This week, property owners who qualified for a homestead exemption on state and local taxes received their postcard from Charles E. Hackney, the Manatee County Property Appraiser.
The renewal is automatic if one is still entitled to the exemption; filing is the responsibility of the homeowner. Applications are taken year round, but they must be completed by March 1 of the year in which the exemption is to be effective. AND you have to be a permanent resident of Florida before January 1 of the year in which you apply.
If you buy a home during any calendar year, and the property owner qualified for exemption, that exemption will be continued until the end of that year. So, you must come in and file before March 1 of this year to continue an exemption if you bought property and made it your permanent residence in 2009, for example.
Other information may be necessary if you sold one exempted property and then bought another. A portion of the exemption may be 'portable' under certain circumstances.
Go to www.manateepao.com for more information.
A company called C&M Dredgemonster is now providing services to residents of Holmes Beach canal homes to perform maintenance dredging, according to the information left on the front door of our canal home.
In part, here's what the flyer says:
"The City of Holmes Beach holds authorizations for MAINTENANCE DREDGING of canals within the City of Holmes Beach... which allows for private property docks, boat lifts, seawalls, etc to be maintenance dredged.... The private dock and boatlift work must be contracted separately and paid for by the private property owner without any liability or exposure to the city.... It is advisable for residents in the same neighborhood to seek (common) interest from neighbors and other nearby home owners along these canals (to)... lessen the cost of mobilization in each area."
For more information, call Paul DeMariano at 941-751-6999, or email him at pauldemariano@aol.com.
Here's a great article from the Tampa Tribune on who gets a tax credit and who does not, and how to apply. Of course, this 'applies' to properties purchased as primary residences on Anna Maria Island, also.
Clearing up confusion regarding tax credits
TAMPA, Fla. – Jan. 26, 2010 – Federal tax credits for homebuyers have certainly boosted the Tampa Bay area real estate market. The incentives have prompted nervous buyers to get off the fence, and that has helped the area shed thousands of homes from the region’s inventory of unsold properties. But as these buyers prepare to cash in on their purchases by filing their tax returns, many are finding they may not qualify after all or don’t know how to file. “There’s a lot of confusion,” said Greg Armstrong, a Coldwell Banker broker in Pasco County. “It’s so complex that if you’re not living it every day, like a CPA, you’re not in a position to direct someone.” Even if the case seems straightforward, Armstrong encourages clients to seek guidance from an accountant. There have been so many changes to the credit that IRS spokesman Michael Dobzinski had to consult his notes often to answer questions. Here are some helpful things the IRS wants you to know about the credits. • The credits are available only to buyers purchasing primary residences. The IRS defines this has the residence where you spend most of your time. • There are two credits available. One is for first-time buyers, or those who have not owned a home in the past three years. The maximum for this credit is $8,000 and, unlike a previous credit, this one does not have to be paid back. It applies to purchases made this year between Jan. 1 and April 30. • The government broadened the credit in November to include some buyers who already own houses. Those buyers are eligible for a credit worth up to $6,500 for purchases made between Nov. 7 and April 30. In order to qualify, the buyer must have owned a primary residence for at least five consecutive years out of the past eight years. This credit also does not need to be paid back. • There are income and price requirements. If the home was purchased after Nov. 6, it can cost no more than $800,000. Also, if purchased after that date, individuals cannot earn more than $125,000 and married couples filing jointly cannot earn more than $225,000. • You don’t have to wait until 2010 to claim your credit, even if you buy this year. Purchase a home before the April 30 deadline and the credit can be claimed on this year’s taxes. • If you’re claiming the credit, a paper filing is necessary. Only taxpayers not claiming the credit can file electronically. Dobzinski said buyers can still use electronic forms, but must print them out and mail them in, along with form 5405. • Unlike last year, buyers claiming the credit must prove they are eligible. This is because some people filed for the credit last year, even though they had not purchased a home. You’ll need to send the HUD settlement statement along with the tax form. If you’re claiming the longtime owner credit, also include proof, such as copies of mortgage interest statements, property tax records or homeowner’s insurance records. • Keep in mind that the credit is for your primary home. If you decide to rent or sell the home within three years, the credit must be repaid. • Buyers claiming the credit will have to wait longer than usual to get the credit because of the need to file by paper. Expect to wait four to eight weeks, instead of the typical two weeks when filing electronically. Copyright © 2010 Tampa Tribune, Fla., Shannon Behnken. Distributed by McClatchy-Tribune Information Services.
