FSBO - Gulfront on 30-A SOLD

Yes that is correct..spoke to the owner and he sold his home today. He could no longer handle the hurricanes! Also confided that he sold too low after looking at the real estate ads in the Sun..shoulda used a Realtor!!!

Yes that is correct..spoke to the owner and he sold his home today. He could no longer handle the hurricanes! Also confided that he sold too low after looking at the real estate ads in the Sun..shoulda used a Realtor!!!

What do you think it could have sold for? Poor guy. But I bet no matter how low it was, he made a nice profit.

Yes he is satisfied with the profit since he has owned 50+ years. But, he could have sold for $2-300,000 more. However in his defense he is not paying real estate commission, or any closing cost. Also, the buyer is working with him on the closing date in order to allow him time to find a new home.

Yes he is satisfied with the profit since he has owned 50+ years. But, he could have sold for $2-300,000 more. However in his defense he is not paying real estate commission, or any closing cost. Also, the buyer is working with him on the closing date in order to allow him time to find a new home.

Anyone have a picture of the house and/or address?

I can't remember the address but if you turn left onto 30-A from Hwy 395 the house is approx the 5th house on your right. He has a "The Taylors" on the back that you can see from the road and usually has his fishing boat in the carport. Hope this helps.

Good for him! It was pure profit if he had been there for 54 years and the first $500k was not taxable if it was his primary residence! Hes probably an older guy so you can't blame him for selling after dealing with the last 10 months of hurricanes.

... and the first $500k was not taxable if it was his primary residence!

only if he is married.

That's right, you have to be married filing jointly to get the $500k tax free. You know what though, there are some very lenient rules around that law that you wouldn't expect. Of course before 1997 the law was a once in a life-time $125k tax free gain from primary residence or you had to roll your profit into another home within 2 years of the sale. On the new laws it's $250k single or $500k married filing jointly. Where some people get confused is on residency requirements and 1031 exchanges. You'd assume that you could not convert an investment property you purchased on a 1031 exchange to a primary residence and get the tax break. Low and behold, YOU CAN. There are other requirements though. If you purchase on a 1031 exchange you have rolled profit from a previous BUSINESS investment into the purchase of your new like kind investment home....right? Well, if you own that house for 5 years live in it a total of 2 out of the 5 and the 2 years DO NOT have to be in a row and you don't have to be living in the home at the time you sell it, you qualify for the write off. In fact, any primary residence sale that you're going to try to avoid capital gains tax you only have to occupy the residence a TOTAL of 2 out of the previous 5 years, sequential is not a requirement and you don't have to be living in the home at the time of the sale.

Another freaky thing about the law is let's say you're single when you buy a home, you live with someone but you're not married, you occupy the house say for a year and a half and then get married 6 month before you sell. You're then married at the time of sale, the now spouses both lived there for 2 years, you can sell and take the $500,000 tax free.

You can't take excercise this deduction more than once every two years. But, you could live in multiple homes and even acquire homes through like property exchanges and as long as you own those homes 5+ years have investment properties, and multiple personal residences and take $500k every two years tax free if you buy right.

Good for him! It was pure profit if he had been there for 54 years and the first $500k was not taxable if it was his primary residence! Hes probably an older guy so you can't blame him for selling after dealing with the last 10 months of hurricanes.

You're absolutely right Joe--I was jumping to the conclusion that he was married. He only gets $250k if he is single. My mistake--

there was a gray/blue home acrosss the street from us at Tyme after Tyme that had an estate sell, Got some great silverware, hats,shirts, blankets, treasures and treasures EVEN BOUGHT THE SAND DOLLAR DOOR KNOCKER OFF THE BACK DOOR. But that is one of the things I really love about Seagrove is the old mix of homes with new homes, hope to be able to post our views from the crowsnest tomorrow.

It looks like it has been there forever,It is to be torn down by the owner and a rebuild. I just hope it wont be a huge home that blocks the view from across the street. Such a nice location.
we had a wonderful week, even if we had to HIKE to get to the beach, locals around us were so very generous. We sorta felt like we knew them and called them alll either KURT or SMILIN JOE!

there was a gray/blue home acrosss the street from us at Tyme after Tyme that had an estate sell, Got some great silverware, hats,shirts, blankets, treasures and treasures EVEN BOUGHT THE SAND DOLLAR DOOR KNOCKER OFF THE BACK DOOR. But that is one of the things I really love about Seagrove is the old mix of homes with new homes, hope to be able to post our views from the crowsnest tomorrow.

It looks like it has been there forever,It is to be torn down by the owner and a rebuild. I just hope it wont be a huge home that blocks the view from across the street. Such a nice location.
we had a wonderful week, even if we had to HIKE to get to the beach, locals around us were so very generous. We sorta felt like we knew them and called them alll either KURT or SMILIN JOE!

The good lookin' ones were Kurt. Right????

The good lookin' ones were Kurt. Right????

actually he always had a camera with him! :clap_1:

The 18th of July we were watching the beach crew work on moving the "sand" around. a young mother with a toddler and a stroller was bound and determined to get thru the public access area even though the bulldozers were working...and her stroller was getting deep in the soft dry sand! this work crew stopped the dozer and picked up her stroller front and helped her get to the hard sand! I was soo impressed with them helping her so nicely and they didnt even look like they wouldve rather buried her!

well its nice to stay so close to the beach from here so thanks for this opportunity KURT :clap_1:

Sorry I missed you Jennifer. I thought I kept hearing my name being called the last few days, and now I know why. I was busy spreading cheer elsewhere.