| Name: |
Feb
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/17/2006 6:31:37 PM
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JIM mentioned cost for six inches of shore line in a thread below. No question about JIM's intent, and his point was well made.
I recently heard unimproved deeded property was currently in the $2,500.00 range per ft. of water frontage. I recognize there are good lots and bad lots in most all sectors of the Lake. View, water depth, lot slope and several other factors will usually determine cost of unimproved lot value.
Has anyone else heard any recent numbers? (We used to discuss on the Forum two grand as a rule of thumb.)
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| Name: |
ridgeman
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/17/2006 6:57:46 PM
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FEB I BELIEVE THAT WOULD BE A FAIR AMOUNT.
IF I WOULD MULTIPLY THE 2500 BY MY WATER FRONT FOOTAGE IT WOULD BE ABOUT RIGHT.
QUESTION FOR ANYONE?
WHAT IS THE TAX LAW FOR CAPITAL GAINS FOR A HOUSE YOU HAVE,
BUT NOT LIVED IN FOR THE TWO YEAR RULE, AND WOULD SELL THE HOUSE. I HAVE HEARDTHAT IF YOU REINVEST WHAT YOU MADE ON THE SELL THAT YOU WOULD NOT HAVE TO PAY THE CAPITAL GAINS TAX. CAN ANYONE HELP?
THANKS IN ADVANCE
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| Name: |
noagenda
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| Subject: |
Feels high to me.....
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Date:
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8/17/2006 8:29:54 PM
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My place is off Hwy 34 near Pleasure Point. I have 288 ft of WF on good water in a nice cove. I wish I could get that but I think $1750-$1800 is closer to reality. I guess it depends on the area.
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| Name: |
Tallyman
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/17/2006 9:51:11 PM
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I think you are going to have to pay it unless you do a like property swap. Fifteen percent is not much tax, however.
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| Name: |
Maverick
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/17/2006 11:54:51 PM
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Feb - The 29 lots across from me in the new Russell Baywood subdivision sold for an average of about $1,750 with underground utilities, sidewalks, etc. etc.
My understanding is all but 2 or 3 lots sold in like 2 weeks. Now figure this out myself along with 3 other friends where on the list to receive lot price info and none of us received a single opportunity to purchase a lot. Only found out Russell had sold the lots through a neighbor.
Go figure, guess I do not rank very high on Russell prospective buyer list.
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| Name: |
Osms
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/18/2006 8:37:52 AM
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Where is Baywood?
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| Name: |
Maverick
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/18/2006 9:13:25 AM
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New subdivision within River Oaks, just north of Columbine subdividion.
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| Name: |
PikeSki
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/18/2006 9:27:29 AM
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Ridgeman,
I'm not a real estate person and someone else may have more detailed information on your question but I think that the profits you make on a real estate sale can be rolled into a 1032 tax exchange (basically an escrow account) and sit there tax free. If you re-invest the money into another property then there is no tax on it. If you cash it out then your uncle will want his cut. (I don't know how much though).
Not that this is helpful but I hope it's helpful !
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| Name: |
Maverick
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| Subject: |
1031 Exchange - Tax Deferred
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Date:
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8/18/2006 9:34:41 AM
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Section 1031—Tax-Deferred Like-Kind Exchange of Property Held for Rental, Investment or Used In a Business
Section 1031 of the Internal Revenue Code (“1031 exchange”) provides that real property held for rental, investment or use in a business (“relinquished property”) can be exchanged for “like-kind” real property also held for rental, investment or use in a business (“replacement property”) allowing the Investor to defer his or her Federal, and in most cases, state income tax liabilities.
It is important to note that 1031 exchange transactions are tax-deferred exchanges — not tax-free exchanges — as many authors and advisors frequently refer to them. The Investors ’s capital gain and depreciation recapture tax liabilities are merely deferred — and can be continually and indefinitely deferred — into like-kind replacement properties acquired as part of a series of 1031 exchange transactions.
The tax deferral benefits of the 1031 exchange allow a Investor to sell, dispose or convert real property without reducing his or her cash position by paying capital gain or depreciation recapture taxes. This provides the Investor with the continued liquidity necessary to increase his or her real estate portfolio by trading up in value and ultimately increasing his or her net worth by improving cash flow and capital appreciation from the portfolio.
A Qualified Intermediary is required when completing a 1031 exchange transaction. Section 1031 of the Internal Revenue Code applies to personal property as well as real property
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| Name: |
FLee
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| Subject: |
1031 Exchange - Tax Deferred
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Date:
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8/18/2006 10:36:36 AM
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I have heard that you have only 180 days to buy like kind property under this rule. Is this true?
