Kiplinger: Florida No. 4 tax-friendly state – and top 3 are cold

NEW YORK – Oct. 17, 2018 – The economy is booming, with the unemployment rate at the lowest level in nearly 50 years. Wages have remained relatively stagnant, though, and for many workers, the only way to get a raise is by changing jobs, which sometimes means moving to another city or state.
But before you start packing, check out the cost of living in your prospective employer’s city. You’ll want to look at the cost of housing, of course, and don’t overlook the impact of state and local taxes on your bottom line. Our annual guide to state taxes shows that tax rates are literally all over the map – and the difference between living in a high-tax or a low-tax state can be thousands of dollars each year, depending on your tax situation.
Updated for 2018, here is our list of the 10 most tax-friendly states in the U.S. The top five states on our list have no state income tax at all. Take a look.
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Is Florida looking at a renter crisis if Amendment 2 fails?

Floridians will soon be considering a number of constitutional amendments that could drastically impact the state and its approximately 21 million residents. Chief among those ballot considerations is Amendment 2, which seeks to preserve the 10 percent cap on annual increases of non-homestead property taxes that has been in place for the last 10 years.

Non-homestead properties are properties that don’t serve as a person’s primary residence – and rental homes are one of the largest segments of non-homestead properties in Florida. According to the most recent Census estimates, rental homes house more than one-third of the state’s population currently – the highest amount since the 1980s.

“The really scary thing about Amendment 2 failing is the domino effect that will start to ripple through our communities, starting with our renters,” says Zach Sanchez, a broker for THINK Real Estate in Panama City Beach. “Many renters live on fixed incomes and don’t have much room in their budget to absorb a rent increase that is sure to come if property owners start seeing tax increases in excess of 10 percent a year.”

Florida voters approved the current 10 percent cap in 2008 as a way to solve an ongoing property tax crisis that was punishing non-homestead property owners and renters. According to data contained in a Revenue Estimating Conference analysis conducted in 2011, 30 percent of all non-homestead Florida properties were hit with an 80 percent tax increase in just one year – from 2005 to 2006. This meant a property valued at $300,000 in one year could be taxed at $540,000 or more the next. That same year, nearly 75 percent of all non-homestead properties in the state suffered an increase of more than 10 percent in value.

Vote “Yes” on Amendment 2!

U.S. mortgage rates up; 30-year at 7-year high, 4.72%

WASHINGTON (AP) – Sept. 27, 2018 – Long-term U.S. mortgage rates are up for the fifth straight week, with the key 30-year rate reaching its highest level in more than seven years.

Costs for would-be homebuyers continue to climb. Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages jumped to 4.72 percent from 4.65 percent last week. The average benchmark rate has risen from 3.83 percent a year ago.

The average rate on 15-year, fixed-rate loans increased to 4.16 percent this week from 4.11 percent last week.
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Naples Real Estate Market Report – July 2018

Naples Real estate Market Infographics July 2018

July Housing Market in Naples Defies National Trends

Naples, Florida. (August 24, 2018) – According to the National Association of REALTORS July market report, existing home sales in America decreased for the third straight month as a result of the severe housing shortage that is not releasing its grip on the nation’s housing market.
Conversely, homes sales in the Naples area were up 8 % in July according to the July 2018 Market
Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). The nation has only a 4.3-month supply of home inventory, while Naples has a healthier 6.25-month supply of inventory.
“The Naples area overall median home price increase in July 2018 seems to be the only statistical category where we match national trends,” said Kathy Zorn, “Naples saw an 8 % increase in its overall median closed price in July 2018 compared to July 2017; whereas nationally, median closed prices went up just 4 %

Here are the major points of this Naples real estate market report for July 2018:

  • Home Sales up 8% in July 2018 compared to July 2017.
  • Inventory fell 1% to 4,871 properties, compared to July 2017.
  • 39% increase in condominium closings in the Naples Beach area (West of US 41).
  • Overall Pending Sales up 11% in July.
  • Pending Sales for luxury condominiums ($2 million +) up 150% in July!
  • Cash Sales account for 50% in Naples (compared to 20% nationwide).

