News

Relay for Life Cape Coral

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Florida Future Realty, Inc. was so excited to be a part this year’s Cape Coral Relay for Life.  The event was held on the football field of Ida Baker high school and decorated to resemble Mardi Gra.  More than 70 teams of local business participated for an amazing night.  Teams sold anything from food to crafts; there was even a tarot card reader in the tent next to us.  The Florida Future Realty, Inc. tent consisted of carnival like games for the kids
and a raffle.

Many of the teams brought tents to camp in, as the event lasted through the night into Saturday morning.   There was a comedian to provide comic relief, and a DJ that played through the night to keep the participants awake and walking the track all 18 hours of
the event.

There were thousands of attendants there for a common goal, to help find a cure for cancer. This year $132,000 was raised, which exceeded last year’s totals by a few thousand.

Cape Coral’s Relay for Life was a huge success.  We were so fortunate to be asked to participate in this event, and had a wonderful time supporting the cause.

While visiting our site please feel free to use our MLS search engine.

Yours in Success,

The Florida Future Realty Team

(239)542-8521

inquiry@floridafutureagents.com

Relay for Life Cape Coral

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We are hosting an event the end of March to raise money for the American Cancer Society’s, Relay for
Life.  The main objective of Relay is to raise money for cancer research and cancer patients, to spread cancer awareness, celebrate the lives of survivors, remember those who lost their lives to cancer, and
unite a community in the fight against cancer.  I am sure that we all know someone afflicted with this horrible disease or may have had to battle it themselves.  We at Florida Future Realty are joining the
fight against cancer, and are hosting a silent auction/skate party scheduled for March 26Th at Bamboozles skating and event center.  This event will be from 8-11p.m. and cost $10.00.
There will be games, door prizes, great auction items, and lots of fun!  Bring your friends and family and help make this event a great success.  If you would like tickets to this event please
contact Sarah at  239-223-1246.

We are still accepting donation for the silent auction, or if you would like to
make a monetary donation please do so at our office.

Some of the items up for auction include:

500.00 gift certificate to Ideal Image Piece of jewelry from Zack’s Gift Certificates to Carrabba’s,
Look-Like-A-Million, Designer Shoe Gallery, Pennington Steam Just to
name a few.

We also have gift baskets from many local retail stores.

Hope to see you there!

Yours in Success,

The Florida Future Realty Team

(239)542-8521

Inquiry@floridafutureagents.com

 

Homestead Exemption Laws

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 Over 1,000 people move to Florida every day according to dmv.org.   Not only are families relocating from other states but they are also moving from other countries.  Is this because of
the beautiful sand beaches, warm sunny weather, or miles of green golf courses?  It may just be because of the generous tax laws offered to Florida residents.

The law states that Florida residents are eligible for a 25,000 exemption on the assessed value of their home.  Those with an assessed value of more than 50,000 are eligible for an additional 25,000 exemption, depending on the value of their property. The exemption can
only be applied to non-school taxes, and the property must be worth at minimum 75,000 to be eligible for the entire exemption amount.

In order to qualify you must be a Florida resident having title to real property and making it your permanent residence by Jan 1st.  The deadline to apply is March 1st.

In addition to the homestead exemption we have the Save our homes amendment which protects homeowners by limiting the tax assessment to a maximum of 3% each year.

You may also qualify for one or all of these exemptions listed below.

  • Widow/Widower’s Exemption $500.00
  • Disability Exemption $500.00
  • Veterans Disability Exemption $5,000.00
  • Blind persons Exemption $500.00

If you are a foreign buyer there is something to be aware of and that is the FIRPTA withholding Rule.  This stands for investment inreal property tax act of 1980. FIRPTA authorized the IRS to withhold income tax on nonresident aliens and foreign corporations with sales of US real property. When a person or corporation purchases a US real
property from nonresident aliens or foreign corporations, they are required to withhold 10% of the amount. This tax is intended to ensure that the US is able to tax the gains from the sale of property.

Whether you are buying a new home or vacation home, moving from another state or another country or just planning to purchase an investment property,your taxes will always be based on the assessed market value of your property.  You will never be penalized and made to pay higher taxes simply because you are native to another place. The Homestead Exemption and Save our homes amendment are offered to full
time Florida residents.

There are exceptions to all tax information listed above we recommend visiting these sites for more detailed information.

General Info

IRS

Once you have made the decision to relocate to this beautiful
city of Cape Coral, contact our Florida Future Realty Team we are here
to assist you.

