Tallahassee, FL Real Estate News

By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Heading out of town. Leaving warm sunny Florida for the frigid Northeast. Brrrr. I understand it is getting into the 50's in New York right now. I'll have to bring a parka.   I'm heading to West Point for my 20th reunion. I will get to see quite a few of my classmates (many that I have not seen since graduation). Some of my classmates will not be there. We have lost some in the wars, and some of them are still fighting for us over in Iraq and Afghanistan. They will be remembered. Some of my classmates have retired this year. I just don't feel that old (though many body parts feel old...).           If my blogs are a bit fuzzy over the next few days, I will go ahead and apologize now. I plan on bringing all of the gear required for a "working" reunion. I'll try to check in each and every...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
How To Do A 1031 Tax Deferred Exchange Yesterday's blog reviewed examples of performing a 1031 tax deferred exchange and how boot is either avoided or recognized as a gain. Today, we'll address the basic flow of the entire process, from selling the original property through the closing on the new property.The most important step in getting started with a 1031 tax deferred exchange is hiring the right real estate company to ensure that the process is successful from beginning to end. Miss one key step and all of your work might not be allowed under the Internal Revenue Code Section 1031!Selling the Original Property List your property "For Sale" with Real Estate Company. Include language in the listing advising buyers that this will be a 1031 sale and Buyer must cooperate with Seller reg...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
I just left an interesting and entertaining dinner this evening, listening to three men from various backgrounds discuss the ins and outs of power generaton.  It was the 4th time in the past 2 months that I have taken the opportunity to hear what energy representatives are saying about the "state of the world" so to speak.  Of the three tonight, only one actually worked at one time for the industry, a local power company here in Florida.  The other two were a university professor and a former nuclear power regulator.  It made for a nice mix of information.  But what stuck me was the amazing messages the different energy guys have been delivering to Tallahassee audiences of educated, informed people who care about environmental issues (Tallahassee, with it's Canopy Roads, loves it's tree...
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By Gene and Rebekah Rivers, The Rivers Team, Broker/Owner
(Keller Williams Town & Country Realty)
 Here is a home that I have recently previewed.  It is in a great location in northeast Tallahassee.  This stucco 4 bedroom/2 bath home has over 2500 square feet. The extra large master suite includes 2 walk-in closets. You can entertain in style with the oval shaped pool and screened back porch with tile floor.  The owners have just reduced the price to $325,000.If you would like to see this home or get more information about it, please email me at ellie@ringtherivers.com or call me directly at 850-545-0814.
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
As I was driving into work this morning, I was listening to Fox Radio on XM Satellite in the car. A very interesting story was being featured and it made me think it would make for great blogging....A husband and wife are doing a cleaning in their house and find $100,000 stashed away in the attic. The are stoked! Imagine, how cool is that? The story makes the news and everyone is talking about how lucky they are.Well, not everyone. The previous owner of the house, a widow whose husband was murdered in that house, says that is her money. They are now going to court to determine if "Finders-Keepers" should be the result.What do you think?Subscribe to this Blog: Joe Manausa, MBA, CRB, CRS | Broker / Owner | Century 21 First Realty 2365 Centerville Road | Tallahassee, Florida 32308 | 850-38...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Yesterday, we learned the difference between realized gain, recognized gain, and boot. Today, we will examine some examples of 1031 exchanges and apply our new vocabulary to the situations that they present.In our first example below, we see that the investor sold a property for $180,000 and bought one for $400,000. The mortgage on new property was greater than the one it replaced, and the same amount of equity remained in the investment. This is a picture-perfect 1031 exchange. No boot was received by the investor, so there is no corresponding recognized gain. In the next example, the investor sold a property for $400,000 and bought one for $300,000. While the equity in the investment remained the same, the mortgage amount for the new property was $100,000 dollars less than it was for ...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