Mirroring a trend in Southwest Florida, sales are up on Anna Maria Island for December, 2009, compared with a year earlier.
Residential sales were up 50%, condo sales more than tripled, and even duplex sales were twice the prior year's activity.
Those results are shown on this website at www.calltheislanders.com/salesinfo, posted several days ago, and the full story about our local region is linked below, from today's Sarasota Herald-Tribune:
http://www.heraldtribune.com/article/20100125/BREAKING/100129836/-1/stormpost02&tc=email_newsletter
This time, it's from the Orlando Sentinel. A couple of the places mentioned have changed hands, but the truth is it's still right on target!
Florida Beach Guide: Anna Maria Island
Anna Maria Island -- a slender 7-mile slip of Gulf sand balanced atop the crooked crab claw of north Longboat Key -- is a slow-motion kind of place.Sit a spell and taste the brine of the sea air as it bites softly at the back of your throat. Kick off your shoes and feel the sand sucked from under your feet as the lapping surf is pulled languidly back to sea. Spread a beach towel and watch the glide of the sun as it disappears behind water that looks as if it's dancing under the spangled light of a disco ball.Take a deep breath. Turn off the cell phone. You're here, and that's enough.Anna Maria introduces itself with the long sigh of a causeway that carries Manatee Avenue to its flank from mainland Bradenton. Near the water, two towheaded boys toss a football; fishermen bow their heads over their lines; and a large man holds a stout white cross against his shoulder -- "Jesus loves you" is scrawled on it. When he waves, passers-by wave back dutifully, as if heaven is taking note.The road glides onto the island, T-boning into Gulf Drive in the town of Holmes Beach, where a sign flaps in the sea breeze above the entrance of Cafe on the Beach, a long, lean building spread upon the sand: "We're glad you're here."And you should be too.Park in the wispy shade of an Australian pine and bring your appetite inside for crisp Belgian waffles, grill-fresh hot dogs and flaky grouper sandwiches. Savor a first glimpse of the island's Gulf shore, which spreads like a lumpy carpet beyond the cafe's plastic tables and chairs, sloping down to vivid emerald water in a swoop of blinding white.The scene is postcard perfect: Families cluster around the spread of beach towels; a couple huddle in the scant shade of a hibiscus-red umbrella; a small blond boy runs with a kite that flutters like a gull in his wake.With its pristine beaches, diverse restaurants and eclectic shops and galleries, Anna Maria could drown itself in advertising hyperbole. Yet a visitors guide sums up its allure simply: "Paradise without attitude."It is a family's playground, a couple's getaway, a fisherman's haven. Poets find rhapsody among the island's sea oats; artists discover inspiration in its unique creatures; power brokers let its rhythm slow their heartbeats.Even Gulf Drive, the island's main drag, forces visitors to ease up on the gas. The road begins with a lazy 25-mph roll through the sleepy residential city of Anna Maria, stair-stepping south through a maritime forest of realty signs posted in front of Holmes Beach rentals. The hot asphalt straightens like a line drawn in the sand as it crawls south, bisecting the town of Bradenton Beach before sliding over a drawbridge to Longboat Key.Entrepreneurs have staked out their dreams along the road's shoulders and cross streets. Mom and Pop are a tour de force, making livings off small hotels, galleries and concession stands. Most who live here are transplants in paradise, some with accents acquired in such places as England, Asia and the Midwest.No matter their backgrounds, they are island folk now, open and friendly. Shop workers ask your name. Resort owners work behind their reception desks, greeting guests like old friends with a smile and firm handshake. Waitresses stop to chat.Even wining and dining is done on a first-name basis. There is Charlie's on the Island, Duffy's Tavern and Jane E's Coffee & Tea Bar. And Skinny's Place, Joe's Eats & Sweets, and Mama Lo's By the Sea.Restaurants grab some of the island's best real