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Read my articles for great information on Buying a home in Jupiter Florida.

2017 Tax Bill and the effects for Real Estate

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The National Association of Realtors (NAR) opposed many measures of the tax bill soon to be signed into law.  Most significantly the diminished value of the mortgage deduction and the cap on how much state and local taxes can be deducted there were some SIGNIFICANT items which were left in place:

• Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify for the exclusion.  You may still sell a property which was your primary residence for 2 of the last 5 years and not owe capital gains taxes on up to 250k for individuals and 500k for married households.

• Mortgage interest deduction. The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill sought a reduction to $500,000.

• State and local tax deductions. Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income tax deduction altogether.  So in Florida where we fund public operations though the real estate taxes and thus have high real estate taxes (BUT NO STATE INCOME TAX) some people will exceed the 10k limit.

• Pass-through entities. The bill significantly reduces the effective rate of tax on business income earned by independent contractors and income received from pass-through entities. This change will lower the taxes of many real estate professionals.

106 Princewood Ln in the Sanctuary in Palm Beach Gardens Florida

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I just listed this picture perfect single story Cypress model at 106 Princewood Ln in the Sanctuary in Palm Beach Gardens Florida.

04/16/2018 – We just reduced the price on this house to 469,000.

Much sought after single story Cypress floor plan in The Sanctuary, 3 beds, 2 baths, 2 car garage, large screened patio with private back yard that backs up to nature preserve. This home is loved and has multiple upgrades, including a designer level remodeled guest bathroom, new tile, new LG clothes washer & dryer, new stainless appliances and smart fridge, LED lighting upgrade throughout, HD security cameras throughout, new sprinkler system controller, AC replaced in 2012/13, newer water heater, roof replaced in 2006, complete low voltage re-wire with HD security cameras. This home has been meticulously maintained. The Sanctuary is a small GATED community in central Palm Beach Gardens. The LOW HOA fee includes a FULL cable package (HBO etc.) with DVR’s, 80 MB/s internet AND ADT Alarm.

 

“No commercial vehicles, boats, mobile homes, campers, trailers shall be permitted on the property over night UNLESS stored in an enclosed garage.”  So trucks and motorcycles are OK.  The above are OK so long as they are in the garage over night.

 

Jupiter Farms Flood Zones

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I updated this post HERE.

The last updates to the FIRM flood maps for Jupiter Farms was October 2017.  Since that time all of Jupiter Farms has been a Flood Zone = X.  (Note, this is NOT the same as the shaded Zone X.) Flood Zone X represents areas outside the 500-year flood plain with less than 0.2% annual probability of flooding. This is NOT in the Special Flood Hazard Area and thus lenders do not require flood insurance. Palm Beach Country Estates does have an area in Flood Zone = AE which is in the SFHA.

In general the flow of water in Jupiter Farms is from the property, into a swale along the street, then into collector canals, and then the main canals and out to the ocean.  As one goes further from the main canals the level of maintenance decreases and thus there are properties in the farms which will flood with a heavy rain but basically this is because a property ‘downstream’ of the subject has not maintained the flow path.

BUT LOOK AT THE FLOOD MAPS TOO!!!  In particular the old maps showed the differences in elevation much more so than the current ones.  Also, flood insurance rating is based on the elevation of your lowest living area.  Some houses in Jupiter Farms have key west style stilt houses but most are an elevated slabs on grade.  Read THIS POST on how much fill one can add to a lot.

The flood zone names have changed so here’s what you’ll see on the county & FEMA web site and how it corresponds,  IN GENERAL.  You will search for your property and see “Effective Flood Zone (October 2017): X”  Most of the Farms shows as a non-printed flood map boundary on the FEMA web site.

Shaded Zone X is a moderate risk areas within the 0.2-percent-annual-chance floodplain, areas of 1-percent-annual-chance flooding where average depths are less than 1 foot, areas of 1-percent-annual-chance flooding where the contributing drainage area is less than 1 square mile, and areas protected from the 1-percent-annual-chance flood by a levee. No BFEs or base flood depths are shown within these zones. (Zone X (shaded) is used on new and revised maps in place of Zone B.)

