As Is Real Estate Contract in Florida

As Is Real Estate Contract in Florida

What is an As Is real estate contract in Florida? It simply means the property is being sold as is, and the seller is not obligated to make repairs. If the buyer is not satisfied with the home inspection, the buyer has the right to cancel.

There is a specified time for inspections, due diligence and the right to cancel for any reason whatsoever. As long as the cancellation agreement is signed and submitted within the specified time frame, all escrow or earnest money deposits will be fully refunded. If after a home inspection, the buyer chooses to cancel the contract, they can do that. If the buyer decides that they don’t like the color of the sky, they can cancel the contract and get their full deposit back within the specified time in the contract. As mentioned, ANY reason whatsoever; it doesn’t matter.

There’s a few misconceptions that we’ve heard out there.  To clarify:

As Is Real Estate Contract

  • An As Is contract does not mean that every personal item in the house is being transferred to the buyer.
  • An As Is contract does not mean that the buyer has no rights to an inspection period.
  • An As Is contract does not mean that the buyer cannot change their mind and get a full refund if done within the specified time frame.

An As Is contract simply means the seller is not required to make repairs. Many home buyers are initially frightened by the fact that Florida Real Estate contracts say As Is at the very top.  There is no reason to worry; there are safeguards in place for buyers.

Another safeguard in place is if the buyer is getting a mortgage loan.  The contract states a specified time for a loan commitment.  If the lender ultimately declines the loan within the specified time period in writing and a release and cancellation of the agreement is signed, the buyer has a right to a full refund of the escrow or earnest money deposit.

For Home Sellers

Sellers can minimize the risk of buyers cancelling the As Is real estate contract by doing any known repairs upfront.  This is where a pre-listing inspection can come in handy.

For more information on buying or selling a home, contact us. We are here to help.  Jen and Mark Bowman, Keller Williams on the Water at 941-840-0117.

 

Estimating Property Taxes

Property Taxes in Holmes Beach, Florida – We are often asked by home buyers how much are the property taxes?  Well it depends.  People tend to rely on what the current owner is paying in property tax on homes that are for sale.  That may not be the best idea because the assessed value is often changed after a transfer of ownership.

Here’s how we estimate taxes.  Each city is different, but this is an estimate based on Holmes Beach. If we take the 2016 mill rate of 16.1090 for properties in Holmes Beach and divide by 1000 that gives us .016109.  We then multiply that by the assessed value.  For this example, let’s say we have an assessed value of $475,000.  That would be $7651.78 or just over 1.6% of the assessed value.

Now we would deduct any exemptions.  The homestead exemption is $25,000 of the assessed value.  So the taxable value has been reduced to $450,000.  Then the taxes are $7249.05.

There is an additional homestead exemption of $25,000 for homes valued at more than $50,000 and that does not apply to the school board mill rate  which is 6.92.  That will reduce your taxes another $229.73.  That brings your taxes to $7019.32 which is just under 1.5% of the sales price for a home with homestead exemption.

If you currently have Homestead Exemption on a property in Florida, you can transfer the “Save Our Homes” cap from an existing property to a new homestead, thereby saving you on your assessed value.

http://www.manateepao.com/dnn/FAQs/Portability-of-Save-Our-Homes

There are additional exemptions for disabled, widow/widowers, low income over 65 years old and deployed military.

More information is available on the Manatee County tax assessor’s website.

www.manateepao.com/dnn/General-Info/Estimating-Taxes

Estimating Property Taxes Anna Maria Island

In general, for Holmes Beach we can estimate that property taxes will be around 1.5 -1.6% of the assessed value.

The mill rate for the city of Anna Maria is 15.908700.  So we can use the same formula to guesstimate the taxes at just under 1.6% of the assessed value. The current mill rate for Bradenton Beach is 16.1920 so we can also estimate just over 1.6% of the assessed value to be the taxes.

Please remember, this is not to be considered legal or tax advice, just something to help you guesstimate the property taxes on your new home.  We’d love to be your Anna Maria Island Realtor.  Please contact us if we can help.

