Orange County Residences
Despite the high taxation in California, it remains as one of the most popular choice of residence for a number of people. California is home of some of the biggest high end residences, making it a popular choice for affluent individuals and families.
California Residence and Tax
California consistently ranks among the states with the highest net taxation for properties. Despite the limit of 1% on property tax set by Proposition 13, the presence of many luxury properties in the area has increased the median cost of taxing, particularly in Southern California. In addition to the property tax, there is as well what is called the Mello-Roos Tax, which is used to pay for infrastructural development in the area. Despite these expensive costs, more people are choosing to establish their residence in the said area due to the amenities and atmosphere that the southern region of California has to offer.
Living in the OC
The various counties in South California have been said to be some of the most overvalued real estate markets. This can be attributed to the already established residences in the area. The county remains popular due to its proximity to the coastline and the various beaches in the area. For residents in the area, they have access to more than 64 km of coastline, allowing them to enjoy both the beach and other water sports. Being located near the equator, the area enjoys year-round warm temperature, allowing for beach access all year long. Moreover, the county is home to the Surf City of USA, Huntington Beach. The county is similarly popular as it is the center of many Fortune 500 companies, resulting to the number of affluent families residing in the area.
Extravagant Residences in the County
The county is home to some of the most luxurious residences in the state. Moreover, the county remains to be one of the biggest markets for real estates. Currently, the priciest residence available on sale is Villa del Lago, which is currently under construction. The property covers a lot area of 12.5 acres, with additional features such as a private lake and a planned tennis court. These preview OC homes expect a median increase in price of up to 8.2% within the year, from the median value of more than $2.4 million. While this price is indeed exorbitantly high, the reasoning for such an expense is in the amenities that are built into the number of luxury home properties in Southern California.
Buying Property in Southern California
A luxurious property is defined to be those residences and properties that are priced within the top 5-10% of a given real property market. For Southern California, the median price of these houses are in the range of more than $2 million. In order to successfully buy such properties, it is important to acquire of services of real property agents as they can help greatly in finding best prices for these building establishments. However, it is similarly important to find agents with reputable backgrounds to ensure that you get the most cost-effective option for the price you are willing to pay.
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