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Coming Up at Mercato Naples
Coming Up at Mercato
Rule the School! Back to School Fashion Show
Friday, August 5 • 6:00 – 9:00 pm
Fashion show for tots, teens and teachers begins at 7:00 pm in front of Swim ‘n Sport. Music, Fun and Activities for kids starts at 6:00 pm. Benefiting the Education Foundation of Collier County.
Florida Tax Free Weekend
Fri., August 12–Sun., August 14
Don’t miss out on this great opportunity to buy clothing, footwear, and accessories all tax free!
Hot Havana Nights
Blue Martini
Thursday, August 18 • 8:00 – 11:00 pm
Havana hits Naples! Join Blue Martini for live music, drink specials and more.
Pandora’s 2nd Anniversary Party
Friday, August 19 • 5:00 – 9:00 pm
Pandora celebrates two successful years at the Mercato!
Whole Foods Back to School Celebration
Saturday, August 20 • 11:30 am– 3:00 pm
The first 50 people to arrive at 11:30 will receive a free reusable shopping bag full of goodies. Bring the kids to meet McGruff the crime dog, climb the rock wall, or shoot the hose like a real firefighter!
Promotions
McCormick & Schmick’s
Looking for a great place to host your summer get-togethers? McCormick & Schmick’s is the perfect choice for your next business luncheon or birthday party.
AZN Azian Cuisine
Serving the authentic, magical tastes of Asia’s kitchens, updated and upscaled for today’s sophisticated diners, AZN’s Happy Hour and Couples Menu are two new ways to indulge.
GiGi’s Children’s Boutique
Annual Summer Sale! 30-50% off select items still going on through the month of August.
Silverspot Cinema
Silverspot Cinema is proud to present the best of Alfred Hitchcock for the first time ever in high definition on the big screen. Join them on Wednesdays during the month of August.
Exclusive Summer Buyer Incentives at The Strada
The countdown is on at The Strada at Mercato! Save up to $100,000 in buyer incentives, during the exclusive summer incentive program, on the next five sales.
Modeled after the European approach to living, with residential over retail, the upscale enclave of The Strada, developed by The Lutgert Companies, includes 92 residences in two distinctive buildings overlooking Strada Place, the main street of Mercato. Visit www.mercatoshops.com or call 239.594.9400 for more information. Models are open daily. Prices begin in the mid $400s.
Before you sign on the dotted line…….
Surprising secrets you should read before buying your first home! www.trulia.com/newsletter
News from the Law Offices of Ronald S. Webster
“An optimist is someone who goes after Moby Dick in a row boat and takes the tartar sauce with him” - Zig Ziglar
With the recent rise in the number of real estate transactions many investors are jumping back into the game. A frequent question many foreign buyers have as well as investors is the tax consequence of their purchase. The general rule for individuals, both U.S. Citizens and Foreigners is that the profit on any property held for one year or more is taxed at the rate of 15%. However, this tax can be deferred at the time of sale if the seller purchases another investment property. It is a great way to turn a seller into a buyer.
Every agent should have a general working knowledge on the basics of a 1031 Exchange. For this reason I put together a list of the top frequently asked questions. I also have this information posted on my website should you wish to reference them in the future.
1. How is capital gain tax calculated?
Capital gain tax on property held for more than 365 days is computed at a flat rate of 15% and is due and payable in full on the next tax reporting year following the sale (commonly April 15th for most individuals). Gain is defined by taking the net closing proceeds and subtracting the “basis” of the property consisting of the actual purchase price together with closing costs and capital improvements, which enhanced or extended the life of the property. Real property taxes and general maintenance are not taken into consideration when establishing basis.
Section 1031 of the Internal Revenue Code defines a deferred exchange as one when which a taxpayer transfers property held for productive use in business or for investment and later receives property to be held for similar purposes. The key is intent. Accordingly, if a party owns a vacant lot and the intent was for investment purposes and later replaces this property with a condominium or house with the primary intent of rental or investment purposes the properties are deemed to be like kind.
3. What properties qualify for a tax deferred exchange?
Any property, which is not a primary residence may qualify. However, you must demonstrate the primary purpose was investment. In many instances where the property was held for investment purposes “basis” may have been reduced if depreciation had been taken on previous tax returns making a 1031 exchange more desirable.
4. Can more than one property be involved in an exchange?
Yes. Up to three properties can be sold and replaced with one property. Similarly, up to three properties may be utilized as a replacement property.
A Qualified Intermediary is a third party, not related or disqualified, who is designated to hold the net proceeds from the sale of the property in an independent escrow account to be utilized for the purchase of the replacement property. Should the seller have access to any funds following the closing the tax benefit will be lost.
If a Seller actually or constructively receives money or other non-like kind property (boot) for the property sold that portion of the transaction is treated as proceeds of sale and taxed accordingly.
Yes. However, any funds that are ultimately received are considered to be boot and thereby subject to capital gains at the rate of 15%.
