The Truth About The Real Estate Transfer Tax

The Truth About The Real Estate Transfer TaxThere have been rampant rumours circulating online that the health care reform law includes a 3.8% transfer tax on all real estate transactions starting in 2013.

It’s just not true. While a new 3.8 percent tax will take effect in 2013, it affects only a very narrow band of investment income for those who earn $250k in a joint return or $200k as an individual. In real estate, the tax could come into play on the sale of a house, but only if the sales gain is more than $500k for a married couple or $250k for an individual. Even in the unlikely event that a sales gain is more than that, the tax would only apply based on other considerations having to do with the household’s income and tax situation. The bottom line is that the tax, which was imposed to help shore up Medicare, will hit only some portion of investment income.

The National Association of Realtors® (NAR) has created a brochure that explains how the 3.8 percent tax works in various scenarios.

Preview The New St Petersburg Pier

St Petersburg Pier 2011Beginning December 6th,  design competition finalists will display their much anticipated designs for The Pier at the St Petersburg Museum of History. The free exhibit will offer the public the opportunity to comment on the designs. Finalists include Bjarke Ingels Group of New York, Michael Maltzan Architecture Inc. of Los Angeles, and West 8 with Allied Works Architecture of New York. On December 16th, the exhibit will move to the Coliseum for a public jury presentation, and then back to the museum for display through December 30th. The jury will rank each design team and make a final selection in January 20 for city council review with approval expected by Febrary 2nd.

Baywalk Purchased By Music Producer

Baywalk Entertainment Complex Downtown St PetersburgThe Baywalk entertainment complex in downtown St. Pete has been purchased by music producer Bill Edwards. Baywalk opened in 2000 and was once a popular downtown destination, with several restaurants, stores, and a movie theater in the heart of downtown. It is now nearly vacant, and the city is very optimistic that Edwards will bring it back to life. Edwards recently purchased and re-vamped  The Club at Treasure Island, which has attracted celebrity appearances by Emeril Lagasse, Wayne Brady and Caroline Rhea. His company Big 3 Entertainment,  was recently selected to manage the Mahaffey Theater.  Edwards also sold Jannus Landing, just a block away from Baywalk,  in 2010 to partner Jeff Knight, after a complete renovation.

Belleair Beach, Redington Beach Home Values Rise

Belleair BeachWhile Tampa metropolitan area home values fell 9 percent in 2010, some local markets saw an increase in home values. According to  Zillow Home Value Indexes, home values in Belleair Beach, North Redington Beach, and  Redington Shores increased from December 2009 to December 2010.

Boot Ranch Apartments Fetch $44M

Sabal Palms at Boot Ranch has been purchased by ARA Property Partners for $44.2 million in an all cash transaction. The 432-unit community located in Palm Harbor. was built in 1996. The property was 94 percent occupied at the time of the sale.

Clearwater Beach Hotel Will Rebuild

Sea Captain Hotel in ClearwaterSay goodbye to another 50’s era beach side landmark. The owner of the Sea Captain motel on Devon Drive is tearing down the outdated hotel to replace it with a bigger modern one. The site is next door to the former Port Vue hotel, which is being replaced with a Holiday Inn. The new hotel will have 85 rooms, fitness center, conference and banquet rooms, rooftop sundeck, and 93 space parking garage.