Jen and Mark Bowman, Keller Williams on the Water 941-840-0117 Anna Maria Island Real Estate

 

 

Easter Egg Hunts 2017 | Anna Maria Island, Longboat Key, Bradenton, Sarasota

Easter Egg Hunts 2017 | Anna Maria Island, Longboat Key, Bradenton, Sarasota  – There’s plenty of Easter Egg Hunts and activities for children in the days leading up to Easter 2017.

Download the Easter Egg Hunts Anna Maria Island, Bradenton, Longboat Key, Sarasota map and pdf

  1. Easter Egg Hunt and Parade – Anna Maria, FL 

Date and Time: Saturday, April 15th 2017 at  9 am

Where: The Sandbar Restaurant 100 Spring Ave, Anna Maria, FL

Admission: Free

Details: Easter Egg Hunt with refreshments served starting at 8:30am. The hunt will take place in the wedding and event pavilion adjacent to the restaurant. After the Sandbar fun, the Easter Bunny will line everyone up and lead a parade down Pine Avenue where the 8th Annual Easter Egg Roll and Easter Bonnet Contest will take place.  Complimentary framed pictures with the Easter Bunny will be offered with pictures taken by Shooting Star Photography and music by John Rinell.  The roll will take place 9:30 am-12:00 pm. There will be prizes for the best bonnet for the kids and adults.

  1. Mar Vista Annual Easter Egg Hunt on Longboat Key 

Date and Time: Saturday, April 15th, 2017 at 10 am

Where: Mar Vista Restaurant – 760 Broadway Street, Longboat Key, FL

Admission: Free

Details: 28th Annual Easter Egg Hunt – Refreshments will be served.  All children 10 and under are welcome to participate.  Bring your own basket & meet the Easter Bunny.  Children will be grouped in two age groups; 5 and under and 6-10. Every egg will contain a treat or special surprise.  Stay for a special Easter lunch or come back to enjoy Easter dinner.

  1.  Easter Egg Hunt – GT Bray Park

Date and Time: Sunday April 9th, 2017 – The Egg Hunt is from 2 p.m. to 4:30 p.m.

Where: softball field at GT Bray Park 5502 33rd. Ave. Drive W., Bradenton, FL, 34209

Admission: Free

Details: Bring your own basket. Sponsored by The Church at Bradenton.

  1. City Life Church Egg Hunt

Date and Time:  Saturday April 15th, 2017 11:00 am to 12:30 p.m. Registration 11 a.m.  Egg Hunt Begins at Noon.

Where: 1300 17th Ave W. Bradenton, FL 34205

Admission: Free

Details: Bring your own basket. Ages 2 through 5th grade. Registration for free bicycles, giveaways and prizes starts at 11 a.m.

  1. Easter Egg Hunt & Games on Siesta Key

Date: Saturday, April 15th, 2017 from 9 a.m. to 11:30 a.m.

Where: Turtle Beach 8918 Midnight Pass Rd. Siesta Key, FL 34242

Admission: $10

Details: For children only ages 1 to 6. For $10 each, each child receives an Easter Bunny or stuffed toy, goody bag and Easter egg stuffed with prizes.  There will be face painters, opportunities to ride the trolley & tour the Siesta Key ambulance and firetruck.  Registration is limited to the first 125 paid children for the egg hunt.  For additional info and registration call 941-349-3800.  Siesta Key Easter Egg Hunt Registration

Easter Egg Hunts 2017 | Anna Maria Island, Longboat Key, Bradenton, Sarasota
Easter Egg Hunts 2017 | Anna Maria Island, Longboat Key, Bradenton, Sarasota

We hope you enjoy the Easter Egg Hunts 2017 | Anna Maria Island, Longboat Key, Bradenton, Sarasota.  When you’re ready to start house hunting please call Jen and Mark Bowman, Keller Williams on the Water at 941-840-0117.   Use our free mobile app.