estate, because when it comes to dining, the view's the thing. Dining and drinking often is shooed out the door, onto beachside wooden decks and patios studded with umbrella-shaded tables. Only a summer-afternoon thunderstorm can put a damper on the alfresco party.Breakfast, lunch and dinner come with a side of sea breeze that teases the skirts of plastic tablecloths into a dance. Enticing smells lure everything within 100 yards. Stiff-legged gulls gather just out of arm's reach on small dunes spotted with sea oats, hoping for a tidbit from plates that, depending on the time of day, might be laden with syrup-soaked pancakes, a platter-sized hamburger or a moist blackened grouper fillet.A BEACHSIDE BUFFETThe island's biggest appetite is for seafood, with the day's catch the ultimate draw. Order your pleasure at myriad restaurants such as the Sandbar in Anna Maria, where a no-nonsense waitress points you to the freshest fish with the stab of a finger -- "no, no, no" -- that rules out anything else on the menu.Catch your own, if you're so inclined. Translucent shrimp -- $2 a dozen -- ride a roller coaster of bubbles in the Rod & Reel Pier's bait tank, presided over by Bob the bait man, whose office is a dimly lighted cubbyhole on the pier's first floor. "All I got is them little ones right now!" he barks out of the hole to a would-be angler. Blue runners and tarpon can be caught off the pier, where manatee sightings thrill kids into wide smiles.For turf instead of surf, there are legendary burgers at Skinny's Place, an island fixture since the '50s. Mr. Bones BBQ is known for remarkable spare ribs and baby backs and -- a curveball here -- Indian food.Mr. Bones, where skeletons dangle and beer is iced down in a makeshift coffin, is just part of the island's fun. Gaiety is found in garden whirligigs that spin in the breeze like liquid rainbows; in clothing hanging like a tropical forest in Bradenton Beach's Bridge Street shops; in the vibrant colors pulsing from steel-drum art on the walls of The Museum Shoppe in Anna Maria.Humor is here too, as overt as the pun of the Passing Wind Manor, as subtle as the comedy found in the whimsical clocks in the Autumn's Whims gallery.Shops lure with variety -- Anna Maria ashtrays, meticulous model ships and pottery swirling with color. At Pine Avenue General Store, pick up a six-pack of Bic razors or Michelob Light. Or a copy of The New York Times or the New York Post. Select a novelty cone from the humming Circus Man Ice Cream fridge, and don't forget a cuppa -- Starbucks is the brew of choice.A SANDBOX FOR ALL AGESFor accommodations, think low-rise, but not necessarily low rent. Upscale is here, but you'd hardly know it. Studios, cottages and apartments rule, but bow to the islands' "two-stories above parking" height limit. Hotel chains are mostly absent.Resorts are small but distinct. Siam Garden Resort is tropical luxury with an Asian accent; eclectic Haley's Motel and Resort hails from the remodeled '50s; Tortuga Inn Beach Resort has an elegant but homelike ambience.Recreation harkens to simpler days. Borrow a bike, or bring your own. Pedal to the beach, glide to a restaurant, slide to a stop at the Rod & Reel Pier, where pelicans crash headfirst into the water as they fish for dinner.Beaches invite use but lay out rules. Bayside, at the Rod & Reel Pier, a sign instructs, in a long breath devoid of punctuation: "No animals litter fire excessive noise alcoholic beverages vehicles overnight camping."Swimming? Sure. "At your own risk."For kids, the island is a big, wet sandbox, a place to encounter extraordinary creatures; to express artistry in the sand; to try out flippers, mask and snorkel for the first time.Critters especially fascinate. Spring-summer turtle watches take in the nests of loggerheads, which lumber ashore in darkness to lay eggs. In full light, crabs skitter across wet sand, and black skimmers glide along the breaking surf, scooping up meals in long, gaping beaks.Outside Mama Lo's, Stephanie Turner, a visitor from Celebration, watches a tiny crab climb the arm of her daughter, Rowan."This is a great place to be a kid," she observes.Not a bad place, either, for a kid who just happens to be an adult.
