But do you know whether your home is rated as a “Walkers Paradise” or “Car Dependent”? Do you know how each of those ratings increases or decreases your home value?

Walk Score rates locations based on how walkable they are. They take into consideration walking distance from a specific address to services, art galleries and museums, clubs and nightspots, shopping, restaurants and delis, everything you need to live without a car.

So, What’s your Walk Score?

To take advantage of the information about a location’s walkability, just enter a street address on the Walk Score website. The site will populate a map of venues within walking distance on a map, and rate the walkability of the location. The Walk Score ratings are:

90-100 Walker’s Paradise – Daily errands do not require a car.

70-89 Very Walkable – Most errands can be accomplished on foot.

50-69 Somewhat Walkable – Some amenities within walking distance.

25-49 Car-Dependent – A few amenities within walking distance.

0-48 Car-Dependent – Almost all errands require a car.

According to Walk Score, the following characteristics make a community walkable:

•Walkable neighborhoods have a discernible center, whether it”s a shopping district, a main street, or a public space
•The neighborhood is compact enough for local businesses to flourish and for public transportation to run frequently
•Housing is provided for everyone who works in the neighborhood: young and old, singles and families, rich and poor
•Businesses and residences are located near each other
•There are plenty of parks and public spaces
•Schools and workplaces are close enough that most residents can walk from their homes

Pedestrian friendly communities are good investments. They benefit residents, local businesses and investors alike. Real estate experts believe that as communities become more walkable and livable, they simultaneously become more prosperous.

The financial impact of a higher Walk Score on property values can be substantial. According to a 2009 report by CEOs For Cities on “How Walkability Raises Home Prices in US Cities”, one point of Walk Score can raise the value of a home by as much as $5,260.

Walkability and Walk Score should become part of your home buying vocabulary.

How a Walk Score Rating Increases Real Estate Values is a post from: Cranewoods Development LLC

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ENR is the leading news magazine for engineers in the construction industry in America and they rightly point out, “For developers able to roll with the recession’s punches, some new activity in markets this fall has owners and lenders finally mustering some optimism and cautiously returning to the fray.”

The article points out that Cranewoods rolled with the punches by realizing their expertise in construction and real estate development financing was needed by troubled investors, lenders and borrowers. Cranewoods began consulting long before the world’s economic troubles but their unique knowledge was in greater demand when so many projects and loans had to adjust to the changing economic conditions.

 The article calls Cranewoods a “poster child of survival” and quotes Andrew Howe on how it adjusted.

“When a local bank brought Howe aboard as a consultant on a stalled condo project in Jacksonville last year, “a light- bulb went on,” he says. Cranewoods took over the project, resurrected construction and brought the eight-story condo project to completion. The strategy that worked was “putting together a plan where everyone loses something, but no one loses everything,” Howe says.”

………..

“Having both construction and development experience is what kept us in the game,” he says, even though the projects presented some challenges. “[Taking over] half-finished projects is a specialized field,” he says. “Since the time when those projects were initiated, the markets had changed, which required we make design changes. We’re now in the business of fixing broken projects.”

As they say, go read the whole thing HERE

Cranewoods featured in Engineering News Record (ENR) is a post from: Cranewoods Development LLC

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Jacksonville, FL (PRWEB) March 25, 2010 — Florida real estate developer Cranewoods Development announced the sellout of their award winning loft project, The Chelsea, in the Riverside Historic District of Jacksonville Florida.

The Chelsea was the first of its kind in the area, combining classic exterior architecture with cutting edge contemporary interiors. Located in a highly walkable neighborhood, with cutting edge urban loft details like wide open spaces, stained concrete floors, quartz countertops in contemporary kitchens and artistic details like glazed tile entry walls; The Chelsea Lofts only reveal themselves when inside the classic turn of the century Florida styled exterior. The project was the recipient of four design and construction awards including recognition for the best architecturally compatible new construction by the Jacksonville Historical Society.

“We felt the Jacksonville market really wanted an ultra contemporary urban loft option, and Riverside, with its convenience and walkability, was the perfect location,” said Andrew Howe of Cranewoods. “To sell out the lofts in these tough economic times, shows we were right.”

