Berkshire Hathaway HomeServices Florida Network Realty - Florida Network Realty (Dev)

Northeast Florida has so much to offer, it’s no wonder that Florida is the number one place to retire.  The unbeatable year-round climate, an abundance of recreational activities, sandy beaches, low cost of living, excellent access to HealthCare (the Mayo Clinic has a huge campus in Jacksonville), and a great place for your family to visit are several of the reasons to consider retiring in Northeast Florida.

Contact one of our Trusted Real Estate Advisors   today for a list of available properties in your price range.

55+ Communities

If you’re considering retirement in Florida, look to the Northeastern city of Jacksonville. This beautifully designed area offers river and ocean access, parks and outdoor space, urban attractions and many communities which support an active adult lifestyle. A few of the Active Adult Communities include Cascades at World Golf Village, Sweetwater by Del Webb and Del Webb Ponte Vedra in the beautiful community of Nocatee. If you're interested in learning more about the Jacksonville Real Estate Market for those 55 and up, contact Berkshire Hathaway HomeServices Florida Network Realty for more information and a list of current homes for sale in Northeast Florida.

1031 Exchange

A 1031 Exchange is an exchange of real property in which no taxable gain or loss is recognized at the time of sale. The requirements for a 1031 Exchange comes from Section 1031 of the Internal Revenue Code and it states that investors can defer the payment of state and federal capital gains taxes by exchanging one investment property with another, rather than selling it. Since a 1031 exchange is a second home or investment property exchange, it is not permitted for primary residence transactions.

Prosperity Home Mortgage, LLC, our affiliated Mortgage Partner, can assist you with this transaction. They will allow for a 1031 Exchange only on products or programs that allow for a second home or investment property transaction. The following restrictions apply:

  • There is no subordinate financing.

  • A qualified intermediary must handle the loan closing. A qualified intermediary is an entity (usually a subsidiary of a title company) who enters into a written agreement with the taxpayer. The qualified intermediary cannot be an agent, attorney, accountant, investment banker or broker. This exchange agreement requires the qualified intermediary to acquire and transfer the relinquished property and to acquire and transfer the replacement property. The relinquished property is the property “sold” and the replacement property is the property “acquired.”

  • Copies of all closing documents—including the 1031 exchange agreement, settlement statement, and title transfer—and the purchase agreement on the relinquished property must be obtained.

  • Both purchase agreements on the relinquished and replacement properties must contain appropriate language to identify the 1031 exchange.

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Prosperity Home Mortgage

Our affiliated lender, Prosperity Home Mortgage, LLC, is conveniently located inside many of our Berkshire Hathaway HomeServices Florida Network Realty offices.  Prosperity is a local lender aiming to wow you with personalized service while delivering the competitive rates and paperless process you expect.  It makes them nimble enough to get you answers and loan decisions quickly, flexible enough to customize a loan package around your unique financial circumstances and experienced enough to guide you seamlessly from application to closing.

Prosperity Home Mortgage offers a variety of purchase and refinance products, including FHA, VA, conventional, renovation, jumbo, and investment property financing.

Purchacing a Second Home

When considering purchasing a second home in Northeast Florida, first consider why. The top 4 reasons why people purchase a second home are:

1)  Vacation/place to gather with family and friends
2)  Future Retirement
3)  Additional Monthly income
4)  Potential Price Appreciation

Whether you are looking to escape the seasonal snowstorms of the Northeast to the sunny beaches of Jacksonville or diversifying your portfolio with a rental property, the prospect of buying a second home in Florida can be quite advantageous.

When looking for a second home, consider its proximity to what you enjoy doing. Do you love to play golf? If so, you may want to consider the TPC at Sawgrass or the World Golf Village in St Augustine. Are you more of a beach goer? The beachfront condos in Jacksonville and St Augustine offer spectacular sunsets and lifestyles.  If fishing is your passion, consider a riverfront condo or bungalow in Atlantic Beach or Mandarin

Whatever your reason for purchasing a second home, the Northeast Florida Real Estate Market has something for you. Contact one of our Trusted Real Estate Advisors   today for a listing of available properties in your price range.

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