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Find Out More About the Santa Monica Canyon, Ocean Park, and Sunset Park Area Economy & Job Market
Our economy is extremely strong. Santa Monica has long been a popular destination of tourism and an integral part of our economy. Santa Monica is an economically successful city with over 16,000 businesses which collectively generate almost $8.4 billion in gross annual income. About $2.3 billion of sales are in the retail sector. There are an estimated 70,000 jobs in Santa Monica. The largest number of jobs are found in the Accommodation & Food Service Industry, Professional Scientific & Technically-Skilled Sector, and Retail Trade Industry. Recently, we have enjoyed a significant growth from the entertainment industry from MTV to many small studios.
Tax Considerations >Beneficial Tax Laws American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.
Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.
Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
What 45,000 sq.ft. home on 5-acres on Lake Washington is described as an 'adventurous house' by its owner?
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| A |
The home of Microsoft's Bill Gates ($40+ million) has a wall of 24 video monitors featuring art and film and a 60-foot pool. |
 See More Real Estate Trivia > |
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FEATURED PROPERTY
North of Montana Gem
North of Montana gem - flooded with light! Center hall floor plan with extra large rooms. Hardwood throughout main floor. Carpet upstairs. Lush Landscaping.
Location: 619 Euclid Street, Santa Monica, CA 90402
Price:
$2,999,999 Motivated Seller!
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