Sunset Pointe at Collany Key

 

An established luxury residential condominium development known as “Sunset Pointe at Collany Key” has units available in its third phase in Tierra Verde, Florida.  This development is located in southern tip of Pinellas County, which is one of the most populated counties in Florida and part of Tampa Bay community.  These units provide spectacular natural views coupled with a premier amenity package.  The Phase 3 building will contain 30 luxury, three bedroom, three and one half luxury residential units ranging in size from 2,721 to 2,939 square feet of living area with large front and rear balconies as well as garages on the first level.  Although the top units provided unparalleled panoramic views of the Gulf of Mexico, the second floor units will feature oversized balconies with private stairs and dramatic water front views.  The community amenities package includes a waterfront resort style heated pool and spa, fitness room, outdoor kitchen and meeting area, sunset pavilion, and nature trail.  The prices sill start at $1,265,250.  If you are interested, please feel free to contact me. 

In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Signature Realty Associates at 2234 Lithia Center Lane, Valrico, Florida).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Orlando or as far south as Sarasota.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

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Tampa Bay Residential Condominium Market

I have presented an overview of the national, state and Pinellas County residential market.  I have relied on statistics provided by NAR (National Association of Realtors), FAR (Florida Association of Realtors), and GTAR (Greater Tampa Area of Realtors).

National and Regional Condominium Market

According to NAR, existing Condominium sales have decreased slightly with projected annual sales of 620,000 units in May 2018 versus 640,000 units in May 2017.  Statistics in the South have increased slightly with annual sales in May 2018 of 290,000 versus 271,000 in May 2017.As of May 2018 there was a 3.9 month supply of inventory available, which was down from a 4.2 month supply of inventory available from the previous year, nationwide.

NAR Existing Condo

As illustrated on the following table, the median nationwide existing condominium price was $244,100 in May 2018, which is up 2.5% from a year ago.  The median price in the South was $189,300, which was down 1.0% from the previous year.

The average nationwide existing condominium price was $292,400 in May 2018, reflecting a 2.6% increase from a year ago.  The average price in the South was down 1.3% from the previous year.

NAR Sales Price Of Existing Condo

Florida Condominium Market

The following data was prepared by the Florida Association of Realtors (FAR).As can be seen in the following charts, sales of condominium units increased by 2.8% in 2018, compared with 2017 numbers.  Sales volumes have increased each of the past five years. In the First quarter of 2018, there were 27,088 sales, an increase of 2.8% over the First Quarter of 2017 figures.

FAR CLOSED SALES CHART

FAR Median Sales Price

STATE OF FLORIDA HISTORICAL CLOSED SALES FIGURES

FAR CLOSED SALES CHART

Along with increases in the number of sales, both the median and average sales pricing has also increased in 2018, up 7.8% and 10.4% from 2017 figures.  Both the median and average sales pricing in Florida has continued to increase during the first quarter of 2018.

STATE OF FLORIDA HISTORICAL AVERAGE SALES PRICE FIGURES

FAR Average Sales Price

Tampa Bay Condominium Market           

The following data was prepared by the Greater Tampa Association of Realtors (GTAR).  As can be seen in the following charts, sales of condominium units decreased in the first quarter of 2018 over the first quarter of 2017.

Tampa Bay Condo Market Closed Sales

TAMPA AREA CLOSED SALES FIGURES

Tampa Area Closed Sales Figures

Home pricing has continued to increase, with a median sales price in the First Quarter of 2018 at $154,000, representing a 10.0% increase from First Quarter of 2017.