Special Flood Hazard Area (SFHA). An area having special flood, mudflow or flood-related erosion hazards and shown on a Flood Hazard Boundary Map (FHBM) or a Flood Insurance Rate Map (FIRM) Zone A, AO, A1-A30, AE, A99, AH, AR, AR/A, AR/AE, AR/AH, AR/AO, AR/A1-A30, V1-V30, VE or V. For the purpose of determining Community Rating System (CRS) premium discounts, all AR and A99 zones are treated as non-SFHAs.

FEMA Letter F after new maps issued for North Palm Beach

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So we all know that the FEMA FIRM maps were recently changed and many of us living in northern Palm Beach County may have been affected.  I’ve spoken before about storm surge and the area around the Loxahatchee River is very susceptible to this.  I personally had an interesting turn of events.  The new map shows a tiny sliver of land in my front yard in what is now a Flood Zone AE.  I called the Village of North Palm Beach and they were very helpful and I was told that literally 3 (yes 3) square feet of my front yard is now in the Flood Zone AE.  The maps are compiled based upon  survey records and aerial surveys which may not be 100% accurate down to this level so I was preparing to have a topographical survey done so as to request a Letter of Map Amendment or LOMA from FEMA.  It appears that according to the lenders that if any portion of your property is inside the flood zone then you are lumped intobeing required to have flood insurance and this is what started to happen to us.  My lender sent us a letter stating at first that we were now in a Special Flood Hazard Area, then they sent us a letter stating that since we were now in a SFHA that we would need to prove to them that we have coverage in the correct  levels or they would place the policy for us and that would cost, ready for it, $3,707.17

The funny thing is that on the same date that they sent the letter telling us that we needed flood insurance FEMA sent us a letter (Letter F)..

FEMA_Ltr_F_CMR

Which states that the rated flood zone is a B and the current flood zone is a B.  I looked up what this all means and found this Lenders Guidance Letter on the FEMA site.  The RATED FLOOD ZONE is the flood zone on which your current flood policy is based.  For myself this is a Zone B.  The CURRENT FLOOD ZONE is the flood zone you are currently in ACCORDING TO THE CURRENT FEMA FIRM MAPS.  On this same Lenders Guidance Letter it states in part…

“There is no requirement for the lender to investigate or resolve the difference between the “Current Flood Zone” and the “Flood Risk/Rated Zone”.

LOOK OUT!!!!

First, my initial search of the web said that if any portion of a property is (now) shown in a flood zone then the structure is rated for that flood zone.  This is what the banks do.  The banks use a flood zone determination company to tell them if the property is in a flood zone.  If the flood plain touches any portion of your property then these folks add you to the list of those required to obtain flood insurance.  The bank then generates a letter with a  BIG number quote to force a flood policy on you. They send out the letter that I mentioned above and they are under no obligation to fix anything and they make BIG money in doing all this.  This is where the LOMA comes in because the description for same is: “For a LOMA to be issued by FEMA to remove one or more structures from the SFHA, the NFIP regulations require that the lowest adjacent grade (the lowest ground touching the structure) be at or above the BFE.”  BFE is the Base Flood Elevation.  The Lowest Adjacent Grade is “the lowest point of the ground level immediately next to a building.”  It is up to you to pay attention.  Read these letters and understand them.  I had to send a fax with the FEMA Letter F to my lender.  I also submitted it on line to the bank.  AND I sent it to my Insurance Agent.  YOU CAN REQUEST FEMA TO SEND A LETTER TO YOU WITH THE FLOOD DETERMINATION ON IT FOR A FEE OR $80.  Do this as the first item if you do not think your property (remember, the lowest adjacent grade to the insured structure) is located.

A few things to remember.  I have flood insurance because I choose to.  If I do not speak up then the bank places the property in a flood zone where coverage is required for a conforming loan.  This costs myself and any potential property buyer money and adversely affects the property value.  Also, if I choose to carry insurance that’s my decision but at some time in the future I may foolishly decide to end coverage.  Finally, There’s a big difference in premiums for Zone B properties and Zone AE today and in the future when subsidies are removed and it affects the ability and cost to re-build.

