This video clip features my son Miles with friends, Aeriel, Isabella, Jack, Antonio and Elijah, as they bring the 1970's back with the hustle. This performance was part of the 61st annual Variety Show sponsored by the Dad's Club at Redwood Heights Elementary School.
Photo of The Day - Flowers For Father
Ten years ago when my husband and I purchased our home, I decided to plant a cutting garden. I loved the idea of fresh flowers in my house and I planted 14 hybrid tea rose bushes. For nine months out of the year I have blooms to brighten my house and spirit. What I love about roses is their ability to live for decades. The other day I complimented a neighbor on a rose bush and she told me that she did not plant the shrub. She told me that it was already planted when she purchased her home over 30 years ago.
Capital Gains Tax
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Taxpayers Beware: Zero Profit Doesn’t Mean Zero Capital Gains Taxes
In this difficult market, many taxpayers are selling property in short sales or other transactions with no profit. Unfortunately, what many taxpayers do not understand is that property may be sold with no profit, but still be subject to significant taxable capital gain.
How is this possible? It is possible simply because gain results not just from appreciation in value, but also results from depreciation deductions taken during ownership of the property, gain deferred from previous transactions, and from borrowing against appreciated equity in a declining market. These adverse tax consequences can be avoided by engaging in a Section 1031 tax deferred exchange.
How to Determine Gain The formula to determine taxable gain is: Sales price less adjusted basis1= taxable gain
Three Situations Resulting In No Profit, But Taxable Gain
- Depreciation Recapture If a taxpayer takes depreciation deductions, those deductions reduce the taxpayer’s basis, thereby resulting in gain. Example: Taxpayer acquires investment property A for $200,000. Taxpayer’s basis is therefore $200,000. During taxpayer’s ownership, taxpayer takes $138,500 of depreciation deductions, thereby reducing taxpayer’s basis to $61,500. Taxpayer sells Property A for $180,000.00. Even though taxpayer sells the property for $20,000 less than what he originally purchased it for, he still has a taxable gain of $118,500 ($180,000-$61,500=$118,500) which will result in approximately $41,500 in federal and state taxes. This adverse tax result can be avoided by exchanging the property in a tax deferred exchange rather than selling the property.
- Carryover Gain If a taxpayer sells property previously acquired in an exchange – at no profit or even at a loss – the taxpayer may still be faced with significant taxable gain. Example: Taxpayer originally acquired Property A for $20,000. Taxpayer disposed of Property A in a tax deferred exchange for $100,000 and acquired Property B for $150,000, thereby deferring taxes on $80,000 of gain. Taxpayer’s adjusted basis in Property B is $70,000 ($150,000 purchase price-$80,000 carryover gain=$70,000). Taxpayer now proposes to sell Property B for the same price as he purchased it for – i.e. $150,000. Although Taxpayer is not making a profit on this transaction, he will still have significant federal and state taxes of approximately $28,000 on his gain of $80,000.
- Excess Borrowing If a taxpayer borrows against appreciated equity in their property, tax consequences can also result if the property thereafter declines in value and the taxpayer is forced to sell the property for little or no profit. Example: Taxpayer acquired property A for $1,000,000, paying $200,000 cash and borrowing $800,000. Taxpayer’s basis is $1,000,000. During Taxpayer’s ownership, the property appreciates in value to $1,400,000, enabling Taxpayer to refinance the existing loan of $800,000 with a new loan of $1,120,000. Taxpayer now sells, but since property values have declined, his selling price is $1,120,000. Although Taxpayer will receive no cash from the sale, he will still have taxable gain of $120,000 ($1,120,000-$1,000,000=$120,000), with combined federal and state taxes of $42,000.
As illustrated by the foregoing examples, sales of property that yield little or no cash can still result in taxable gain. Before selling in a down market, taxpayers and their advisors should first determine the taxpayer’s basis in the property to be disposed of and thoroughly discuss upfront the potential tax consequences. Taxpayers can avoid any of the tax consequences noted in these examples by engaging in a IRC §1031 tax deferred exchange.
Taxpayers contemplating an exchange should always consult their tax or legal advisor.
Basis = Original purchase price Adjusted Basis = Basis plus improvements less depreciation
*Thank you Old Republic Exchange Company for this information! Information is deemed reliable, but not guaranteed.
Mid-Century Signs in Oakland and Berkeley
Preserve the old! I love these vintage mid-century signs in Oakland and Berkeley, a quick reminder of yesteryear. Signs that have withstood the rain, earthquakes, wind, and decades of life in the Bay Area.