 

Pet Friendly Condos on Anna Maria Island

Pet Friendly Condos on Anna Maria Island

Pet Friendly Condos | We realize your pets are part of the family and it can be a struggle to find a condo that will accept your pets like you do.   Some condos have really strict rules and regulations on their pet policies and no pets of any kind are allowed.  Others are a bit more lenient, at least for the condo owners. Usually there’s a separate set of rules for tenants.  Some people have tiny dogs, like a teacup Yorkie, others have bigger dogs like Golden Retrievers. We’ve compiled a home search based on the condos in Holmes Beach and Bradenton Beach that will allow bigger dogs, with either 100 pound weight limits or no weight limits at all. The city of Anna Maria does not have any condos that allow dogs.  The map below shows the pet friendly condos that allow large dogs.

Below is a home search that shows all the available condos for sale on Anna Maria Island that allow big dogs.

 

Dogs on the Beach on Anna Maria Island

People love their pets but they are not allowed on the beaches on Anna Maria Island.  Anna Maria Island includes the cities of Anna Maria, Holmes Beach and Bradenton Beach.  There are lots of nesting birds and May through October is Sea Turtle nesting season.  The good news for dog lovers on Anna Maria Island is that we have a dog park behind the city field in Holmes Beach.   It’s a large fenced area that dogs and their owners can run and play.   The dog park is in the 5900 Block of Flotilla Drive.  The Palma Sola Causeway is also pet friendly.   That’s Manatee Ave going west towards the island.  Dogs love to splash around the bay there.

Pet Friendly Condos Anna Maria Island

For more information on pet friendly or dog friendly condos for sale on Anna Maria Island, please contact us at 941-840-0117.   Jen and Mark Bowman, Keller Williams on the Water.  Anna Maria Island Realtors

Home Buying Process and How It Works

Home Buying Process and How It Works – Whether you’re a first time buyer or it’s been 20 years, you may want to know the steps to buying a home.

Home Buying Process

1. Meet with a real estate professional: Discuss the type of home you’re looking for, including style, price, and location.
The Buyer’s Advantage: As the home buyer, your agent’s commission is paid by the seller of the home in almost all circumstances. This means your representation costs you nothing!

2. Get Pre-Approved: You will need pay stubs, W2s, 2 years of tax returns and bank statements. Knowing what you can afford is critical to a successful home shopping experience. Your real estate agent will know a few good lenders to refer you to.

3. Search for Homes: The fun part! Your agent will schedule showings and help you find the perfect home.  When you have a clear idea of what you want, it will be easier.  You’ll help by sharing which listings interest you.
Advanced Search: Not all real estate websites are the same. Your real estate professional has tools and systems to ensure you see every available home that meets your criteria.

4. Make an Offer: Your agent will prepare your offer based on the price and terms you choose.

5. Negotiation and Contract: It may take a few tries to get it just right, but hang in there. You’re on your way!
The Contract: In most cases the contract provides you with a timeline to obtain financing as well as time to inspect the physical condition of the home. Your real estate professional will inform you of all your rights and responsibilities related to the contract.

6. Under Contract or In Escrow: You and the seller have agreed to the price and terms. The home is effectively held for you until closing.

7 Final Details: Perform due diligence, order the appraisal, conduct an inspection, and review terms with the lender.

8. Preparing for Closing: You will be finalizing your loan, reviewing documents, and discussing the findings from the inspection. Your agent will manage this entire process for you.

9. Closing: This is the transfer of funds and ownership. A title company or an attorney typically acts as an independent third party to facilitate the closing. Closings can be done remotely or locally.

Please let us know if you have any questions about the home buying process or selling a home on Anna Maria Island, Cortez, NW Bradenton or Longboat Key, Florida.

Jen and Mark Bowman, Keller Williams on the Water 941-840-0117.
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Anna Maria Island Real Estate Market October 2016

Anna Maria Island Real Estate Market October 2016

This market report shows residential property only including condos, town homes and single family homes.  The Anna Maria Island real estate market report for October 2016 does not include income property or vacant land. Anna Maria Island includes the cities of Anna Maria, Holmes Beach and Bradenton Beach.  Let’s break down the numbers for you.

