Saturday, May 27, 2006
Buying A Boat For Florida?
I often get the question: "What kind of boat should I buy for Florida?" My response usually is, "what are you going to use it for?" It is important to make the right decision the first time as sales tax is charged on new and old boats in Florida. You have heard the saying, if they make it someone will buy it. We see just about any kind of boat you can think of in this area. Several tips that might be useful.
1. Purchase one large enough for your family and guests. Going out in the Gulf you should be 25' or longer (loa).
2. If you are going out of the marked channels, purchase one with outdrive motors with a sea flush capability and stainless steel props. Twin outdrives are best, in case on fails for you.
3. Have a head (bathroom) and fresh water supply on board.
4. Have two batteries on board.
5. If you are new to the area, take a Coast Guard Auxiliary course.
6. Sun protection is important. A hardtop or canvas cover is recommended.
7. Be familar with how to read maps and support them with instruments.
Enjoy.
Buyers Real Estate Market
The market is experiencing a correction. During this time, there can be some great buys. Of course the downturn could last for awhile, however the fundamentals of the Florida market still exist.
A. Baby boomers continue to age and will continue to invest in Florida.
B. Florida will always be a retirement destination at a clip of 1000 new residents a week.
C. Lee County is experiencing a "critical mass" of 500,000 in population. This will bring new commercial investment and new industry. (which follows residential real estate booms by 3 years)
D. This growth brings younger workers to live and work here. Unemployment is low.
E. Interest rates are still affordable.
F. The lifestyle, beaches, and warmer weather are always a big draw.
So what are you waiting for? NOW is the time to invest. Log on to www.brennerrealty.com/james_wiedl and set up your own MLS search criteria.
A. Baby boomers continue to age and will continue to invest in Florida.
B. Florida will always be a retirement destination at a clip of 1000 new residents a week.
C. Lee County is experiencing a "critical mass" of 500,000 in population. This will bring new commercial investment and new industry. (which follows residential real estate booms by 3 years)
D. This growth brings younger workers to live and work here. Unemployment is low.
E. Interest rates are still affordable.
F. The lifestyle, beaches, and warmer weather are always a big draw.
So what are you waiting for? NOW is the time to invest. Log on to www.brennerrealty.com/james_wiedl and set up your own MLS search criteria.
Identy Theft
Identity theft is a serious crime; its impact on consumers and businesses is staggering.
The FTC has received thousands of real estate-related identity theft complaints. Many consumers first learn they are victims of identity theft when they are in the process of renting or buying a home, derailing their real estate dreams while they work to rebuild their good name and destroyed credit. Identity thieves may also rent or purchase a home fraudulently. Clearly, identity theft is an important issue impacting both home buyers and real estate professionals across the nation.
Deter, detect, defend--
Safeguard your personal information
Shred documents with personal information before discarding.
Guard your social security number. Don't carry it with you, keep it off your checks, etc.
Don't give out personal information over the phone, mail, or internet unless you know who you are dealing with.
Never click on web addresses sent as emails. Instead, key in the address directly to avoid being routed to the wrong site .
Detect suspicious activity by routinely monitoring your financial accounts and billing statements.
Place a fraud alert on your credit reports. If you suspect fraud contact:
Equifax: 1800-525-6285, Experian: 1-888-397-3742, TransUnion: 1-800-680-7289
Close any accounts that have been tampered with.
File a police report.
Report theft to the Federal Trade Commission. 1-877-438-4338
The FTC has received thousands of real estate-related identity theft complaints. Many consumers first learn they are victims of identity theft when they are in the process of renting or buying a home, derailing their real estate dreams while they work to rebuild their good name and destroyed credit. Identity thieves may also rent or purchase a home fraudulently. Clearly, identity theft is an important issue impacting both home buyers and real estate professionals across the nation.
Deter, detect, defend--
Safeguard your personal information
Shred documents with personal information before discarding.
Guard your social security number. Don't carry it with you, keep it off your checks, etc.
Don't give out personal information over the phone, mail, or internet unless you know who you are dealing with.
Never click on web addresses sent as emails. Instead, key in the address directly to avoid being routed to the wrong site .
