MARCO ISLAND MAY SALES STATISTICS

Marco Island Sales Statistics for May 2012

                     Year    2012   vs    2011

NEW LISTINGS:

Single Family   40     34
Condominiums 43     68   
Lots         18     18                    

ACTIVE LISTINGS:

Single Family   330    432
Condominiums 546     692
Lots         285     356

PENDING SALES:

Single Family   23     24

Condominiums  33     22

Lots          19     5

SOLD:

Single Family  33     43

Condominiums 59   52

Lots       12     7

AVERAGE SALE PRICE:

Single Family $738,248     $668,772

Condominiums $410,736   $379,705

Lots           $397,708     $437,857

Now is the time to purchase a home on beautiful Marco Island.  Real Estate prices are at rock bottom prices and mortgage interest rates are as low as 3%.  Give me a call at 239-404-7471 or visit my website.

Recent Tax Court Case Affirms 1031 Exchange Intent

A recent 2012 Tax Court case, which allowed a coupleto move into their 1031 replacement property eight months after the purchase, will once again excite those investors who focus on intent, rather than a minimum holding period to qualify for a 1031 exchange.

Section 1031 says that to be eligible to do an exchange, you have to have intent to hold the property as an investment, and if your intent is to hold the property for resale, you're not eligible to do an exchange. The problem with all this is that Section 1031 does not define the terms intent, investment or resale.

A large body of investors and investment advisors hold that if your intent is to hold the property for a profit, then you qualify for a 1031 exchange regardless of the holding period. Over the years we've dealt with attorneys and CPAs who insist that if you have a profit intent, you should be able to exchange a property that you've owned for as little as a day or two.

Not surprisingly, since the code section does not define these important terms, there is a fairly large number of court cases with taxpayers and the IRS fighting over this issue, and taxpayers win just enough of them to keep the hope alive.

In this most recent court case, the taxpayers sold an apartment house and exchanged into single-family rental. For eight months they tried unsuccessfully to rent the house and then were forced by financial problems to sell their primary home and move into the rental house. The IRS subsequently disallowed the exchange, and the couple took it to tax court where they were able to convince the judge that their efforts to rent the property were substantial and their financial problems legitimate.

The court typically rules that you have to hold the property for two tax years in order to qualify for an exchange. Since January 1st to January 1st is two tax years (as is December 1st to January 1st) the IRS informally considers 366 days as the minimum holding period to meet the investment definition. 366 days, or "a-year-and-a-day," meets the two-tax year court definition, but it also meets the minimum holding period requirement to qualify for the more preferential tax definition of a long-term capital gain.

This information is from the 1031 Exchange Experts 1-866-694-0204

For more information regarding property on Marco Island and Naples, please call me at 239-404-7471 or visit my website.

Marco Island Sales Statistics for April 2012

Marco Island Sales Statistics for April 2012

                    Year    2012   vs   2011

NEW LISTINGS:

     Single Family        41       48
   Condominiums      74        63   
   Lots                       15        41                     
                

ACTIVE LISTINGS:

   Single Family         351      472
   Condominiums       602      722 
    Lots                       306       359

PENDING SALES:

   Single Family         15      29

   Condominiums       36      32

   Lots                         13      6

SOLD:

   Single Family         50      41

   Condominiums       60      54

   Lots                        18      11

AVERAGE SALE PRICE:

    Single Family        $685,628    $849,512

    Condominiums      $424,983    $504,255

    Lots                       $296,819    $301,082

For more information on real estate on Marco Island and Naples, please contact me at 239-404-7471 or visit my website at http://www.realestateonmarco.com/ for current homes for sale. 

Mortgage Rates for Marco Island Real Estate

The current mortgage rates are as low as 3% for a 15 year fixed.  This is a great time to purchase property and take advantage of these low rates.  For more information on real estate on Marco Island and Naples and how you can take advantage of the market situation, please give me a call at 239-404-7471.  Visit my website for a current list of property that it available in the Southwest Florida area.

