DID YO U KNOW LUXU RY R E A L E STAT E I N S I G H TS
US
W
H E N E VA LUAT I N G T H E I N C R E D I B L E SAV I N G S YO U C A N achieve by living in a low tax state, always be sure to do an accounting of the complete picture, to understand real estate taxes, sales taxes, insurance costs (a form of tax), etc. Some states derive amazing revenues from tourism taxes and commodities. Some get more fiscal aid from the Federal Government than others. Some have older populations than others that may require less tax income for public schools, a big expense for many towns and states. Check out school quality and availability. Weather and climate change matter too. Also be sure to check out cost of living and incomes as well as medical costs/availability/quality and crime stats. Everyone’s needs from their city/state are different so a curated approach is usually wiser. (BARRONS)
F
A N N I E M A E P ROJ EC TS home prices will rise 4.2% in 2023 after rising 11.2% in 2022—with the median existing home price jumping to $395,000. (Fortune)
T
HIS YEAR ASPEN IS celebrating 75 years of Skiing! Vail became a Ski Resort in 1962, just about 60 years ago, just about the same time as Jackson Hole. The Ski & Snowboard Resorts industry is $3.1B in 2022 in the USA, not including real estate! Aspen, Vail and Jackson Hole alone had roughly $11B combined worth of residential real estate sales in 2021.
TeamBlairTahoe.com
S O U T H E R N STAT E S ’ warm weather, business-friendly governments and laws, lower taxes and fewer regulations have been attracting companies and workers from California, the Northeast and other corners of the country. Investors poured a record $335.3 billion into apartments across the country in 2021. Nearly a quarter of it went to just four metro areas in the Sunbelt: Dallas, Atlanta, Phoenix and Houston. (WSJ)
C
A L I FO R N I A I M P O S E D A T RA N S F E R TA X O F 5 5 C E N TS FO R each $500 in real estate transactions in a 1967 law but allowed higher taxes by the state’s 121 charter cities and by any “city and county”. San Francisco’s tax, approved in its current version by local voters in 2008 and 2016, ranges from $2.50 to $12.50 for every $500 that changes hands and defines a change in corporate ownership of a possessor of real estate as a taxable transaction, even if the title to the building does not change hands. The increased transfer tax rate applies only to property worth more than $5 million. Prop. N was intended to avoid evasion of transfer taxes by entities transferring ownership interests in lieu of transferring real property. (SF CHRONICLE)
UK
C E N T RA L B A N K E R C H A R L E S G O O D H A RT T H I N KS A seismic shift is underway in the world economy, one that fiscal stimulus and the postpandemic recovery will only hasten. A long glut of inexpensive labor that had kept prices and wages down for decades is giving way to an era of worker shortages, and hence higher prices. Massive global income disparities - if sustained - could force labor costs even higher.....and inflation. He predicted that inflation in advanced economies will settle at 3% to 4% around the end of 2022 and remain at that level for decades, compared with about 1.5% in the decade before the pandemic. (WSJ)
