MLS 462353
Special building site w/creek ON it, forest bordering it, and priced to sell. 3.25 AC site calls to nature-lovers, and is one of only19 at Three Creeks, a preserve of 278 AC where you will find park-like common land-deeded to you can. Enjoy waterfalls, a sweet swimming pond, trout fishing, the community cabin and subtle elegance all about.
Tuesday, October 26, 2010
Saturday, November 03, 2007
GREEN Asheville Real Estate.
For more TIMELY VIEWS and NEWS please go to:
http://activerain/blogs/janeAnne
For more TIMELY VIEWS and NEWS please go to:
http://activerain/blogs/janeAnne
Tuesday, October 17, 2006
Saturday, October 14, 2006
1031 SWAP Condo for Farm?
As I mentioned at my BLOG at
http://activerain.com/blogsview/1-31-Pure-Possibility-2-?14019
a beginning ECO “Green” investor and I were talking
about the pros and cons of the 1031 Like Kind Exchange.
(Good info on the 1031 is available at NAR:
http://www.realtor.org/libweb.nsf/pages/fg408 )
She had heard "by the grapevine" and mistakenly believed that
she absolutely had to acquire property exactly like her relinquished property.
I discoverd this as we started to scope out her property options,
and we talked about what they could be.
She confessed that she had been distressed
about how she was going to find an exact match.
She really was quite thrilled to learn a wide variety of properties
can be considered Like-Kind. So contrary to her concerns,
investors DO have a latitude and even an intriguing perspective
from which to make choices under the 1031 Exchange Plan.
We use a survey we created to get to the details:
http://www.janeanne.com/survey.asp
“Think of it this way,” I assured her,
“Like-Kind does NOT refer to the nature,character, or type of property. …
it’s all about the intended use of the property.”
Here are some examples:
* A Professional office in Manhattan for a Mountain cabin with Views and land that you could lease in a town near Asheville.
* A Condo in California for Unimproved Land with a Waterfall in the Asheville area
* A Single family rental in Chicago for multi family rental in West Asheville
* Non income providing raw land in Florida for income producing rental property in the beautiful Appalachians of Western North Carolina
* An apartment building in downtown Detroit for an office building in Up-and-coming Mars Hill, North Carolina
SO! Provided the property is initially acquired and held for either business or investment purposes, it can qualify as a suitable replacement property under IRC Section 1031.
Also, real properties generally are of a Like-Kind,
regardless of whether the properties are improved or unimproved.
TOTALLY TRUE: ECO Investors do NOT have to exchange
for exactly the same type of property.
CAUTION: The Section 1031 Code was amended in 1989
rendering property outside the United States NON “Like Kind”.
####
www.Asheville1031Realty.com
http://activerain.com/blogsview/1-31-Pure-Possibility-2-?14019
a beginning ECO “Green” investor and I were talking
about the pros and cons of the 1031 Like Kind Exchange.
(Good info on the 1031 is available at NAR:
http://www.realtor.org/libweb.nsf/pages/fg408 )
She had heard "by the grapevine" and mistakenly believed that
she absolutely had to acquire property exactly like her relinquished property.
I discoverd this as we started to scope out her property options,
and we talked about what they could be.
She confessed that she had been distressed
about how she was going to find an exact match.
She really was quite thrilled to learn a wide variety of properties
can be considered Like-Kind. So contrary to her concerns,
investors DO have a latitude and even an intriguing perspective
from which to make choices under the 1031 Exchange Plan.
We use a survey we created to get to the details:
http://www.janeanne.com/survey.asp
“Think of it this way,” I assured her,
“Like-Kind does NOT refer to the nature,character, or type of property. …
it’s all about the intended use of the property.”
Here are some examples:
* A Professional office in Manhattan for a Mountain cabin with Views and land that you could lease in a town near Asheville.
* A Condo in California for Unimproved Land with a Waterfall in the Asheville area
* A Single family rental in Chicago for multi family rental in West Asheville
* Non income providing raw land in Florida for income producing rental property in the beautiful Appalachians of Western North Carolina
* An apartment building in downtown Detroit for an office building in Up-and-coming Mars Hill, North Carolina
SO! Provided the property is initially acquired and held for either business or investment purposes, it can qualify as a suitable replacement property under IRC Section 1031.
Also, real properties generally are of a Like-Kind,
regardless of whether the properties are improved or unimproved.
TOTALLY TRUE: ECO Investors do NOT have to exchange
for exactly the same type of property.
CAUTION: The Section 1031 Code was amended in 1989
rendering property outside the United States NON “Like Kind”.
####
www.Asheville1031Realty.com
1031 7 DO NOT DOs
7 "DON'Ts" All 1031 EXCHANGERS Should Know
Over my years as a REALTOR® in the Greater Asheville area,
I have seen strong gains in the real estate market.
During that same time, I also have noticed with interest
the number of clients I meet here in the Asheville area
who are approaching creative-retirement .
I don't know if there is a connection, but interestingly,
just in the past few years, the demand for 1031 Tax Deferred Exchanges
has also "flowered". More and more of my clients
want to know whether they can qualify
their vacation/second homes for an Like-Kind Exchange.
Although I have done many successful 1031 Exchange transactions,
and have taken advanced training in this subject area(see link)
http://www.rliland.com/RliLandUniversityCourseList.html#TaxDeferred1031
I am NOT an expert on the intricacies of the IRS tax code.
I like to refer my clients to those who are experts
for details about the mechanics of the 1031 Exchange,
especially in terms of Vacation Homes.
(In order to conduct a valid 1031 Exchange
it generally is necessary to have such property rented
to unrelated parties for a period of time
both BEFORE and after the exchange, for example.)
