Dan was a member of Lions Club International. Why is this important you say? From 1975 through 2010 Dan and his family have sponsored foreign exchanges students through the Montgomery Youth Camp program, and through high school international Soccer work shops. His family has been host to as many as 9 boys or up to 4 girls at a time during their stay in Florida and has stayed in touch with these young men, women, and families in 34 countries.
Dan’s sphere of influence is international! Selling investment properties, to second homes. Buyers will contact him, ask to pin point a clutch of seasonal rental properties, engage in Purchase Agreements, and once the inspections are ordered, these investors will fly over the Pond and attend the inspections! They may purchase the entire clutch of homes are just a select few. His trusted judgment goes a long way with the relationships he has developed over the years.
My proven 7 step process will reveal the appropriate price entry point so you don’t leave any money on the table.
Pricing is not a game.
My proven 7 Step pricing strategy will reveal the most appropriate price entry point so you don’t leave any money on the table. My research tools are unlike any other in the market and my pricing strategy is one of my strongest skills and one of the most important in assisting my clients. I lead, guide, and protect all my clients.
The RE/MAX Network is powerful. Your home will be showcased on 7 different RE/MAX portals including Global reach. The RE/MAX network is over 124,000 members strong and you may be surprised where a buyer can come from! www.remax.com last year alone generated over 77 million visits from buyers all over the world. Our website is the most traveled franchise site in the Country.
Dan will notify he’s entire Sphere of Influence as to the availability of your property. The more people that know about your home the greater chance we have of securing a quick sale. My client database is always eager to share my available inventory as they understand the buyer may be one of their own friends!
Here are the top 5 single-family residential real estate sales in Northeast Florida, comprising Duval, St John’s and Nassau counties. The sales were recorded in the Multiple Listing Service from January 13 thru the 17th.
4486 Hunterston Ln., Duval County Jacksonville FL 32224
Sq. Ft. Heated Approx 6,500
Built in 2016, Just Market Value $1,098,600
This is a Two-story 5 Bedroom 6 Bath Open outdoor pool and kitchen for entertaining, and a two-car garage.
1805 Ocean Dr S. Duval County Jacksonville Beach, Fl 32250
Sq. Ft. Heated Approx 2,500
Built in 2011, Just Market Value $1,216,000
This is a 3 Bedroom 2 Bath Furnished Beach Front, Ocean view and two-car garage.
128 Rosco Blvd. St John’s County Ponte Vedra FL 32082
Sq. Ft. Heated 4,260
Built in 2013, Just Market Value $1,182,600
95361 Spinnaker Dr. Fernandina Beach, FL 32034
Sq. Ft. Heated Approx 3,713
Built in 2011, Just Market Value $955,988
This is a Two-story 4 Bedroom 3.5 Bath 12 feet Ceilings, Ocean, Golf and Marsh Views, pool and a two-car garage.
917 N. First St., No. 501, Jacksonville Beach, Duval County
Consult with your tax professionals – IPX1031 is an excellent resource and will provide a great deal of information about like kind exchanges, however we cannot provide legal or tax advice. Engage your legal, tax, and/or financial advisors to review your specific circumstances. Although this is not mandatory for your 1031 Exchange, IPX1031 recommends that investors should always seek advice from their advisors.
Include Cooperation Clause language in your purchase and sale agreement – Instruct your real estate agent or attorney to include a “1031 Exchange Cooperation Clause” in the contract / purchase and sale agreement.
Qualified Intermediary prepares your exchange documents – After the contract is signed, contact your IPX1031 sales executive directly, call toll free at 888-771-1031, or go to http://www.ipx1031.com and click on Start an Exchange Today, BEFORE your transaction closes. IPX1031 will prepare 1031 documents that need to be signed prior to closing.
Start searching for Replacement Property – Remember that once you close on your old Relinquished Property, the clock starts ticking and you only have 45 days to identify your new Replacement Property. 45 days comes very quickly, so start looking at your options now.
Sign all documents QI prepares – Sign all documents IPX1031 prepares PRIOR to the transfer of your Relinquished Property and determine sale proceeds to be placed into your Exchange.