Trevi Isles in Palm Beach Gardens now open for pre-construction pricing

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After the successful close out of the popular Trevi at the Gardens, we are pleased to announce the much anticipated opening of Trevi Isle in Palm Beach Gardens.  In keeping with Kennedy Homes,LLC’s. over 56 year tradition of Pre-Construction (now under development) opening opportunities you will save thousands and be able to select from any one of the four distinct model home designs at Trevi Isle.

price list trevi isle 11 11  <<<<=====  Click on this to see the pre-construction price list

Trevi Isle will offer 50 spacious luxury town homes featuring three and four bedrooms, 2 ½ to 3 ½ baths, two car garages, covered patios and will include many luxury standard features. By popular demand the 3 bedroom Sancia will feature a master bedroom on the first floor and the 4 bedroom Sophia will have a 4th bedroom with private bath on the first floor. 

 

 

 

 

 

 

Trevi Isle is a private gated community, a perfect at home get away where you can relax at the Oasis Pool or get a quick work out in at the exercise room, surrounded by lush landscaping and the soft sounds of the lake fountains.

Located in the much sought after town of Palm Beach Gardens, known for it’s beauty, laid back lifestyle and outdoor recreation, Trevi Isle is close to top rated schools, shopping, restaurants and minutes from the Gardens Mall and conveniently located close to the turnpike making commuting and traveling a breeze. 

Grand Residence  pre-construction pricing from the high 300’s.

In addition the first ten homebuyers will save thousands during our pre-construction savings opportunity….$7,500 toward closing fees when using Kennedy Homes ,LLC. preferred lender and  $7,500 toward luxury options ! Choose from FHA, VA and Conventional Financing. 

 

What is a 1031 or ‘Starker’ Exchange?

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This was copied from the Association of Realtors

NEW BEDFORD, Mass.  April 6, 2016  Question: Years ago, we moved to a larger home but decided to rent it out. It has been a successful investment. We are nearing retirement, and want to move to Florida in a few years. If we sell the investment property, we will have to pay a lot of capital gains tax. Someone told us we should do a Starker exchange, obtain a house in Florida and then move into it. Is this doable? – Matt

Answer: Yes, Matt, if you follow the rules, that can work. What’s a Starker exchange? It is named after Mr. Starker, who sold a property but did not have access to the sales proceeds; they were held in escrow by a neutral party. Later, he bought another property and the escrow funds went right into that purchase.

Starker claimed he did not have to pay capital gains tax on the sale because he did a Section 1031 “Like Kind Exchange,” which is authorized by the tax code. The court agreed and that gave birth to the real development of this transaction.

Congress was not satisfied with the open-ended transaction in Starker so it amended the law. Now, you have to identify the replacement property (or properties) within 45 days from the date the old property (called “relinquished property) is sold and buy the replacement property within 180 days from the date of the earlier sale. If your income tax comes due (April 15) during the 180 days, you either have to get the automatic extension or take title to the replacement property by that date.

Let’s say you sold your relinquished property on January 30, 2015, and were able to locate and take title to the replacement property on April 1, 2016. Both properties must be held for investment, but the question is “for how long?”

Nancy Grekin is an attorney in Hawaii and has written what I consider the definitive book on 1031 Exchanges. She writes: “When clients want to move into improved 1031 property I recommend they wait at least two years – the longer the better but after two years it is said by revenue agents to be ‘old and cold.'”

I have heard some tax attorneys say it’s OK if you wait one year and one day, but I would be on the safe side and wait at least two years.

Why should you consider a 1031 exchange? Contrary to popular belief, it is not a “tax free” transaction. But it does defer the tax you would have to pay. Oversimplified, the capital gains tax you save when you do such a Starker exchange will be paid if and when you sell the replacement property.

As always, I cannot provide legal advice, so please consult with your own tax and legal advisors.

First, the property transferred (the relinquished property) and the exchange property (replacement property) must be a property held for productive use in trade, in business or for investment.” Neither properties in this exchange can be your principal residence, unless you have abandoned the property as your personal house.

Second, there must be an exchange; the IRS wants to ensure that this is not really a sale and a subsequent purchase.

