Blog – Page 3 – Lucas Real Estate

Home Buyer’s Checklist: Touring Homes Like a Pro

March 31, 2025
devinlucas

Tour Homes Like a Pro: What Every Newport Beach Buyer Should Know
Ready to move beyond online listings and start touring homes in person? Whether you’re buying in Newport Beach, Eastside Costa Mesa, or surrounding coastal communities, this step-by-step checklist will help you evaluate properties with confidence. Learn what to look for — inside and out — and how to spot red flags before making an offer. Written by local real estate attorney and broker Devin R. Lucas, this guide blends real-world experience with professional insight to help you make smart, informed decisions in today’s competitive market.

Spring Into Style: Home Refresh Tips for Newport Beach, Costa Mesa & Coastal OC

March 20, 2025
devinlucas

Spring cleaning tips for homes in Newport Beach, Costa Mesa & Coastal OC. Boost curb appeal & prep your home for sale this season!

Capital Gains article thumbnail featuring photo of Devin Lucas, tax graphic, and headline, "capital gains in real estate"

Understanding Capital Gains Taxes in Real Estate Sales and Using the IRS Section 121 Exclusion (aka the Homeowners Exemption or Homeowners Exclusion) Saving $250,000 or $500,000 of Taxable Gains

March 18, 2025
devinlucas

IRS Section 121 allows a reduction of potential capital gains taxes by $250,000 for single filers and $500,000 for married filing jointly filers when certain tests are met for the sale of your primary residence.

Think Your Property Tax Bill is High? Check Out Orange County’s Biggest Bills!

March 12, 2025
devinlucas

Think Your Property Tax Bill is High? These OC Landowners Pay Millions!

Before you complain about your tax bill, consider this—Irvine Company alone pays $192 million in property taxes this year. Disney? $81.5 million.

The Top 20 taxpayers contribute nearly $500 million, funding schools, roads, and public safety. Yet, Orange County only gets 5 cents of every tax dollar, far less than LA (21 cents) and San Diego (12 cents).

“Without these contributions, many local agencies wouldn’t have the funds for public services,” says OC Treasurer Shari Freidenrich.

Want to see the biggest tax bills in OC? Read on.

info graphic with photo of a home being swapped for another, with text "1031 exchanges: can you defer taxes on an empty home"

1031 Exchanges and Vacant Properties: Can You Defer Taxes on an Empty Home?

March 12, 2025
devinlucas

Can a Vacant Property Qualify for a 1031 Exchange?
The IRS focuses on investment intent, not just rental income, to determine eligibility. Key factors include the original purpose of acquisition, tax treatment, marketing efforts, and whether the property was ever used personally. Court cases like Alderson v. Commissioner and Reesink v. Commissioner have ruled that properties held for appreciation—despite never being rented—can still qualify.
Read the full article for key legal precedents and expert guidance.

piggy bank with text reminder that property taxes due April 10, 2025

California Property Taxes: Second Installments Due By April 10, 2025

March 11, 2025
devinlucas

The deadline is fast approaching! If you own property in California, your second property tax installment is due by April 10, 2025. Missing this deadline could result in steep penalties—up to 10% of your tax bill plus additional fees. Don’t wait until the last minute—make sure your payment is postmarked or received online by 11:59 p.m. on April 10 to avoid unnecessary costs.

Not sure if you’ve received your bill? It’s your responsibility to check—the county won’t remind you! Visit www.octreasurer.com to confirm your balance and payment options.

Questions about property taxes, Proposition 19, or real estate matters? Lucas Real Estate is here to help. Contact us today at info@lucas-real-estate.com or 949.478.1623.

UPDATE: March 7 2025 Executive Order Further Extends Price Gouging Protections

March 9, 2025
devinlucas

Governor Gavin Newsom’s Executive Order N-23-25, issued on March 7, 2025, extends rental price gouging protections in Los Angeles County until July 1, 2025. These protections cap rent increases at 10% and prohibit evictions aimed at re-listing properties at higher prices.

However, some properties are now exempt from HUD Fair Market Rent (FMR) calculations—specifically newly constructed units and high-value single-family homes (4+ bedrooms) in select Los Angeles ZIP codes. Importantly, these exemptions do NOT remove the 10% cap on rent increases and do NOT allow landlords to raise prices beyond prior rates if the property was rented or listed in the last year.

For landlords, property managers, and investors in Newport Beach, Costa Mesa, and beyond, these updates carry critical implications for leasing strategies, property valuations, and rental pricing. Orange County remains fully subject to price gouging laws, with no exemptions.

📖 Read our full article to understand how these changes impact your real estate business.

7 Steps to Prepare Your Home for the Spring Selling Season in Coastal Orange County

March 1, 2025
devinlucas

Spring is the perfect time to sell in Newport Beach, Costa Mesa, and Coastal Orange County! 🌸☀️ With buyers actively searching, making a few strategic upgrades can set your home apart. From boosting curb appeal and decluttering to staging for that perfect coastal vibe, these simple steps can help you sell faster and for top dollar. Thinking about listing your home this spring? Let’s chat—Lucas Real Estate is here to help you maximize your home’s value!

What Happens When a Tenant Moves Out Early? A Landlord’s Guide in California

February 25, 2025
devinlucas

What happens when a tenant moves out before their lease ends? In California, tenants remain responsible for unpaid rent and re-rental costs—but landlords must make reasonable efforts to find a replacement rather than simply charging the tenant for the full lease term. Under California Civil Code § 1951.2, landlords have a legal duty to mitigate damages by advertising the property, setting a fair market rent, and considering qualified replacement tenants. If a landlord rejects a viable tenant without good reason, the outgoing tenant’s liability may be reduced. A proactive approach can minimize downtime and financial loss for both parties.

Investing in a Rental Property in Coastal Orange County

February 19, 2025
devinlucas

Looking to build long-term wealth? Investing in a rental property in Newport Beach, Costa Mesa, or Coastal Orange County could be the smartest financial move you make! 🏡💰 Whether you opt for a steady, cash-flowing long-term rental or a high-income vacation rental, both strategies offer reliable income, tax benefits, and long-term equity growth. Want to explore the best investment opportunities? Let’s chat—Lucas Real Estate is here to guide you!