Palm Harbor, FL

Indian Bluff Island is Palm Harbor's best kept secret neighborhood. Most Palm Harbor residents have never even heard of Indian Bluff (the residents refer to it as IBI), and that includes many folks that have lived in Palm Harbor for years. Indian Bluff is a secluded neighborhood north of Alderman Road, West off of DeSoto Avenue and then West on Oceanview (the causeway to the island), just south of Wall Springs Park. Most of the homes are either on the Gulf of Mexico or on canals with easy access to the gulf. The more luxurious homes are well appointed and stunning in their own right, and feature luxurious finishes.

Many classify IBI as prestigious and exclusive, as there are many $1M+ estates on the gulf. Yet part of the charm of the island is that there are still many of the original ranch homes here, and so it's certainly got an eclectic and sometimes funky flair to it. Homes here were built anywhere from 1957 to 2008, are anywhere from 1 to 4 stores, and include many architectural styles. Most of the waterfront homes include docks, boat lifts, davits, etc. and the gulf-front homes feature unsurpassed gulf views.

Perhaps the best part of Indian Bluff living is that everyone on the island knows each other. There are the annual Christmas, Easter and Halloween events for the children, hosted on a rotating basis amongst the residents who choose to participate (and most do). Then there's the annual Indian Bluff Island Summer Slam and Fishing Tournament, with a roaring barbecue with live music in recent years. All proceeds go to support local charities. IBI is a non-deed restricted neighborhood and there's a voluntary $35 per year homeowners association.

Originally, Indian Bluff was a separate island from the mainland. In 1914, Robert Guase paid $27.93 for the entire island, as homesteading records show. It wasn't until 1957 that the causeway was built and the island was subdivided into lots and modern home development began. Sadly, there were discussions about building a community boat ramp, but they never came to fruition. However, nearby there are numerous nearby public and private boat ramps for those residents not on the water.

The Pinellas trail meets the end of the short causeway to the island, and Wall Springs Park is a block to the north. Wall Springs features playgrounds, fishing docks, trails and picnic areas. Just across the street is the renowned Innisbrook Golf Resort. There's plenty of shopping, restaurants, museums and recreational activities in the area, and major sporting events and Tampa Bay cultural activities are a short drive away. The Pinellas County schools serving the Island are highly acclaimed. The school bus picks and drops of kids at the end of the causeway, and, to make Island living just that much sweeter, a very special island resident has lovingly sat at the bus stop supervising the kids each day for more years than any of us can remember.

Contact us here or give us a call at (727)366-0324 to schedule a tour or receive the latest offerings on Indian Bluff Island.

Selling? FlatFeeMLS.HelpMeSell.com is all about smart real estate. When you choose a flat fee mls listing your property gets the same exact exposure you'd expect from a 6% listing... often much more. When your property is entered into the MLS it's automatically added to realtor.com and every local REALTOR and Real Estate Brokerage site that offers MLS search. That's right, if a local site offers MLS search you'll find your property there. Your maximum commission commission is 3% paid to the buyers agent. No buyers agent involved? No commissions due!

Buying? When searching for your next home you have so many options. By owner, foreclosure, short sale and bank owned properties (REO's). So what's the advantage to you if you find the perfect home and it's listed by a flat fee brokerage? If you're working with an agent they'll still get paid a commission (by the seller) for all the work they do to help you find the perfect home. If you don't have an agent collecting a commission the seller will often pay 3% towards your closing costs or reduce the price of their home without affecting their expected net proceeds at closing.

Flat Fee MLS Listings - go here

The #1 question on the minds of those thinking of buying a Dunedin home or a Palm Harbor home is "When will we hit bottom?". Timing the real estate market is no easier than trying to time the stock market. This graph illustrates this point.

We recently reviewed the benefits to buying a Pinellas home now. Pinellas real estate over the long term has always historically appreciated, n0t to mention there are many tax saving and intangible emotional benefits to home ownership. And whoa ..... interest rates are ridiculously low. If you're a first time homebuyer looking for an FHA loan, you've got critical timing issues to consider that can affect your wallet.

Now is the time to be investing in Pinellas real estate, because by time the bottom has been officially announced in the St. Pete Times, it will be staring at us in the rear view mirror.

