We had a wonderful closing today on our listing at 1463 Ingleside Avenue in the lovely Avondale neighborhood of Jacksonville. It was one of those rare closings where both the buyers and sellers were at the closing table and both were very happy about the transaction. In our fast paced world, we often have MAIL AWAY closings (where neither buyer nor seller actually attends the closing) or closings where either the buyer or seller signs “in advance” and the closing only has one party in attendance.
The house was listed at $310,000 (and SOLD for $310,000) and is a lovely two story residence within walking distance to the shoppes of Avondale that has 3 bedrooms, 2.5 baths, renovated kitchen, family room, large master bath, a guest house AND a 1.5 car garage — Wow! The buyers recognized the value and offered full price.
Thank you to our sellers and congratulations to the buyers — we look forward to having you in the neighborhood!
In a post I wrote some time ago, I talked about Amendment One or Property Tax Portability. In a time of sagging real estate prices, there continues to be some GOOD NEWS in Real Estate.
If you have lived in your home for a long time (let’s say 10 years or more), there is likely a difference between the assessed and market values of your home due to the Save Our Homes Amendment (Amendment 10) which has limited the increase in the assessed value of your home to 3% or the CPI (whichever is less) since it was passed in 1992.
If you are one of the lucky people who has benefitted from this difference in value (referred to as deferred value), when you SELL, you can carry or “port” this difference with you to a new homestead in the state of Florida.
Effective as of January 2008, Amendment One was intended to “unlock” the real estate market and enable people who had been in their homes a long time and who had accumulated substantial property tax savings to take it with them or “port” it to a new homestead so they could sell but continue to enjoy lower property taxes.
I recently had the pleasure of working with a customer who had accumulated the maximum allowable port ($500K) who was able to apply that amount to a new residence and realize SUBSTANTIAL savings on their property tax bill. The customer did not know about Property tax portability and was, of course, DELIGHTED to learn about this amazing benefit! Click here for a table with examples of how Portability works.
It pays to work with realtors who know not only the latest statistics of the market but also other facets of the market that can save you money!
We are fortunate to have just listed another WONDERFUL home in one of Jacksonville’s best neighborhoods – Ortega! Very spacious with 4,700 square feet, this home has room for everyone and all of the features desired by today’s buyers.
Starting with the dramatic entrance foyer and moving into the huge dining room flanked by large picture windows, you know right away that this is a home made for entertaining! The family room is open to the fabulous kitchen that has lots of counter space, a large eat-in area and easy access to the two car garage.
The master bedroom is downstairs and the home features a split plan with a fabulous loft space upstairs that could be used as a second family room for teens, a study area, a home theater area or exercise space. The possibilities are limitless.
Please call us for an appointment to see this great house before it gets snapped up — at only $840,000 (178 per square foot) it’s likely to go fast!