Keeping afoot of the real estate world is more fun with your toes in the sand"

HAPPY SPRING!
As the perfume of citrus blossoms fill the air, we are reminded of the beauty of Indian River County and why we are so lucky to call Vero Beach home. The market has begun to come out of its post-hurricane paralysis with lots of new inventory and buyers ready to snap up well priced properties. Enjoy our thoughts on industry trends of note and remember to call the experts at Charlotte Terry Real Estate when you or your friends are in search of that dream piece of Vero property!

Travelin’ Tales: St. John’s Boat Cruise:
Our favorite intrepid traveler Charlotte Terry reports that her recent trip on a St. John’s Riverkeeper Boat Cruise was ‘fabulous’ and a must for all persons interested in exploring this Florida treasure. In addition to meeting a host of interesting fellow passengers, wildlife sightings included many species of fish and birds. Hosted by experienced naturalists, the Riverkeeper’s mission is to advocate for the education and preservation of this important resource. Prices include day trip excursions, accommodations and some meals. Check out www.stjohnsriverkeeper.org -- you'll have a fabulous time!

Investment Update: 1031 EXCHANGE RULES
Tax-deferred exchanges are great ways to postpone capital gains taxes on your investments. But be sure you follow the rules. The below is an abbreviated version of rules relating to 1031 exchanges. Please call us at 234-8500 or write insider@CharlotteTerry.com for a complete documents with greater detail.

1. Exchanges can only be used for investment properties.
   
   
2. Exchanges must be made between like-kind properties.
   
   
3. To meet the Internal Revenue Service guidelines for an exchange, you must identify the replacement property for the one you exchange within 45 days of the initial property transfer date.
   
4. You must close on the replacement property within 180 days from the initial transfer date of your property with the other property.
   
   
5. If the property exchange isn’t simultaneous, you must use a qualified intermediary – often a bank or any attorney – to hold the money until the other part of the exchange is complete.
   
   
6. If you end up with cash to event out the value of the two exchanged properties – often called a boot – that cash is taxable at current capital gains rates.
   
   
7. All exchanged properties must be located in the United States.
   
   
8. If the property you receive in exchange is from a person related to you and you then sell the property within two years, the original exchange won’t qualify for deferred gains.

Note: like-kind exchanges can be very complex. Failure to follow the rules can result in a disallowing of the exchange. Check with an attorney or other investment professional when considering a 1031 exchange.
Courtesy, REALTOR® Magazine, March 2005