florida waterfront property/ boating....
11-27-2004, 08:41 AM
#21
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Re: florida waterfront property/ boating....
Expresscat39 & GL
I completely agree with both of you.
I do think that the southwest area of Florida potentially still has more room to grow price wise, than for example Ft.Lauderdale and up toward the palm beaches.
I completely agree with both of you.
I do think that the southwest area of Florida potentially still has more room to grow price wise, than for example Ft.Lauderdale and up toward the palm beaches.
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11-27-2004, 02:34 PM
#23
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Re: florida waterfront property/ boating....
The Donald just bought a "house" on Palm Beach in bankruptcy court for $40mm. It was assessed for taxes at $26mm, with annual property tax bill of $515,000. Waterfront ok, (ocean) but no dock!
11-27-2004, 10:09 PM
#24
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Re: florida waterfront property/ boating....
Originally Posted by d-hlaw
I really think that alot of people are unaware of the tax issue and the problems associated with getting homeowners insurance in a state that has been hammered with hurricanes. Alot of insurance companies are not writing new policies on waterfront right now. In fact they are doing a waiting list for new policies. My homeowners has doubled every year now due to the risk. The legislature is the one that allows the Insurance increases but the companies can raise them first and then ask for permission (which they usually get). The smart thing to do is look at the county property appraisers website for the location you are interested in and see what recent sales are being taxed at. Very often you will find that there are properties that have been owned for a long time and are taxed very little and the next door neighbor just bought and is paying $3000 a month in property tax!! Homestead is the key!! You have to homestead the property or you will get taxed right out of there!!!
Can a recently purchased home be homesteaded? If I understood you, only people that owned prior to a certain date can do it.
11-28-2004, 12:03 PM
#25
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Re: florida waterfront property/ boating....
Homestaed attaches the first full year you claim the house as your primary residence. So if you bought a new home today, you would file for your homestead exemption by March, you would get your notice of proposed taxes in August and your property tax bill in Sept. 2005. Your new home would be valued at FMV according to the appraiser's normal course of evaluation for the 2006 year and then you would also see your homestead kick in and cap your annual increase to less than 3% annually. The other important aspect of homestead is your protection from creditors and judgments. They cannot take your homesteaded property irrespective of the judgment and in fact your proceeds from sale of the property and purchase of a new property would also be protected for up to 24 months. Thats why OJ bought in Florida!!!
11-28-2004, 04:30 PM
#26
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Re: florida waterfront property/ boating....
Originally Posted by d-hlaw
The other important aspect of homestead is your protection from creditors and judgments. They cannot take your homesteaded property irrespective of the judgment and in fact your proceeds from sale of the property and purchase of a new property would also be protected for up to 24 months. Thats why OJ bought in Florida!!!
His creditors went after him and their investigators found out his trophy wife had gotten a quickie Dominican divorce to marry him.They petitioned the court to determine if he was indeed "married". The court said the marriage was invalid and he lost the house. Some guys just can't get a break.
You gotta love a guy who files a $25,000 homestead exemption on a $26mm 43,000 sq ft house.
11-28-2004, 08:33 PM
#27
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Re: florida waterfront property/ boating....
All I gotta say is your taxes are insane! 
Up here in the Socialist Republic of Washington we live in a house that needs a tear down like your old place Brett, the lot is the value as usual and even with a lot value of 850K (going up fast since I bought 7 years ago for half that) the taxes are about 12K a year.
I need to stop complaining
Used to talk about selling everything here and move to Florida. Looks like we missed the boat.
Up here in the Socialist Republic of Washington we live in a house that needs a tear down like your old place Brett, the lot is the value as usual and even with a lot value of 850K (going up fast since I bought 7 years ago for half that) the taxes are about 12K a year.
I need to stop complaining
Used to talk about selling everything here and move to Florida. Looks like we missed the boat.
11-29-2004, 01:15 PM
#29
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Re: florida waterfront property/ boating....
The point is well made that in 15 years there will be a sell off. Taxes will be so high the inheritors will want nothing to do with it and the "drop it like it's hot" syndrome will kick in.
I play around in Florida buying, selling etc with real estate. Check out my current web site of two premium water fronts:
www.cat39.com
I play around in Florida buying, selling etc with real estate. Check out my current web site of two premium water fronts:
www.cat39.com
11-30-2004, 12:43 AM
#30
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Re: florida waterfront property/ boating....
Originally Posted by d-hlaw
It might be hard getting work Mike, not many people in Florida have teeth..........
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