In making sure a Property actually qualifies
for the 1031 requirements INTENT is all-important.
In this regard, there are many details that a Qualified Intermediary
http://www.janeanne.com/resources_1031c.asp
explains and handles.
7 DON’Ts I CAN Advise Against:
1) To inadvertently indicate in a Contract that you intend to live in the property,
2) To sign a listing agreement soon after its purchase,
3) To apply for “owner occupied” financing on the property,
4) To move into that property within a specified period of time,
5) To ignore rental history (it must be rented by its tenants for a significant time)
6) To claim the "mortgage interest" deduction for the property on yours tax return,
7) To treat a 1031 investment property
as a "time-share" arrangement.
Section 280A of the Tax Code spells out the Test.
Personal use of the property may not exceed
the greater of: 1. Fourteen (14) days; or2.
Ten percent (10%) of the number of days
that the property is rented at fair market value to others.
####
www.Asheville1031Realty.com
Over my years as a REALTOR® in the Greater Asheville area,
I have seen strong gains in the real estate market.
During that same time, I also have noticed with interest
the number of clients I meet here in the Asheville area
who are approaching creative-retirement .
I don't know if there is a connection, but interestingly,
just in the past few years, the demand for 1031 Tax Deferred Exchanges
has also "flowered". More and more of my clients
want to know whether they can qualify
their vacation/second homes for an Like-Kind Exchange.
Although I have done many successful 1031 Exchange transactions,
and have taken advanced training in this subject area(see link)
http://www.rliland.com/RliLandUniversityCourseList.html#TaxDeferred1031
I am NOT an expert on the intricacies of the IRS tax code.
I like to refer my clients to those who are experts
for details about the mechanics of the 1031 Exchange,
especially in terms of Vacation Homes.
(In order to conduct a valid 1031 Exchange
it generally is necessary to have such property rented
to unrelated parties for a period of time
both BEFORE and after the exchange, for example.)
In making sure a Property actually qualifies
for the 1031 requirements INTENT is all-important.
In this regard, there are many details that a Qualified Intermediary
http://www.janeanne.com/resources_1031c.asp
explains and handles.
7 DON’Ts I CAN Advise Against:
1) To inadvertently indicate in a Contract that you intend to live in the property,
2) To sign a listing agreement soon after its purchase,
3) To apply for “owner occupied” financing on the property,
4) To move into that property within a specified period of time,
5) To ignore rental history (it must be rented by its tenants for a significant time)
6) To claim the "mortgage interest" deduction for the property on yours tax return,
7) To treat a 1031 investment property
as a "time-share" arrangement.
Section 280A of the Tax Code spells out the Test.
Personal use of the property may not exceed
the greater of: 1. Fourteen (14) days; or2.
Ten percent (10%) of the number of days
that the property is rented at fair market value to others.
####
www.Asheville1031Realty.com
1031 ECO INVESTING
These days it seems that more and more of our clients are opting to exercise
a “Green-Sustainable” 1031 Exchange…
This is the first time many have expressed an interest in this tax advantage.
One of the essential elements in the 1031 Exchange
is the successful relationship with the required QUALIFIED INTERMEDIARY
Here is a list of questions that may prove helpful:
._____ Is the QI/Accommodator a bona fide member
of theFEDERATION OF EXCHANGE ACCOMODATORS (FEA)? http://www.1031.org/
_____ Does the Qualified Intermediary hold a Certified Exchange Specialist™ designation?
_____ Is the firm bonded by an insurance company?
_____ Will the firm provide a copy of the bond?
_____ What is the Qualified Intermediary’s professional background?(Attorney? CPA? with 1031 experience?)
_____ Will the QI take responsibility for losses if a mistake is madeor the transaction does not qualify with the IRS?
_____ Who receives the interest on the escrow account? (The QI may quote a low fee as a tradeoff for receiving the escrow interest.)
_____ Is the QI accessible not only to you, but also to your real estate professional?
Is s/he willing to meet with all members of the team?including REALTOR® ?face-to-face?
_____Since other experts will be involved in order to assure due diligence,
review documents, handle financing…is the QI a team player?
____ Will an adequate paper trail be created?
_____ Is the QI accustomed to handling the type and size of transaction to be done?
_____ Does the QI have a specialty? Sustainable properties? Agricultural land?
####
www.Asheville1031Realty.com
a “Green-Sustainable” 1031 Exchange…
This is the first time many have expressed an interest in this tax advantage.
One of the essential elements in the 1031 Exchange
is the successful relationship with the required QUALIFIED INTERMEDIARY
Here is a list of questions that may prove helpful:
._____ Is the QI/Accommodator a bona fide member
of theFEDERATION OF EXCHANGE ACCOMODATORS (FEA)? http://www.1031.org/
_____ Does the Qualified Intermediary hold a Certified Exchange Specialist™ designation?
_____ Is the firm bonded by an insurance company?
_____ Will the firm provide a copy of the bond?
_____ What is the Qualified Intermediary’s professional background?(Attorney? CPA? with 1031 experience?)
_____ Will the QI take responsibility for losses if a mistake is madeor the transaction does not qualify with the IRS?
_____ Who receives the interest on the escrow account? (The QI may quote a low fee as a tradeoff for receiving the escrow interest.)
_____ Is the QI accessible not only to you, but also to your real estate professional?
Is s/he willing to meet with all members of the team?including REALTOR® ?face-to-face?
_____Since other experts will be involved in order to assure due diligence,
review documents, handle financing…is the QI a team player?
____ Will an adequate paper trail be created?
_____ Is the QI accustomed to handling the type and size of transaction to be done?
_____ Does the QI have a specialty? Sustainable properties? Agricultural land?
####
www.Asheville1031Realty.com
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