Tallahassee Lis Pendens Filings October, 2008
If you have heard about a 1031 Tax Deferred Exchange but did not know how you might be able to implement one as a solution to your current real estate problem, then I hope I can stimulate a little thinking for you.
A properly structured 1031 exchange is the sale or transfer of property for other "like" property in a way that allows the transferee the ability to defer capital gains taxes. As a simple way of thinking about it, a property owner will trade Property A for Property B and all the existing tax basis for A will be transferred to B. During the exchange, any reduction in mortgage, any cash received, or any other benefit gained is considered "Boot"...
Having purchased a home when the market was booming in 2004 through 2006, many homeowners find themselves "Upside Down," meaning they owe more money on the home than they can net from its sale.
So I decided to commit a blog post to this very hot and important topic. While many people write blogs on short sales, foreclosures, loan modifications and forbearance, I have yet to come across a model that will allow people in this situation to execute an analysis with the sole function of determining their best solution to...
The supply of homes for sale in Tallahassee has been dropping steadily since June. As I have been saying for over a year now, the first step in the market turn-around will be inventory reduction. While this is not enough to get us to the turn, it's a mandatory "step 1" in the process. We can accept that we have achieved this step once the One-year trend demonstrates inventory reduction. Unfortunately, my inventory measurement began this year, so it will take several more months until this can be confirmed or refuted.
The Tallahassee Real Estate Blog has focused heavily on facts and trend analysis rather than purely experience and opinion due to the extreme nature of the current trends in the real estate market.
It seems that extreme market cycles create an environment for impulsive optimism or excessive pessimism. In 1996, Alan Greenspan (Chairman of the Federal Reserve) used the term "irrational exuberance" to explain the crazy optimism that he perceived in the market. I suspect the phrase could also apply to extreme pessimism as well.
It is my goal to provide a conservative evaluation of the facts and figures...
I have to do this every so often, it's just in my nature. Of course, I'm talking about jumping up on my soapbox to get the word out about the Florida Prepaid College Plan. This program could very easily, almost single handedly, rejuvenate a sluggish real estate market in Tallahassee as well as in the State of Florida.
Disclaimer: As often is the case, the guy on the soapbox is often the least qualified to rant about the specific topic. I suspect this might be true in my case as well. If I am factually wrong here, please set me straight in the comments section below. You can also refer back to my other ...
And I could feel changes comin' on People started singin' different songs Searching for a place where they belong I could feel changes comin' on I can feel changes comin' on Alabama - Mountain Music
There are some changes "comin' on" to the Tallahassee Real Estate Blog in the next few weeks as well.
Real Estate Blog Update
It has been roughly 10 months since we launched the Tallahassee Real Estate Blog and I think we've covered a lot of ground in that relatively short time. Much of our original intent is still driving this blog, as we strive to
- publish current real estate market information
Anybody who has ever found themselves trying to sell a home invariably struggles with the question "What price should I set on my home?" While normally this is an important decision for a homeowner to make, today it is one of the most critical decisions that must be made in order to sell a home.
The Tallahassee real estate market appears to be similar to most real estate markets around the country. There is a gross excess of inventory of homes and buyer activity continues to drop. This means that the effective home inventories are rising (months of supply of homes).
We must never forget that real estate...!--more-->
In case you are new to the Tallahassee Real Estate Blog, this is a reminder that the September real estate reports have been posted on The Market Bulletin.
The month of September saw a continuation of the slower sales for homes in Tallahassee. Unit sales were very low for September in the Tallahassee real estate market. September is the month where all the "before school starts" buyers have just finished closing on their homes, so we normally see the market fall off from the summer pace.
For each real estate market graph below, click on the link below it for a larger picture and a brief explanation of what the graph is revealing.
Today is a very short post as I am crunching the market numbers that have come in for the month of September in the Tallahassee real estate market. I would like to encourage you to visit The Market Bulletin - Tallahassee Real Estate Market Reports for all of the new analysis with charts and graphs for the month of September. All of the work should be completed by around 11:00 a.m. on Friday, the 17th of October. But as a preview, I have put together a trend analysis of the average home price for the counties around Tallahassee.
From the graph we can see that the...!--more-->