Yours in Success,

The Florida Future Realty Team

(239)542-8521

inquiry@floridafutureagents.com

Updated 1-12-2011

Homes still selling in Cape Coral?

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Are we still selling homes in Cape Coral? The answer is yes, and in record numbers.  We have been getting so much negative national media attention, that our ideas are clouded with misinformation.

The National Association of Realtors published their polls and it shows that in 2009 with the assistance of realtors, 16,260 homes were sold.  In 2005 when the housing boom began, the record was 12,123

However one significant change is the declining home prices. In 2005 the median home price was 278,200, now in 2009 we were at 90,400. This decline is due to the record number of short sales and foreclosures now flooding the real estate listings.  Sellers are now coming to their senses and listing their homes more realistically, their homes are worth significantly less from what they were selling for 5 years ago.
 

The fact of the matter is that homes are STILL selling.  We may have to navigate through a few detours, from bank negotiations to new lending laws, but properties are moving.

Buyers also need to understand that there are great deals to be had, but when a property is under market value as many of them are, they may sell very quickly and most likely there will be multiple offers.

So when searching for real estate in Cape Coral, we suggest you secure your financing and act quickly when you find the right home at just the right price.  Call one of our agents at Florida Future Realty to assist you with your home buying experience.

Yours in Success,

Florida Future Realty Team

(239)542-8521

inquiry@floridafutureagents.com

 

Tax credits for new and repeat home buyers

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Buying a new home in Cape Coral is both an exciting and stressful experience.  The federal government
has made an offer we just can’t refuse.  Homes are now going to be much more affordable than ever, with a fantastic tax incentive for buyers. This is an amazing opportunity to finally own your own home or
relocate to the digs of your dreams.  Read below to see which program you qualify for.

$8,000 First-time Home Buyer Tax Credit

The $8,000 tax credit is for first-time home buyers only. For this tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence three-years prior to the purchase.

The tax credit does not have to be repaid unless the home is sold or is not used as the buyer’s principal residence within three years after the initial purchase.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

 The tax credit applies only to homes priced at $800,000 or less.

The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer

The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

The tax credit applies only to homes priced at $800,000 or less.

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

We at Florida Future Realty want to make your Cape Coral home buying experience as positive and stress
free as possible.   Please call one of our qualified agents to assist you with finding the perfect home, or browse our site to begin a search of your own.

Yours in Success,

Florida Future Realty Team

(239)542-8521

Inquiry@floridafutureagents.com

 

Considering a second home?

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What will a second home in SW Florida cost?

As the prices of homes in SW Florida are, can we say, more than affordable, many people across the U.S. and abroad are entertaining the possibility of a second home. The biggest question on everyone’s mind is “What will it cost me?” Obviously it is pretty easy to find the listing prices of homes online but to truly understand what the ‘cost’ will be can take doing some research. In this article I will go over the basic costs you can expect
to pay when investing in a second home here in beautiful Cape Coral or Ft. Myers, Florida.

First to consider: Cost of Money
Are you planning to pay cash or do you plan to get a mortgage for some of
the purchase price? If you plan to pay cash make sure that you are comfortable with the rate of return on your investment. You may wish to consider getting a loan for some of the purchase to keep more capital for other investments (more houses, or?). If you are going to obtain financing make sure you determine which loan is best for you and your needs. Most investment properties will require 20-25% down. If you are Foreign National you must be prepared to put down at least 30% in most cases. You can also attempt to receive a loan from your country as well. The rates will be lower but you may have to put up your current
home as collateral (borrow against your equity). Some second homes may be
purchased with less money down. But your payments will be much lower with
the more money you put down on your purchase.

For comparison purposes here let’s take one of current waterfront listings.

It is located at 1429 Vendome Ct. Cape Coral, Florida 33904. It is a
gulf access home, built in 2007.

The current asking price is $375,000. Let’s assume that you plan to put down 25%. This means that you will be putting adown payment of $93,750.

Here is an estimate of closing costs:

Taxes: $ 6,422.24*

Loan fees: $3,846

Prepaid taxes & insurance: $5,778

Total costs to close: $103,374.

* from current 2008 tax bill – properties are reassessed every year
here so this could change. Currently this home is assessed at $374,230.

If we can help you further your search for a new home or second home, please don’t hesitate to call. We look forward to hearing from you!

Yours in Success,

The Florida Future Realty Team

239-542-8521

Inquiry@floridafutureagents.com