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Are there still tax benefits in buying in this economy?

by Justin Willard

If you are old enough to remember Rowan & Martin's Laugh-In… "You can bet your sweet bippy".Tax Benefits

OK, granted with the fall in the economy and house values dropping as they have done, certain areas of the tax code have become somewhat ineffectual for most people.  However, having said that, consider these points;

  1. The Purchase: Most of your expenses are not deductible with one major exception and that is interest.  The IRS says you can deduct interest in the year that it is paid.  If you purchase on any day other than the 1st of the month, you will be paying some interest.  Look at line 901 on your HUD Statement.  Further, the IRS says that loan discount points and origination fees are tax deductible to the buyer.  And here is the best part – irrespective of who pays!  This one is a real windfall and a bit unusual and unexpected.
  2. Mortgage Interest: Generally, this is deductible and in the beginning of your mortgage, your monthly repayment is largely interest, so this can start to add up over the year.  There is another deduction, but in the current economy, you may find it useful yet it is worthwhile noting for future years.  You can also claim a deduction for interest on an additional $100,000 of mortgage debt used for any purpose.  This is what's know as your Home Equity Loan and I probably don't need to explain to you why this one is a little redundant at the moment, so keep it in the back of your mind for later.
  3. The Sale: Here is the good news – couple's can sell their principal residence and earn up to $500,000 and pay no federal tax whatsoever (single's get $250,000)  And the bad news at the moment, in this economy that is not likely to help many people.  However, in time, as the economy recovers, this is another huge benefit of buying a home.  Most states recognize the federal exclusion, so you put the cash away tax-free.  You don't have to re-invest, you don't have to be age 55, and you can do this every two years forever.

Disclaimer: Please note, this is not meant as Tax or Financial advice and as always you should consult your Tax Professional before making any decisions.

Now that you have some ideas on what income tax advantages there might be for you, let's look at the market update for this month in Towngate.

Currently there are 19 active listings available for you to choose, ranging from very comfortable 3 bedroom homes up to spacious 5 bedroom homes.  On average, these homes are being offered at the $308,500 bracket giving you a $128 / sq ft price.  Knowing this square footage price is a great way to make estimates as a rule of thumb, but we at The Willard Realty Team are always available to help you work out the finer details.

Since January 1st there has been a total of 19 closings with an average sale price of $240,467.  The lowest selling property during this period sold for $165,375 while the top of the market closed at $328,000.  More recently, in the last 30 days, we have seen 7 closings and these have averaged a sale price of $241,071 showing very little movement in prices from the year to date figures.

Get ahead of the crowd - be the first to hear about new listings and sign up for our email service.  Let us do the work for you and keep you informed via email.  You can opt out at any time.  Or perhaps you are thinking of selling.  Then you will want an analysis of your approximate home value delivered direct to your inbox so you can make an informed decision.

Call now on (954) 745-4735 and speak with Justin or Claudia Willard for first hand advice.

Love letters reveal innocent times...

by Justin Willard

As we look at the market update this month, it is always nice to look to our past and see what it reveals.

Elizabeth Taylor's love letters to William Pawley, 90, now of Pembroke Pines, Florida, on display. Photo: REUTERS

Back in 1949, a young Elizabeth Taylor and her mother were on holiday in Miami Beach as guests of millionaire William Pawley Senior, a US ambassador to Brazil and aviation entrepreneur.  Mr. Pawley Senior had a son, also named William, and Elizabeth and the young William spent many an hour poolside as Elizabeth fell "head over heals" in love!

Now a month or so after Elizabeth Taylor's passing, the "never-before-seen" love letters are up for auction.  William Pawley, 90, now of Pembroke Pines, Florida, kept Taylor's letters and has now decided to sell them.  He told collectors at a viewing on Tuesday ''I have never got over Elizabeth.''

The bundle of letters are written on pink, blue and ivory paper - some on Taylor's MGM studio stationery, or on her private stationery, embossed with Elizabeth at the top.

According to Bobby Livingston, the auction company's vice-president of sales and marketing, before Taylor's death, the letters were valued between $US25,000 and $US30,000.  You can bid on these love letters at RRAuction.com

OK, back to the real world!  What is happening here in Keystone Lake this month?

There are 3 active listings comprising all of three bedroom homes averaging 1.760 sq ft in size.  Expect to find these homes asking $268,000 or $153 / sq ft.

The year-to-date closings have totaled 4 properties, with an average sale price of $244,250.  These have mostly been 3 bedroom homes of 1,895 sq ft.  Two of these closing have occurred in the last 30 days with a higher average sale price of $252,500.

As was mentioned in last month's market update, Keystone Lakes offers a good selection of floor plans, one of which is the Athens.

Want to be the first to hear about new listings?  Let us do the work for you and keep you informed via email.  Perhaps you are thinking of selling.  Then you will want an analysis of your approximate home value delivered direct to your inbox.

Call now on (954) 745-4735 and speak with Justin or Claudia Willard for first hand advice.

Download a Community map of Pembroke Isles

by Justin Willard

Have you been out to Pembroke Isles yet to see this beautiful community?  No?

You will find the Main Entrance located on NW 172nd Avenue, west of I-75.  As you drive into the master-planned gated community, you will see the Club House before you and notice the lakes throughout the community.

There are 10 distinct neighborhoods, each with their own appeal.

Take advantage of downloading this map of Pembroke Isles in Pembroke Pines to see how the lakes surround each of the neighborhoods providing you with a choice of both water front properties as well as dry blocks.

Like what you see?  Good, because the Market Update for this community is ripe for the picking for anyone looking to purchase a dream home.  Currently there are 11 active listings with homes ranging between 3 and 5 bedrooms and square footage from just over 1000 sq ft up to a roomy 3,500 sq ft.

And for the bargain hunter there is opportunity at just $99 per square foot!  However, the average is $156 per square foot so you may well find what you are looking for in that range.

This past month there have been 5 price reductions with an average fall of 5.8% and one property going against the trends increasing the price by over 10%

Since the beginning of this year, 5 properties have found new owners with an average selling price of just $241,580.  But take note, these were only 3 or 4 bedroom homes so expect higher prices for the larger properties.

To learn more about this community, contact the experts at The Willard Realty Team.

Want to be the first to hear about new listings?  Let us do the work for you and keep you informed via email.  Or get an analysis of your approximate home value delivered direct to your inbox.

Call now on (954) 745-4735 and speak with Justin or Claudia Willard for first hand advice.

Displaying blog entries 1-3 of 3

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Last Modified 5/19/2019