TAMPA AREA MEDIAN SALES PRICE FIGURES

Tampa area median sales price figures

CONCLUSION

The Tampa Bay MSA area experienced large growth in residential housing in recent years. Since the beginning of 2015, the market has shown increases in both pricing and sales figures.  Pinellas County is slowly becoming more built out with less vacant land available for development. Based upon the previous data, 2018 appears to be showing significant improvement over 2017 in terms of pricing and sales

In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Signature Realty Associates at 2234 Lithia Center Lane, Valrico, Florida).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Orlando or as far south as Sarasota.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

Trump Tax Reform and Real Estate Investments

Mortgage Interest Deduction

money-7Mortgage interest is now only deductible on the first $750,000 of acquisition debt on primary and secondary residences. However, there is a grandfather clause that allows all previously purchased residences to continue deducting their interest on up to $1,000,000 of debt.

Interest on home equity debt is no longer deductible, unless the proceeds are used to improve rentals. Home equity debt includes refinances on your primary or secondary residences as well as HELOCs.

moneyhands_217w_gifAccording to the Pew Charitable Trusts, only about a fifth of American tax filers (21.5%) claimed the mortgage interest deduction, netting an average $8,612 in tax deductions in 2015.  According to real estate information firm Attom Data Solutions, only about 5.4% of all of the mortgages made this year were for more than $500,000. Thus, the impact is not as significant as you would think it would be.

The biggest winners will be the middle class which live in a moderately priced homes.  The biggest losers are going to be high priced homes with jumbo loans in excess of $750,000. 

Standard Deduction

The standard deduction will now be $12,000 for those filing single, and $24,000 for those who are married and filing joint. Personal exemptions have been eliminated.

AMT (Alternative Minimum Tax)

img_6055The AMT’s exemption amounts increased to $109,400 for married filing joint and $70,300 for all other taxpayers. Additionally, the phase out thresholds are increased to $1,000,000 for married taxpayers filing a joint return, and $500,000 for all other taxpayers (excluding estates and trusts). These amounts are indexed for inflation.

Depreciation

The new law increases bonus depreciation from 50% to 100% for assets with useful lives of less than 20 years. For example, If you purchase personal property (carpet, appliances, tools, equipment, etc.) or if you make land improvements (landscaping, driveways, parking, etc.), you can now immediately write off the entire cost of these assets.  However, you cannot write off the cost of buying a rental property and the property’s key components because they have useful lives of 27.5 years.

It is important to note that this is bonus depreciation. That means that when you sell the assets, you will pay depreciation recapture tax. Keep that in mind.  Bonus depreciation is retroactive to start in September 2017. So if you are making any year-end purchases/improvements, they will be 100% written off.

Lifetime Gift Exclusion

IMG_8520Every year, you are allowed to gift another person $14,000 without having to fill out a gift-tax form. If you gift any one person over $14,000, you must fill out a gift tax form that then reduces your lifetime gift exclusion.  That lifetime exclusion has been increased to $10,000,000 and will be indexed for inflation. This is on a per-person basis and will reduce the number of estates subject to federal estate taxes.

Section 121 Exclusion

This is commonly referred to as the $250,000 ($500,000 if married) exclusion on gain from the sale of a qualified residence. In order to claim the exclusion, you must have lived in the property for the past two of five years.

In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Signature Realty Associates at 2234 Lithia Center Lane, Valrico, Florida).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Orlando or as far south as Sarasota.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

Luxury Residential Condominium on World Famous Daytona Beach

Condo FrontBeach NorthJUST LISTED at $525,000 – This high rise condominium unit has a breathtaking view of the Atlantic Ocean on Daytona Beach Shores. Built in 1990, this 1,826 SF condminium unit is designed to maximize the views of the water from the 19th floor balcony. Do not miss this opportunity to own this highly desired Ashley Condominium unit. Although it is not the penthouse, you feel like you are on top of the world. The property features three bedrooms and three baths, and an open floor plan. Stunning ocean front views from master suite and guest bedroom, spacious walk in closet, double sinks, and garden tub. Large balcony with north views of Sunglow pier and the Atlantic Ocean. The amenities include a gym, two saunas, spa, heated outdoor community pool overlooking the ocean, with parking garage as well as onsite management! Come enjoy your ocean front living! This property can also be leased when you are not there.

