Do you understand how the new homestead exemption would work?

If at least 60 percent of voters approve on Jan. 29:
 

Homeowners would have to make a one-time choice between keeping existing tax benefits or taking the super exemption.Those who opted for the larger exemption would give up the current $25,000 property tax exemption on their primary home, as well as the Save Our Homes protections that limit increases in its taxable value to 3 percent a year.Instead, they would be eligible for a new exemption shielding 75 percent of their home’s value from taxation, up to $200,000. If the home is worth more, the new exemption also would eliminate taxes on 15 percent of its value between $200,000 and $500,000. The minimum exemption would become $50,000.

If the home is worth more than $500,000, there would be no additional tax break.

New home buyers would qualify only for the new super exemption, and they would not be eligible for Save Our Homes or the current $25,000 exemption.

The super exemption would automatically apply to all Florida residents who move. They could not take their Save Our Homes benefits or $25,000 exemption with them.

The super exemption would not apply to renters, owners of commercial and business properties, or snowbirds who maintain a seasonal home in Florida. It would benefit only permanent residents of the state.

Latest Real Estate Sales Statistics

Here are the most recent statistics for activity in our market; new listings, available inventory, number of closed sales and sale prices.  Pretty encouraging, I’ve pulled the same numbers from 2005 to 2006 and all indications point to a stabilizing real estate market.

New Listings

• Single Family- 2,645(14% lower than ‘06, a year ago it was 74% higher)
• Condo-Townhouse- 3,185(10% lower than ‘06, a year ago it was 79% higher)
• Total all Property Types-8,945(2% lower than ‘06, a year ago it was 62% higher)

Total Available Inventory

• Single Family-12,220(28% higher than ‘06, a year ago it was 295% higher)
• Condo/Townhouse-17,060(39% higher than ‘06, a year ago it was 383% higher)
• Total-38,811(37% higher than ‘06, a year ago it was 213% higher)

Single Family Sold

• 589 closed sales, 27% down from ‘06, a year ago it was down 25%)
• Median sales price, $364,000, no change from last year

Condo/Townhome Sold

• 686 closed sales, 27% down from ‘06, a year ago is was down 32%)
• Median sales price, $199,450, down 5% from ‘06, a year ago it was up 11%)

Just some reassurance that things are cyclical and coming around.  The number one factor for selling in today’s market is pricing, I’ll write more about that later.

Jon

Home Alone

Approximately 22 percent of single women and 9 percent of single men own a home, according to the NATIONAL ASSOCIATION OF REALTORS.  But what cities boast the highest percentage of single residents?  Sperling’s Best Places (www.sperlingbestplaces.com) found that singles tend to live in areas that are home to major universities or are known for their nightlife.  San Francisco tops the list followed by Detroit, New York City and Boston.  Two cities in Utah,  Logan and Provo, have the lowest percentage of singles, with fewer than 20 percent.

Top 10 “solo” cities

1. San Francisco, 44.7 percent
2. Detroit, 44 percent
3. New York, 39.8 percent
4. Boston, 39.2 percent
5. New Orleans, 39.1 percent
6. Los Angeles, 37.7 percent
7. Fort Lauderdale, 37.2 percent
8. Las Vegas, 37 percent
9. Miami, 36.9 percent
10. Albuquerque, 36.8 percent

Jon