Pinecrest Florida Real Estate and More...

When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for. The same holds true when selling a home (or a second home), but there are some special considerations.

How to Calculate Gain
In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate, follow these steps:

1. Purchase price: _______________________

 The purchase price of the home is the sale price, not the amount of money you actually contributed at closing. 

2. Total adjustments: _______________________

 To calculate this, add the following:

• Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage.
• Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale.
• Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.

3. Your home’s adjusted cost basis: _______________________

 The total of your purchase price and adjustments is the adjusted cost basis of your home. 

4. Your capital gain:  _______________________

 Subtract the adjusted cost basis from the amount your home sells for to get your capital gain.

A Special Real Estate Exemption for Capital Gains

Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:

 ·  You have lived in the home as your principal residence for two out of the last five years.

·  You have not sold or exchanged another home during the two years preceding the sale.

·  You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.

Reprinted from REALTOR® magazine with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Today I attended the Coldwell Banker Previews Luxury Symposium; a training and educational event for the luxury property specialists.  I thought the following profiles were interesting.

The Luxury Home Seller

• They’ve owned their current home for 8.8 years vs. 6 years.
• The majority are under 55 and 89% are married.
• Often self-made (6% inherited 20% or more of their net worth).
• Most are top executives, self-employed or business owners.
• They are keenly aware of what it takes to be successful and are typically hands-on with strong viewpoints.
• They trust their own instincts, are driven to succeed.
• They maintain a middle-class outlook and are pragmatic toward money and investments.

The Luxury Home Buyer

• 31% are cash buyers
• 35% are retired (Millionaires)
• 36% are business owners (Millionaires)
• 67% are 35-55
• 88% are married
• Their most important home feature is a “Designer Kitchen”

In Miami-Dade County, a luxury home is a property over one million dollars; last year 34% of the sales in Pinecrest Florida were for over $1,000,000.

Every once in a while I am asked “How many homes are there in Pinecrest”?  Here’s the answer; there are 5,108 single family homes, 762 condominiums, 132 duplexes and 89 townhomes.  And if you are interested in any of these – just let me know!

Pinecrest FL Real Estate Sales Transactions –  July 2010

16 homes sold in Pinecrest in July

The lowest closed sale price was $325,000 and the highest was $3,280,000.

As of July 31^st there were 201 Pinecrest FL homes for sale with 48 homes under contract.

Homes Sold in Pinecrest FL in July; click here for pictures and details.

Pinecrest FL Real Estate Sales Transactions

20 homes sold in Pinecrest in June

The lowest closed sale price was $260,000 and the highest was $2,000,000.

As of June 30^th there were 202 Pinecrest FL homes for sale with 45 homes under contract.

20 homes sold in June!  Many of the agents I have spoken with recently are working with several Buyers.  If you are thinking of selling your property, NOW, before school starts, is the time to get it on the market – give me a call, 305-776-0010, Your Pinecrest Real Estate Specialist.

Price it right…and they will come – in all markets!  I emphasize to Sellers the importance of pricing their property correctly – right from the start.  I explain to them why the best Buyers are the ones that will come to visit a property in the first few days of the property coming on the market.  These Buyers have been looking, know the market, are qualified and are ready to buy; their agent is just waiting for something new to come on the market to show them.

The two major factors in determining price is location and condition; they are both interrelated, this applies to all markets.  My market is Pinecrest Florida; average sales price last year was $1,250,000.  In the past month I have put two properties on the market, properly priced for 2010, not 2005, and both have had offers accepted in just days.  This property was shown for only one day to several Buyers and it immediately went under contract.

Yes, the Buyers are there – at all price ranges, but the properties need to be priced correctly for the times, for the location and for it’s condition.

Come on out early, I would suggest by 5:00pm.  This is a very popular family event at Blackpoint, they do close the gates when the park gets full.  I'll see you there!

Pinecrest FL Real Estate Sales Transactions

18 homes sold in Pinecrest in May

The lowest closed sale price was $349,000 and the highest was $3,200,000.

As of May 31^st there were 192 Pinecrest FL homes for sale with 50 homes under contract.

18 homes sold in May!  I have a couple of listings that have gone under contract in just a few days.  We are truly having a tremendous amount of Buyer activity; if you are thinking of selling your property, NOW is the time to get it on the market – give me a call, 305-776-0010, Your Pinecrest Real Estate Specialist.

Father’s Day Bar-B-Q – with all the fixings!

Pinecrest Gardens

11000 Red Road, Pinecrest Florida

Sunday, June 20^th – 12:30pm – 3:00pm

Reservations are required; 305-669-6990

$25.00 adults, $10 children, under 4 free

Pinecrest FL Real Estate Sales Transactions

10 homes sold in Pinecrest in April.

The lowest closed sale price was $399,900 and the highest was $3,150,000.

As of March 30th there were 205 Pinecrest FL homes for sale with 54 homes under contract.

We are truly having a tremendous amount of Buyer activity; if you are thinking of selling your property, NOW is the time to get it on the market – give me a call, 305-776-0010, Your Pinecrest Real Estate Specialist.