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| Name: |
Maverick
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| Subject: |
1031 Exchange - Tax Deferred
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Date:
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8/18/2006 12:30:25 PM
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(3) Requirement that property be identified and that exchange be completed not more than 180 days after transfer of exchanged property
For purposes of this subsection, any property received by the taxpayer shall be treated as property which is not like-kind property if—
(A) such property is not identified as property to be received in the exchange on or before the day which is 45 days after the date on which the taxpayer transfers the property relinquished in the exchange, or
(B) such property is received after the earlier of—
(i) the day which is 180 days after the date on which the taxpayer transfers the property relinquished in the exchange, or
(ii) the due date (determined with regard to extension) for the transferor’s return of the tax imposed by this chapter for the taxable year in which the transfer of the relinquished property occurs.
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| Name: |
Harborcon
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/18/2006 6:27:42 PM
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Just seeing this today - and if I'm reading it right, y'all are saying $5,000 per foot of lake front? So my 200' of lakefront would be worth a cool $1 Million? Boy was that appraiser wrong! Of course, mine has what I considered to be an improvement until the appraiser said the value would double if I tore it down - my little cabin. He also told me that the highest value (from an appraisal standpoint) was attributed to view (and we do got a ton o'trees, but are gradually thinning them out). So if you have a pie-shaped lot with just enough feet of lake front to put a pier, but with a stupendous view, it's of equal value to a lot with more lake-front feet but less view. Seems to me that the property at Lake Martin is worth whatever someone is willing to pay for it, and some are apparently willing (and able!) to pay a whole lot.
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| Name: |
Harborcon
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/18/2006 6:30:18 PM
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Oops! I see it was $2,500 per foot. So I'm down to only half a Mil. Still way better than the appraiser said. But I guess my kids will have to do the happy dance when I kick, 'cause I ain't planning on selling anyway!
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| Name: |
ridgeman
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| Subject: |
1031 Exchange - Tax Deferred
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Date:
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8/18/2006 6:54:27 PM
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THANKS MAVERICK
SOUNDS LIKE YOU MAY KNOW SOME ABOUT THIS.
I GUESS I NEED TO FIND OUT ABOUT IT I AM PUTTING MY PLACE UP FOR SALE.
THANKS AGAIN MAVERICK
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| Name: |
racquetman
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/18/2006 7:15:04 PM
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A 1031 exchange can occur if this property (house or lot/land) is NOT yours or a family member's primary residence or second/vacation home.
1031 exchanges simply defer property gain taxes.
The sales contract must contain words that acknowledge/disclose that the seller is participating in a 1031 exchange.
Upon closing, the check($) will be written to a intermediary/third party chosen by you.
You now have 45 days to identify up to 3 properties, and 180 days to close. If you prepare, you can easily have these "ready" , immediately.
You may exchange into land, rental properties, and other investment type properties. You may not exchange into a primary or vacation property for you.
Additionally, you can do a partial exchange and be taxed on only the $$ that you receive after the exchange.
My understanding is that for capitol gains, the Feds get 15% and the state 6%. Also, the $$ you receive could push you to a higher tax bracket.
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| Name: |
Maverick
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| Subject: |
Ridgeman ???
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Date:
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8/18/2006 9:28:39 PM
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No problem, any other questions just ask.
Why are you leaving paradise? Is your home in the Ridge?
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| Name: |
boataholic
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/19/2006 8:33:58 AM
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2500 may be fine for a larger lot with a cabin, but empty lots go for more than 2500. 350,000 is about the minimum now for anything worth having, regardless of whether it is 200 ft or 90 ft. If it is subdividable you need to think in terms of what it is worth when a builder carves it up into 50-100 ft lots at 300,000 each.
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| Name: |
ridgeman
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| Subject: |
Ridgeman ???
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Date:
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8/19/2006 12:26:56 PM
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YES IT IS
MY WIFE AND I ARE LOOKING AT OTHER OPTIONS.
I AM SELLING AT WAY BELOW APPRAISE VALUE, STILL A FEW SMALL THINGS LEFT TO FINISH UP. HOUSE IS 99% DONE
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| Name: |
ot
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/19/2006 6:45:19 PM
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good for you, and with those "dogs" your property will be harder to sell..see my post with you and your neighbor a few days ago!
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| Name: |
Pier Pressure
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| Subject: |
Pleasure Cost per Sq. Ft.
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Date:
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8/23/2006 1:33:08 PM
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My boat, used 297.00 per sq ft. New, 857.00 per sq ft.
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