MARCO ISLAND SALES STATISTICS MARCH 2014

                                                  MARCO ISLAND SALES STATISTICS

                           Year 2014   vs   2013
               

                              

Active Listing

• Single Family     386     377
• Condominium     385     533
• Lots                    288     277

Pending Listings

• Single Family   117     73
• Condominium   133     91
• Lots                   16     32               

Closed Sales

• Single Family   50     38
• Condominium   62     40
• Lots                   15     14      

Average Sales Price

• Single Family    $718,072     $797,614
• Condominium    $549,280     $413.056
• Lots                   $414,267     $566,839

For more information regarding real estate on Marco Island, please contact me at 239-404-7471 or visit my Website.

MARCO ISLAND SALES STATISTICS FEBRUARY 2014

                      YEAR 2014  VS. 2013

Active Listing

• Single Family     415     381
• Condominium     407     560
• Lots                   280     282

Pending Listings

• Single Family   63     42
• Condominium   84     56
• Lots                  26     23             

Closed Sales

• Single Family   26     39
• Condominium   46     32
• Lots                  11      22      

Average Sales Price

• Single Family    $877,369     $667,717
• Condominium    $531,047     $509,431
• Lots                   $439,091      $236,883

For more information regarding real estate on Marco Island, please contact me at 239-404-7471 or visit my Website.

MARCO ISLAND SALES STATISTICS APRIL 2014

                                                     MARCO ISLAND SALES STATISTICS

                           Year 2014   vs   2013
               

                              

Active Listing

• Single Family     359     371
• Condominium     362     505
• Lots                   291     262

Pending Listings

• Single Family   92     73 
• Condominium   100    100
• Lots                 24      42               

Closed Sales

• Single Family   54     49
• Condominium   89     85
• Lots                 11     23      

Average Sales Price

• Single Family    $722,093     $814,367
• Condominium    $539,124     $574,744
• Lots                   $550,082     $475,543

For more information regarding real estate on Marco Island, please contact me at 239-404-7471 or visit my Website.

Investors are buying property to meet the growing demands for rental homes

Growing demand for apartments pushing up rents



NEW YORK – April 7, 2014 – These are good times for U.S. landlords. For many tenants, not so much.

With demand for apartments surging, rents are projected to rise for a fifth straight year. Even a pickup in apartment construction is unlikely to provide much relief anytime soon.

That bodes well for building owners and their investors. Yet the lan...dlord-friendly trends will likely further strain the finances of many renters.

Rental boom

Rental demand has risen in much of the United States since the housing market collapsed in 2007. A cascade of foreclosures forced many people out of their homes and into apartment leases. At the same time, construction of apartments was stalled until the last couple of years because many builders couldn't get loans during the credit crisis.

The national vacancy rate for apartments shrank from 8 percent to 4.1 percent from 2009 to 2013, according to commercial real estate data provider Reis Inc.

As a result, landlords were able to raise rents in many markets. The average national effective rent rose 12 percent to $1,083 during those years, according to Reis, which tracked data for apartments in buildings with 40 units or more. Effective rent is what a tenant pays after factoring in landlord concessions, such as a free month at move-in.

Over the same period, the median price of an existing U.S. home has risen about 14 percent, according to data from the National Association of Realtors.

Good for investors

Higher demand and rising rents, unwelcome as they are for tenants, will produce more income for owners such as apartment REITS. These real estate investment trusts operate buildings they acquire or build.

NOW IS A GREAT TIME TO BUY INVESTMENT PROPERTY! CALL ME AT 239-404-7471 AND LET ME HELP YOU!

Mortgage information for Jumbo Loans

JUMBO LOAN INFORMATION

FHA:

Collier County did NOT change.  There is a great misconception out in the market place regarding the 2014 jumbo loan limits.  Certain counties did change significanty, Collier did NOT!!

  

Lee County = $271,050

Collier County = $448,500

  

Here is the link to HUD showing all 2014 FHA loan limits by county: HUD LOAN LIMITS 2014

  

CONFORMING:

For MOST Counties:  $417k

Collier is considered a high cost area and will go up to:  $448,500

  

Here is the link to Fannie Mae showing limits by county:FANNIE MAE LOAN LIMITS 2014

 

For more information about real estate in Marco Island/Naples area, please contact me at 239-404-7471.

 

 

How the Health Care Reform Tax Effects Capital Gain Sale on Real Property

Effective: January 1, 2013 Supplemental Health Care Reform Tax upon the Capital Gain sale of Certain Real Property.



There has been a great deal of misunderstanding that the new Health Care Reform Bill imposes a 3.8% sales tax on the sale of each property.

First, there is no "sales" tax on the sale of real property. However, the new law does impose a supplement capital gains tax on certain property sales made by certain sellers. The new law contains a 3.8% tax on "unearned income" (capital gains) for certain level income individuals.

To be subject to the new 3.8% capital gains tax, you must earn $200,000.00 if you are single or a married couple making more than $250,000.00. The capital gain on the home sale must exceed $250,000.00 if this is a primary home and you are single or $500,000.00 if you are married. For example, if you and your spouse make $300,000.00 annually and you bought a home that you lived in for more than two years for $600,000.00 that now sells for $1 million, the capital gains tax on that home sale would be zero. However, if the home sold for $1.2 million, thereby resulting in a capital gain of $600,000.00, the first $100,000.00 of that capital gain would subject to the new tax (after the $500,000.00 exemption).

However, in many instances, Florida is not the principle residence for many individuals who earn above these income thresholds ($200,000/$250,000) resulting in capital gain on the sale of second homes, investment properties or properties that do not qualify for principal residence treatment (i.e. lived in less than two years). As a result, the full capital gain would be subject to the new 3.8 percent tax.

Effective: January 1, 2013 Increase in the Base Capital Gains Rate for High Income Individuals and Couples.



The base capital gain rate for primary residences held less than two years or where the gain of from the sale is in excess of $250,000.00 for individuals or $500,000.00 for couples the new rate has increased from 15% to 20% for high income earners. Additionally, the sale of any non-primary residence (second homes or investment properties) where any gain (profit) is realized will now be taxed at 20%. For purposes of this new tax rate high income earners are defined as individuals earning $400,000.00 or more or couples earning $450,000.00 or more. The net result is that 1031 Tax Deferred Exchanges may become more attractive to many high income sellers than they have been in recent years.

Bottom Line

If you earn less than $200,000.00 individually, or less than $250,000.00 as a couple, capital gain tax will remain at 15%. If you earn above $200,000.00/$250,000.00 respectively the effective capital gain rate will now be 18.8% as you will be subject to a supplement 3.8% Health Care Reform Tax.

Marco island Real Estate Sales Statistics- November 2013

Marco Island Real Estate Sales Statistics    November 2013                         

               Year 2013   vs   2012
               Active Listings

• Single Family  353   331   
• Condominium  407   544     
• Lots            247   269                                        

Pending Listings

• Single Family   43   41  
• Condominium   62   56
• Lots                26   17               

Closed Sales

• Single Family   11   28
• Condominium   25   42
• Lots               14   14        

Average Sales Price

• Single Family    $696,355   $677,804
• Condominium    $617,020   $477,188
• Lots                   $453,175   $219,036

For more information regarding Marco Island Real Estate, please call me at 239-404-7471.