March 12, 2019

💰 157 Billionaires In California Make Elite Forbes List 💰

REDWOOD CITY, CA — Beating out New York and Texas, California has proven golden as home to the nation’s greatest number of billionaires at 157, according to Forbes’ 33rd annual ranking of the world’s billionaires released Tuesday.

The ranking includes 2,153 people who have a combined wealth of $8.7 trillion.

Almost a third of these wealthy titans reside in the Silicon Valley, the tech capital of the world. Others are sprinkled around the state from San Francisco and the North Bay to Beverly Hills and Newport Beach in various industry.

Technology tops the industry choice for those accumulating wealth. Some are still involved with their companies. Others have retired with it, choosing to dabble in other things, buy an island or remain a stake/shareholder.

Some names on the list pop out like celebrities in their respective industries, such as Larry Page with Google at $50.8 billion and Elon Musk with Tesla at $22.3 billion. Charles Schwab, the financial broker, uses his $8.3 billion to reside in one of the wealthiest cities in the world in Woodside — a haven for tech moguls. Facebook’s Mark Zuckerberg took a top spot with $62.3 billion, just short of Larry Ellison’s $62.5 billion. Zuckerberg was joined by his fellow executive Sheryl Sandberg at $1.6 billion.

Among a fair share of venture capitalists sharing the list, Southern California held its own as the entertainment capital. Record and movie producer David Geffen appeared with $7.8 billion. Even legendary climber and Patagonia founder Yvon Chouinard made the cut with $1.5 billion.

Beyond California, Amazon Chief Executive Officer Jeff Bezos, who is worth about $131 billion, topped the list for the second year in a row, followed by software magnate and philanthropist Bill Gates at $96.5 billion and Berkshire Hathaway Chairman and Chief Executive Officer Warren Buffett at $82.5 billion.

Both the number of billionaires and their combined net worth is down this year, according to Forbes. Last year, 2,208 people made the list and had a combined wealth of $9.1 trillion. Forbes said this represents the first decrease in billionaires and their combined wealth since 2016, and only the second decrease in a decade.

A record 994 billionaires are worth less than they were a year ago, but last year, only 360 members of the elite class got poorer. The average net worth of this year’s billionaires is $4 billion, down from $4.1 billion in 2018. Of the total, 1,450 members are self-made.

“The billionaire ranks prove that even the world’s richest are not immune to economic forces and the volatility of world markets. Yet, even with strong headwinds, resourceful and relentless entrepreneurs find new ways to get rich,” Luisa Kroll, assistant managing editor of wealth at Forbes said in a news release.

Kerry A, Dolan, also an assistant managing editor of wealth at Forbes, noted regional trends.

“Of note this year was the large number of drop-offs in China, and the weakening of the euro vs. the dollar, which pushed down the dollar value of European fortunes,” Dolan said in the release.

In the United States, Bezos’ net worth increased from $19 billion, and Gates, who had been the wealthiest person in the world for the longest period of time, increased his fortune by $6.5 billion, from $90 billion in 2018. The gap between the No. 1 and No. 2 billionaires grew due to an increase in Amazon stock prices. Buffett’s net worth fell by $1.5 billion.

Rounding out the top five were Bernard Arnault of France and Carlos Slim Helu of Mexico, with net worths of $76 billion and $64 billion, respectively.

President Donald Trump’s net worth is listed at $3.1 billion by Forbes, which placed him at No 715 on the list. Trump is the first billionaire president of the United States, and the core of his fortune is tied up in a half-dozen buildings in and around midtown Manhattan in New York City, according to Forbes.

New to the list is Kylie Jenner, 21, who is the youngest billionaire in the world and the youngest self-made billionaire of all time. Jenner, who ranked 2,057 on the list, owns 100 percent of Kylie Cosmetics, a company she founded three years ago and which did $360 million in sales last year. Most of the company’s revenue comes from e-commerce, but Kylie Cosmetics also has a deal with Ulta to put its products in the makeup retailer’s 1,163 U.S. stores.

Other Americans in the Top 20 were:

Michael Bloomberg, Bloomberg LP, No. 9, with a net worth of $55.5 billion (up from 2018);
Charles Koch and David Koch, Koch Industries, No. 11, with a net worth of $50.5 billion (down from 2018);
Sergey Brin, Google, No. 14, with a net worth of $49.8 billion (up from 2018);
Jim Walton, Walmart, No. 16, with a net worth of $44.6 billion (down from 2018);
Alice Walton, Walmart, No. 17, with a net worth of $44.4 billion (down from 2018);
S. Robson Walton, Walmart, No 18, with a net worth of $44.3 billion (down from 2018);
Steve Ballmer, Microsoft, No. 19, with a net worth of $41.2 billion (up from 2018).

The top 20 billionaires have a combined net worth of $1.2 trillion, which is unchanged from last year. Their aggregate wealth represents about 14 percent of all billionaires. The minimum net worth in the Top 20 was $3.38 billion, $200 million less than 2018.

