REAL ESTATE NEWS (Los Angeles, CA) — Section 1031 of the U.S. Internal Revenue Code 26 U.S.C. § 1031 allows for the exchange of certain types of property, allowing the investor to defer the recognition of capital gains or losses due upon sale, and to defer the capital gains taxes.
The 1031 exchange (also called a like-kind exchange or a Starker) is a swap of one business or investment asset for another. Although most swaps are taxable as sales, with a 1031, there will be no tax or limited tax due at the time of the exchange. This allows the form of the investment to be changed without (as the IRS sees it) cashing out or recognizing a capital gain. That allows the investment to continue to grow tax deferred. The new property must be found within 45 days of old property escrow close. The new property escrow must close within 180 days after the sale of the old property.
President Biden has proposed limits to 1031 exchanges, which would have consequences for investors, and for the economy. If the proposal is approved, the most savvy of wealthy investors would likely respond by holding on to property, with the expectation that the tax code will change again in the future.
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What goes into a successful short-term vacation rental property? Casa Luisa is a prime example.
REAL ESTATE NEWS (Southern California) — Some AirBnB and short-term vacation rentals stand out from the crowd. One such people pleaser, called Casa Luisa, has become renown for its completeness of creature comforts and provisions in the scenic desert park tourist destination of Joshua Tree. Near shops and cafes, and just minutes away from the national park entrance, the four bedroom, two bathroom single family home first reveals itself to guests as an unassuming house denoted by a driveway, garage, fenced draped for privacy. The magic of this destination is that it grows on you minute-by-minute due to its full-featured list of amenities and conveniences. The large back yard is decked out in locally-appropriate decor that shows pride of ownership, combined with just enough whimsey to put a smile on any face, and just enough quaintness to give a feeling of ease and enjoyable abandon. | DETAILS | VIDEO
Casa Luisa is a bespoke getaway adorned with unique designs, with just enough luxuries to spoil visitors, and down-to-earth price that is affordable for many vacationing families of up to 8 persons. Billed as “the essence of an escape,” proprietor host Joel Oconer designed the home’s spaces with guests in mind, boasting amenities that he describes as “beyond comprehension,” amid artfully unique interior designs, providing spacious indoor and outdoor living. Sip coffee before a beautiful sunrise, cool off in the pool after a long day’s hike, soak blissfully in the hot tub spa, or lay in a hammock, mesmerized by the vibrance of the star-filled sky. No wonder Casa Luisa is so popular. Weeknight stays can sometimes be done on short notice, but those wanting to stay on a weekend, holiday or big event should book well in advance.
Sometimes owner Joel can be there to greet guests, when requested: “It’s always a pleasure meeting guests in person and making that connection. I am glad that single guests and families alike enjoy their stays at Casa Luisa.” Joel adds, “My team and I really love to help people have enjoyable stays, and we’re grateful for the opportunity to host them.”
The stylish living room features a refined tortoise-wood coffee table and one-of-a-kind mirror, vintage furniture and a sliding glass door with mountain views. All four bedrooms and the living room have Smart TVs with streaming services. Each of the four bedrooms & two baths offers its unique blend of modernized, traditional comfort. A smart assistant Alexa device can play music of the guest’s choice. Get plenty of work done, browse the web or watch Netflix in high definition detail thanks to super fast business class internet service.
The cabana-style patio has an outdoor dining table and lounge chairs for creative conversations. Use it for relaxing, or for a peaceful yoga session. Open the outdoor drapes to take in the amazing sunsets!
The mini resort shelters visitors in a place of exquisite exclusivity. The area is noted for its forests of extremely rare yucca brevifolia joshua trees. These tall plants are said to be matched only by the biblical joshua trees of Jerusalem. The Joshua Tree area is clad with small mountains of majestic rock formations. Israel natives say that joshua trees do not really grow in Jerusalem. The trees can only survive in this unique high desert soil where the Mojave and Colorado desert intersect, with cold temperatures in winter and hot temperatures in summer. So sensitive are these plants, that they can only grow if they are physically orientated precisely in a particular north-south-east-west facing position. Apparently the special trees are even more rare than we thought — exclusively available for enjoyment around the Joshua Tree National Park area.
With 9 campgrounds, 523 campsites, 2 horse camps, 10 picnic areas, 38 picnic sites, 32 trailheads, and 191 miles of hiking trails throughout, Joshua Tree National Park provides endless hours of healthy fun in the great outdoors. The area is also home to the internationally famous annual outdoor music concert called the Coachella Valley Music and Arts Festival. Speaking of songs, springtime brings many lovely nesting mourning doves.
The combination of the rustic desert charm and contemporary features allows for a delightful experience. The outdoor amenities show just enough wear and tear to prove they’ve been enjoyed by many. The bedrooms and bathrooms show as excellent to like new condition, with a substantial level of hotel-quality professional cleanliness and presentation. Expect to be treated with warm, friendly hospitality that has been described as “unparalleled” by guests. A full complement of games, appliances and dishes are accompanied by generous supplies of coffee, tea, snacks and water cooler to comprise an array of gracious provisions.
Things to Know: Free high-speed Wifi 400 Mbps Dog-friendly BNB Close Proximity to National Park entrance about (about 10 mins) Close Proximity to bars and restaurants downtown ( about 5 mins) Surveillance camera on-site Proven excellence in hosting with a 4.9-star rating from guest reviews, consistently recognized by Airbnb quarterly with a Super Host Status since opening in May 2019
The owners of Casa Luisa value their local community and respect their neighbors. A noise ordinance is in effect for Yucca Valley from 10:00 pm to 8:00 am. Being in San Bernardino County, there should be “no loudspeakers outside, no shouting, no yelling, no playing of instruments and no loud talking outside between these hours.” Sound travels faster and louder in the desert.
What is a Casa Luisa stay really like? The guests put it best: Great atmosphere deco and entertainment is on point and the host is really chill… This space is truly incredible for some quality time with friends/family. Feels like your own private retreat to a secluded oasis in the desert. Many seating areas for eating, games and socializing. Everything is perfectly curated for a relaxing getaway… Amazing, charming space. They thought of EVERYTHING. The owner is wonderfully accommodating and communicative. Highly recommend.
The host offers discounts to veterans and active military, senior citizens, and social media influencers. About 2.5 hours from Downtown Los Angeles, just outside of the Palm Springs area, famous Casa Luisa awaits. Enjoy creating wonderful memories! BOOK A STAY
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