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32081 : Real Estate Advice

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  • Home Buying5
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Activity 6
Wed Nov 20, 2013
mgmitten asked:
We are looking to purchase a home in the Austin Park/Greenleaf Village area of Nocatee in Ponte Vedra. We noticed the "for sale" prices currently of homes in that area are not comparable…
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Mon Jun 3, 2013
JD"Dan"Weisenburger answered:
Wow!, Just got around to seeing this question but the answers seem to be out in left field.

Capital Gains are EXEMPT when: You have personally lived in the home ANY 2 of the past 5 years AND your gain was LESS than $250,000 for a single person or $500,000 for a married Couple.

If the house has always been a rental you don't pay Capital Gains until you sell it and then the gain is calculated against your cost to buy including closing costs and other expenses such as repairs. The gain is taxed at 20% of your overall profit.

The information below regarding 1031 Exchange is good info. I explain it as you Exchange one real estate asset for another, like Monopoly, 4 Green Houses and some cash gets you one Red Hotel

Regards,

J.D. Weisenburger, GRI
Broker-Associate
I On Real Estate and Investments
(904) 553-0079
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Tue Jan 29, 2013
Kim Sandberg answered:
Construction is set to begin in March, and the schools should be open in August of 2014, according to the Times-Union article referenced below:
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Sat Mar 24, 2012
Kim Sandberg answered:
Yes, the living area (i.e. heated/cooled space) is what should be used for total square footage when they calculate this. Which would exclude your garages, porches, patios and even lanais. Some people try to use their "florida rooms" as add'l square footage because they have an a/c window unit in them...I was told this is a no-no. It needs to be under roof. fully ducted air & heated space to count 100% in SF and I'm sure other appraisers would also argue that.

And remember price per square foot is only one way to calculate value. I would much rather use true sold comparables to the subject property and look good/hard at the upgrades, condition and location of the property in order to give you a better feel for market value rather than simply using a general cost per sf. Just think if you had a home that had all new hardwood flooring, updated kitchen with higher end appliances and fully remodeled baths on a lake with a new roof vs. same SF home in same neighborhood with laminate flooring, older kitchen/baths, original roof and backed up to the busy highway. One should have a lot more value than the other agree? Great example why just using cost per SF would NOT be a fair comparison of these two homes.
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Thu Sep 15, 2011
Phyllis Staines answered:
Did you ever have any success in your lender search? If you still need help, please advise.
Regards,
Phyllis Staines
RE/MAX Coastal Real Estate
904-476-7653
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