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IF YOU ARE THINKING ABOUT SELLING your Bay Area property, it is important you hire a real estate team of professionals with an extensive portfolio of home sales, a significant list of happy clients and a history of excellence.

The Laugesen Team has the experience, connections and creativity to successfully list and sell your distinctive property.

OUR INNOVATIVE AND PERSONALIZED APPROACH
• Pricing for Success
• Prepare for Top Sale
• Impressive Marketing
• State of the Art Technology
• Network with other High-End Agents

OUR RESULT FOCUSED SERVICE
• Always available to show qualified buyers and agents.
• Schedule Open Houses and Brokers Tour
• Follow-Up Quickly and Consistently
• Immediately respond to all leads.
• Encourage serious buyers to make serious offers.
• Facilitate the closing process to ensure a successful, competitively priced, stress-free sale.

Luxury Real Estate Specialists

Denise Laugesen
Luxury Specialists
deniselaugesenteam@gmail.com
Direct: 650.403.6225
Cell: 650.465.5742
www.thelaugesenteam.com
DRE: # 01011089

Cortney Laugesen
Luxury Specialists
cortneylaug@gmail.com
Direct: 650.403.6226
Cell: 650.678.5084
www.thelaugesenteam.com
DRE: # 01859860

By cortney

March 1, 2019

2019: TAX TRANSFORMATION

Many Americans will begin experiencing the effects of the Tax Cuts and Jobs Act of 2017 when they file their annual returns this year. Outside of political characterizations of the bill’s implications, there are changes that affect consumers at different income levels and parts of the country that make it a good idea to seek advice from a qualified tax professional to ensure compliance with the new law and maximize available benefits. Rich Camp EA, a partner of Minnetonka, Minnesota-based CPA firm of Lordan and Camp, PLLC says the changes in tax rates have been the most apparent benefit to most people; however, things get more complicated when income, state of residence, employment status and exemptions come into play. Camp says professional advice is more important than ever, and points out that “More people in the lower and middle income classes will be able to take the standard deduction, which is almost double what it was. But rules surrounding itemized deductions have changed and can vary greatly depending on whether the state a taxpayer lives in has modified their codes to respond to changes at the federal level.” Camp says taxpayers should ask questions and get solid guidance if they fit into or are affected by one of the following categories:

STANDARD DEDUCTION

This increased from $6,500 to $12,000 (single) and $13,000 to $24,000 (married). People over 65 can increase this by $1,300 for married individuals and $1,600 for singles.

PARENT

Personal and dependent exemptions have been eliminated and have been replaced with credits, but they are predicated on adjusted income levels. Child tax credits increased from $1,000 to $2,000 per child under 17 years of age. A new partial child tax credit is available for dependents age 17+.

HOMEOWNER

Mortgage interest deductions have been capped. Homeowners are now only allowed to deduct interest on a maximum of $750,000 for properties purchased after December 14, 2017. Home equity interest deductions are eliminated for loans not used to buy, build or improve the property securing the loan.

STATE/LOCAL INCOME PROPERTY TAX

The ability to deduct these taxes is capped at a sum total of $10,000.

MISCELLANEOUS DEDUCTIONS

All miscellaneous deductions have been eliminated for individuals including employee business expense deductions and investment related expenses.

SEPARATED/DIVORCE

Spousal support – a.k.a. alimony – paid is no longer deductible by the payer or includable for the recipient for payments made under divorce agreements signed after 12/31/2018.

SELF-EMPLOYED

Corporations, S-Corps, sole proprietors, partners and other groups got tax relief in the form of income deductions and rate reductions.

IRA TO ROTH CONVERSATIONS (RE-CHARACTERIZING):

Undoing a transfer of funds from a traditional IRA to a Roth IRA is no longer allowed.

Like the majority of the U.S. tax code, the Tax Cuts and Jobs Act has many provisions and exceptions that vary depending on a taxpayer’s individual and overall circumstances. When it comes to preparing and filing taxes in a transitional year where new laws apply and some states have not yet modified their own tax laws, Mr. Camp suggests having a professional review your previous year’s returns in addition to preparing your 2018 taxes. “Software can’t always keep up with all the moving parts at the state and federal levels and how they interact with one another. The cost of a qualified professional is often offset by the savings their expertise can help consumers achieve by knowing all the rules. And, there’s really no way to put a price on the protection and peace of mind you’ll get from working with people who know the laws and how they affect you.”

The Laugesen Team has the experience, connections and creativity to successfully list and sell your distinctive property.