There are currently 239 homes for sale on Anna Maria Island. The average list price is $1,081,599. The average home size is 1,927 square feet and is 3 bedrooms with 3 full baths.
The lowest price listing currently on the market is at the Sandpiper Resort Co-op, a 55+ manufactured community in Bradenton Beach. It’s a 1 bedroom/1 bath and 320 square feet for $169,000. The highest price home currently on the market is on Mangrove Ave in the city of Anna Maria for $5,995,000. It has 4 bedrooms, 5 ½ baths and is 6,900 square feet. It’s gulf front with 2 lots.
In October of 2016, 20 homes sold with an average of 117 days on market. On average, the homes sold on Anna Maria Island for 95% of list price. The average sold price was $548,675 at $407 a square foot.
8 homes went under contract and are still being marketed for backup offers. That’s when you might see a AWC which is Active with Contract.  In the near future, our local Multiple Listing Service will be discontinuing the use of the Active With Contract category, so that will not be on future reports or visible in online listings. 
27 homes on Anna Maria Island are pending sales, which means they went under contract but have not yet closed. The average list price for the pending sales is $462 a square foot. The average list price of the pending homes is $794,693.
At the current rate of homes selling, Anna Maria Island has a little less than 9 months of inventory. That still shows a buyer’s market. A balanced market would be 3-6 months of inventory. Housing inventory higher than 6 months, it’s a buyer’s market. Housing inventory lower than 3 months shows a seller’s market.

Every market is different, every home is different, every buyer’s and seller’s motivation to buy or sell is different.
If you’re thinking of buying or selling a home on Anna Maria Island, contact us – Jen and Mark Bowman, Keller Williams on the Water at 941-840-0117. We provide international exposure for your listing. For out of town buyers we do custom live video tours of the homes you want to see.

What’s your Anna Maria Island home worth?

For a market analysis on your home please contact us at 941-840-0117 or fill out this form.

FIRPTA and What You Need to Know – Foreign Investment in Real Property Tax Act

FIRPTA and What You Need to Know – Foreign Investment in Real Property Tax Act

Anna Maria Island, Florida attracts people from all over the world.  Buyers need to know if the seller is foreign and sellers are required to disclose it.

What is the Foreign Investment in Real Property Tax Act?
In 1981, the Foreign Investment in Real Property Tax Act (FIRPTA) was enacted for the purpose of imposing tax on foreign people selling real estate interests in the United States. The buyer is required to withhold from the foreign seller a percentage of the amount realized on the sale of a real property interest. The tax withholding is considered a prepayment of anticipated taxes due from a foreign person selling any U.S. real property interest.
What is the withholding requirement?
Generally, the amount realized for the purpose of withholding is the sale or contract price. Effective February 16, 2016, IRS FIRPTA regulations changed the withholding rate from 10% to 15% for most closings, unless an exception applies. The withholding rate remains 10% if the total amount realized is between $300,000 and $1,000,000, and if the buyer will reside in the property. 

Are there exceptions from FIRPTA withholding?
Yes. Exceptions are explained on the IRS website at  www.irs.gov/Individuals/International-Taxpayers.

Who is responsible for withholding requirements under FIRPTA?
The Internal Revenue Service (IRS) regulations place the obligation to withhold required tax amounts on the buyer of the real property from a foreign person. The buyer is responsible for determining whether FIRPTA applies and for remitting the withheld taxes to the IRS. Any penalties for non-compliance with the regulations are also the responsibility of the buyer.  Although the responsibility is with the buyer, we advise the closing attorney or title company that the seller is foreign and they will assist at closing.

How and where is the withholding paid?
When FIRPTA applies, the buyer must prepare a check payable to the IRS for the correct percentage of the amount realized and remit it to the IRS within 20 days of closing. The payment must be accompanied by completed IRS Forms 8288 and 8288-A.

One of the IRS required forms when buying a US property from an international seller

One of the IRS required forms when buying a US property from an international seller

What should real estate agents know about FIRPTA?

