Even with the headwinds of the downturn in the housing market and the economy, the population in Florida has continued to grow. And, while the growth has slowed significantly in terms of percentage (1.36%), it still added 256,000 new residents from April 1, 2010, and July 1, 2011. That ranks it ninth in the country in terms of percentage growth behind the District of Columbia, Texas, Utah, Alaska, Colorado, North Dakota, Washington and Arizona.
In terms of actual residents, Texas gained more people (529,000) than any other state, followed by California (438,000), Florida (256,000), Georgia (128,000) and North Carolina (121,000), according to the latest U.S. Census Bureau estimates. Combined, these five states accounted for slightly more than half the nation’s total population growth.
Continue Reading Florida Crosses 19 Million Population Mark
The following is a brief review of the requirements of the Foreign Investment in Real Property Tax Act. Known as FIRPTA, the act requires that a buyer of real property in the United States must withhold 10% of the gross sales price and send it to the IRS if the seller is a “foreign person.” A foreign person is described as a non-resident alien or a foreign corporation that has not made an election to be treated as a domestic corporation. It does not include a resident alien that holds a “green card.”
Once again, a Florida Appeals Court has upheld the current standard for seller disclosure requirements that apply to Florida real estate transactions. Citing the landmark disclosure case, Johnson vs. Davis, the appeal court found that the law requires a seller to “actually” know about a problem in order to be held liable for a material defect.
Just when inventory levels have hit lows in this area not seen in years, some of the premier Florida developers are poised to begin building again in a very large way in 2012.