Copyright © 2010, Orlando Sentinel
Jack McCabe, columnist in the Sarasota Herald-Tribune, today posits that if banks write down their loans to current values, and are guaranteed by governmental agencies to be protected at that write-down, then we could see and end to the real estate woes now plaguing our country, and be back on the way to economic recovery.
Interesting concept, elaborated in the article below:
http://www.heraldtribune.com/article/20100118/COLUMNIST/1181010/2604/OPINION09?Title=For-recovery-mortgage-principal-must-be-reduced
Read it for the full story and let me know what you think. This just might work!
The number of total sales for 2009 on Anna Maria Island's three cities of Holmes Beach, Bradenton Beach and Anna Maria is down six percent.
The average price per square foot for each category is also down. Residential properties are off 22 percent, condos slipped 13 percent and duplexes are down 23 percent.
But the pace of sales has quickened in recent months, with 115 percent greater numbers of closings in December 2009 versus 2008, a trend that continues over the last several months of the just concluded year.
Get all the stats at www.CallTheIslanders.com/salesinfo.
Call me if you would like to discuss what this means for you as a seller or buyer of real estate on our beautiful island. 941-685-8822.
Consider this an archive of the most recent several months of sales data on Anna Maria Island. Prices for homes, condos and duplexes in Holmes Beach, Anna Maria and Bradenton Beach continue to erode.
More data coming shortly for December 2009, with a wrap-up of the year for your knowledge on price trends.
November 2009
November shows the slide in average selling prices per square foot for homes, condos and duplexes in Holmes Beach, Anna Maria and Bradenton Beach continues.
There are about 38 percent more total units sold on the island in November 2009 versus the same month a year ago; 18 properties sold this year and 13 last year. However, sales in the earlier part of the year were slower: in the year ended 11-30-09, total units were off 15 percent, from 248 in the prior year to 210 this year.
Condo sales doubled from four to eight. Condo prices seem to have stabilized, based solely on a strict month-to-month basis. November 09 is virtually the same as November 08, at around $250 per square foot average. In the year ending November 30, though, the average price was down 15 percent from $338 to $288 per square foot.
Single family homes also show declines, off 19 percent for the entire year ending November 30, down to $309 per square foot, with numbers of homes sold also off, with only 115 homes sold against 143 in the prior year. In fact, with the average price per square foot for the prior year at $381, we're seeing a steady erosion of value in residential real estate.
For investors, it seems the bloom is definitely off the rose. Numbers of sales are off drastically, with only eight sales in the last year against 28 in the prior year. Values are also down, more than 20 percent, with price per square foot falling below $200 for the first time in recent memory. We may consider that most duplexes these days are purchased -- in Holmes Beach, at least -- for the value of their homesites. Due to a quirk of local housing codes, an R-2 zoned property of at least 8,712 square feet can qualify as a place to build two single family homes and sell each as a part of a two-unit condo.
Such a strategy on the city's part allows for an increase in total valuation, an improvement in the age of the built environment, and no significant increase, theoretically, in density. Alas, these structures, while new, lower-cost to insure, and more storm resistant, due to use of modern materials and techniques, do not necessarily fit the style we have come to know and love on our island.
Here are the charts illustrating salient points above.
For more information, or to discuss what these numbers may mean for your buying or selling stragegy, just call me. 941-685-8822 is my cell.
October 2009
Once again, we see the number of sales increasing, and values declining in month-to-month and year-to-year comparisons for sales of homes, condos and duplexes on Anna Maria Island.
