CraftWEB Hot Glass Talk

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-   -   Time Marches On (http://talk.craftweb.com/showthread.php?t=11997)

Rich Samuel 06-05-2018 08:37 AM

Time Marches On
 
Good luck, Marty!

https://www.seattletimes.com/seattle...ay-for-condos/

Mark Rosenbaum 06-05-2018 10:12 AM

One of the really great guys working in glass.... a real mensch!

Greg Vriethoff 06-05-2018 06:35 PM

A little sad about this. I helped run that shop from '99 to '03. I like to think that he's still using some of the stuff I fabricated for him, and it will follow him to a new home.

He'll land on his feet.

Pete VanderLaan 06-05-2018 06:41 PM

I am blocked from reading the Seattle times rich

Rich Samuel 06-05-2018 10:46 PM

Quote:

Originally Posted by Pete VanderLaan (Post 140206)
I am blocked from reading the Seattle times rich

Who did you piss off in Seattle? :D :D :D

Try clearing your browser's cache. That will usually restart your few free articles before the paywall appears. Or use a browser you haven't used for that site.

Rick Wilton 06-06-2018 09:58 AM

I find that if you open them in "incognito" mode on google chrome it doesn't block you (at least for most sites that have a paywall)

Larry Cazes 06-07-2018 06:39 PM

This kind of Art "cleansing" is going on full bore here in Northern California. Sad that all of the art community gets pushed out in the name of gentrification.

Pete VanderLaan 06-08-2018 06:57 AM

My experience has been that artist tend to migrate to areas where the rent is cheap and the ambience funky nice. They go from just the first to a coalition of people seeking that. Then , inevitably, it gets noticed as a haven for the arts and the rents shoot up. Unless the artist actually owns the site they work in, they'll inevitably get displaced. Certainly i Santa Fe, the people who owned their space on Canyon Road are the only old time folks. It's now pretty much true of the guadalupe district as well and the Baca Street group is under enormous pressure. Real estate goes up way faster than art prices. Right now those prices are in the process of excluding anyone with minimal funds.

When I was a kid, I was looking at buying a gas station in Del Mar when I-5 was moving inland and Del Mar turned into a ghost town. I couldn't meet the requirements of the San Diego Fire Dept so it never happened. I imagine that site, which is now a little mall would stun me.

Larry Cazes 06-08-2018 08:28 AM

Quote:

Originally Posted by Pete VanderLaan (Post 140233)
My experience has been that artist tend to migrate to areas where the rent is cheap and the ambience funky nice. They go from just the first to a coalition of people seeking that. Then , inevitably, it gets noticed as a haven for the arts and the rents shoot up. Unless the artist actually owns the site they work in, they'll inevitably get displaced. Certainly i Santa Fe, the people who owned their space on Canyon Road are the only old time folks. It's now pretty much true of the guadalupe district as well and the Baca Street group is under enormous pressure. Real estate goes up way faster than art prices. Right now those prices are in the process of excluding anyone with minimal funds.

When I was a kid, I was looking at buying a gas station in Del Mar when I-5 was moving inland and Del Mar turned into a ghost town. I couldn't meet the requirements of the San Diego Fire Dept so it never happened. I imagine that site, which is now a little mall would stun me.

I suppose the lesson to be learned and the only defense against it is to buy instead of leasing. I have great respect for anyone who can make a decent profit doing this.

Mark Rosenbaum 06-08-2018 10:18 AM

I rented for the first 3 years of my studio. I thought it was a waste to rehab the building on my own dime and set up the electrical and gas to my specs and then be at the whim of the landlord. I was lucky to find my current building 3 blocks away and at a time when no one wanted to invest here. Skip forward 25 years, and the prices for houses are getting $230 a square foot and all of the properties nearby are bought up. I'm glad that my opportunity arose, and I am sitting in my "retirement".

Pete VanderLaan 06-08-2018 10:35 AM

Back when Algiers wasn't chic. Selling the home , acreage and water rights in the house and studio Mary Beth and I built with our own hands was the highway to being able to move to New Hampshire on this tree farm. My rent on the gallery downtown? $5,400 per month. Now it's $7,200 per month. The trouble is most of the clients quit as well. I'm glad we got away.

Tom Fuhrman 06-10-2018 09:37 AM

Quote:

Originally Posted by Mark Rosenbaum (Post 140235)
I rented for the first 3 years of my studio. I thought it was a waste to rehab the building on my own dime and set up the electrical and gas to my specs and then be at the whim of the landlord. I was lucky to find my current building 3 blocks away and at a time when no one wanted to invest here. Skip forward 25 years, and the prices for houses are getting $230 a square foot and all of the properties nearby are bought up. I'm glad that my opportunity arose, and I am sitting in my "retirement".

Mark, start planning on how to sell that property as you will get blasted with income taxes when you divest yourself of it. Get a good accountant and see what they can propose for you. Having "your retirement" taxed before you ever get it is a bummer. Been there and done that.

Mark Rosenbaum 06-10-2018 01:26 PM

Quote:

Originally Posted by Tom Fuhrman (Post 140238)
Mark, start planning on how to sell that property as you will get blasted with income taxes when you divest yourself of it. Get a good accountant and see what they can propose for you. Having "your retirement" taxed before you ever get it is a bummer. Been there and done that.

Thanks for the advice Tom!

Eben Horton 06-10-2018 07:51 PM

Quote:

Originally Posted by Mark Rosenbaum (Post 140239)
Thanks for the advice Tom!

Put an apartment in it and claim it as your residence for 2 years. ;)

Pete VanderLaan 06-11-2018 06:16 AM

I think it is more like a capital gains tax than an income tax. Very different rates even within Cap gains. My spider man comic I sold had tax of 10K alone.