Third, the replacement property must be of like kind. As a general rule, all real estate is considered like kind with all other real estate. Thus, a farm can be exchanged for a condominium unit, a single-family home for an office building, or raw land for commercial or industrial property.

Frequently Asked Questions

FinCEN changes to Far Bar As-Is Contracts in Florida

There are new FinCEN reporting requirements for certain case sales in Florida and the thus the Far Bar As-Is was just updated with this: “FinCEN REAL ESTATE REPORTING OBLIGATION. Section 1031.320 of Chapter 31 of the Code of Federal Regulations (“CFR”) requires that certain residential real estate transactions without institutional lender financing, where at least […]

When is the Juno Beach Turtlefest in 2026

When will Turtlefest be held in Juno Beach in 2026? This year Turtlefest in Juno Beach, which is the annual even of Loggerhead Marinelife Center · 14200 US Highway 1 · Juno Beach, FL 33408 · USA will be held on February 21 & 22. Stop by R&R Realty in the Plaza Le Mer next […]

December and year end 2025 Jupiter and Palm Beach Gardens Housing sales numbers

Happy New Year! The Realtors Association of the Palm Beaches just released their December 2025 housing sales numbers and these are also the defacto year end numbers as well. I see the trend as going int he right direction. The key metric looking ahead is the months suuply of inventory which for houses has decreased […]

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108 Lakeshore Drive, 1441, North Palm Beach

108 Lakeshore Drive, 1441, North Palm Beach
108 Lakeshore Drive, 1441, North Palm Beach

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Enjoy sunrise to sunset views and ocean to intracoastal views from your spacious wrap around balcony at 108 Lakeshore Drive, 1441 in the Marina Tower building of Old Port Cove in North Palm Beach, Florida. This spacious 2 bedroom, 2 bathroom corner building condominium boasts floor to ceiling water views from every room. The unit has full hurricane impact slidders throughout along with accordian hurricane […]

400 Seaside Lane, Juno Beach, FL 33408

400 Seaside Lane, Juno Beach, FL 33408
400 Seaside Lane, Juno Beach, FL 33408

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400 Seaside Lane, Juno Beach, FL 33408 https://www.flexmls.com/share/Dlg0h/400-Seaside-Lane,-Juno-Beach,-FL-33408 Rare Juno Beach Opportunity - Iconic Seaside Location This is your chance to own a truly special home in the charming Key West-style enclave of Seaside, one of the most coveted streets in Juno Beach. Just steps from the Atlantic Ocean and directly across from the beloved Pelican Lake walking trail, this property offers the perfect blend of Old […]

711 7th Lane, Palm Beach Gardens, FL 33418 

711 7th Lane, Palm Beach Gardens, FL 33418 
711 7th Lane, Palm Beach Gardens, FL 33418 

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https://www.flexmls.com/share/DhDWi/711-7th-Lane-Palm-Beach-Gardens-FL-33418 Discover this gorgeously remodeled Divosta built townhouse featuring 3 bedrooms, 2.5 baths, and tasteful upgrades. Known for quality construction, Divosta delivers peace of mind, while the extensive high end renovations throughout make this Garden Lakes home truly move-in ready. Step inside to an open concept kitchen equipped with smart technologies, brand new appliances, and custom finishes. The Kitchen flows seamlessly into the Living Room, […]

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About Us

For over twenty years now R& R Realty has been helping customers buy and sell Palm Beach homes. Northern Palm Beach County is a spectacular place to live and we know every inch of it. Generally considered the end of the sub tropical zone, the Gulf Steam waters temper our climate for warm winters making for an amazing life style filled with boats, beaches, shoping, golf & convenience just 15 minutes from the Palm Beach Airport. Feel free to browse our website for more information on Palm Beach homes for sale and real estate listings including great local neighborhood maps of Juno Beach, Jupiter, Palm Beach Gardens, Singer Island and Jupiter Island. You may choose to search for Palm Beach Homes for sale on your own at first or contact us and we will help tailor a search to your specific needs. We look forward to hearing from you! If you have any questions about property for sale in Palm Beach, please call me, Chris Ryder, the owner, directly on my cell phone at (561) 818-3858.