Detect suspicious activity by routinely monitoring your financial accounts and billing statements.
Place a fraud alert on your credit reports. If you suspect fraud contact:
Equifax: 1800-525-6285, Experian: 1-888-397-3742, TransUnion: 1-800-680-7289
Close any accounts that have been tampered with.
File a police report.
Report theft to the Federal Trade Commission. 1-877-438-4338
Thursday, May 25, 2006
Southwest Florida Boating
Folks,
This is really the best boating I have been involved with in years. Basically you have two choices--boat or don't boat. If your choice is boating, then you have two choices. Purchase waterfront property or not. You can get more of a house or condo on a dry lot for the money and you can choose to keep a boat at a marina, trailor it, or rent one when you need to. For those more frequent boaters, you will most likely be better off keeping your boat in a slip behind your home. That was our choice.
Florida Property Insurance
Here is a web site that contains information regarding Florida's insurance crisis.
http://www.stormingmad.com/
http://www.stormingmad.com/
Seller Financing-(or take-back loan)
Many sellers are taking back a loan when selling their property. The reasons are not to help the buyer, as it was in the past. Now, with the large capital gains sellers are experiencing, they can spread out the gain to minimize the capital gain tax burden and even avoid some of the tax. If you live in your property for 2 years or more and have a gain larger than the allowed deduction, you will find yourself paying capital gains tax. The deduction is $250,000 for singles and $500,000 for married sellers. In addition, your property may sell quicker if the interest rate you charge the buyer is just below market and what the buyer can get their financing for.
Sunday, May 21, 2006
National Residential Real Estate News
Speculators and rising interest rates have ended the largest acceleration ever in existing-home prices, but the process is “a needed cleansing” that will help restore balance. Nationally, homes appreciated a remarkable 12.5 percent on average in 2005. Appreciation for 2006 will cool to 5.7 percent. But even with the slowdown, 2006 will be the fourth best year ever for residential real estate sales with an estimated 6.62 million existing homes sold.
In 2007, expect to see existing-home sales rise slightly to 6.7 million units but appreciation to slow to 4.2 percent. To some degree, the next year or two will be “a tale of two cities.” Cities such as San Diego, Miami, and Naples, Fla., that have seen high price appreciation will see sharp drops in sales. Already, between first quarter 2005 and first quarter 2006, existing-home sales declined by 15 percent to 20 percent in Florida, California, and Arizona.
In 2007, expect to see existing-home sales rise slightly to 6.7 million units but appreciation to slow to 4.2 percent. To some degree, the next year or two will be “a tale of two cities.” Cities such as San Diego, Miami, and Naples, Fla., that have seen high price appreciation will see sharp drops in sales. Already, between first quarter 2005 and first quarter 2006, existing-home sales declined by 15 percent to 20 percent in Florida, California, and Arizona.
Hello 50-year mortgages!
These mortgages would have seemed like a far-out concept a few years ago, but the 50-year fixed-rate fully amortized mortgage is catching on. It's close to being an interest-only loan, but does chip away at the mortgage balance each month. Like interest-only mortgages, it's a way to minimize monthly payments without the worry of rising rates and payments that plaque holders of adjustable-rate mortgages. Or it could be a hybrid 50-year loan (combining fixed and adjustable rates) producing even lower monthly payments, at least during initial years.
There have been an increasing number of applications for 40-year mortgages in recent months. Adding another decade to the loan term is the next logical step. The trend is not surprising, considering the price tags on today's homes. Consumers need all the help they can muster to purchase and finance a needed home. And considering the average family lives in a home for a period of 5 to 7 years, such a loan often makes a lot of sense. It not only minimizes the outlay of cash with each monthly payment but also helps home buyers qualify for a mortgage.
Email me now to get more details.
There have been an increasing number of applications for 40-year mortgages in recent months. Adding another decade to the loan term is the next logical step. The trend is not surprising, considering the price tags on today's homes. Consumers need all the help they can muster to purchase and finance a needed home. And considering the average family lives in a home for a period of 5 to 7 years, such a loan often makes a lot of sense. It not only minimizes the outlay of cash with each monthly payment but also helps home buyers qualify for a mortgage.
Email me now to get more details.