It is still a buyer's market, and judging by the numbers of sales, buyers are recognizing the value inherent in today's lower prices in our vacation paradise.
Here are a couple of facts that may color your interpretation of the charts below:
At any given time, averages can be skewed by super-high-priced properties or super-low-priced ones. Note that the single sale of a duplex in October '08 was for $1.8 million. That high number will affect the averages of all multifamily year-end averages for quite some time.
The earlier part of 2009 was a slower sales time than normal. The last three months have averaged about 20 sales per month, and that equates to around 240 over a year's time, which is more or less 'normal' for Anna Maria Island absorption rates.
Lower priced properties seem to be selling better than higher priced properties, pretty much across the board.
The average price per square foot continues to slide as the few short sales and/or foreclosures on the island are snapped up, and as owners of non-distressed properties accede to the demands of the market.
With that, here are the numbers. You can always call or write for additional input.
September 2009
In a summer burst of activity, we see the results of an active summer of sales on Anna Maria Island. There were 20 sales this year in September and only seven last year.
For buyers of single family homes, the average selling price per square foot has remained about the same for month-to month sales, down only about four percent. But once again, condo sales prices are drastically lower per square foot, down 35 percent. One may note, though, that there was only one sale in September 2008 of a condo, versus 11 units sold in '09.
Multifamily sales are the only slow point in September, with zero sales being consummated.
Looking at longer term trends, we're seeing that price per square foot continues to decline for both condo and home sales, with both numbers off 15 percent in the year ended September 30. Only in multifamily sales for that same period do we see any increase, up 13 percent (even though there have been no sales in the last two months.
For now, we must believe that the increase in numbers of sales is due to the great values represented by homes and condos at current pricing. Though there are many, many residential properties listed at prices above the amount to even generate an inquiry, much less an offer, more competitively priced homes and condos are getting offers, some of which are becoming contracts and even sales.
Those owners who are stuck with a high payoff and low value are limited in their options: wait until the market improves, attempt a short sale, or had the keys back to the bank. Tough choices in a down market.
Could be some time before this market improves. The numbers will show it, when it does.
August 2009
Numbers once again show mixed results in month-to-month sales figures for homes, condos and multifamily properties on Anna Maria Island.
There have been more sales, 23 vs. 14 in 2008, an increase of 64 percent. Yet there have been no multi-family sales and the average price per square foot is down to $273 vs. $389 on single family sales, a decrease of 30 percent. Only condos have shown an increase in average price per square foot, with a blip of an increase of 29 percent on six sales, averaging $345 per square foot.
Looking at longer trends, the 12 months ending August 31, 2009 vs the same period in 2008 demonstrates a continuing decline in average price of residential properties (down 17% to $327), condos (down 14 percent to $288), and numbers of multifamily sales, (down from 24 units to 11 units in '09). Only the average price per square foot for multi-family has shown an increase year to year, up six percent to $243.
Total unit sales numbers are down 28 percent from the prior year, but recent sales are showing an uptick in total numbers. Clearly, it's still a buyer's market.
Here are the numbers:
Again last night (Sunday 1-10-10) those of us on Anna Maria island avoided the deep freeze that's spread over most of Florida.
On my back porch, the thermometer read 35 degrees at 7:30 this morning as the sun rose. Water in the birdbath was liquid, the tangerines and grapefruit are just fine, and -- although quite chilly -- we're happy that the warm waters of the Gulf of Mexico, Tampa Bay and Anna Maria Sound protected us from the devastating freeze over much of the state.
John
Despite the chilly weather in other parts of Florida, we did NOT get a frost on Anna Maria Island overnight (Friday evening and Saturday morning) January 9-10.
Back porch thermometer showed 35 degrees, and the water in the birdbath was liquid, even at the crack of dawn. We will see what happens tonight, with the potential for even colder air as clearing takes out the little bit of cloud cover that may have saved us last night.
