Real Estate Newsline
Top real estate headlines delivered monthly.
- Decorating With Augmented Reality
- Airbnb Exemt From SD Tourism Levy
- U.S. Treasury Tracks Luxury Sales
Like that Sofa…but will it fit?
Jerome’s Furniture, a San Diego furniture outlet staple, has introduced an augmented reality app that lets you see their furniture placed in your own home. Using the app select a furniture item on Jerome’s website, click a button and see the true-to-size piece in the spot you’re thinking about. Is it a fit? Now you know ahead of time. Soon to follow in Jerome’s augmented reality footsteps are Lowe’s and Wayfair. IKEA recently launched a pilot virtual reality app to create kitchen experiences for consumers.
Airbnb Hosts Exempt From SD Tourism Levy
San Diego’s City Council recently agreed to remove a special tourism-marketing room surcharge for small hotels, motels and home-shares like Airbnb. Come September 1st only establishments with 70+ rooms will pay this specific surcharge, though other taxes still apply to Airbnb hosts. Airbnb currently collects the Tourism Marketing District’s surcharge directly from it’s hosts, paying the City with a lump-sum check. Airbnb does not, however, disclose where and how many local hosts pay into the surcharge which became problematic. With Airbnb hosts unknown the Tourism Marketing District could not conclude how to properly include these hosts and their voting distribution weight into important voting elections. The result was a full exemption.
U.S. Treasury Aims to Track Shell Companies
Earlier this year the U.S. Treasury began requiring all-cash luxury homebuyers to reveal their identities when acquiring property through secretive shell companies. The tracking began in Manhattan and Miami, which led to over 25% of purchases being flagged as suspicious. The Treasury Department, which seeks to learn more about money laundering in the luxury market, is now expanding it’s efforts into other major metropolitan areas. These markets will include Los Angeles, San Diego, San Francisco and San Antonio. The dollar value scrutinized in California will be $2 million and higher.
Is someone you know thinking about buying or selling?
Have them call me! I’ll help them get started.
Laura Sechrist Molenda