OUR INNOVATIVE AND PERSONALIZED APPROACH
• Pricing for Success
• Prepare for Top Sale
• Impressive Marketing
• State of the Art Technology
• Network with other High-End Agents

Luxury Real Estate Specialists

Denise Laugesen
Luxury Specialists
deniselaugesenteam@gmail.com
Direct: 650.403.6225
Cell: 650.465.5742
www.thelaugesenteam.com
DRE: # 01011089

Cortney Laugesen
Luxury Specialists
cortneylaug@gmail.com
Direct: 650.403.6226
Cell: 650.678.5084
www.thelaugesenteam.com
DRE: # 01859860

By cortney

January 25, 2019

Facebook Leases 800 KSF Bay Area Office Project

Kylli Inc. inked a deal for the tech giant to occupy all four buildings of its Burlingame Point development, which will debut in 2020 in the San Mateo County market.

Inc., developer of the Burlingame Point office campus in the San Francisco suburb of Burlingame, Calif., has landed a tenant for the 803,000-square-foot project. Facebook preleased the property in its entirety.

Designed by Gensler, Burlingame Point will encompass four Class A buildings ranging in size from approximately 155,500 to 245,000 square feet on an 18-acre site along San Francisco Bay in San Mateo County. A San Francisco-based subsidiary of China’s Genzon Investment Group Co., Kylli broke ground on the development in 2017, and in August 2018 the company began lease negotiations with Facebook. The transaction closed in the fourth quarter of 2018. Kylli expects to complete the project in 2020, with construction being led by general contractor Hathaway Dinwiddie.

Cushman & Wakefield represented Kylli in the Facebook transaction, and JLL stood in for the tech giant.

“This addition diversifies the Facebook real estate footprint within the Bay Area, where they have been rapidly expanding near their headquarters location in Menlo Park as well as East Bay and San Francisco locations,” Clarke Funkhouser, executive director with Cushman & Wakefield, told Commercial Property Executive. Funkhouser was joined by colleague Mike Moran, an executive managing director with the firm.

BIG TENANTS, BIG DEMAND

Facebook’s all-in commitment to Burlingame Point marks one of the largest lease transactions ever seen on the San Francisco Peninsula. “The Facebook transaction further validates the San Francisco Peninsula as a primary market across industry sectors. Strong demand for new construction from technology and life science users has been evidenced by surging growth from large users such as AbbVie, Genentech, Google/Youtube and Walmart,” Funkhouser said.

The ongoing cry for premier office accommodations has resulted in record-breaking preleasing activity in San Mateo County, where deals totaling roughly 1.6 million square feet of office and R&D projects closed in the fourth quarter alone, according to a Cushman & Wakefield report.

Early commitments included AbbVie’s agreement to take 550,000 square feet at BioMed Realty’s Gateway of Pacific project in South San Francisco. Global Blood Therapeutics signed a 165,000-square-foot deal at The Cove at Oyster Point, HCP’s multi-phase development in South San Francisco. Since 2012, approximately 90 percent of all completed office projects in San Mateo County have been able to achieve some level of preleasing.

“Such growth and demand also suggests that the San Francisco market is in need of additional commercial development, especially large-scale projects, to accommodate migrating and expanding companies particularly in these [tech and life science] industries,” Moran told CPE. “Scale and growth management are critical to the current corporate user.”

Story by Barbra Murray

Image Courtesy of Kylli Inc.

The Laugesen Team has the experience, connections and creativity to successfully list and sell your distinctive property.

OUR INNOVATIVE AND PERSONALIZED APPROACH

• Pricing for Success

• Prepare for Top Sale

• Impressive Marketing

• State of the Art Technology

• Network with other High-End Agents

OUR RESULT FOCUSED SERVICE

• Always available to show qualified buyers and agents.

• Schedule Open Houses and Brokers Tour

• Follow-Up Quickly and Consistently

• Immediately respond to all leads.

• Encourage serious buyers to make serious offers.

• Facilitate the closing process to ensure a successful, competitively priced, stress-free sale.

Luxury Real Estate Specialists

Denise Laugesen

Luxury Specialists

deniselaugesenteam@gmail.com

Direct: 650.403.6225

Cell: 650.465.5742

www.thelaugesenteam.com

DRE: # 01011089

Cortney Laugesen

Luxury Specialists

cortneylaug@gmail.com

Direct: 650.403.6226

Cell: 650.678.5084

www.thelaugesenteam.com

DRE: # 01859860

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By cortney

January 25, 2019

1046 Laguna Ave, Burlingame | SOLD

1046 Laguna Ave

Burlingame, CA 94010

Sold Price $1,888,000

A fantastic opportunity has just popped up in Burlingame. Amazing location. .Walking distance to downtown, award winning schools and Central to Burlingame. A beautifully appointed residence that provides 2170 sq feet of lavish comfortable space. A 2.5 story condominium unit that feels like a large single family home. 3 bedroom suites, remodeled kitchen, bright and light public rooms, updated baths, huge loft/great room, attached 2 car garage, new hardwood flooring, new paint throughout entire interior. Close to SFO, public transportation, neighborhood schools. Walk to Broadway and to Burlingame Ave. This home has it all.

The Laugesen Team has the experience, connections and creativity to successfully list and sell your distinctive property.