Sell your Relinquished Property – complete the transfer of your Relinquished Property.
Identify your Replacement Property – By midnight of your 45 day deadline, complete the Identification form and deliver it via fax, email, mail to IPX1031.
Contact QI once Replacement Property escrow is opened. IPX1031 will prepare all necessary documents for you to sign and to review with your tax/legal advisors.
Close on Replacement Property
QI transfers funds to complete your purchase – once your transaction closes, IPX1031 will transfer your exchange funds.
Your exchange is complete. Report your 1031 Exchange on IRS Form 8824 for the tax year your 1031 Exchange began.
1031 Exchange and Defer? Or Sell and Pay Taxes?
Commercial and Investment property sales remain robust and a growing number of sellers are structuring their sales as 1031 Exchanges. Rather than pay taxes that may be as much as 40% of the gain, by simply structuring their sales as 1031 Exchanges and purchasing new replacement properties, all of the following taxes can be deferred:
Capital Gains – Your rate will vary based on your taxable income (15 to 20%). For 2019, your rate may be 20% if taxable income exceeds $434,551 (single) or $488,851 (married filing jointly).
Net Investment Income Tax (NIIT) – If you have income from investments, including capital gains, you may be subject to a 3.8% net investment income tax on your adjusted gross income in excess of $200,000 ($250,000 if married filing jointly). Read more to see if this applies to you.
State tax –You may be subject to state or local income taxes. State tax rates vary from 0% to the highest rate in California at 13.3%. See 2019 rates here.
Don’t always rely on blueprints, or builders specs.
Many developers are required to record what model and elevation new construction will require on any specific lot. It’s not complicated to understand, water management districts, engineers and planners have criteria that must be followed and altering these specifications can be tricky. Often a buyer wants this lot and this floor plan and specific elevation. In order to accommodate the buyer, elevations and floor plans are juggled, some criteria is altered, ultimately it falls through the cracks and fails to be noted in the county tax records.
Gather as much detail about plans and specs as you can and perhaps have a realtor to help protect your interests.
Home builders keep and maintain both building plans and specifications that include any construction materials they plan to use. The most diligent ones will update those plans and specs as things change. Make sure you get your hands on the “plot plan,” home-building plan, spec sheets, and cost breakdown list. Beware change orders are not always documented.
When calculating the gross living area from the plans, you will need to examine the specifications which list the materials being used, including doors, windows, cabinets, plumbing fixtures, and electrical fixtures. AGAIN BEWARE! The design center and materials you use can price your home’s value much higher than the current market value at times. The specifications will also describe the size and finishes used in the construction. Know the quality of materials and construction and how the proposed improvements compare with other sales in the market. “This information is critical so that you can compile your list of comparables.” Once you have the dimensions, materials, and so on, you can use a cost service to estimate the cost of the new construction.
Talk to multiple project managers for each home in the area.
This can be tedious, and getting these managers to share their knowledge can gain valuable information about each home built. As long as you talk to them now to evaluate current costs and value. Don’t rely on data you received from builders years ago or even months ago. The market is always changing. Also, speak to more than one builder in your area to gain an objective viewpoint. And remember, other builders may be rivals of the builder constructing your subject property, so they may not be entirely objective. Make sure you include plenty of notes in your work file about who you spoke to, when, and what the person had to say.
Be careful as you choose comparable sales
First and foremost, you paid cash without requiring an independent appraisal. Now you may be in a challenge when selling, many lenders have requirements for selecting comparable sales, so follow their lead without becoming too objective. For example, many tend to require that at least one sale in the subdivision be by another builder. This is not always possible. this is where a project manage can be helpful. Lenders don’t like to see all the comps by the same builder “because the builder could be inflating the value of property.!”
Additionally, to demonstrate the marketability of the area, some lenders require you to provide a comparable sale at least within a mile of the subject property.
The REAL CHALLENGE AT TIMES, custom-built homes recently built in the neighborhood cannot be considered as comparables unless they have been exposed to the market and to a typical buyer—and not just to the person who requested the custom features and design in the first place.
