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Peter Mohylsky's Blog

By Peter Mohylsky | Agent in Sandestin, FL
  • Reblog about Real Estate Issues

    Posted Under: Home Buying in Sandestin, Investment Properties in Sandestin  |  January 3, 2013 8:18 AM  |  119 views  |  No comments
    I don't typically cut and paste but.... this is good stuff. 


    WASHINGTON - Jan. 2, 2013 - Yesterday, the House and Senate passed H.R. 8, legislation to avert the so-called "fiscal cliff." Following are real estate-related provisions of the bill, which President Obama plans to sign into law today:

    • Mortgage Forgiveness Debt Relief Act extended to January 1, 2014. In place since 2007, the act provided a tax break for homeowners who struggled through financial hardship such as a foreclosure, and were granted mortgage debt forgiveness. In the past several months, National Association of Realtors (NAR) issued numerous calls to action urging its million-plus Realtor members to ask lawmakers to extend the tax break for another year. More than a quarter of all transactions involve distressed properties, the NAR said in its plea. "Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received."

    • Deduction for mortgage insurance premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012.

    • The 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.

    • The 10 percent tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

    • "Pease limitations" that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high-income filers. "Pease" limitations will only apply to individuals earning more than $250,000 and joint filers earning more than $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20% reduction.

    First enacted in 1990 and named for Ohio Congressman Don Pease, who proposed the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and eliminated in 2010. Reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap or reduction of the amount of mortgage interest deduction that can be claimed.

    • The capital gains rate remains at 15 percent for individuals earning less than $400,000 per year and couples earning less than $450,000. Any gains above these amounts will be taxed at 20 percent. The $250,000/$500,000 exclusion for the sale of principle residence remains.
  • Black Friday isnt all that Black

    Posted Under: General Area in Sandestin, Quality of Life in Sandestin, Shopping & Local Amenities in Sandestin  |  November 23, 2012 4:58 AM  |  140 views  |  No comments
    This isn't really a bog about realestate.  It is the day after Thanksgiving and all thru the house, not a creature is stiring not even a mouse.  I am sitting here in a very quiet house reflecting how much I enjoyed spending time yesterday with family and friends.  It was a wonderful Thanksgiving.  I am very thankful for everything I have been gifted.  I am sure there were families who did not have the same great time I had.  I am sorry for them. 
    It's back to work today.  No shopping for me.  Hopefully I will help a young couple find their ideal home.  The husband works during the week and is only available today.  I have reviewed home and I think we will find something nice.
  • Destin Gulf Front Condo Investment Opportunities.

    Posted Under: In My Neighborhood in Sandestin, Rentals in Sandestin, Investment Properties in Sandestin  |  November 15, 2012 10:34 AM  |  151 views  |  No comments

    The market for Destin Gulf Front Condo Investment opportunities is really hot right now.  A lot of people ask me as part of their search for a condo, which ones are better investments. Personally, if I knew the answer to that question, I would be writing this from my sailboat out somewhere really warm.  Unfortunately, that is not the case and I write in my home office, looking out at the cloudy day. 

    There is no hard and fast rule when it comes to investment condos. A lot of it depends on what exactly you are looking to get out of it. Some people think of investment condos as rentals, while others are thinking of sales value down the road, add in a little personal use and you have still only part of the picture.

    If you are looking to buy a condo to rent out, then there are a few factors you need to consider.

    First, don't just buy the smallest and/or cheapest unit you can find. My rule is don't buy it unless you are willing to live in it.  Instead, think of who your target market is going to be. If you want singles, then one bedroom condos would be fine. Once you get to couples (with the possibility of children), then you are going to want to think more in terms of larger units with two or more  bedrooms.  multiple families vacationing together demand developments with lots of available units.

    Speaking of which, there has been a recent hue and cry over the lack of condos that are suitable for families. Sure, there are a few tired old buildings with three bedroom units, but they are few and far between. Renovations have improved these older units and they still might be beach front. Time to do something about it. Anyway, on with the article...

    Location is also going to have the biggest impact on price and rental return but that is the subject of another blog so keep following me as I share everything I know about Destin Gulf Front Condo investment opportunities.    or call me if you want to work one lesson ahead.  


     

 
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