Since HR3221 went into effect on July 30th, there's been enough nationwide analysis and debate to make even a Palm Harbor Real Estate professional's head spin! Today, let's focus on one wonderful little piece of that legislation - the $7,500 tax credit!

Am I Eligible?

• The $7,500 tax credit is for first-time home buyers only for any home in the U.S. If I haven't owned a home in the past 3 years, I qualify!
• I must be a U.S. Citizen and file my taxes.

Will the Palm Harbor Home I'd Like to Buy Qualify?

• Any Tampa Bay home qualifies as long as it's my principle residence.

Do I Earn to Much Money to Qualify?

• Dunedin home buyers filing as single or head-of-household can claim the full $7,500 if my adjusted gross income (AGI) is less than $75,000.
• Married couples filing jointly can double that to $150,000.
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial credit.
• Married couples filing jointly who earn between $150,000 and $170,000 are eligible to receive a partial credit.
• If my AGI is greater than the limits above, I am out of luck.

When Must I Buy My Palm Harbor Home?

• I need to have closed on the purchase of my home on or after April 9, 2008 and before July 1, 2009.

Will the IRS Write Me a Check for $7,500?

• If I pay less than $7,500 in taxes for the year, then they IRS will cut me a check for the difference. For example, if I owe $5,000 in taxes, I will pay nothing to the IRS and they will cut me a check for $2,500. Or, if I am due to receive a $1,000 refund, my refund will grow from $1,000 to $8,500. SWEET! (We'll ALL be paying for it in other ways but let's not digress!)
• If I purchased my home in 2008, the credit must be claimed with my 2008 tax return. If I plan to buy my Palm Harbor home in 2009, then I have the option of filing it either with my 2008 or my 2009 tax return.

The Catch .... Payback Provisions

• The tax credit is an interest-free loan that must be repaid over 15 years.
• The minimum repayment amount must be 15 equal annual installments. For example, if the credit amount is $7,500, then I must repay a $500 each year for 15 years.
• If I didn't take advantage of the tax credit and borrowed that same $7,500 from my mortgage lender at 6% for 15 years, I would pay $11,392.96 of interest in addition to repaying the $7,500 principle!
• I must begin repaying the credit two tax years after claiming the credit.

What Happens When I Sell My Palm Harbor Home?

• When I sell my home for a profit, then I must repay the remaining credit during the tax year I sell my home. The amount of of my repayment depends upon the amount of profit from the home sale:
  • If the profit on the sale is more than the remaining credit, then I must repay the entire remaining credit.
  • If the profit on the sale is less than the remaining credit, then I must repay an amount equal to the profit on the home sale. The remaining credit payback will be forgiven.
• If I sell the home but did not make any profit on the home sale, then the remaining credit payback will be forgiven.

Oh, The Silly Disclaimer

As always, please don't construe this article as legal, accounting or tax advice. Always contact a tax accountant for advice specific to your situation. That being said, we think you'll be hard-pressed to find a professional that says this isn't a fantastic opportunity for free money!

How Do I Get Started?

It's easy. Give us a call at (727)366-0324 or contact us here to start your Tampa Bay home search today. Of course, you can also search the MLS like a Realtor!

Immortal words, wouldn't you agree?

Do YOU make New Year's Resolutions? I do not--I prefer to start on fresh thoughts and ideas as soon as I get them--at least to go as far as writing them down for a future date when I have a chance to flesh them out a bit more. I figure, on sheer volume alone I should come up with a really great idea or two before my time's up!

In my experience, acting immediately also serves as a great way to avoid the inevitable fear and dread routine--the longer I procrastinate, the more difficult it becomes to deal with some things, so one really easy fix for that is to simply not let anything sit in the pot to marinate in that fear-bath for long.

Why not think about making this YOUR year to ACT before allowing FEAR to take over? I'm not suggesting doing things that are dangerous without thinking it through, of course, but imagine what it would be like to take the first few steps in the direction of your goals and dreams...without giving fear and loathing a chance to sink their mind-killing fangs in?

Just a thought...

And, please--do make this your BEST YEAR EVER!

Peace,

Loretta