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Average mortgage rates fall: 30-year at 4.51%

WASHINGTON (AP) – Aug. 23, 2018 – Long-term U.S. mortgage rates fell this week for the third consecutive week, yet they remain significantly higher than a year ago.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages ticked down to 4.51 percent from 4.53 percent last week. A year ago, the average was 3.86 percent. The interest charged on home loans have been running at their highest levels in seven years, although they remain below the long-term historic average.

The average rate on 15-year, fixed-rate loans fell to 3.98 percent this week from 4.01 percent last week.
It is a great time to buy in SW Florida!

Average mortgage rates rise again: 30-year at 4.6%

WASHINGTON (AP) – Aug. 2, 2018 – Long-term U.S. mortgage rates rose for the second straight week, continuing to dampen prospects for potential homebuyers.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages jumped to 4.60 percent this week from 4.54 percent last week. Long-term loan rates have been running at their highest levels in seven years. The average benchmark 30-year rate reached a high this year of 4.66 percent on May 24. By contrast, the rate stood at 3.93 percent a year ago.
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Florida GDP hits $1 Trillion Mark!

ORLANDO, Fla. – July 16, 2018 – Florida’s gross domestic product topped $1 trillion Friday, an economic output that would make the Sunshine State the world’s 17th largest economy if it were an independent country, the state chamber said.

The milestone has been expected. University of Central Florida economic analyst Sean Snaith said the state has been strong in all areas of employment.
Florida’s economy has grown larger than Saudi Arabia’s, Switzerland’s and Argentina’s, the chamber said.
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Bay Colony, Naples Florida – Beachfront Condominiums – First Semester 2018 Real Estate Market

Bay Colony, Naples Florida.
This is a real estate market update   for the beachfront condominiums in prestigious Bay Colony, for the six first months of 2018.
Bay Colony is an exclusive gated enclave in Pelican Bay, offering large estate homes and luxury high-rise residences.
Six luxury high-rises sit on the shores of the Gulf of Mexico:
Contessa is the most southern tower in Bay Colony. Built in 1991.

– 1 condo on the market:
– 4 condominiums have sold YTD. From $2,750,000 to $3,200,000. 
– Average Days On Market: 76.
– Average Sale Price: $2,881,250
– Average SP/SQFT: $1,235.
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Built in 1991.

– 1 condo on the market:

– No sales in 2018 so far.

BrightonBuilt in 1994.

– 1 condo on the market:

– 2 condominiums sold YTD. From $4,200,000 to $4,795,000.
– Average Days On Market: 180.
– Average Sale Price: $4,497,500.
– Average SP/SQFT: $1413.
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Built in 1997.

– 3 condos on the market:

– 2 condominiums sold YTD. From $3,600,000 to $4,295,000.
– Average Days On Market: 388.
– Average Sale Price: $3,947,500.
– Average SP/SQFT: $1,275.
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Built in 1998.

– 2 condos on the market:

– 1 condo is under contract.
– 1 condo sold YTD:
– Days On Market: 525.
– Sale Price: $6,500,000.
– Average SP/SQFT: $1,068.

Remington: Unique building with concierge/butler service from the Ritz carlton. Built in 1996.
– 2 condos on the market:
– 1 pending sale.
– No sales YTD.

Besides beachfront condominiums, Bay Colony also offers splendid beachfront mansions at The Strand
– 3 homes are on the market at The Strand, offered from $17,500,000 to $23,500,000:
Homes are rarely available at The Strand. Last sale occurred in OCTOBER 2015 for $24,500,000.

Bay Colony offers also non beachfront condominiums, single-family homes and estate homes.
Contact us if you have any questions about Bay Colony.

Mortgage Rates Fall Again This Week

McLEAN, Va. – June 28, 2018 – Mortgage rates declined over the past week and have now retreated in four of the past five weeks, according to Freddie Mac’s weekly Primary Mortgage Market Survey. The 30-year fixed-rate mortgage dropped to an average 4.55 percent compared to last week’s 4.57 percent.
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