                                                                                          We are really fortunate here in Florida.  Besides being blessed with great weather most of the year, 1300+ miles of shoreline, (which equates to a lot of beautiful white sandy beaches) and some unusual & unique wildlife (I don't mean the human kind, although we have our share of those too).  We also have an abundance of springs, freshwater rivers and lakes throughout the state, teaming with fish, turtles, and sturgeon (yes, sturgeon!)  Florida is just plain beautiful and loaded with great natural places to visit and things to see.  In fact VisitFLA, our tourist agency has discovered that in the past 3-5 years the visitation interests of our visitors has changed.  It used to be that more people came...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Realized Gain vs. Recongized Gain Last week, I started a series of blogs on the Internal Revenue Code Section 1031 tax deferred exchange. The blog covered the concept of "like-kind" exchanges and defined the time constraints involved when conducting a 1031 exchange.Today, we'll explore the difference between "recognized gain" and "realized gain." While they sound a lot alike, knowing the difference can give the real estate investor an interest-free loan from the IRS! Additionally, we will define the concept of "boot." So, what do these three terms mean?Realized Gain - This is the amount of gain that the investor made during ownership of the property. The owner calculates this by determining the net sales price (sales price of the property less closing costs) and then subtracts the adjus...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
Today I am treating you to a story about my sweet, one-eyed, partially domesticated feral cat Squirt.  I inherited him when my best friend passed away VERY unexpectedly while I was a guest in his home.  My house was under construction, three months to go, and my friend kicked the bucket, so to speak, leaving me with Squirt, and two others, all feral.Today Squirt is teaching me patience, and that translates to my real estate clients too!  Patience with them, I mean... not teaching them patience.  So here I am with Squirt - and he really is a squirt.  A small, grey, skinny cat.  Excellent at mice catching!  He is up to 26 in the five years we've been in our home!  (No, not in the house!!!  Out in the high grass by the pond!!!)  Not bad considering the last four were with only one eye!  He...
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By Gene and Rebekah Rivers, The Rivers Team, Broker/Owner
(Keller Williams Town & Country Realty)
Hi all! I wanted to tell you about a great for sale by owner home I just previewed. It is a large 3 bedroom, 2 bath home on just over 5 acres. The wrap around front porch is perfect for enjoying nature in this wooded, tranquil setting. The floorplan is open and bright with a wood burning fireplace as the focal point in the living room. The master bedroom  is huge at 21'x15' and boasts a large walk-in closet and expansive bathroom. There are 2 storage buildings on the property - both with electrity.  All for $309,000. To arrange for a showing please email me at kim@ringtherivers.com or feel free to call me at 508-0261.Happy Selling!
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
With all the talk about real estate nation-wide, I've had plenty of investors asking about the condo market in Tallahassee. More accurately, the condo/townhome market is having it's third-best year ever. Sales are down from the peak of the boom, but they are certainly up from the pre-boom years.As you can tell, the 2006 was awesome for townhomes and condominiums in Tallahassee, but 2007 is almost as good as 2005, which blows away the previous market years. With all the new students coming in to Tallahassee (see previous blog on Florida Prepaid College Program), I think our condo/townhome market will continue to grow for quite some time.  About The Author   As Broker and Co-Owner of Century 21 First Realty, a Tallahassee Real Estate Brokerage business, Joe Manausa utilizes his MBA and 17...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Since I seem to be going chart and graph crazy lately, I decided to take a look at resales in the Tallahassee Real Estate Market. I was able to gather all the data (not just data from the MLS) to take an accurate look at the resale market in Tallahassee. The following graph was created from that data. Take a look at the graph and come to some conclusions before you go on to the rest of the narrative.Now that you have gone over the graph, did you make some conclusions? Perhaps you're ready to say the resale market is having its worst year since 1998.... and the graph certainly seems to be showing that. But what about the information that is not in the graph?Our "Single Family" residential market has been under attack since 2000 from an invader! This invader is not overtly in the graph ab...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
I have struck gold! I don't believe in accidents or coincidence. I believe we create our reality. And boy was I brilliant in creating the broker I selected to place my real estate sales associate license under.  Because that person has turned out to be far more than just a boss, or head of the company.He is a mentor.  Not the kind we usually think of - young student with adult coach type...although I am still young...  and he is an adult. But this is different.  When I appeared in his office, referred by his brother who is an attorney in the title insurance and real estate law business, I am sure this man wondered what in the world I was doing there?  I had a wealth of knowledge about the environment and a strong passion to work on enviornmental issues.  The past 8 years I had worked in...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
This is my 8th blog on AR.  (I'm actually 3 days behind in my 30 day challenge for those familiar with it.. but I'll catch up this weekend, I think!)  An amazing, and wonderful thing happened today - and it has confirmed for me that that AR REALLY works!I was contacted by email this morning by a gentleman looking for some help.. He had been reading a blog or blogs I had written about the increased interest in Green technology, energy and water conservation,etc., and wanted some help.  He's in the counter-top business and he has a fascinating product that he is wants helps with the marketing for... His "gotgreencountertops.com"...... isnt's getting the reaction he thought he would...(he gets more people thinking about the color green... than that they are made from recycled material - wh...