Florida Real Estate Statistics
Florida existing home sales: -22%Florida existing condo sales:-23%
Florida existing home median price:$248,200
Florida existing condo median price:$214,200
Florida consumer confidence: 89
30-year fixed rate mortgage: 6.60%National existing home sales: +.3%National existing home median price$218,000
Pending home sales index116.2National consumer confidence:109.6
National new home sales:+13.8 %
National new home median price$224,200
Florida existing home median price:$248,200
Florida existing condo median price:$214,200
Florida consumer confidence: 89
30-year fixed rate mortgage: 6.60%National existing home sales: +.3%National existing home median price$218,000
Pending home sales index116.2National consumer confidence:109.6
National new home sales:+13.8 %
National new home median price$224,200
Saturday, May 06, 2006
Purchase Probate Real Estate Below Market!
People like you are making money in probate every day. There are more properties in probate than in all other real estate opportunities combined, including foreclosures. Here are some tips to assist you when investing in this environment.
1. Learn the basics of real estate investing.
2. Don't underfund your cash reserves.
3. Don't let fear keep you from investing.
4. Work good deals as well as fantastic deals.
5. Keep focus on your goals.
6. Choose right partners that complement your weaknesses.
7. Make offers and keep doing it until you get a deal.
8. Write contracts with the right to cancel without penality.
9. Study how to recognize a good deal.
10. Be prepared, be accessible.
11. Don't try to do it all. Hire out rehab, etc.
12. Understand the probate process.
13. Use sources to find probate assets. (use a certified probate specialist)
14. Structure the deal so you're profiting when entering the deal.
15. Have your funding sources in order.
1. Learn the basics of real estate investing.
2. Don't underfund your cash reserves.
3. Don't let fear keep you from investing.
4. Work good deals as well as fantastic deals.
5. Keep focus on your goals.
6. Choose right partners that complement your weaknesses.
7. Make offers and keep doing it until you get a deal.
8. Write contracts with the right to cancel without penality.
9. Study how to recognize a good deal.
10. Be prepared, be accessible.
11. Don't try to do it all. Hire out rehab, etc.
12. Understand the probate process.
13. Use sources to find probate assets. (use a certified probate specialist)
14. Structure the deal so you're profiting when entering the deal.
15. Have your funding sources in order.
Thursday, May 04, 2006
1031 LIKE-KIND EXCHANGES/TIPS
Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031. If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized.
Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets.
The first step in benifiting from this often unknown tax advantage is to obtain the support of a real estate professional, an experienced accountant, a tax attorney and a intermediary service.
A real estate professional can help identify new property to be acquired as replacement property within 45 days of the relinquished propertys closing. You must close on the new property within 180 days of the closing of the relinquished property.
The exchange agreement will be between you and the intermediary. Most real estate exchanges involve relinquishment of one to three investment properties for one to three replacement properties. The replacement aggregate fair market value may not exceed 200 percent of the relinquished fair market value.
The process itself is straightforward but precise. If every requirement is not met, the exchange may be damaged, allowing the IRS to declare that a sale and a purchase have taken place vs. an exchange and thus capital gains tax would be due.
Ensure that a 1031 exchange clause, drafted or approved by a competent attorney, is placed in the contract to sell the investment property. An independent third-party intermediary, unrelated to the owner, should be used to handle the funds. Make sure the transaction will qualify for Section 1031 treatment before starting the process.
Your tax accountant can help with your personal finances and whether such a transaction is suitable with other investment strategies.
Study other possibilities. There is even a "reverse" exchange where you can close on the second property first and then sell the initial holding. By educating yourself, you can be successful in minimizing your tax expenses.
Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets.
The first step in benifiting from this often unknown tax advantage is to obtain the support of a real estate professional, an experienced accountant, a tax attorney and a intermediary service.
A real estate professional can help identify new property to be acquired as replacement property within 45 days of the relinquished propertys closing. You must close on the new property within 180 days of the closing of the relinquished property.
The exchange agreement will be between you and the intermediary. Most real estate exchanges involve relinquishment of one to three investment properties for one to three replacement properties. The replacement aggregate fair market value may not exceed 200 percent of the relinquished fair market value.