Rosanna Gusler 06-11-2018 06:21 AM

Yep. Capital gains. 50%.

Pete VanderLaan 06-11-2018 07:07 AM

That seems really high. My cap gains on stocks run about 16%. The collectibles were high at 20%. I can't recall the gains on selling our studio in NM. I agree with Tom that a good accountant is needed to plan it but the law keeps changing as well.

Lawrence Duckworth 06-11-2018 08:08 AM

Quote:

Originally Posted by Rosanna Gusler (Post 140245)
Yep. Capital gains. 50%.

Maybe they were that high during the 8 fundamental change years but right now itís 0% for most folks, 15 and 20 for others

Rosanna Gusler 06-11-2018 12:19 PM

Quote:

Originally Posted by Lawrence Duckworth (Post 140247)
Maybe they were that high during the 8 fundamental change years but right now itís 0% for most folks, 15 and 20 for others

I have a paid for rental house. Bought decades ago. My cpa a says 50%. I would have to live in it for 2 years to remove that.

Tom Fuhrman 06-11-2018 04:51 PM

I can tell you from experience that it really hurts when you end up paying 10's of thousands of dollars that you thought was in your retirement account in taxes.
Beware of contract sales though that space the payments out over a period of years as the buyer can go bankrupt in the meantime and you can end up with holding the paper and a court judgment and never see any money, only some legal bills you have to pay. Been there and done that too.
To prevent having to pay the capital gains on real estate, it normally has to be your primary residence. That's why I say, Find a good accountant to advise you.

Eben Horton 06-12-2018 05:42 AM

Quote:

Originally Posted by Pete VanderLaan (Post 140244)
I think it is more like a capital gains tax than an income tax. Very different rates even within Cap gains. My spider man comic I sold had tax of 10K alone.

There is no capital gains tax on your primary residence

Eben Horton 06-12-2018 06:19 AM

actually, i am wrong about this.. the property has to be your primary residence for 2 of the 5 years that you own it. I don't think that avoidance of capital gains can apply after 5 years.

Pete VanderLaan 06-12-2018 07:12 AM

I would think living in the theater would be hard. I am aware of the residency requirements. It can become complicated if by moving into a building to live in a commercial zone, you violate zoning ordinances. Further, I'm not sure what the ownership on Mark's current residence is. You can't claim two primary residences.

Mark Rosenbaum 06-12-2018 10:15 AM

Quote:

Originally Posted by Pete VanderLaan (Post 140265)
I would think living in the theater would be hard. I am aware of the residency requirements. It can become complicated if by moving into a building to live in a commercial zone, you violate zoning ordinances. Further, I'm not sure what the ownership on Mark's current residence is. You can't claim two primary residences.

It is a mixed use area. I don't think that the zoning would be a problem.... we do own our home which is located about 5 minutes away....fixing up an apartment and convincing Brenda that we have to live above the studio for 2 years would be impossible!!! I am going to consult a CPA and see if there are any loopholes like setting up a trust or something that the people who actually have money would do ;)

Pete VanderLaan 06-12-2018 10:55 AM

Again, there is one and one only primary residence. I suppose that you could find out if that's avoidable by having each property owned by just one of you and you can immediately see the inherent risk in that.

We did set up a living trust for both our parents sets and thought it was great but it didn't work out meaningfully at all. The purpose was to keep the State(s) from attaching any of those properties in the event of a catastrophic illness forcing the holdings into liquidation. When MB's mom moved from New Hampshire to Colorado and was taken in by her sister, the function there was that she could be on Medicaid and still keep the 200 acre tree Farm. Colordo said "No, She has to live in her primary residence" even though she was no longer capable of caring for herself, so the purpose of that trust was shattered right away. We would have come to legal action with Colorado when Mary' money ran out, but that never came to pass. She died with about 5K left in her bank account. Then the property passed on to the two surviving sister's and they split it in half. We live on 110 acres of it. The other is unoccupied.
My dad tried the same thing but he botched the trust up while constantly telling his kids that it was all taken care of, so, that property went into probate. It came out of probate about a year later and my brother did an incredible job of managing the liquidation of the property. That, being a primary residence did not have any taxation on the sale at all. Dad owned no other properties.

There's a lot to be said for living near your studio. I wouldn't want to live in it and your insurance company would have fits over it. I remember your glassworks and i don't think that's viable. Our studio in New Mexico was on a contiguous piece of property but there were two tracts of land which made the insurers happy. Even so, the house went right away but not the shop and the shop had all the potential of becoming a white elephant. It was a major mess as a sale in the end.

I would have a major conversation with Brenda about your retirement goals-really. While selling the studio may become fuel for retiring, contempation of sailing away has unexpected side effects. Older people really are more comfortable in their familiar surroundings. They live a lot longer surrounded by familiarity. The notion of assisted living etc galls me. While we aren't anywhere near as competent at simple chores as we once were, we still like the routine of them. I don't know how long we'll run the studio but currently, it's still fun and keeps us connected. Craftweb keeps us connected too. Our goal on retirement is met. The consideration now is passing it down to the two kids free and clear and it should give each of them a booster in what they want to do. If they sell it, they can sell it. We'll meet with them soon enough to see what they want to do with it.

Our studio now is not even insured. It's the addition barn added to the 1811 barn. It has separate utilities completely from the house. It has two bay doors and would convert back to a two car garage in about a week. While we were once an ocean going vessel, these days, we sail the inland waterways if that makes sense.

But I'll tell you one thing. Aging comes at you really incredibly fast. Buying the Visa and Mastercard stock was the best move we've ever made. The two John Deere's are great too.


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