Sunday, May 1st, 2011
I consider myself pretty in tune with websites that provide more opportunities to save money and for about six
months now I have not really paid attention to the hub-bub of new websites that are hitting the scenes. It is only recently that I began to review some of these websites. The hot craze right now seems to be sites that lean towards the social side of advertising. That is they use Facebook and Twitter feeds so that you can involve your friends in the purchase of some great deals. It is through your own work that provides the opportunity. By involving consumers and facebook, we are pooling buyers to buy in bulk although all the buyers do not know each other. Seems like an interesting concept.
Let me disclose I am new at all of this myself but thought it would be interesting to provide some options that I have found. Some I have enlisted and frankly just weighing out the advantages versus my time and others I have not had a chance to try. It seems as though the most popular bulk buy social program is Groupon.com. The sign-up process is fairly easy with all these, only takes one minute and the toughest part of the entire process is remembering your password the next time an
enticing deal comes your way to take advantage of it. A similar website to Groupon is Living social however at least at the time of this post there are less deals on Living Social.
So what does this have to do with Anna Maria Island Real Estate….absolutely zip. However, as information gets out maybe even a few of our dining establishments will sign up and you can save money on your trip to paradise. In addition, thought it was an interesting twist to social media. Have fun with it and happy saving.
Goldstar.com – this site offers reduced event tickets like sports, concerts, theater, etc.
Zozi.com – this website offers deals for outdoor activities like bicycling, kayaking, etc
TripAlertz.com – website offers discounts on accommodations and vacation tour packages
Mamapedia.com – website specializes in family friendly saving deals
RetailMeNot.com – this website offers coupons. This is more of a search for specific discounts in a city.
Friday, January 14th, 2011
The Wall Street Journal has written a fabulous article regarding the demand on investment homes, more specifically vacation rentals. The story correlates well to Anna Maria Island Real Estate. Vacation Rentals account for a great
deal of Anna Maria Island Real Estate transactions. While I am unaware of the exact percentage of vacation rentals on Anna Maria I estimate nine out of ten real estate buyers request rental income estimates prior to purchasing.
The article basically explains how investment property transactions are on the rise and in some areas they are seeing minimal appreciation. Anna Maria City, Holmes Beach and Bradenton Beach are great examples of the trends the Wall Street Journal is writing about. Anna Maria Island saw about 235 transactions in 2009 and in 2010 we say 317. This data comes from MLS. So, the island has seen a 38% increase in transactions as compared with 2009. Even more impressive is when you take into account an average transaction for Anna Maria Island is around 230 transactions so 2010 frankly was a fantastic real estate year.
The law of economics talk about supply and demand. Supply is much lower as compared to the height of inventory for sale on Anna Maria Island. Anna Maria saw around 900 + properties for sale while we finished 2010 with just over 500 properties for sale. Supply is low and our Anna Maria Island transactions are way up. Most analysts would agree that as number of months of inventory for sale is a leading indicator of appreciation of property for sale.
For more information on the Wall Street Journal article visit here. As always, if you have any questions regarding Anna Maria Island Real Estate send me a note or give me a call.
Sunday, January 2nd, 2011
Coastal Living wrote a great article on Anna Maria Island. The article explains why smaller is better. The article does a great job of describing the laid back feeling when visiting Anna Maria Island. A mixture of surfing, kayaking and bicycling all without any fast food, skyscraper hotels or condos. If you want to visit the island vacation rentals are one of the best options. Be careful, those that visit often buy and the article does a great job of calling out the best real estate company on Anna Maria Island, Island Real Estate. Take a read, good stuff!
Monday, December 20th, 2010
If you are currently renting out your home, the Federal government just made it a bunch harder for you to rent out your home annually or seasonally on or off Anna Maria Island. Effective 2011, all landlords will be required to send out 1099’s to any supporting vendor that was paid more than $600 USD for the year.
That’s right, the Internal Revenue Service (IRS) has just made investing in real estate a little harder. If you utilize a property management company such as Island Real Estate, no worries, they take care of the 1099’s. This of course assumes that your property management company is paying your bills such as lawn, pool, etc. This even goes for purchasing a computer from a small time store in Bradenton to help manage your vacation rentals. If the computer was more than $600 then you must send that vendor a 1099. A 1099 tells the IRS as well as the vendor the amount of income they received in the correlating tax year.
A few more details regarding 1099’s. They must be sent to the vendor no later than January 31st, 2012 and the correlating 1099’s must be sent to the IRS no later than February 28th, 2012. This of course assumes you have the vendors Federal ID number and if you don’t, then pull a W-9 form from the IRS.Gov website and send all your vendors the W-9 to be filled out and have in your records. If you don’t get a tax ID from all your vendors you must with-hold 28% of their annual income and that is a whole-nother can of worms to deal with. That is something you want to avoid!
Lastly, if you don’t handle this appropriately for your rental in 2011 and beyond, you could be facing civil and criminal penalties up to $250,000. Most agree that this cross check by the Fed is fairly easy due to the rental income line on your 1040.
Of course this information can change at any time and I suggest you do one of the following…1) consult your tax attorney or call Island Real Estate to handle your property management. Good luck and hopefully this information helps ensure you as a landlord don’t get into hot water with the IRS. By the way, a great CPA firm that can help you with more question is Axiomwhich is located in Bradenton, FL.