The process itself is straightforward but precise. If every requirement is not met, the exchange may be damaged, allowing the IRS to declare that a sale and a purchase have taken place vs. an exchange and thus capital gains tax would be due.
Ensure that a 1031 exchange clause, drafted or approved by a competent attorney, is placed in the contract to sell the investment property. An independent third-party intermediary, unrelated to the owner, should be used to handle the funds. Make sure the transaction will qualify for Section 1031 treatment before starting the process.
Your tax accountant can help with your personal finances and whether such a transaction is suitable with other investment strategies.
Study other possibilities. There is even a "reverse" exchange where you can close on the second property first and then sell the initial holding. By educating yourself, you can be successful in minimizing your tax expenses.
GULF ACCESS-Explained
Waterfront property listings are priced based on what type of waterfront it is and what access is available from the water, in addition to the view. Buyers can be confused by some of the listing terminology. We see gulf access, no bridges, minutes to the river, sailboat access used often. Let me explain. Gulf access means that the water system the property is located on is not land locked. In other words, you can navigate your watercraft into the Gulf of Mexico. The type of boating you do will dictate where your property needs to be located. If you have a sailboat, you will not be able to go under a bridge in Cape Coral or Fort Myers as the clearance is usually 9-12'. There are some waterways that have locks or lifts without bridges. The distance to the river or Gulf dictates how the property is valued.
Buyers need to access what type of boating is desired and then evaluate what location is best for them. Remember, if you intend to boat often the distance is very important. With some locations, the travel time can be 1-1 1/2 hours one way!
Buyers need to access what type of boating is desired and then evaluate what location is best for them. Remember, if you intend to boat often the distance is very important. With some locations, the travel time can be 1-1 1/2 hours one way!
Wednesday, May 03, 2006
The Seller Will be Represented...Will You?
Buyer’s agents work solely on behalf of you the Buyer to find you the right home, in the right neighborhood, at the right price. This is accomplished the following ways:
1. Evaluate your property needs and wishes and provide listings of current and new-to-the-market properties.
2. Develop a plan to view all the communities and properties that fit your criteria, saving valuable time.
3. Provide unbiased information on each property or development.
4. Furnish a comparable sales listing history for the neighborhood.
5. Assist with negotiations to obtain the best price.
6. Locate sources for financing, inspection, insurance, etc.
And this will be done in a relaxed, fun, and no pressure manner, while saving you time.
The listing broker doesn’t work for you, but for the seller. If you want someone on your side, get a buyers broker. -READERS DIGEST-
Get a broker on your side. Using a buyer’s broker, who has your best interest in mind, may help you save thousands off a home’s purchase price, mortgage or various other costs, and there is no fee to the consumer! -WOMANS DAY-
1. Evaluate your property needs and wishes and provide listings of current and new-to-the-market properties.
2. Develop a plan to view all the communities and properties that fit your criteria, saving valuable time.
3. Provide unbiased information on each property or development.
4. Furnish a comparable sales listing history for the neighborhood.
5. Assist with negotiations to obtain the best price.
6. Locate sources for financing, inspection, insurance, etc.
And this will be done in a relaxed, fun, and no pressure manner, while saving you time.
The listing broker doesn’t work for you, but for the seller. If you want someone on your side, get a buyers broker. -READERS DIGEST-
Get a broker on your side. Using a buyer’s broker, who has your best interest in mind, may help you save thousands off a home’s purchase price, mortgage or various other costs, and there is no fee to the consumer! -WOMANS DAY-
Why Work WIth a Realtor?
A recent survey found that 67% of all sellers relied on a real estate professional to sell their home. The study also found that working with a Realtor pays off. Those that choose to go it alone usually sold at a price about $45,000 less than if they used a real estate professional. This data was calculated from the median price of a FSBO ($210,000) vs the median price listed by a real estate professional ($255,000).
Another interesting piece of information I personally found is that buyers do not realize that using a real estate professional in their search generally does not cost them anything because in most transactions, the seller pays the commission out of the proceeds at closing.
Another interesting piece of information I personally found is that buyers do not realize that using a real estate professional in their search generally does not cost them anything because in most transactions, the seller pays the commission out of the proceeds at closing.
