"Flipped In Florida" - For Sale Sign On Almost Every Other Home

[Pa(b)st Prime]

Quote from blast19:

Must be braindead...can you cut and paste where you see the CAP on Property tax for non-state-residents?

There is no cap. There's no cap for anyone unless they're homesteaded. Non-residents cannot be homesteaded. On the other hand being a res isn't tantamount to homesteaded either. Somewhere in the article 3% is mentioned as the non-homestead assessed rate.

 

[Pa(b)st Prime]

Quote from spyderman:

Regarding the Homestead exemption:

Say two buyers (a non resident and resident) purchase at the same time. The assessed value is $500k. The millage is 2% (it actually varies from county to county)

The non-resident who CANNOT take the exemption will pay $10k in taxes on a TAXABLE value of $500k versus $9,500 for the resident who CAN take the $25.000 (current) exemption, making his taxable value $475000. Thus the present years savings would be $500.

The big issue WAS going forward, If the assessed value rose by 20%, next years assessed value would come in at $600k, the non-resident's TAXABLE value would also be $600k, giving him a $12k tax bill. Under Florida law however, the homesteaded property can only be increased at a cap of 3% per year , in this case to $515k. Throw in the $25k exemption and the resident's taxable value is $490k thus giving him a tax bill of only $9800.

Obviously in this runaway market after several years the difference can be substantial. Many a home have a Assessed value of $1mill but were bought for substantially less and with the 3%cap have Taxable values of $100-$300k.

Nice job.

 

[TM_Direct]

iM STARTING TO LIKE THIS!!!!!!!!

anyone got any listing sites for Bonita Springs area? I'd like to get an nice little place on a deep water canal to do some fishing......like a vulture on a tree....Im just waiting for the right time

 

[jem]

Quote from TM_Direct:

iM STARTING TO LIKE THIS!!!!!!!!

anyone got any listing sites for Bonita Springs area? I'd like to get an nice little place on a deep water canal to do some fishing......like a vulture on a tree....Im just waiting for the right time

I would go to realtor.com find an area you like with lots of inventory, get comps off zillow and then find a lawyer or smart broker who will make a bunch of of undermarket offers for you simultaneously.

Tell the sellers in your offer that you will only accept the first signed contract that comes back through your fax machine.

The right time could be soon if they are going to significantly decrease property taxes.

 

[dandxg]

Quote from jem:

I would go to realtor.com find an area you like with lots of inventory, get comps off zillow and then find a lawyer or smart broker who will make a bunch of of undermarket offers for you simultaneously.

Tell the sellers in your offer that you will only accept the first signed contract that comes back through your fax machine.

The right time could be soon if they are going to significantly decrease property taxes.

Please refresh my memory, how did you buy that one with the ariel photo? Seems like you got a sweet deal, under 200k on the water. Good for you.

 

[stock777]

I'm waiting for blood in the streets, then maybe I take that garbage off your hands for 50% of what you paid

If I'm in a good mood

 

[spyderman]

Quote from stock777:

I'm waiting for blood in the streets, then maybe I take that garbage off your hands for 50% of what you paid

If I'm in a good mood

You will be able to buy all the "garbage" you want to at 50% off. The good stuff however is already spoken for.

 

[Trend Fader]

This whole national housing melt down is a big joke. Yes there will be poor areas that will get hurt,, but prime areas like manhattan are still thriving. Check out this building in manhattan.. its been on the market for 3 days and is already 20% sold out. Prices are starting at $2mil. Brokers there have no issues moving units like these priced around $2k per sq ft. As long as unemployment stays low, mortgage rates are low ( i am talking about the majority of prime borrowers) and the stock market doesnt crash - housing will thrive in most strong metro markets, especially like NYC.

www.thelucida.com

 

[blast19]

Quote from Trend Fader:

This whole national housing melt down is a big joke. Yes there will be poor areas that will get hurt,, but prime areas like manhattan are still thriving. Check out this building in manhattan.. its been on the market for 3 days and is already 20% sold out. Prices are starting at $2mil. Brokers there have no issues moving units like these priced around $2k per sq ft. As long as unemployment stays low, mortgage rates are low ( i am talking about the majority of prime borrowers) and the stock market doesnt crash - housing will thrive in most strong metro markets, especially like NYC.

www.thelucida.com

I posted to you in another forum...Manhattan is sort of an exception. One building getting sold out is not something amazing by any means.

There are a lot of builders here reportedly turning to having to rent out their empty units until demand picks back up.

Your gauge of ONE building selling 20% in 3 days is like thinking it's going to be a hot day because the sun is rising.

 

[blast19]

Quote from Trend Fader:

This whole national housing melt down is a big joke. Yes there will be poor areas that will get hurt,, but prime areas like manhattan are still thriving. Check out this building in manhattan.. its been on the market for 3 days and is already 20% sold out. Prices are starting at $2mil. Brokers there have no issues moving units like these priced around $2k per sq ft. As long as unemployment stays low, mortgage rates are low ( i am talking about the majority of prime borrowers) and the stock market doesnt crash - housing will thrive in most strong metro markets, especially like NYC.

www.thelucida.com

...And your whole "national housing melt down is a big joke..." thing is stupid. Show me why California, Florida, Arizona, and the like are "poor areas" or do you think those places will keep going up in value and sales? Totally naive comment.