In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Signature Realty Associates at 2234 Lithia Center Lane, Valrico, Florida).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Orlando or as far south as Sarasota.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

 

 

Marketing Luxury Residential Real Estate

cropped-lido-waterfront-home_thumb.jpgThere alot of ways to market luxury residential real estate besides just the MLS (multiple Listing Service).  For example, Homes & Land provides both a magazine (publishing more than 27 million magazines annually) and another online presence with a luxury syndication for listings on The Wall Street Journal, Robb Report, The New York Times, International New York Times and the duPont REGISTRY.   According to this publication, a luxury listing is priced at $450K or more and can quality for their luxury online partners based on the following listing price points:

  • $450K and above – Wall Street Journal (2.277 million copies (including nearly 1,270,000 digital subscriptions) as of June 2017), duPont Registry Homes (features a wide variety of homes like penthouses to island living all over the United States and foreign countries) and the Washington Post (over one million digital subscribers in 2017)
  • $500K and above – Unique Homes ( a resource used to find a luxurious home)
  • $600K and above – New York Times and the International New York Times (over 3 million subscribers)
  • $750K and above – Robb Report (is a global luxury source, which covers the finest and most luxurious items (i.e. art, automobiles, yachting, etc.).  Its known as the ultimate guide for luxury and wealth.)
  • $1M and above – Mansion Global (is a multilingual platform that is localized to address the interests of an international audience.)

Front Elevation 2ListHub – markets to over 154 publishers on more than 750 websites like LandWatch, Homes.com, wikirealty, Homes & Land, properties online, etc  As of April 2017, there were over one billion clicks.  This service also features a service known as ListHub Global, which markets internationally to 55 countries on trusted sites (International home sales in the U.S. are at an all-time high, reaching $153 billion last year).

Social Media – This also an important way to market luxury residential real estate.  This gives you a more personal touch and with the right SEO it could capture the next buyer.

These are just a few of the other ways of finding a buyer for your luxury listing.

In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Signature Realty Associates at 2234 Lithia Center Lane, Valrico, Florida).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Orlando or as far south as Sarasota.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

Mansion In Northern Orlando with Price Just Reduced

Front ElevationWith a recent price reduction, this is one of the largest lake front homes in the Orlando MSA and was featured in a magazine. It is priced competitively based on the price per square foot and should sell fast.  It is convently located to major thoroughfares (like Interstate 4), shopping, and employment centers.  I can handle both the buyer and seller in this transaction.  If you are relocating to Orlando and need a home with 8 bedrooms, this could be your new home.  It can be viewed on REALTOR.com at Listing.

FireplaceBuilt in 2004 by a builder for his family’s personal residence, this home is spacious, gracious, and a solid fortress. This 8,000 SF, 8 bedroom/7 bathroom home is built with superior concrete tilt-wall construction materials, wired with Smart House technology, and finished with gorgeous design and detail. Amenities include a breath-taking foyer with 24 ft vaulted, cantilevered ceiling and dual, matching, custom winding staircases; a gourmet kitchen with top-of-the-line appliances, high ceilings, 3 dishwashers, and generous granite workspaces; a beautifully carved, marble fireplace, a spacious Master w/ cantilevered ceiling and venetian plaster corridor leading to the master bath. Home also has a 2nd master downstairs, 2-story nanny suite/office/library, and a 1st floor theatre room which includes a wet-bar, and is constructed to be a hurricane safe-room. Technical amenities include whole house Smart House wiring, cat-5 E, Infrared, Coax, LAN System, audio-visual, whole house camera security ready, Automated & Remote HAI Security System, automated HVAC and automated Lighting Controls, 4-zoned TRANE HVAC system, GENERAC QT generator support system, Recirculation 3-tank Gas Hot Water System. Outdoor amenities include 600 SF covered lanai w/ outdoor kitchen, large pool with areas for kiddy pool and heated spa. Boat house and dock ready to for your summer boating enjoyment on a spring-fed and sand-bottomed Lake Seminary. Bricked circular drive w/ formal garden leads to large 3-car garage behind security gates.

