After our last post reviewing some of the major stories that affected the Florida real estate market in 2011, we thought we would give you a rundown of some additional news items as we head into 2012 here in Southwest Florida.
- The website TripAdvisor.com has named Fort Myers the No. 3 destination in its list of “Destinations on the Rise.” Their review cites the deep-sea fishing, white beaches and golf courses as major reasons for travelers to choose Fort Myers. It also notes the renovation of the downtown area has helped to make the city a more prominent choice for visitors.
Continue Reading Florida Real Estate: Heading into 2012
Tags: buyers, Florida, markets, real estate, sellers
What stories impacted Florida real estate the most in 2011? Our guess is it depends on your perspective; were you a buyer or a seller? Did you lose your job or find a new one, were you looking for a rental or did you need a place to locate your existing or new business? All these scenarios were impacted one way or another in 2011. So, let’s take a look back at just what occurred and see if any will continue into 2012.
Florida courts will no longer require mandatory foreclosure mediation after the Florida Supreme Court announced it will close down the two-year-old program yesterday. Citing reports the program didn’t work as well as hoped and that the court system could no longer justify the cost, Supreme Court Chief Justice Charles Canady said new foreclosure cases will no longer be referred to mediation.
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.
