Blog

Jan
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Dec
31
Not-So-Affordable Housing Across the Nation

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Affordable housing in big cities is rare and considered the diamond in the ruff of real estate, especially when you look at the cities with the largest economies. A study was recently published by SmartAsset.com showing how homebuyers are starting to be priced out of big city markets such as Nashville and Dallas as the home values are rising faster than household income.

In determining the cost of real estate residents can afford, SmartAsset.com compared the ratio of median home values to the typical household income. For example, if the median home value in Sample City is $150,000 and the median household income is $50,000, their ratio would be 3:1.

SmartAsset.com then used this formula on the top 100 largest cities in the country. Any city with a ratio 4:1 and above was listed. They then ranked the cities according to the percent change in home value to household income ratios. The city with the largest percent gain ranked first, while the one with the largest percent drop ranked last. Not only is the home value to income ratio high, but the ratio is also growing at an alarming rate. North Las Vegas topped the list with a 17.47% increase in a single year.

The only city in Florida to make the list was Jacksonville, coming in at number seven with an 11.73% increase. Other interesting results show Dallas at number four with a 13.21% change in one year. Nashville at number eight with 10.23%, Boise at number 11 with 8.93, Detroit at number 16 with 6.86%, and Cincinnati coming in at number 22 with a 5.62% increase.

The VP of Financial Education for SmartAsset.com, AJ Smith, states, “families in these markets can better bear the brunt of rising home prices by carefully considering all the costs associated with homeownership, such as property taxes, repairs and enlisting the help of a financial planner to help them be prepared.”

For information on the real estate market in Southwest Florida, contact us directly at BrandyCoffey941@gmail.com or 941.404.4737.

Here’s the link for the Inman article: https://www.inman.com/2018/11/29/which-markets-will-homebuyers-be-priced-out-of-next/?utm_source=dailyheadlines&utm_medium=email&utm_campaign=localnewsletter&utm_content=708287_image_2_

Here’s the link for the SmartAsset study: https://smartasset.com/financial-advisor/where-residents-may-be-getting-priced-out-of-affordable-homes


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Nov
21
Things You Should Know About A Pre-Closing Occupancy

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Pre-Closing occupancies can be a tricky area to navigate for both sellers and realtors as there are many factors involved which open doors to a dead end contract along with other problems if not done thoughtfully. It is important for sellers to be aware of the issues and to know what is at stake before engaging in this kind of contract. For most, it would not seem an issue to allow new buyers to move in before the contract is fully accepted. If anything, it could only be solidifying the contract? Wrong. There are many legal and financial considerations to take place beforehand.

To start with, the seller should discuss with their insurance agent that he/she will be protected during the term of the agreement. Equally, the buyer should ob...


Nov
19
Goat Yoga is Taking Over Sarasota

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We are seeing many bizarre trends becoming increasingly popular from avocado bars, unicorn toast, lattes, and to the latest: goat yoga! Various, new and improved yoga classes have been sweeping across the nation but nothing as weird and wonderful as stretching with goats. The idea for goat yoga began in Portland, Oregan and it has continued to grow. In fact, it has become so popular it is now an international hit, with farms all over the world now offering yoga classes with goats. Goats are very friendly and enjoy to nuzzle and engage with humans!

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Nov
08
New Real Estate Tax Incentives in Florida

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To encourage investments statewide, Governor Ric Scott has introduced tax incentives to investors called, ‘Opportunity Zones.’ There are 427 counties under the low tax opportunity scheme including Sarasota and Manatee counties.

The idea is to target and build up distressed communities. By lowering taxes it should in return help grow jobs and business opportunities in areas that are in need of more growth. These tax cuts allow investors to invest their capital gains in certain investment funds called qualified opportunity funds. They will enjoy exclusion from income for a portion or all of deferred gain.

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Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said ‘The new Opportunity Zon...


Oct
25
Sarasota Ranks Top 5 in Best Places to Live in the U.S.

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It’s no secret to the locals that Sarasota is a fantastic place to live. From nationally acclaimed Siesta Key beach, to the abundance of parks, amenities, museums, and restaurants; Sarasota is a hidden gem of a city.


But that gem isn’t quite so hidden anymore, and word has spread a lot further than local talk. Conde Nast Traveler, a prominent high-profile and high-end travel publication, recently ranked Sarasota No. 5 on its list of 15 Best Small Cities in the U.S. for 2018. The results came from 429,000 responses to its Readers Choice Award survey.


The city as we know it is evolving. Moving away from its origins as a charming beach town and progressing into a trendy cultural hotspot, Sarasota is making its way to the top.

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