Gulf Coast Associates' Blog: Real Estate Information

The American Society of Home Inspectors (ASHI) today announced the creation of a Client Bill of Rights to help protect home buyers in their home inspection process. According to Bill Loden, chairman of the ASHI Code of Ethics Committee, the Client Bill of Rights is designed to help the general public better understand how ASHI members and their Code of Ethics will serve them.

The intent is to shift the focus from the inspector to the client and is a commitment from ASHI members to uphold the highest standards of service and conduct a thorough, unbiased and honest evaluation of their clients' prospective homes. According to Loden, "our ethics are no longer simply a set of rules that our members strive to follow, they are more a commitment they offer to…

The Internal Revenue Service has recently issued a new ruling laying out some guidelines for individuals wanting to use a 1031 Exchange for their vacation homes. The ruling was released as a Revenue Procedure (2008-16), meaning it describes what steps the taxpayer must take in order for the IRS not to contest the investment standing of their vacation homes.

This issue came to the forefront last year when the U.S. Tax Court ruled against a taxpayer's exchange from one vacation home to another. Since you can only exchange property that is held for investment (or used in a trade or business), the court's ruling gave rise to the question of whether a vacation home is an investment or personal use property. The new guidelines are an attempt by the IRS to try…

Just a reminder, only two days remain for Florida homeowners to apply for a homestead exemption and for 2007 homebuyers to apply for the new property tax portability provision passed in the Constitutional amendment voted into law on January 29th.

To receive these benefits, residents must take action prior to March 1, 2008. Please pass this information on to your neighbors, friends and family.

Increased Homestead Exemption

Floridians who live in their homes as permanent residents are “homesteaded,” which grants them certain tax benefits. However, homestead status is not automatic. New homeowners must declare themselves to be homesteaders by March 1 of each year to their local property tax appraiser.

A major benefit of declaring a homestead is the…

As professionals involved in the real estate and mortgage industries, we know all too well about the sensationalizing the press has managed to do with regards to the housing downturn and the mortgage crunch. Obviously, that's what they do best. And, in their eyes, they truly believe they are doing the right thing - you know, looking at our industries with a skeptical eye and keeping the public informed. However, every day we see another "headline grabbing" story about how terrible things are and if something doesn't happen soon, real estate throughout the country is going to sink into oblivion.

Well, in the interest of the consumer, here are some items you won't see widely reported in the media that will hopefully help bring some balance and perspective…

The 2007 year end Vineyards real estate market statistics report for both homes and condominiums are listed below. Located in southeastern Naples and in a world of its own, this beautiful master planned gated golf community features the Vineyards Country Club which gives residents a selection of two 18-hole PGA championship golf courses. There is also a 32 acre community park and six miles of walking and biking paths that wind through majestic oaks, Cypress stands and nature preserves.

The Vineyards Sales Data

The Vineyards Home Sales 2007*:

• 37 Closed Sales
• Average Sales Price - $778,710
• Median Sales Price - $650,000
• Average Days on Market - 201
• Price/Sq. Foot - $261.48

The Vineyards Condominium Sales 2007*:

• 38 Closed…

What Are The Typical Characteristics of a Florida Home Seller?

Based on a review of NAR’s “2007 Profile of Florida Home Sellers", the answers to this question are interesting and provide real estate professionals with a glimpse into who their potential selling clients are and what they expect when selling their home.

Florida Home Sellers Characteristics

• The median age of home sellers was 48 years.
• 69% percent of home sellers were married.
• 51% of home sellers traded up to a larger home when purchasing their next home.
• The typical home seller owned their home for 6 years.
• 53% of recent home sellers reported that they undertook home improvement or remodeling projects prior to putting their home on the market.
• The typical home…

What Are The Typical characteristics of a Florida Homebuyer?

Based on a review of NAR’s “2007 Profile of Florida Homebuyers", the answers to this question are intriguing and provide real estate professionals many valuable insights into who their potential clients are and what motivates them to buy a home. Having this information is more important than ever in order to understand the changing demands of consumers in today's dynamic marketplace.

Florida Homebuyer Characteristics

• The median age of homebuyers was 43 years old.
• The median income of homebuyers was $67,500.
• 64% of homebuyers reported they had no children under age 18 living in the home.
• 59% of homebuyers were married couples, 21% single females, 12% single males, and 6%…

Congress quietly amended the IRS rules governing capital gains taxes on real estate in its final session of the year. The news will come as welcome relief to those who have lost a spouse and face the dilemma of having to sell their home quickly in order to keep their $500,000 exemption.

Under the old guidelines, a surviving spouse had to sell their home by the end of the year in order to keep their entire $500,000 tax exemption intact. While in most cases, they still would not owe any capital gains taxes because they inherit the property under what is known as a "stepped up" basis, many widowers still felt pressured to have to deal with selling their homes during their time of grief.

Under the new rules, surviving spouses will have two full years to sell…