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In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Signature Realty Associates at 2234 Lithia Center Lane, Valrico, Florida).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Orlando or as far south as Sarasota.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

Foreign Home Ownership In Orange County (Orlando), Florida

Did you know that foreign buyers spent $19.4 billion in Florida during a 12-month period that ended in late 2016, according to a National Association of Realtors report in December specifically for Florida. That was down 18 percent from the previous year.

Foreign Ownership in Orange County

The state drew 22 percent of the country’s international buyers purchasing property and 26 percent of the country’s sell-offs by foreign owners for the 12 months ending in March 2017according to the National Association of Realtors.

According to the 2017 Profile of International Residential Real Estate Activity in Florida presents information regarding residential transactions with international clients of Florida REALTORS® during the 12-month period of August 2016–July 2017, the following are the hgihlights of the Foreign Buyer reseidential market:

  • Foreign buyer purchases of Florida residential properties increased to $24.2 billion ($19.4 billion in 2016). This accounted for 21 percent of Florida’s residential dollar volume of sales (19 percent in 2016). Nationally, foreign buyers comprised 10 percent of the dollar volume of existing home sales.
  • Foreign buyers purchased 61,300 residential properties (47,000 in 2016), which made up 15 percent of Florida’s residential market (12 percent in 2016). Nationally, foreign buyer residential purchases accounted for five percent of existing-home sales.
  • The median purchase price among foreign buyers increased to $259,400 ($252,500 in 2016), in line with the overall increase in the median price of Florida’s existing home sales of $220,100 ($211,500 in 2016). The median price among foreign buyers was 18 percent higher than the median price of Florida’s existing home sales.
  • Latin American and Caribbean buyers accounted for the largest fraction of Florida foreign buyers at 34 percent, although they comprised a smaller share compared to the previous year’s share (39 percent). On the other hand, the share of buyers from Canada increased to 22 percent (19 percent in 2016). The share of buyers from Europe was unchanged, at 23 percent, as well as the share of buyers from Asia, at 10 percent, and the share of buyers from Africa, at one percent.
  • While foreign buyers purchased property across the state, most foreign buyers were concentrated in five metropolitan areas:
  1.  Miami-Fort Lauderdale-West Palm Beach MSA (53 percent)
  2. Orlando-Kissimmee-Sanford MSA (11 percent)
  3. Tampa-St. Petersburg-Clearwater MSA (nine percent)
  4. Cape Coral-Fort Myers (six percent)
  5. North Point-Sarasota-Bradenton (five percent).
  • Most foreign buyers—72 percent—made an all-cash purchase (72 percent in 2016).
  • A smaller fraction of foreign buyers—68 percent—purchased residential property for vacation, residential rental, or for both uses (72 percent in 2016). Nationally, 39 percent of all foreign buyers purchased for these purposes.
  • A smaller fraction of foreign buyers— 49 percent—bought a townhouse or condominium (52 percent in 2016). Nationally, only 29 percent of foreign buyers purchased these types of properties.
  • Fewer foreign buyers purchased in a central city/urban area, with the share at 35 percent (40 percent in 2016). Meanwhile, 15 percent purchased in a resort area (14 percent in 2016).
  • Most foreign buyers—93 percent—visited Florida at least once before purchasing a property (92 percent in 2016).

Although most foreign buyers buy homes in the Miami-Fort Lauderdale-West Palm Beach MSA,  Orlando- Kissimmee-Sanford MSA buyers were mainly Latin American and Caribbean (37 percent), European (22 percent), and Asian (15 percent).  THe following exhibit summaries the origins of the foreign buyers:

Origin of foreign Buyers

In the Real Estate Market?

KW1784102f20KW.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not? Let me save you money!!!  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Signature Realty Associates at 2234 Lithia Center Lane, Valrico, Florida).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Orlando or as far south as Sarasota.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link