Sweets With A Smile, Get It In Oakland
The other day I finally stopped by Sweet Adeline Bake Shop in North Oakland. I heard that this place was the neighborhood hang-out with excellent pastries made in true East Bay style - handcrafted with all natural ingredients. I was greeted with a smile by Samuel and enjoyed a fantastic cheddar cheese and scallion scone! I have to go back for the chocolate chip cookies made with three types of chocolate. (I hear this is their best seller.) At Sweet Adeline's you can order coffee, grab lunch and use their free wifi. This is exacting what Oakland needs, local businesses with friendly service and quality goods. Check Sweet Adeline Bake Shop out online at sweetadelinebakeshop.com or at the corner of Adeline and 63rd Street in North Oakland.
Berkeley, (California) Lifestyle
Engineers Liza and Matt bought their West Berkeley home two years ago and created a sustainable garden complete with honey bees. The other day I stopped by their Berkeley bungalow, and Liza showed off their glorious garden. Shortly after I arrived Matt appeared home on his bike. (Matt and Liza bike to BART daily to get to work.) In the back corner behind a trellis are honey bees, as Liza and Matt make their own delicious honey. (There is a shortage of bees, so I am sure that their bees help pollinate the neighborhood gardens.) In raised beds are onions, cabbage, beans, strawberries and more. Along the fence are espalier apple trees with each tree bearing 6 varieties of fruit. Grass grown from seed and bark from local trees cover the ground. (Liza and Matt called a local tree company and received a truck load of free mulch. It took them over a month to haul the huge pile of bark to the backyard.) Often Liza and Matt can conduct their daily lives without a car as they walk to Cafe Treiste, Sea Salt Restaurant and soon Berkeley Bowl West!
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West Oakland Edible Garden
Artists Jo and Leah used their creativity and vision to create an urban oasis in their West Oakland home. When I showed them their home four years ago they saw past the cigarette stained walls and 70's wood paneling and put an offer in. The first thing they did was refinished the hardwood floors, re-plastered the walls and installed a working bathroom. Later they created an edible garden in the backyard complete with raised garden beds, tomatoes, corn, strawberries, an apple tree grafted with four varieties of apples and peas. When a friend was about to rid their garden of a pluot tree, they rescued the tree and reap the benefits with annual bowls of sweet fruit. In between the fruits, vegetables and herbs are poppies and other flowers. In Jo's spare time you will see him re-seeding poppies and nurturing his plants.
Pluots a few weeks away from being ripe.
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Dopo For Dinner
Last week I took my friend Karlya out for a belated birthday dinner; we made plans for dinner at 6 at Odesso on the corner of Piedmont Ave. and Pleasant Valley. Odesso just received a great review in the Chronicle so we were both excited to sample the famed house-cured meats and Italian flavors. Odesso was too loud for a conversation, so we strolled the two blocks down to Dopo. (Dopo and Odesso are sister restaurants.) I have patronized Dopo several times for lunch and I have a weakness for the beef and arugula sandwich with garlic aioli. As soon as we walked up to Dopo's doorway, we were warmly greeted by Graham, (a family friend of the owners) and were escorted to a small wooden table perfect for an evening of chit chat and catch up. We decided to try a multitude of small plates, a roasted beet and fennel salad, a crudo of swordfish with fresh pesto on a fried slice of lemon, a ragu of sausage with toasted walnut crostini and a seared scallop. Every bite was delicious and I was overjoyed by the service that night. From Graham who graced our table to check in, to the bus-person with the huge grin, we felt well taken care of. This type of old fashion service is what many businesses lack. When dining out is a luxury, satisfying service and food is a must. I am happy to plug Dopo as a place to go for dinner in Oakland.
