Just Exactly What Is Property Tax Portability?

suitcase_of_moneyWe all love saving money — right? If you have lived in your home for a long time and it has been declared as your primary residence (homestead),  you will love hearing about how much money you can save if you sell that home and move to another one with the property tax portability feature! The savings can be HUGE!

Take a look at your property tax statement that you just received and you’ll see a Market Value figure and an Assessed Value figure. To determine what you would “port” or carry with you, subtract the assessed value from the market value.

For example, if your market value is $500K and your assessed value is $300K, then you can “port” or carry the difference of $200K with you. In order to port the entire $200K the next home you purchase must be of greater value than the home you sell. 

An Example:
                        New Home You Are Buying:  $550K
                     – Accumulated Property Tax Savings: $200K
Property taxes on new home will be calculated based on $350K

In addition, the property taxes on your new homestead will also be capped with the Save Our Homes feature and you will also be eligible to take deductions for homestead.

If you are downsizing to a home that costs less than the one you’ve just sold, you are still eligible to port your accumulated property tax savings but the calculation is done differently and is a bit more complicated. Call me at 904-252-5181 or send me an email at steilberg@comcast.net  for an explanation of how this works.

Monday Morning Market Report – Week Ending 9/27/09

week ending Sept. 28th market statistics
Click here to see graph

Read here to get the latest market statistics on what’s happening in the Avondale, Ortega and Riverside neighborhoods of Jacksonville. See what was newly listed, what sold, what went under contract and what prices were reduced!

 As a note, I do daily searches for myself but for my readers, the report will be done on a weekly basis. So…for the week ending 9/27/09, these are the stats. The bar graph illustrates clearly that Closed Sales (11 ) plus Pending Sales (5) FAR outnumber the New Listings. Additionally, there were 12 price reductions (more about that later) which is what we are seeing more and more of as sellers realize that they must slash their prices to get an offer.

New Listings:   6
Closed Sales:   11
Pending Sales:   5
Price Reductions:   12

 Closed Sales & Pending Sales FAR OUTNUMBER the new listings!!  This is the most important  keys to the recovery of the real estate market. In order for the market to stabilize, we’ve got to see the inventory come down which is clearly the picture represented here! Also, note the large number of price reductions. This is another major factor to the stabilization of the market. As sellers finally realize that they must reduce their prices, buyers are standing by ready to pounce and inventory will continue to dwindle.

New listings include everything from an $89,000 condo at Timuquana Village Condominiums to a waterfront single family home on the Ortega River at $2,300,000. The waterfront house is located at 4155 Lakeside Drive and is priced at roughly $400 per square foot.

pershing road kitchenThe closed sales include a house in serious need of repair on Locust Street that sold for only $15,900 to a darling home 1672 Pershing Rd. (MLS # 488296) that had a wonderful new kitchen. It sold for $225,000.

The 5 Pending sales include 2 contingent sales. When a house gets an offer on it and both parties have agreed to the price and terms, the listing agent changes the “status” of the listing in the MLS (multiple listing service) to Active Contingent. This generally means that there is a condition that still needs to be satisfied. Some examples of this could be financing or inspections.

Once the contingencies have been satisfied, the sale will be changed from Active/Contingent to Pending which means that the transaction should be completed soon and the house will change hands from seller to buyer.3855 Walsh Street This darling new construction house Walsh Street is pending which means it will close soon. I showed this to some buyers and it was very nice. As an interesting note, at least four of the homes that I showed them have either already sold or are under contract!

One last statistic to take note of – price reductions! There were 12 Price Reductions this week. The most notable of those was a $500K price reduction on a gorgeous waterfront home on Richmond Street in Avondale. With over 7,000 SF of living space and over 170 feet of River front, this house is a showplace! The price drop brings the asking price to $4,490,000.

The other significant price drop was a “lot” on Woodward Road that was reduced this week to only $675K (see my earlier post “Run Don’t Walk”! There is a house on the property but the need for renovation is so strong that most would consider this to be lot value.

So…all in all, it was a great week. Tune in Monday, October 5th, for my next Monday Morning Market Memo!

Amazing Condo in Riverside – Villa Riva

living room 2

One of the best parts of being a realtor is getting a fantastic new listing. Having something really great to sell sure beats trying to find a buyer for the 70’s house filled with shag carpet and wallpaper everywhere. We’re proud to “shout out” about our fantastic new listing at Villa Riva.

This is an end unit which is highly coveted because you’ve got lots of extra windows and light and the floorplan is especially nice with the master suite on the river PLUS another 3BR/2.5 BA on the other side. Professionally decorated, this condo has tall ceilings, beautiful woodwork including custom built cabinetry in the Master Bedroom, Living Room and Office. The kitchen is stunning with an open plan, granite counter-tops, professional grade appliances including a gas cook-top, a center island and wine cooler. Nothing has been left out.

Villa Riva is among one of  Jacksonville’s premiere addresses.Located in the Riverside neighborhood on the West Side of town near Ortega and Avondale, Villa Riva was built in 2005 and many of the units were snapped up at pre-construction prices the day they were released to the market.

