growers or other family members for the most part!Last Sunday, sitting at my desk at HK Lane, where the doors open onto La Quinta's main street, I was watching the people stroll along enjoying the sunshine when suddenly one of the Vendor's backed their ... 02/25/2010

  La Quinta and Coachella Valley Speculators vs. Investors.    I have mixed feelings about the affect Speculators are having on our California market.  Investors in La Quinta and the Coachella Valley, are basically defined as Buyers that purchase a distressed property, rehabilitate it and sell it at a reasonable, market supported profit.  Speculators in La Quinta and the entire Coachella Valley are basically cash buyers that buy an REO property and either flip it very quickly or rent it until the Market increases.  This can actually depress Sales figures because they often buy at Auction, thus lowering the statistics.  BUT, in La Quinta for example, I am always happy to see Investors..let them make a profit!  I find that their properties are priced within market ranges and in the low to... 02/24/2010

I wondered if I could gain Facebook Fanpage Friends...by posting a blog on ActiveRain... my fan page is all about Living The Desert Life... and is a direct link to my site about all the fun, cool, happenings in the Coachella Valley desert. So if you invite them... directly from your ActiveRAin blog.... Will They Join?  ActiveRain is a great connection for social media.  I use my wordpress blog to connect, but also Facebook and Twiitter-- Are you connecting?  I have had great feedback on AR about my photos and fun info about the desert... Can I convert them to fans on my fanpage... let's see! I am trying to get FANS!  Let's see if ActiveRain can get me to my goal! 02/23/2010

I wrote a blog a few weeks ago about my Broker "forcing" us to join ActiveRain--I'm afraid I am addicted to ActiveRain... so much so, that when a new Agent is introduced to our office-- they say ask-- Kathy about ActiveRain, she will get you going!  I am almost feeling indulgent about sending the "invite" e-mail.  I want the other Agents in our office to get involved and send out those invites to welcome the newbies!  I post new listings to ActiveRain... I post my latest photos.... When a local event sounds like it should'nt be missed-- I post it to AR! How do you explain the benefits, the resources, the feeling of community and kinship... the FUN?  My name is Kathy, and I am addicted and  BLOOMING  IN THE ACTIVERAIN! 02/23/2010

Old Town Farmers MarketSunday, February 28, 2010 8 a.m. to 12:30 p.m. Visit the Certified Farmers Market on Main Street at Old Town La Quinta, where you will find the freshest, best tasting produce including fresh fruit & vegetables, honey, nuts, cheese, cut flowers & plants, fresh-baked breads from L'Artisan Bakery, live chef demonstrations and live musical entertainment. The Farmers Market is open every Sunday through May from 8 a.m. to 12:30 p.m.The Farmers Market is sponsored by The Palm Springs Cultural Center.   Visit us at The Lori Bowers Group on the weekend! For more fun stuff to do in the desert visit  LiveTheDesertLife.com ! 02/23/2010

The Desert Classic - Tour ClassiqueMain Street, Old Town La QuintaSaturday, February 27, 20108 a.m. to 12 noonGet a close-up look at stunning classic cars on display along Main Street in Old Town La Quinta! Free admission! Spectators are invited to view the cars on Main Street in Old Town La Quinta and talk with the owners while enjoying live music and the festive atmosphere of Old Town. At 9:30 a.m. the cars will begin departing on a driving tour through the Coachella Valley.   A few very special cars will remain on display in Old Town until noon. The cars are all part of 3rd annual The Desert Classic Concours d'Elegance being held at the at the legendary La Quinta Resort and Club in La Quinta on February 27 & 28, 2010. The event includes classic cars, exclusive art and collectibles, h... 02/23/2010