Within 45 days of the date of the sale of the relinquished property notice must be sent to the Exchange Partner in writing signed and dated by the taxpayer setting forth the legal description of the replacement property to be acquired.
9. When must the replacement property be purchased?
No later then 180 days from the initial sale and closing of the relinquished property.
Yes. The use of money including interest earned in a qualified escrow account can be utilized to pay specific transactional expenses listed as the responsibility of Buyer or Seller.
Yes. The aggregated fair market value of the replacement property cannot exceed 200% of the fair market value of the relinquished property. Furthermore, if furniture is involved in the sale it must be incidental and cannot exceed 15% of the aggregated fair market value.
Yes. Effective September 15, 2000 the I.R.S. set forth guidelines, which allow replacement property to be purchased in advance of selling the property to be purchased. However, rules are complex and must be strictly followed.
13. Can new construction qualify for 1031 treatment?
Yes. Under careful guidelines. However, construction on an existing lot currently owned by the taxpayer will not qualify. Funds must be utilized for the acquisition of property and not just improvements.
14. Can a motor home, mobile home, yacht, or sailboat qualify as part of the exchange?
No. These items are considered personal property and only real property can qualify.
15. Are 1031 exchanges limited to U.S. citizens?
No. Any individual or entity may qualify for a 1031 exchange regardless of whether or not they are U.S. Taxpayers, however, real property located outside the U.S. will not be deemed “like kind”.
Former NFLer Sued Over Real Estate Deal Gone Bad
Former NFLer Sued Over Real Estate Deal Gone Bad
Tuesday, December 7, 2010 — An ex-Detroit Lions player and his business partner are being sued by a bank for allegedly defaulting on a loan for a historic downtown building, officials say.
Former player Robert Porcher and contractor Bobby Ferguson were taken to federal court by PNC bank Monday over a $3.65 million loan to rehabilitate the Vinton Building in downtown, The Detroit News reported.
Porcher and Ferguson are part of an investment team that bought the Albert Kahn-designed, 12-story building in 2005 from the Downtown Development Authority for $500,000.
Investors promised offices, condos and shops within 18 months in the renovated historic building on Woodward Avenue, but the project has stalled.
The investment team has defaulted on the construction loan, the lawsuit filed in U.S. District Court in Detroit says, and PNC Bank is suing to force Porcher, Ferguson and 10 other partners to repay the money.
In 2008, the investment team owed Detroit $224,000 after the high-rise project stalled as unpaid contractors walked off the job, the News said.
To view the original article, click here: http://www.globe-democrat.com/news/2010/dec/06/former-nfl-player-sued-in-real-estate-deal/
Don’t let the select Naples real estate “best buys” pass you by…
Don’t let the select Naples real estate “best buys” pass you by…
Sales according to Naples Area Borard of Realtors stats increased by 20% the end of the last quarter. We have been chipping away at Naples property inventory and all indicators are pointing to the stabilation of our market in area pockets, particularly the higher end.
There is only so much Beach and waterfront properties to spread around.
Call today to find your piece of paradise 239-269-8889
Pending Home Sales Show Another Gain
Pending Home Sales Show Another Gain
Washington, October 04, 2010
Pending home sales have increased for the second consecutive month, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said the latest data is consistent with a gradual improvement in home sales in upcoming months. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”
Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautioned any sudden rise in mortgage rates could slow the recovery. “Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he said. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”
The PHSI in the Northeast declined 2.9 percent to 60.6 in August and remains 28.8 percent below August 2009. In the Midwest the index rose 2.1 percent in August to 68.0 but is 26.5 percent below a year ago. Pending home sales in the South increased 6.7 percent to an index of 90.8 but are 13.1 percent below August 2009. In the West the index rose 6.4 percent to 101.1 but remains 19.6 percent below a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
NOTE: The next Pending Home Sales Index will be released November 5 at 12:30 p.m. EDT from NAR’s 2010 Conference & Expo in New Orleans; a news conference there begins at noon EDT, which also will cover the 2011 housing and economic forecast. Existing-home sales for September will be reported October 25.
NAR’s statistical news release schedule for 2011 is being distributed October 5. Dates for existing-home sales and the pending home sales index are being moved up, and there will be an additional release this year for pending home sales on December 30, 2010.
Source: realtor.org, http://www.realtor.org/press_room/news_releases/2010/10/pending_show
In the Know: New ‘hybrid’ Publix to open Oct. 21 in Naples
In the Know: New ‘hybrid’ Publix to open Oct. 21 in Naples
Q: I understand that the new hybrid Publix at the Marketplace at Pelican Bay — I wrote to you about that over a year ago — is now set to open on Friday, Oct. 15, in keeping with all Publix’s Friday morning new store openings. Have you heard that date as well?
— Mark, Pelican Bay
A: The opening date has been changed. Publix’s first “hybrid” supermarket, which combines features of a traditional Publix store with a Publix GreenWise Market and cafe, will open Oct. 21 in the former home of Albertsons in the Marketplace at Pelican Bay, 8833 U.S. 41 N.