The building is divided into three towers, each with their own bank of elevators and each floor has only two residences so there’s a real sense of privacy. The building has every imaginable amenity including an incredible River front swimming pool, state of the art fitness center, guest suite, business center and other luxury common areas like the River Room where residents can meet on Thursday evenings to get to know each other.

Please call us at 904-463-1898 or 904-252-5181 for a private showing of this great new listing at Villa Riva – You’ll be impressed!

Edgewood Bakery – Great Coffee and Doughnuts!

Glazed Donuts November 22nd, 2006Now that you’ve bought your fantastic house in Avondale, where in the world will you get your morning java? You could go to Starbucks (been there done that) or  try  find a few local spots where you can get down home service AND really good coffee! In Jacksonville, one such place near the neighborhood of Avondale, is Edgewood Bakery. It’s located at 1012 S. Edgewood Avenue in Jacksonville, FL just on the other side of Roosevelt Blvd.  While waiting for your super delicious homemade glazed doughnuts and piping hot coffee you might bump into a few neighbors and have a chance to catch up with what’s going on in the neighborhood.

If coffee isn’t your thing, stop by for lunch and try their incredibly delicious steaming hot ruben sandwich dripping with melted swiss cheese and piles of sauerkraut. On the lighter side, they have great salads too. Whatever your choices, you won’t be disappointed with the menu, the service or the convenience

 Have a favorite local spot that you’d like people to know about? Send me a note at steilberg@comcast.net and I’ll try to write a blog about it!

Run – Don’t Walk! Waterfront Deal in Ortega!

running_manRun! My last post was dedicated to an unbelieveable deal in Ortega on Yacht Club Road. Today….another phenomenal opportunity. On Woodmere Road, a buildable lot with 100 feet of water front has been reduced to $675,000!

 Hard to believe! Imagine that in 2007 this property was listed for $1.2 million — now it’s almost half price! The property is located on a wonderfully little quiet street between Avondale and Ortega and the dimensions are 100 feet on the water and 213 feet deep. woodmere road

The house on the property would need significant restoration but most people would want to tear it down. I heard in my office yesterday that two water front parcels have offers on them (not public knowledge yet) so if you’ve been waiting for the bottom, this may be it! The benefit of working with a professional realtor is that I often have inside scoop on what’s going on. Take advantage of my insider information and don’t get left out – run to my office now and let me help you navigate a fantastic deal on water front property. Contact Allison Steilberg today at 904-252-5181 for more information about this property or click on this link to start your own search for real estate in the Ortega neighborhood of Jacksonville. Thanks for looking!

Deal of the Week – Ortega Waterfront Under $900K!

yacht club road backyardJust when you thought it couldn’t get any better! An amazing waterfront property in Ortega was listed in the last few days for under $900,000! Yes – that’s right – under $900K! A lovely house on a huge piece of property on one of the best streets in Ortega (within walking distance to the famous Florida Yacht Club), this house is an amazing buy. The lot is 70 feet x 340 feet and has 3 bedrooms, 2 baths with a full two car garage PLUS  a two car carport. There have been some nice updates  including an incredible master bathroomyacht club road master bathroom renovation. The house is situated on Pirates Cove , a protected waterway, just minutes from the St. John’s River. If you’ve been sitting on the sidelines waiting for a deal — this is it! Call me today  for an appointment to see this house and you’ll be sitting on a gold mine! Thanks for looking!

Find Homes for Sale in Jacksonville from your Cellphone!

Get House Price in Jacksonville from your cellphone!FREE SERVICE! Okay, this is something really cool! My business partner Caroline Powell and I are proud to offer our customers a new property search tool that works directly from your cellphone.

Simply text the words myhome to 87778 and the application will be downloaded directly to your cellphone.  

As you are driving through a neighborhood (anywhere in Jacksonville) and see a cute house for sale, you naturally want to know how much it costs – right? Well, now you can get all the information you need directly from your cellphone!

Imagine that you’re sitting outside a house and notice a for sale sign. You want to know how much this house costs and what it looks like on the inside right now! Easy – whip out your cellphone, click on the Smarter Agent icon and search for the property by address (be sure to include the city and state).

The listing will pop up almost instantly and show you everything you want to know. Pictures, square footage, lot size, and PRICE! How cool is that?

Oh, and by the way, it’s FREE!! No cost to you — a complimentary service from the Powell Steilberg Team!

It will also show you other homes for sale nearby so that you can be sure to see  them all. If you decide you like what you see and want to learn more about the house or possibly go have a look, simply press the call to see button and you’ll be patched through directly to us and we’ll schedule an appointment — Easy!

Determining the Value of your Home – A Puzzle or a Process?

House PuzzleA CMA is short for a Comparative Market Analysis . We all like to compare – don’t we? It’s human nature. We compare our new laptop to our co-worker’s laptop, our cars to our neighbor’s car, our bodies to other people’s bodies and our houses , well….to our neighbor’s houses. Guess what? We realtors compare your house to other people’s houses too!