Real estate agents representing buyers should advise those buyers that the ultimate obligation to withhold FIRPTA taxes is theirs when purchasing real property from a foreign seller. Also, to avoid surprises at closing, real estate agents representing foreign sellers should advise those sellers of withholding requirements when transferring a U.S. real property interest. The foreign sellers should be encouraged to apply for withholding certifications and taxpayer identification numbers (either “ITIN” or “EIN”) as soon as possible. The IRS’s 90-day application period should be considered when negotiating the closing date with the buyer.

For more information on buying or selling a home on Anna Maria Island, Bradenton, Cortez or Longboat Key please contact Anna Maria Island Realtors Jen and Mark Bowman, Keller Williams on the Water at 941-840-0117.

Related content:

Buying a Second Home on Anna Maria Island

Getting Your Home Ready to Show

Using a 1031 Exchange to Buy Property

More information is available on the IRS website under International Taxpayers.

Disclaimer: The information and dates provided are for informational purposes and are subject to change. This is not considered legal advice.  Seek legal, tax or other professional advice before relying upon this information.

Bayou Condo | Anna Maria, Florida

bayou condo bayou condo

Bayou Condo

The Bayou Condo is located at the north end of Anna Maria Island, Florida in the city of Anna Maria at 522 Pine Ave.  This 32 unit complex was built in 1973.  Each unit is 822 square feet and has 2 bedrooms and 1 bath.  Units are on the ground level and 2nd floor.  Some units have water views of the canal and the bay.  Amenities include deeded boat slips, perfect for easy access to kayak out to the bay.  Boats on site need to be smaller to get under the North Bay Blvd bridge.  Larger boats could of course, be stored at Galati Marina on South Bay Blvd.There is assigned parking for owners at the Bayou Condo.  When you live on Anna Maria Island, you may not even want to drive.  Getting around the island is easy with the trolley stop just steps away at the City Pier.

Homeowner’s Association at Bayou Condo

Rentals are allowed with 2 week minimums. No pets are allowed. Monthly HOA (Home Owner Association) dues cover the building exterior, cable, escrow reserves fund, flood insurance, ground maintenance, insurance for the building, roof and trash removal.

Near the Bayou Condo

Bayview Plaza across from the Bayou
Bayview Plaza across from the Bayou

Historic Pine Ave is the heart of Anna Maria and officially a Green Village.  Festivals on Pine Ave include Food and Wine on Pine in May each year and Bayfest in October.  Pine Ave is on the parade route for the July 4th and Christmas parades.

The Bayou Condo is walking distance to the Waterfront Restaurant, City Pier, the Rod and Reel Pier, the Anna Maria Historical Society and Museum and a multitude of shops and restaurants on Pine Ave.  The Anna Maria post office is across the street which is pretty convenient because there is no home mail delivery in the city of Anna Maria.

For more information on buying or selling a condo at the Bayou in Anna Maria call or text Jen and Mark Bowman, Keller Williams on the Water at 941-840-0117.

 

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bayou condo  bayou condo

Shell Point Condos in Holmes Beach on Anna Maria Island

Shell Point in Holmes Beach on Anna Maria Island

Shell Point is a condo community in Holmes Beach, Florida on Anna Maria Island.  This bay front community has a heated swimming pool for year round use, an onsite putting green,  tennis courts, shuffleboard and kayak launch.  In addition, there are grills and a recreation building for gatherings.  There are 44 units in 4 phases or sections.  The size of the condo units vary with square footage in the condos ranging from 804 for a 1 bedroom, 1 bath to 1,468 for a 3 bedroom, 3 bath. Units are on the 2nd floor and ground level. They were originally built in 1973 and many of them have been updated.  Covered parking is available in the deeded carports.  Each condo also comes with a private storage unit, perfect for beach toys and chairs.

Shell Point

Shell Point Location

It’s tucked away at 6300 Flotilla Drive on the road leading back from the Holmes Beach City Field and the dog park.   There’s easy access to the public library and public boat launch at the end of 63rd St.