That’s a Thursday, the day of the week for opening all new Publix stores. The new supermarket will open at 8 a.m., and its adjacent Publix liquor store will open at the same time that day. A brief ribbon-cutting ceremony will proceed the stores’ opening.
Photo by TIM ATENThe Publix in The Pavilion shopping center will close at 7 p.m. Oct. 20 and not reopen. The North Naples location is the future home of L.A. Fitness. Meanwhile, the new Publix hybrid supermarket will open Oct. 21 across the street in Marketplace at Pelican Bay.
The Publix across Vanderbilt Beach Road in The Pavilion shopping center will close the night before at 7 p.m. Oct. 20 and not reopen. Most employees will retain jobs across the street.
“The majority of our associates will be transferring from that store to the new location,” said a company spokeswoman, noting that the grocery chain has hired many new folks, as well.
L.A. Fitness is scheduled to open in The Pavilion by next spring. The renovation of the space is expected to take about three months, said Jake Devita at the L.A. Fitness location at Gulf Coast Town Center in Estero.
The new Publix, the Lakeland-based company’s prototype for what it is calling a “hybrid concept,” is nearly 55,000 square feet, larger than the average 45,000-square-foot Publix store, said Shannon Patten, a spokeswoman for Publix Super Markets Inc. This concept will be located only in selected markets and not replace the company’s 1,023 neighborhood stores in four states, Patten said.
“This is a special store, a very unique concept,” she said.
Despite its uniqueness, the new store’s exterior signs provide no indication that the store is any different than any other Publix. But, inside, the design of the new Publix creates a sense of abundance and freshness, Patten said.
The first hybrid concept store will feature conventional Publix items combined with an extensive selection of Earth-friendly, all-natural, organic products, Patten said.
“This store is unlike any other in the area,” she said. “It will have a large selection of freshly prepared foods.”
A cafe seating area offers WiFi and a variety of cuisine from a Pacific Wok area for Asian dishes to a location for gelato and gelato smoothies. A wide variety of entrees, side dishes and appetizers available include specialties such as cedar plank salmon, quinoa salad, a salad bar with 20 fresh selections and a soup bar with four gourmet choices available daily.
Every department of the supermarket will offer regular Publix items in combination with additional special products. For instance, the bakery department will have an assortment of chocolate-dipped items and products made with all-natural ingredients. The deli’s full-service counter will include an international selection of olives and antipastos. The produce department has been expanded with more exotic fruits, vegetables and organic items.
The store will offer more than 200 variety of cheeses from around the world, and a huge wine department will sell a variety of premium and specialty wines, including varieties made with organic grapes. Bulk dispensers will provide many items and the seafood department will include a lobster tank and an expanded sushi counter. The store’s body care section will offer conventional products, as well as a natural line of shampoos, vitamins, cosmetics, and other products.
“Our customers have become more food savvy,” Patten said. “We want to provide them with a place they can explore all these options in one convenient location.”
In addition, an event planning area of the store will be staffed by a specialist to coordinate party planning needs for every special occasion. It offers one-stop shopping and ordering for platters from the deli, cakes from the bakery, flowers from the full-service floral department and other items from throughout the store.
On opening day next month, free gifts will be presented to the first few hundred customers, and the store will feature a lot of samples and giveaways, including a special weekly sales ad for that store, Patten said.
The store’s location was one of 49 Florida stores Albertsons agreed to sell to Publix in 2008.
Source: Tim Aten, Naples Daily News
http://www.naplesnews.com/news/2010/sep/28/know-new-hybrid-publix-naples-pelican-bay-ufood/
FREE SHORT SALE & FORECLOSURE SEMINAR FOR BUYERS & SELLERS- August 19th
FREE SHORT SALE & FORECLOSURE SEMINAR FOR BUYERS & SELLERS
“Mystery of Short Sales & Foreclosures Revealed”
Thursday, August 19th at 7:00 pm
800 Vanderbilt Beach Rd. Naples, FL 34108 (Pelican Bay Inn)
7:00-7:30: Speaker: Attorney Ronald S. Webster, Discuss Short Sales: How to Purchase or Sell a Short Sale, Pro’s & Con’s and explain the basic process.
7:30- 7:45: Break for Refreshments / Questions & Answers
7:45- 8:30: Attention Buyers & Investors:
Presenting Short Sale & Foreclosure Properties for Sale.
Review Thousands of Properties!
Free Short Sale & Foreclosure Lists.
Property Specialists on hand to review properties of interest, make offers/bids and set appointments
Limited spaces are filling fast, PLEASE REGISTER by sending an email to vesci@vesci.com or calling 239-566-8989 with the # of attendees.
Headed for foreclosure?
A short sale may be the solution.
No upfront costs!
List with MARI VESCI REALTORS, Inc. today to get started 239-566-8989
Loan Originators available for prequalification.