 In order to figure out this crazy housing puzzle, we systematically compare your house to ones that have either sold recently or are currently on the market. There are many factors involved in a CMA. There’s 1) square footage 2) lot size 3) number of bedrooms and baths 4) interior improvements (fancy gourmet kitchen or original cabinets with formica countertops) 5) exterior curb appeal (good landscaping counts for a lot) 6) location (busy street or prime street in fancy neighborhood), etc…

If you work with a good realtor who’s been in the business for a while (me), she’s seen a LOT of houses and has a good idea of what’s attractive to buyers. I take the hard facts (closed sales & active competition), add in healthy dose of market knowledge, mix it with a little  intuitive know how and mix it all together to help you solve the puzzle of how to properly position your house in today’s volatile real estate market. A final word… PLEASE listen to me! I do this for a living — all day, every day and I work hard to come up with an accurate opinion of value — so trust my market expertise and let’s price your house so that it will sell!

August 2009 Home Sales!

20090225141512587043000000There were 17 closed sales in the month of August ranging from $28,500 to $2,900,000. Please see the list below of the addresses, square footage and sale price.  Please note: PPSF= price per square foot!

  • 802 Acosta Street , 1,185 SF, 3BR/1BA, Sales Price $28,500(ppsf $24.05)
  • 2581 Haldumar St., 1381 SF, 3BR/1BA, Sales Price $35,000(ppsf $25.34)
  • 4676 Blount Avenue, 1121 SF, 3BR/2BA,Sale Price $94,500(ppsf  $84.00)
  • 1240 Dancy St., 882SF, 3BR,1BA, Sale Price $112,000 (ppsf $126.98)
  • 746 Ralph St.,1,475SF,3br,2ba,sale price $129,500 (ppsf $87.00)
  • 1239 Wolfe St.,1,300SF,2br,2ba,sale price $137,000 (ppsf $105.38)
  • 4368 Genoa Av.,1321SF,2br,2ba,sale price $162,000 (ppsf $122.63)
  • 1433 Talbot St.,1,300SF,3br,1ba,sale price $159,000 (ppsf $122.31)
  • 1266 Cherry St.,1,160SF,3br,2ba,sale price $205,000 (ppsf $176.72)
  • 1220 Cherry St.,1,556 SF, 3br,1ba,sale price $194,000 (ppsf $124.68)
  • 2237 Myra St .,2,218SF,3br,1.5,sale price $190,000 ( ppsf $85.66)
  • 4637 Princess Anne Ln,2,150SF,3br,2.5ba,sale price $272,500 (ppsf $126.74)
  • 2823 Forbes St.,1992 SF,4br,2ba,sale price $260,000 ( ppsf $130.52)
  • 1686 Woodmere Dr.,1615SF,3br,2ba,sale price $265,000 (ppsf $164.09)
  • 2103 Ernest St.,2,640SF,3br,2.5ba,sale price $299,900 (ppsf $109.81)
  • 5058 Ortega Forest Drive,4br,5ba,sale price $865,000 (Waterfront-ppsf $194.73)
  • 4593 Ortega Blvd .,6,900 SF, 5br,6ba,$2,900,000 (Waterfront – ppsf $420.29))

As you can see, the prices and price per square foot vary widely. In my opinion, the house on Myra Street that sold for $190,000 was an amazing deal! It had tall ceilings, beautiful detail in the woodwork, a large backyard, a decent kitchen and a renovated bathroom. It also offered walking distance to the great Five Points area.  Stay tuned for more stats next month!

The great house hunt – are you analytical or a big picture person?

ANALYZEYou’ve just gotten a great job in Jacksonville, FL and you’re ready to make the move to the largest land mass city in the United States! That’s right, Jacksonville, FL is BIG. Generally speaking, it stretches from Orange Park on the West Side of the city to Ponte Vedra Beach (ocean front) on the East side! There are lots of areas that you might want to consider home including Orange Park, Ortega, Avondale, Riverside, Downtown, San Marco, Deerwood, Deercreek, Jacksonville Golf and Country Club, Atlantic Beach, Jacksonville Beach and Ponte Vedra — whew! That’s a lot to consider!

You’ve surfed the web and decided that you really love the historic district of Avondale and are ready to find your dream home. We all know that finding the perfect place will be a compromise. Sadly, nothing is perfect. I’m not, you’re not and the house you’re going to buy isn’t. So, you WILL have to make trade-offs. What will yours be? One house will have a perfect kitchen and another will have a incredible master bathroom with jacuzzi tub and steam shower. Yet another may have a huge yard and finally there’s the one with the great garage. But guess what? You can’t find ONE HOUSE that has all those features but you’ve still got to find a place to live — so what to do?

Generally speaking, you can change the house but you can’t change the location! This is an important thing to remember when looking for your house. Don’t get too bogged down with trying to find the perfect house — chances are, it’s not out there. Consider the BIG PICTURE and find one that’s close enough and in a great location — you’ll be glad you stopped obsessing and just made a decision! Move in, be happy and move on with your life!