Jan 30, 2023 | QA
Published on our January 2023 Newsletter
Question: “What is a 1031 Exchange, also referred to as a Like-Kind Exchange? How could I benefit?“
Christie’s Answer:
If you have owned investment or rental property for at least 2 years, a 1031 Exchange enables you to defer some of the tax liability from the sale of that property by reinvesting those proceeds into a similar kind of property of the same or greater value.
With the sale of your property, the funds go to a Qualified Intermediary who will hold those funds until you purchase the next property. Usually you close the sale of your current property before you close the sale of the new property. Although, a “Reverse 1031 Exchange” can be done.
There is a 45 day period after the sale of your property to identify up to 3 properties for your new purchase, and a 180 day period, which runs concurrently, for you to close on your new investment property.
In addition to deferring capital gains taxes, other advantages could include:
- The potential to increase investment income by moving to more profitable real estate markets.
- Property consolidation; combining multiple investment properties into a single property.
- Diversification; dividing one investment property into several properties.
For the basic qualifications, visit our other article here.
*For more information on 1031 Exchanges, their requirements and additional stipulations, consult a licensed tax professional before making arrangements to begin a 1031 Exchange.
#taxbenefit #realestate #realestateagent #realtor #coldwellbanker #1031exchange #investmentproperty
Dec 7, 2022 | QA
Published on our November 2022 Newsletter
Question: “What does RENE mean, and why is important to me?“
Chris’ Answer:
The Real Estate Negotiation Expert (RENE) certification is for real estate professionals who have taken classes to sharpen their negotiation skills. It gives us the tips and tools we need to be skillful advocates for our clients. In the classes and following information sent to us, we learn how to handle a wide range of situations, and how to sort out the competing objectives of the parties involved in a transaction.
Contact us if you are in the market to buy or sell your property on St. Croix. We are an experienced team who work with buyers and sellers. We would be happy to help in every step of the sales and purchase process.
For a list of our sold properties sold in 2021-2022, click here. Search for properties for sale here.
#realestate #realestateagent #realtor #coldwellbanker #islandhomes #caribbean #stcroixusvi #virginislands
Nov 30, 2022 | QA
Published on our November 2022 Newsletter
Question: “What does ABR stand for?“
Christie’s Answer:
The Accredited Buyer’s Representative (ABR®) designation is for real estate agents who focus on working directly with buyer-clients at every stage of the home-buying process. We have taken special classes focused on improving our skills and knowledge toward assisting home buyers. We receive ongoing specialized information and updates on the issues and trends facing home buyers.
Are you interested in purchasing a new home on St. Croix? Contact us, and we will be happy to help you find a home which fits your needs.
#realestate #realestateagent #realtor #coldwellbanker #islandhomes #caribbean #stcroixusvi #virginislands
Oct 28, 2022 | QA
Published on our October 2022 Newsletter
Question: “How do your land photos and videos give me more information than just overgrown vegetation?“
Chris’ Answer:
Imagining boundaries on land parcel photographs is difficult. An aerial mapping photograph can help, but only from an overhead view. We are now including approximate drawings of the boundaries on our photos so that you can better envision the shape of the lot as you look at the different views. Some of the photographs have the lot drawn, and all of the surrounding land is black and white. We feel this helps make the shape of the lot really stand out! We also include the names of the roads, and any landmarks to give you reference points. This can assist you in finding the lot as you drive around. It also helps you if you are off island to better understand the location of the lot. In our videos, we attempt to give as many overhead and angled views to try to show the slope and what your view might be if you built your home there.
Image from our listing at 72 South Grapetree, St Croix USVI. View listing here.
#realestatemarketing #sellingland #landsales #realestate #realtor #coldwellbanker #islandhomes #caribbean #stcroixusvi #virginislands
Oct 28, 2022 | QA
Published on our October 2022 Newsletter
Question: “What is the benefit of scanning the QR code on your signs vs. going to your website?”
Christie’s Answer:
As you travel around the island, look for our new signs with QR codes on them. These are going on our land listings. When the QR code is scanned by your phone, you will be taken directly to an information page created specifically for that land parcel. You can see the most important highlights about the property, like: acreage, price, slope description and photos and videos. This is important because when you are standing at the location, unless the lot has been cleared, all that you will see is brush and trees. Our photos and videos are taken from the street and from the air to give you as much initial information as possible about what you might be buying! For one listing, we drove across the valley so that we could get a different view of the lot.
There is also a contact form so we can send you the complete listing information which includes documents we have (surveys, topographical map, aerial mapping photo), and additional photos and videos.
Image from our listing at 72 South Grapetree, St Croix USVI. View listing here.
#realestatemarketing #sellingland #landsales #realestate #realtor #coldwellbanker #islandhomes #caribbean #stcroixusvi #virginislands
Oct 4, 2022 | QA
Published on our September 2022 Newsletter
Question: “What are some different things in your land listings recently?”
Chris’ Answer: “We are now including annotated photographs and animated drone videos. These make it easier to envision the shape of the lot. They include the names of the roads and some land marks. Without these innovative visual aids, you would just be looking at overgrown undefined parcels with no reference points.”
Image from our listing MLS #21-1480, 86 South Grapetree. View listing here.
#realestatemarketing #sellingland #landsales #realestate #realtor #coldwellbanker #islandhomes #caribbean #stcroixusvi #virginislands