Those requirements can make it hard to find other new construction comparables. If recent sales within the immediate neighborhood in the past 6 months are a challenge, you may expand your search to other neighborhoods or go back further in time—even if doing so is outside the lender’s guidelines it may be acceptable. Do so only if those comps are necessary for you to create a credible estimate of value. “Make sure you provide plenty of notes justifying why you chose the comps you chose and how you adjusted value based on them!”
Use the sales comparison approach (if possible)
The sales comparison approach, when you estimate the home’s value based on sale prices of comparable homes, tends to be the best approach. However, comparables can be hard to come by for similar new builds. If the sales comparison approach is not applicable or credible, state that in your report and use one of the other methods, for example:
Allocation method: Here, you use several sales in the subject subdivision and take the cost of construction from the total sales price to arrive at a site value. Use several sales, get an overall ratio of land to improvement value, and then apply that ratio to the subject property.
Extraction method: Similar to the allocation method, but instead of applying the ratio, you use the derived site values as land comparables.
Know your FHA, HUD, VA, USAA and USPAP Requirements
The requirements vary, and they can change, so follow your lender’s instructions to a tee. Some big ones to know (at least until they change):
FHA requires that you gather information and execute tasks weeks ahead of the appraisal order.
FHA requires a final inspection. The final inspection can take place if the improvements are within 90% of completion and must be done by an appraiser.
Appraisers must complete Form 90251 for FHA loans.
Fannie Mae allows appraisers to use plans or a model home that is similar to the proposed construction, to come up with a preliminary value.
USAA and USPAP allows appraisers to use documentation other than plans and specifications as long as there is enough detail to create a credible report. For a current value, you would use a hypothetical condition. For a prospective value, you would use an extraordinary assumption. USPAP requires appraisers to keep true copies of all the information used to complete the appraisal report, including blueprints and specifications, in the workfile.
I am not a licensed appraiser and do not practice as such. My knowledge is based on experience, networking with a great deal of lenders and appraisers, understanding their challenges through the mid to late 2000 error! Experiencing the horror stories and experiencing the new Federal and State guidelines demanded of appraisers, my commercial experience and Continued Education help me to understand and hopefully able to share some of the challenges you may face in your resale or new construction experience.
Many sellers and buyers have asked me what’s the most active time of year to buy and or sell their home. I pulled very accurate data for the past three (3) years in Del Webb Ponte Vedra in Nocatee, not to be mistaken by Del Webb Nocatee. Go to my FB page, https://www.facebook.com/DDSwing or https://www.facebook.com/realestateindelwebb/ You can interact with the charts to drill down per month if you wish.
In 2018 sales were very active in January and February and began to decline to a low of 6 resales in July. January 2019 were lower than 2018, however no real decline in resale activity occurred as it did in the previous year.
The last half of 2019 was the biggest jump in resales and by December had 27 closed/sold resale homes. It’s expected to increase in late spring of this year
We are collecting additional data to hopefully provide a clearer view of what to expect in resales as we move into 2020.
2020 will be a year of tremendous growth for the Nocatee Town Center with over a “dozen new businesses joining the community.” All within a short Golf Cart ride from your new home. There will also be new buildings on the east side of Crosswater Parkway, just south of Nocatee Parkway. With construction well underway, this new shopping center will be comprised of 40,000 square feet of grocery, dining and retail spaces. Along with golf-cart parking, there will be walk-able waterfront space.
Here’s a run-down of the exciting new businesses that will join the Nocatee Town Center family in 2020:
1) Ben & Jerry’s: Ben & Jerry’s Nocatee will feature a scoop shop with over 30 iconic Ben & Jerry’s flavors, as well as milkshakes, sundaes, ice cream cakes, fresh packed pints to take home and even more! Opening Spring 2020.
2) Clean Juice: Rooted in “healthy body and a strong spirit” (3 John 1-2) scripture, Clean Juice offers organic açaí bowls, cold-pressed juices, smoothies, bites and other healthy food to on-the-go families in a warm and welcoming retail experience across the nation. Opening Summer 2020.
3) First Watch Daytime Cafe: First Watch offers traditional favorites, such as omelets, pancakes, sandwiches and salads, as well as unique specialty items like Quinoa Power Bowls, Avocado Toast and the Chickichanga. Opening Summer 2020.
