Home Buying in Florida>Question Details

Mike, Home Buyer in Toronto,  Canada

I am considering purchasing a home in Southwest , Florida. I am from Canada and the purchase would be for

Asked by Mike, Toronto, Canada Tue Apr 1, 2008

both, a winter vacation home , and possibly a rental unit for vacationers. I would be looking for a community type living style ( ie: a community with daily/ weekly activities) . I was in Cape Coral 2 weeks ago , and visited a new subdivision, under liquidation.. some amazing prices... any information would be greatly appreciated.... also would be looking close to beach ... Bonita Springs- Fort Myers- Port Charlotte/ Rotunda ..and if someone could advise on the tax laws Canadian vs US residency. Thx

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4
Naples is absolutely the best area in Southwest and will be the first to see equity appreciation when the economy turns. I would love to hear from you.

Diana


http://www.naples-florida-home.com
0 votes Thank Flag Link Tue Apr 28, 2009
Hi Mike,

Congratulations on finding our beautiful southwest Florida location. We have worked with many Canadian buyers in the past. The process resulted in the customers learning from us as we learned from them....as a result we have some beneficial information that would be best passed on via a conversation.

Please feel free to contact us at your convenience so that we might share what we have learned from our previous customers.

Good luck,

Then "Eckler Team"
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Tue Sep 23, 2008
Mike,
I don't know if you got the answer you were looking for, but this may help.

When buying the tax situation is the same for US or Canadians - transfer taxes, property taxes, etc. When you sell, there is a 10% withholding for the IRS and a 3.333% withholding for the Franchise Tax Board. There are ways to reduce or eliminate the withholding. You can file a form with the State of Florida to exempt the withholding. You can file a form with the IRS that must be approved to exempt or reduce the withholding.

The community you were referring to is called Coral Lakes. It is a gated subdivision located in Cape Coral and built by Engle Homes. A local businessman bought all of the homes at a liquidated price and then resold them. The resale prices began at $89,900 for a townhome and ranged upwards to $214,900 for a 3500 sq ft single family home. Virtually every home sold within 14 days.

There are still opportunities available as developers realize they cannot hold inventory forever. The value in the deal is based entirely on your criteria. If you are looking for income producing property then homes near the beach, on a golf course, or with some kind of waterfront generally produce the best results.

Should you still be interested, I would be delighted to help. I can assist in the search for your property, represent your interests in contract negotiations, ans assist in obtaining any needed financing. As I said, there are still tremendous opportunities. My contact info is below.

Neil G. Blair-Bennett
Broker-Associate

Alliance Realty Group
14090 Metropolis Avenue, Suite 206
Ft. Myers, FL 33912
Cell: (239) 645-3798

NeilBlairBennett@Gmail.com
Web Reference: http://moneytrein.com
0 votes Thank Flag Link Tue Sep 23, 2008
It looks as though your question went unanswered but I will try to help. What community did you visit that had a liquidation sale in the SW section of Cape Coral?
0 votes Thank Flag Link Sun Sep 21, 2008
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