The Full East Bay Experience
My client Sue is in the process of relocating to Oakland from San Francisco. As part of my service I planned a mini fieldtrip, a little house hunting and alittle East Bay culture. On one of our outings we found ourselves trailing around Emeryville. As we drove by Pixar and visited a townhouse near Powell Street, I made a detour to Charles Chocolates. Chocolatier Chuck Siegel is nationally renown for his confections and has set up shop on Hollis and 65th Street in Emeryville. (Formerly Andronicos) Recently Chuck started baking morning pastries and opened an espresso bar featuring Blue Bottle Coffee, making Charles Chocolate the perfect place for a decadent pick me up. I had a chocolate scone that was baked in house that morning and a latte; both were wonderful. (...and I am picky.) The espresso bar opens at 8:00 a.m and is the perfect spot for the loft and condo residents and surrounding businesses to patronize. Visit Charles Chocolates at 6529 Hollis Street in Emeryville or CharlesChocolates.com
Temescal Outing, Oakland
A few weeks back I was invited to the Spring Serrahna fashion show that was being held at Tanjia's restaurant in the Temescal District of Oakland. I have to admit I had never heard of this Moroccan eatery, but I was down for something new. From the humble exterior one would never know how grand the interior is. As I entered into the shadowy candle-lit dining room, I was amazed by the tented room draped with rich fabrics. It was as if I walked into a scene of a novel. I was taken to a dining table about the height of my living room coffee table and was seated on a leather pillow. The atmosphere was cozy and relaxed and I was entertained by fantastic Moroccan music and models who were showcasing the clothes of Andrea Serrahn. I had an scrumptious order of lamb brochette with spices that permeated through the meat. Just when I thought my entertainment was over, I was charmed by belly dancing. I thoroughly enjoyed my evening and the best part, was the 10 minute drive from Tanjia to my bed. Serrahna is a Rockridge clothing boutique that features contemporary clothing made from India textiles and are made for REAL women. (I love how Andrea had her clients showcase her designs!) serrahna.com and tanjias.com
Circa 1900 Home Goes Mod in Oakland
Yesterday after I held open 5740 Ayala Street in lower Rockridge, (a pristine craftsman home with impeccable natural wood trim, wainscoting and built-ins. and vintage details.) I headed over to view 492 58th Street, (in Oakland). The buzz around town is that this born in 1900 home in lower Rockridge (a bungalow turned mod pod) was the house to see. This home is a design buffs dream! The bathroom in the main house has hand applied stucco walls that are silky smooth and designed to withstand water and the steamy conditions of a hot shower. Every nook and cranny is engineered to efficiently store the items in your life. The washer and dryer are hidden in a wall of white cabinets and the there is big chunks of natural wood built-in benches and bookcases. Of course the yummy home furnishings and lush yet simple gardens enhanced my viewing experience. 492 58th Street in Oakland has a two bedroom, one bathroom main house and a one bedroom, one bathroom guest house. (Listed with Ron Kriss of Lawton and Associates for $750,000.) This pad is available now, but offers are due this Thursday. Click here to view this Oakland home on Dwell.com. (If you love high style and mid-century modern homes this is a must see.)
There Are Artists Among Us
Scott Courtnay- Smith is an Oakland based artist who I have featured on The Oakland Berkeley Journal. Being that Pro Arts East Bay Open Studio 2009 starts June 6th, I asked Scott to give me his list of must see artists. For information on ProArt, click here. Thanks Scott!
1.Idan Levin Jingletown (JABC) 2889 Ford Street, #41 Oakland, CA 94601 (415)505-8154 vantage@idanlevin.comwww.idanlevin.com Address for Exhibit Only June 6-7, June 13-14 Photography
Levin's photographs capture a secret urban environment that is around us everyday but goes mostly unnoticed. This is in part because he works at night when most of us are inside, and also because of the vantage points from which he shoots he shoots . His dreamily mysterious images contain an aspect of the clandestine nature of graffiti art-- without the defacement issue. A former soldier trained in reconnaissance, Levin reminds me of a hunter turned nature photographer that I once met while camping-- "This is how I shoot my trophies now", he explained, holding aloft his telephoto rig.
2.James Lovekin Swarm Studios 560 2nd Street, Studio 2 Oakland, CA 94607 (510)847-0530 jameslovekin@gmail.comwww.jameslovekin.com June 6-7, June 13-14 Mixed Media
James expresses his unique world view with paintings and collage that are at the same time visually stunning, thought provoking, and sometimes humorous. He works in collage and paint-- often combining the two. His sense of color is very distinct . Recently he made the switch from acrylic to oil, and the results are exciting, to say the least.
3. Lorrie Fink 3298 Lakeshore Avenue Oakland, CA 94610 (510)326-1990 lorrie@lorriefink.comwww.lorriefink.com Saturday June 6, Sunday June 7 Painting
Gorgeous, visceral and semi- abstract, Lorrie's recent work is loosely based on her observations of tide pools. A beautiful sense of color and form permeates her rich paintings in oil, alkyd and wax.
