"Probably" nothing to be concerned about.....

[savvyman]

But kinda strange since he had only bought the home last May.

http://www.bizjournals.com/seattle/morn ... 1429310511

[PasadenaHawk]

I saw that in the L.A. times too. Seems strange. Hopefully they buy another in the Seattle area.

[Distant Relative]

I hate the off season!

[curmudgeon]

Prepping for retirement after the 2016 season......

[jshawaii22]

By then I expect that we can bring back Dan Quinn as our HC...

js

[RiverDog]

That does seem a little odd. As most of us home owners know, you have to keep your house for at least two years or else you'll pay tax on the increase in resale value. But then again, maybe there was something about the house or neighborhood that they didn't like that wasn't apparent at the time they bought it.

[Steady_Hawk]

That does seem a little odd. As most of us home owners know, you have to keep your house for at least two years or else you'll pay tax on the increase in resale value. But then again, maybe there was something about the house or neighborhood that they didn't like that wasn't apparent at the time they bought it.

That, or maybe they expect a house market crash soon.

[THX-1138]

I'm thinking Pete saw a profit of better than a quarter mil in less than a year. A smart millionaire doesn't look down his nose at that kind of money.

[RiverDog]

I'm thinking Pete saw a profit of better than a quarter mil in less than a year. A smart millionaire doesn't look down his nose at that kind of money.

Except that he's owned the house for less than 2 years and is subject to capital gains tax on the increase in value. If turning a profit was his motive for selling, he would be a fool to sell it in less than 2 years.

[savvyman]

I think its safe to say that there was no short term profitable trade motivation for Pete in the sale of his house.

It looks like Pete sold it for $200K more than what he paid for.

So assume a 1% Real Estate Commission (very Low) - there is $60,000 in cost.

Another legal fees of $5k.

Short term capital gains tax at 39% = $52,000

Moving cost of $5,000.

So in the end Pete would profit $78,000 (At most since these are all conservative numbers I am using)

$78,000 is peanuts to Pete and something he is not uprooting his whole family over. Anyway if he buys in the area, the New home would have appreciated the same amount over the past few months as the one that he just sold.

There is another reason - The big question is Pete looking to buy another place? Or will he be renting? If renting then........

[THX-1138]

I stand corrected. Again.

[RiverDog]

Not sure yet, but it looks like I'll be going to the AZ game on 1/3 and either the Cincy game on 10/11 or SF on 10/22. Udub plays at Stanford on the Saturday following the TNF Hawks-Niners game, Ohio State is at home the day before we play the Bengals. I want to at least take in a couple of home games, too. Anyone interested in a road trip shoot me a PM.

[Hawk Sista]

Hey, RD. I've been kickin around the idea of going to the Niner game. If I do, I'll buy you a beer.

[RiverDog]

Hey, RD. I've been kickin around the idea of going to the Niner game. If I do, I'll buy you a beer.

Fantastic! Except if I'm closer to the bar, I'll be the buyer of the first beer.

[Hawk Sista]

[RiverDog]

Well, sis, it looks like it ain't gonna happen, at least not this season. We decided on the Cincy game, mainly because it will also include Maryland vs. Ohio State on the Saturday prior to Seahawks-Bengals. We couldn't pass up an opportunity to see the defending NC play at home in the Horseshoe.

But who knows, maybe this will be the year when I finally check a Super Bowl off my bucket list.

[Hawk Sista]