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By Gene and Rebekah Rivers, The Rivers Team, Broker/Owner
(Keller Williams Town & Country Realty)
Hi there! I am the lead listing specialist for the Rivers Team and thought it would be helpful to provide a forum for sellers and those thinking of selling to ask questions. Selling your home can be a daunting task but with some professional advice you will be well on your way to moving on and putting up that SOLD sign!  So ask away:) To start things off I thought I would answer one of the basic first questions when considering selling your home: How do I determine value?Answer:Value is driven by 3 basic factors: Condition, Location and Price. Each of these three factors contains sub-issues that I could talk about for pages (but won't unless asked). Condition includes issues such as typical "warranted" items - a/c, plumbing, heating, appliances, septic, well, pool/spa, security system, ...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Introduction to the 1031 Tax Deferred ExchangeEveryone who thinks about investing in real estate has been told about the great "tax benefits" that come with real estate as an investment. Often times, they are counseled about the annual write-offs of interest and expenses, as well as the great "phantom expense" of depreciation. These are certainly reason enough to create a real estate investment portfolio, but there is another powerful tax strategy that should be utilized as well, the 1031 Tax Deferred Exchange.I will write a series of blogs explaining how to maneuver through the maze of rules when performing an exchange. But to begin the series, I will first define what a §1031 exchange is, when it can be used, and why it should be considered part of the investors overall tax strategy.T...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
Newer Homes Fair Best In Today's Market Yesterday's blog generated several comments and questions regarding home sales in the Tallahassee Real Estate Market. Specifically, one reader wanted to know if I saw any trend in home sales corresponding to the age of the homes that were selling. I found this to be an interesting question and one that I had never considered in the past. So....Back to the Tallahassee Board of Realtors Multiple Listing Service (MLS) I went. I pulled all the residential sales (Single Family Detached, Condos, and Townhouses) from the past month and all the way back to January of 2000 that occurred in Tallahassee. I then graphed the raw data to see if anything "jumped out." I determined the age of the home when it sold, and created five age groups: New (The home was 0...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
I was doing some research on property values in order to see how the market is handling the increased inventory. Two graphs of the data caught my attention. First, it appears that home prices are relatively stable in the Tallahassee Real Estate Market, as seen below: Average Home and Townhome Prices New Construction Home Prices have increased 10.6% over last year, while resale prices are down about 4.4%. The overall market of single family homes, townhomes, and condo's is priced down about 1.5%, with the average residential unit in the Tallahassee Real Estate Market selling for $203,500. I then wanted to see how Condo's were doing. Even though the residential market has slowed down 28% in units-sold, we can see that Condo's are still having a top-2 year on new construction sales, and a ...
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By Eva Armstrong, Environmental Visions
(Environmental Visions)
                                                                                           You don't go many places these days in the real estate world without running into questions or discussions about how to save money on utility bills.  As gas prices go up, so moves the electric and power bills.  In Florida it feels like we may be reaching a "tipping point."  Builders and contractors that once scoffed at the idea of environmentalists and conservation are seen attending builders' seminars on LEEDS certification and US Green Building Council criteria.  School Districts are finally coordinating the recycling programs that were mandated by the state legislature some years ago.  And commercial and residential buyers are inquiring about energy savings and green or sustainable building pra...
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By Joe Manausa, Tallahassee Real Estate
(Joe Manausa Real Estate)
from Creative Financing Offers Solutions for Buyers and Sellers Alike Now is a great time to be a home buyer in the Tallahassee Real Estate Market! You have choices, with inventory at an all-time high. You have motivated home sellers. You have historically low interest rates. So what is holding you back?Some of our Tallahassee Home Buyers come to us with problems related to financing the purchase of a home. I like to tell my Sales Associates that anyone who really wants to buy a home in Tallahassee can do it. The market conditions are perfect. The key is to understand all of the options that a home buyer has.One of the questions that seems to arise with a credit-challenged buyer, or a buyer with little cash, is "What is Creative Financing, and how do I use it to buy a home in Tallahasse...
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