Proposition 10: A Threat to All Property Owners and Investors
Azzi Hosts Santa Monica Real Estate Investors Breakfast
On June 13, 2013, Azzi Real Estate Investment Group and their partner Ervin Cohen & Jessup hosted the Santa Monica Real Estate Investment Breakfast at the Fairmont in Santa Monica, CA. Approximately 30 property owners attended the breakfast where they where able to discuss issues most relevant to their investments with industry experts.
Tony Azzi kicked off the meeting giving guests a quick market overview before introducing featured guest speaker Rosario Perry, an attorney with over 40 years of experience in Santa Monica real estate law. Mr. Perry discussed the benefits of buying residential income properties in Santa Monica versus other markets such as Los Angeles and West Hollywood, based on local laws in each jurisdiction. He also shared pending legal changes and what impact they may have on values of residential, rent-controlled properties in Santa Monica.
Closing the event, Gary Michel, a partner with Ervin Cohen & Jessup LLP, discussed what real estate investors should be considering in light of recent tax changes with the American Taxpayer Relief Act and Medicare Contributions Taxes on wages, self-employment income and net investment income. Combined these taxes will increase federal taxes on ordinary income and wages to 44.6% and long-term capital gains and qualified dividends to almost 25%.
Participants found the discussion insightful and valuable in making decisions regarding their investment. “Our success has been built on our relationships with our clients and our ability to advise them on the best solutions for their real estate investments,” said Tony Azzi. “Having a pulse on the marketplace and constantly monitoring trends, legislation and taxes is essential for us to bring the best counsel to our clients and event like these is just another unique offering Azzi brings to its clients.”