4. Janine Miller Janine Miller-Fritz "Nimby" 8410 Amelia Street Oakland, CA 94621 j.millerfritz@yahoo.comwww.appliedkineticarts.com Mechanical/Electrical
Industrial. Please see NimbySpace.org for details on event highlights on the evening of June 6th. Saturday June 6, Sunday June 7 Mixed Media Sculpture
I am including this pick because, if you haven't been to NIMBY, now is your chance to have your idea of art stretched out a little-- or a lot, depending on what you've already experienced. You won't be bored, I guarantee. And it's possible that you might have a religious experience.
In parting, I want to say that jpegs are no substitute for viewing live art, and so encourage everyone to get out and see as much as they can. - Scott Courtnay-Smith
Field Trip Time! San Francisco Decorator Showcase House 2009
Two days left to visit The San Francisco Decorator Showcase House. 2830 Pacific Avenue open this Sunday and Memorial Day: 11:00 am - 4:00 p.m . I love seeing the carefully selected grand home decorated and cleaned to perfection. No legos, books, video games or dirty clothes on the floors; just luxe fabrics, custom made furniture, art, and THE best side tables! (I have attended the Showcase House every year for the past decade and my friend Diana always teases me as I admire the side tables.) I love to surround myself with beautiful things, color, fragrance, sculpture, blown glass and solid handsome furnishings, so for me this is a must see. The following pictures were sent to me by a friend of The Oakland Berkeley Journal. Cheers! (Read the Chronicle article/review of the Showcase House, click here.)
Yesterday's Buzz in Berkeley
Yesterday I held open 2218 Blake Street in Berkeley, a 1890 Victorian house near UC Berkeley campus. When I arrived at the house people were lined up early for look at this multiple unit property in the heart of Berkeley listed for $395,000. I immediately opened the house and started talking to the crowd of people that formed on the old wooden front porch. People wanted to know more about this house, this current real estate market and the state of appraisals. At 5:30 p.m., an hour and a half after the open was scheduled to close, I finally was able to lock the doors. Here is the scoop. This property is 3 units per public record, but possibly just two units, but looks as if it was built as a single family home. (This property is listed with my colleague Barbara Hendrickson and neither she, I, or Red Oak guarantee this information, please go to the City of Berkeley to check on the legal status.) This is a trust sale with independent administration, has tons of original details and is a fixer. I believe this home will not qualify for FHA financing and after one Broker's tour and one Sunday Open House it has interested parties. All in all about 100 people came to this Sunday Open house as buyers are BACK and location is key.
Secret Mediterranean Casa in the Heart of Berkeley
20 Crystal Way in Berkeley is a tranquil home tucked away from Euclid Street on a small cul de sac. In fact in all of my 38 years in Oakland and Berkeley I have never been on this street. This sunny Mediterranean home has a scrumptious gardens, sensible upgrades and a great vibe. Listed by Dee Knowland of Pacific Union for $1079,000, I thought I would share this with you! 
Upper Rockridge Modern Compound
Last Sunday I held 6251 Contra Costa Road open for my colleague Pat Leaper. This home has over 6000 square feet of living space and is truly a unique property. Designed by award winning architect Martin Borenstein as his personal residence, this dwelling gives a nod to mid-century modern. This flat roof house with floor to ceiling windows and radiant heated floors has stunning views and an observation deck that is a show stopper. The Borenstein home can easily shelter two large families as it is two houses rolled into one, two kitchens, two fireplaces, two entries, multiple decks and did I say views? This is a great piece of land and has endless possibilities! This home is now available for $1,995,000.
Mid Century Cartoons
For those of you who read this blog you probably know that I have a soft spot for all things mid-century modern, the furniture, the architecture and yes the cartoons. Recently, MidCenturyModernist.com did a profile of the Incredibles and their mid-century lifestyle. I loved their selection of photos from the movie and it actually made me pull my copy of the DVD off the bookshelf and view it again. Mid century cartoons are lighthearted and carefree. The artwork has wonderful lines and angles and the colors are full of pastels, the colors of the times. Look at the artwork below, these would be fantastic framed and displayed in your mid-century pad.
Mid Century Modern Home In The Oakland Hills!
Imagine a mid-century home from a classic American movie. You know the house with high style, walls of glass, views and Doris Day inside. Roger Lee was an architect who designed high style for the middle class. Creating over 100 exquisite homes, Roger Lee is one of the forgotten mid century modernist. Five Krohn (in Montclair) created from the dreams of Roger Lee just went pending. One lucky Oakland home buyer will scoop up a great place to call home and a piece of art. (5 Krohn is listed with Christie Seeley of Pacific Realty)
Where is this in Oakland?
Do you know where this is in Oakland? This is the site of the Grand Lake Theatre in the early 1900's. (Before construction!)