Shell Point Rules and Regulations

Rentals are allowed with 1 month minimums.  Shell Point is a pet friendly community allowing 2 dogs up to 100 pounds each for owners only.

See the Shell Point Condos for Sale.

If you’re thinking of selling a Shell Point Condo, contact us for an up to date market analysis and to see our extensive marketing plan.

 

Shell Point
Covered deeded parking at Shell Point
Shell Point
Heated swimming pool
Shell Point
Shuffleboard Courts at Shell Point
Shell Point
Bay front views
Shell Point
Kayak storage
Shell Point
Tennis Anyone?
Shell Point
Tennis with Westbay Point and Moorings on the back left

 

 

 

Shell Point
Bayviews and patio area with kayak launch

 

 

 

 

 

 

 

 

 

on site putting green
on site putting green
Shell Point
Royal Poinciana tree blooms in April and May
Birds on Anna Maria Island
Bird watching at Shell Point
Shell Point
Path to the bay
Shell Point
Well manicured and maintained property
Shell Point
View from the bay towards the condos
Shell Point
view looking towards the clubhouse

 

 

 

 

Anna Maria Island Real Estate Market Update August 2016

Anna Maria Island Real Estate Market Update August 2016

Buyer’s market or seller’s market on Anna Maria Island, Florida?  Well, it depends on the price point.  In zip codes 34217 and 34216 which encompasses the cities of Anna Maria, Holmes Beach and Bradenton Beach overall it’s considered a buyer’s market.  We have 255 homes actively on the market in all price points.  In the past 365 days, 333 have sold. That means we have over a 9 month supply of homes for sale in general.  When we talk about homes, I’m including all residential condos, 1/2 duplexes and single family homes.

Let’s break it down to see how it changes per price range.

Homes that are for sale under $300,000 are in a seller’s market because in the past year 54 have sold.  There are currently 16 homes for sale under $300,000.  That’s a 3 1/2 months supply which makes it a low supply.  They’re on the market for an average of 98 days.

Under $500,000 homes are in a seller’s market because 147 homes have sold in the past year.  There are 55 homes actively on the market for sale.  That gives us about 4 1/2 months of inventory which is considered a seller’s market because the inventory is more limited.

In the $500,000 to $750,000 range, 87 homes have sold in the past year.  59 are on the market.  That gives us an 8 month supply bringing us into a buyer’s market.

Homes priced $750K to $1,000,000 have 15 months of inventory with 46 homes currently on the market and 36 sold in the past year.  15 month’s is a also a buyer’s market.

Homes that are in the $500,000 to $1,000,.000 range are in a buyer’s market.  In the past year, 121 have sold and there are 103 on the market.  That’s over 10 months of supply.

Homes that are $1 million plus,  there are 97 active homes for sale over a million.  69 have sold in the past 365 days.  That’s almost 17 months of supply resulting in a big over supply of homes and definitely a buyer’s market.

Anna Maria Island Homes for Sale

  • Under $300K – 3.5 months of inventory = seller’s market
  • Under $500K.- 4.5 months of inventory = seller’s market
  • $500K to $750K – 8 months of inventory = buyer’s market
  • $750K to $1M – 15 months of inventory = buyer’s market
  • $1M+ – 17 months of inventory = buyer’s market

The average price of homes currently on the market is $1,052,269 with 209 days on the market.  The median list price is $889,000.

What’s Selling on Anna Maria Island?

The average sold home on Anna Maria Island has 3 bedrooms, 2 full baths and square footage of 1,604.  The average sold for $724,592 at 94% of list price with 139 days on market.

In general, the lower the price, the lower the supply and higher demand.  6 months of inventory is considered a balanced market.   When we talk about absorption rate, it’s the rate at which homes are selling based on the current inventory.  We track this information to watch for trends in the market.  We hope it’s helpful for you.  If you’d like to see more of these market updates, let us know and we’ll be glad to send them to you.

What’s your Anna Maria Island home worth?

For a market analysis on your home please contact us at 941-840-0117 or fill out this form.

Sold and Active Data is pulled from the MyFloridaRegionalMLS as of 8/17/2016.