4) Panera Bread: The newest Panera location will be opening in the heart of the Nocatee Town Center, directly north of Daily’s and south of Nocatee Parkway (off Crosswater Parkway). It will also feature drive-thru capabilities. Opening 2020.
5) Really Good Beer Stop: Nocatee will be Really Good Beer Stop’s second location that features a space consisting of a craft beer tap room and retail store comprised of 20 continuously rotating taps and packaged craft beer. Opening early 2020.
6) Tank’s Sushi Bistro: Love sushi? There will be more than 30 sushi rolls on the menu to choose from, such as the Mango Manica roll served with spicy lump crab and mango. Along with a selection of domestic and international bottled beers, patrons (21+) will also be able to enjoy traditional sake or the contemporary fizzy-infused peach sake with their meals. Opening Spring 2020.
7) GreenWise Market: The new Nocatee Town Center expansion will be anchored by a GreenWise Market, the specialty organic grocery store owned and operated by Publix Super Markets. This addition will now make Nocatee home to both the first GreenWise Market in Northeast Florida as well as the largest Publix in the region. Opening 2020.
Health and Wellness:
8) Baptist HealthPlace at Nocatee: The two-story, 83,000-square-foot health and wellness center will provide women’s services, pediatric care, rehabilitation services, aYMCA, and more. The center will be situated on a 12-acre site located west of Nocatee Town Center and the Lakeside neighborhood, facing the Nocatee Parkway. Opening Summer 2020.
9) CareSpot Urgent Care: This new CareSpot location will offer a variety of urgent care services including care for flu, infections, seasonal illnesses, sprains, minor cuts requiring sutures, burns, and more. Opening early 2020.
10) Flagler Heath Village: Flagler Health will include dedicated green space for healthy lifestyle & arts activities, a community education and partnership center, family practice, pediatrics, specialty care and women’s health services. Opening Summer 2020.
11) Makk Fashions: Makk Fashions specializes in apparel, jewelry, accessories and shoes for women of all ages, making it easy for mothers and daughters to shop together! Opening early 2020.
12) Sherwin Williams: Sherwin Williams will accompany Clean Juice and First Watch on the east side of Crosswater Parkway. Opening Summer 2020.
13) Burn Boot Camp: Camps are offered multiple times throughout the day, last 45 minutes, and are comprised of 72 different styles and 15 different formats. Burn Boot Camp workouts take place on our proprietary Floating Floor with individualized attention in a group fitness setting. Opening Winter 2019.
With great shopping, charming places to eat and drink, and specialty services, the Nocatee Town Center is a popular destination for community residents and Jacksonville area locals alike. Aside from retail, the Town Center is also home to several neighborhoods.
Amazing Explorers Academy is opening in the Nocatee Town Center. Amazing Explorers will be located on the northwest corner of the roundabout between Lakeside and Publix- directly north of the Town Plaza Office Condos and opposite Flagler Health Village. The early learning academy is slated to open Spring/Summer 2021 with construction scheduled to begin in this spring/summer.
About Amazing Explorers Academy
Amazing Explorers Academy fosters a nurturing environment where little minds open up to develop lifelong learning skills designed to inspire, connect and engage the great minds of the 21st century. It is a place where children thrive academically, socially, and emotionally. Marcello Spinelli, Co-Founder of Amazing Explorers Academy says: “Amazing Explorers is educating today’s children for tomorrow’s world, equipping them for a future we’ve yet to even imagine. We do this with leading-edge STEAM curriculum that focuses on science, technology, engineering, arts, and mathematics.”
You’ll notice the difference the moment you walk through the doors, from their modern, well-lit facility, to their certified teachers and the cameras parents are able to access from their easy to use app. Amazing Explorers has also partnered with Nemours Children’s Health Center to provide healthy meals to all students and with The Contentment Foundation to help teach children and staff about emotional intelligence and mindfulness. These are just some of the many great things Amazing Explorers has to offer.
Always something above and beyond “NEW” coming to Nocatee. Interested in moving to a community on steroids? Call me for information and for new and resales. Dan Swing 904-671-9225