Marco Island Real Estate Sales Statistics for March 2012

Marco Island Sales Statistics for March

                     Year   2011    2010

NEW LISTINGS:

Single Family           65     56   
   Condominiums      66     59      
   Lots                       23      38                  
                

ACTIVE LISTINGS:

Single Family        354     503
Condominiums     627     752     
 Lots                     321     354    

PENDING SALES:

Single Family        34     19 

Condominiums      40     26 

Lots                       11     7            

SOLD:

Single Family        40    31

Condominiums      51    37

Lots                        20    11

AVERAGE SALE PRICE:

Single Family     $704,872    $566,778

 Condominiums   $411,196    $447,032

 Lots                     $269,025    $327,555      

For more information on real estate on Marco Island and Naples, please contact me at 239-404-7471 or visit my website at http://www.realestateonmarco.com/ for current homes for sale.

Marco Island Tide Chart

Marco Island Tides

April 2012

1    3:41 am L     10:50 am H     3:56 pm L      10:08 pm H
2    4:32 am L     11:27 am H     4:49 pm L      11:08 pm H
3    5:17 am L     11:58 am H     5:36 pm L
4   12:00 am H    6:00 am L     12:28 pm H      6:22 pm L    
5   12:47 am H    6:42 am L     12:56 pm H     7:08 pm L
6    1:34 am H     7:23 am L      1:24 pm H       7:54 pm L    
7    2:23 am H     8:03 am L      1:55 pm H       8:40 pm L
8    3:15 am H     8:44 am L      2:28 pm H       9:29 pm L
9    4:13 am H     9:25 am L      3:07 pm H      10:21 pm L
10  5:17 am H    10:09 am L     3:54 pm H      11:17 pm L  
11  6:26 am H    11:01 am L     4:56 pm H
12  12:20 am L   7:39 am H    12:13 pm L      6:21 pm H
13   1:29 am L    9:00 am H     1:44 pm L      7 :53 pm H
14   2:38 am L   10:14 am H    3:07 pm L      9:20 pm H
15  3:40 am L    10:59 pm H    4:13 pm L     10:36 pm H
16  4:34 am L    11:28 am H    5:06 pm L     11:36 pm H
17  5:20 am L    11:53 am H    5:52 pm L
18  12:23 am H    6:02 am L   12:18 pm H    6:33 pm L
19  1:01 am H     6:40 am L    12:43 pm H    7:10 pm L
20  1:36 am H     7:15 am L     1:09 pm H     7:46 pm L
21  2:10 am H     7:47 am L     1:35 pm H     8:22 pm L
22  2:47 am H     8:17 am L     2:00 pm H     8:58 pm L
23  3:27 am H     8:43 am L     2:24 pm H     9:35 pm L
24  4:13 am H     9:08 am L     2:49 pm H    10:15 pm L
25  5:06 am H     9:32 am L     3:17 pm H    10:59 pm L
26  6:04 am H    10:02 am L    3:54 pm H    11:50 pm L
27  7:04 am H    10:50 am L    4:46 pm H
28  12:48 am L   8:04 am H     12:32 pm L    6:09 pm H
29  1:51 am L     9:01 am H      2:16 pm L     8:07 pm H
30  2:50 am L    9:50 am H       3:25 pm L     9:35 pm H

Marco Island Real Estate Sales Statistics for January 2012

Marco Island Sales Statistics for January

                     Year     2011     2010

NEW LISTINGS:

   Single Family           62     75         
   Condominiums         97     108 
   Lots                          56      32                
                

ACTIVE LISTINGS:

 

    Single Family        368     499
    Condominiums      659     787
    Lots                        342    335   

PENDING SALES:

Single Family         29     22 

Condominiums       29     32

Lots                         12     9            

SOLD:

 

Single Family        22     22

Condominiums      31     33

Lots                       16      5   

AVERAGE SALE PRICE:

Single Family      $880,091   $601,751

Condominiums   $341,024    $607,342
 Lots                    $282,165   $353,800

For more information on real estate on Marco Island and Naples, please contact me at 239-404-7471 or visit my website at http://www.realestateonmarco.com/ for current homes for sale.