A common misconception: 1031 exchanges are a tax loophole. A study on 1.6 million properties concluded that 80% of 1031s were ultimately sold via a taxable sale rather than a subsequent exchange. And a 1031 repeal would shrink U.S. GDP by $9.3M.
Median home size is about 2,260 square feet, while the median lot size is 8,700 square feet, down 18% from 2010. Jacksonville is No. 2 for large yards in a big U.S. city.
While it may be a random event, the owner owes a “duty of care” – he’s supposed to make sure there are no dangerous conditions that could injure someone on his property.
The ban ends July 31, and over 1.5M homeowners remain delinquent on their mortgage. But the Consumer Financial Protection Bureau offers info about possible relief options.
NAR: It’s the lowest level in a decade. Foreign buyers purchased 107K properties, down 31% from the prior year, as the COVID-19 pandemic led to a strong global economic slowdown. For the 13th straight year, Fla. remained the top destination for foreign buyers, with 21% of all international purchases.
Lumber prices had been cooling in recent weeks. However, lumber producers warn price hikes likely are on the horizon if the Western wildfires aren’t contained.
Two of the 20 Realtors chosen for the 10-month program that begins in Jan. 2022 are from Florida: Carlos Alleyne, Boca Raton, and Ines Hegedus-Garcia, Miami Shores.
ShowingTime: Those 5 days are “hyperactive with double-digit showings and offers submitted quickly”– 64 markets averaged double-digit showings per listing during June.
NAR says it faces “steep resistance” but will keep advocating for a Realtor exemption to proposals: “Congress must recognize real estate’s unique place in the economy.”
Private fair housing groups may request money and use it to blind test housing groups, respond to complaints or propose new projects related to COVID-19 challenges.