More later,
John van Zandt
(for weather reporting, and much, much more news that affects real estate values on Florida's west coast, pop in here from time to time, or just call me at 941-685-8822, or email me at john@calltheislanders.com
This is a fabulous article from RIS Media, an affiliate of the National Associaton of Realtors, explaining what we all need to know about the expanded tax credit incentives and housing.
Check it out.
By Ken Trepeta, Director, Real Estate Services Print Article
RISMEDIA, January 7, 2010—As we begin 2010, both real estate professionals and home buyers have something to look forward to and more importantly, take advantage of—the extended and expanded home buyer tax credit.
Originally created in 2008, the home-buyer tax credit has evolved from a $7,500 credit, which had to be repaid by the home buyer over the course of 15 years, to an $8,000 tax credit with no repayment required in 2009. Now, for a limited time in 2010, the $8,000 home buyer tax credit will still be available to first-time home buyers and certain current homeowners will also be eligible for a $6,500 credit.
To help everyone better understand the extended and expanded home buyer tax credit, here are some highlights of the changes.
Who can claim the credit?
“First-time home buyers” who purchase homes between November 7, 2009 and April 30, 2010 are eligible for the credit. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
For current homeowners purchasing a home during the same time frame, they are also eligible for a tax credit, so long as the home being sold or vacated was their principal residence for five consecutive years within the last eight. To elaborate, it must be the same home; it is not enough that they have been homeowners for five consecutive years, they must have been in the same home for five consecutive years.
Another key point is that the existing home does not need to be sold. One must, however, occupy the new home as a principal residence and do so for three years or risk recapture of the credit. Also, the new home does not need to cost more than the old home despite the concept that it is directed at “move up” buyers.
How much is the credit and what are the income limits?
The maximum allowable credit for first-time home buyers is $8,000 or 10% of the sales price, whichever is less. For current homeowners, it is $6,500 or 10% of the sale price, whichever is less. Under the extended home buyer tax credit, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum credit.
The credit decreases for single buyers who earn between $125,000 and $145,000 and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit deceases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income – over $145,000 for singles and over $245,000 for couples – are not eligible for the credit.
What are the deadlines for qualifying for the credit?
Under the extended home buyer tax credit, as long as a written binding contract to purchase a home is in effect on April 30, 2010, and the deal is closed by July 1, 2010, one can claim the credit.
Will the tax credit need to be repaid?
No, the buyer does not need to repay the tax credit if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount of the credit will be recouped on the sale. Another provision of the law waives the recapture provisions for service members who receive orders that require them to move.
Are there any other critical provisions?
-There are three provisions people should be aware of:-There is an $800,000 limitation on the cost of the home-The purchaser must be at least 18 years old on the date of purchase-For a married couple, only one spouse must meet this age requirement and dependents are not eligible to claim the credit
Finally, as an anti-fraud measure, purchasers must attach documentation of purchase to his/her tax return claiming the credit. Normally this would be a copy of the HUD-1, but could include other documents memorializing the settlement.
As with all tax matters, responsibility for complying with the tax code belongs to the taxpayer. Real estate professionals should recommend that their buyers consult their tax professionals to ensure eligibility for the credit and the proper way to claim the credit. For more information including the required IRS forms please contact the Internal Revenue Service at 800-829-1040.
Ken Trepeta is the Director, Real Estate Services for the National Association of REALTORS® Real Estate Services program.
Read more: http://rismedia.com/2010-01-06/the-expanded-home-buyer-tax-credit-could-chase-away-the-winter-blues/#ixzz0by68FFJR
We're seeing it every day: people who wish to sell their homes on Anna Maria Island are reducing their asking prices to encourage an offer.
That's true of my clients, also. Here's the latest, an enormous reduction from a $1.8 million appraisal in 2008, now down to $999,998! More than 4,000 square feet, well over 200 feet of seawall on a deep-water canal, boathouse, kitchen to die for, and even a separate apartment for guests.
Click here for more details: www.CallTheIslanders.com/502-72nd.
Someone is going to get a great deal on this beautiful home.
Call me to set up a viewing appointment: 941-685-8822.
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