This year, condominium sales across Florida are up 80% over the same time last year and Howe believes quality projects in mixed-use locations are in an even better position. “Many suburban areas and vacation spots will see further challenges in the near term but there’s real demand for well built innovative design in the urban core. People want the conveniences and realize they won’t be sacrificing quality of life,” Howe says. He points to changing demographics and changing needs. “The younger workforce and empty nesters don’t want to live miles from work or a grocery store. They want to park their car all weekend if not all week.”

Those changes, Howe points out, are true whether you are talking about Jacksonville Florida or Cincinnati Ohio. Cranewoods provides its real estate consulting services to both markets. “Those are national trends. Not local or regional ones,” he states, and emphasizes that the current economy may adjust the trend but does not stop it.

Developers and sellers still face a number of hurdles in selling no matter the quality and location. Howe explains, “There’s an abundance of housing in a deep recession and there’s no getting around that. Sellers, lenders and investors need every tool available: renegotiating loans, price cutting, new ways to market…the list goes on.”

Cranewoods has a reputation for creating architecturally unique projects in high demand walkable neighborhoods. Beyond development, their services include consulting to investors, banks and other developers on nearly every aspect of a project from financing and pre-design to distressed loan workouts and marketing.

 About Cranewoods Development:

Andrew Howe, President of Cranewoods Development, is an award winning developer, general contractor and real estate consultant with over 35 years experience. Cranewoods offers full service real estate consulting to lenders and investors. Services include: development consulting, bank loan workout solutions, court appointed receiver, turn-key development management, construction management and general project problem solving. To explore Cranewoods further, visit: Cranewoods Development: Real Estate Development, Consulting, Construction Management – Jacksonville, FL | Cincinnati, OH.

Website: Cranewoods.com

PH: 513-257-0749 | 904-758-3434

Florida Developer Announces Sellout of Award Winning Jacksonville Historic District Loft Project is a post from: Cranewoods Development LLC

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For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.

The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more.

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before Dec. 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home. Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.

Q. Can I apply for the credit if I bought a vacation home or rental property?

A. No. Vacation homes and rental property do not qualify for this credit.

Q. Who is considered to be a first-time homebuyer?

A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase.

Q. How do I apply for the credit?

A. The credit is claimed on new IRS Form 5405, First-Time Homebuyer Credit, and filed with your 2008 or 2009 federal income tax return.

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

Q. I purchased a home that qualifies for the first-time homebuyer credit. I will be renting two of the bedrooms and reporting the rental income on Schedule E. Will I still qualify for the credit if I use the home as my principal residence?

A. Yes, if you meet all first-time homebuyer eligibility requirements. See Form 5405, First-Time Homebuyer Credit, for more details.

Q. If two unmarried people buy a house together, how do they determine how much each may take of the credit?

A. IRS Notice 2009-12 provides guidance for allocating the first-time homebuyer credit between taxpayers who are not married.

Q. I am a single co-owner of a home. How do I get this credit?

A. Depending on the year of purchase, you will claim the credit on either your 2008 or 2009 federal income tax return.

Q. I don’t owe taxes and/or my income is exempt from tax and I do not have a filing requirement. Do I qualify for the credit?

A. The credit is fully refundable and, if you qualify as a first-time homebuyer, having tax-exempt income will not preclude eligibility. Although there are maximum income limits for qualifying first-time homebuyers, there are no minimum income criteria. Thus, someone with no taxable income who qualifies as a first-time homebuyer may file for the sole purpose of claiming the credit for a refund.

Q. Does the first-time homebuyer credit apply to homes located in the U.S. Territories?

A. No.

Q. Would I be considered a first time homebuyer if I owned a principle residence outside of the United States within the previous three years?

A. Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the credit for a purchase within the United States.

Q. If qualified, are homebuyers required to claim the first-time homebuyer credit?

A. No.

Q. Does previously inheriting a home and living in the inherited home automatically disqualify an individual as a first-time homebuyer with respect to a different home that is purchased; within the prescribed 2008 and 2009 time frames?

A. Yes, an ownership interest in a prior principal residence would preclude the taxpayer from being considered a first-time homebuyer. As long as the taxpayer owned and used the prior home as his principal residence; then he is not a first-time homebuyer. There is no exception for taxpayers who did not buy their prior residences.

Q. Is a step-relative considered a related party?

A. Step-relatives are neither ancestors nor lineal descendents and are therefore not related persons for purposes of the first-time homebuyer credit.

Q. If I claim the first-time homebuyer credit in 2009 and stop using the property as my main home before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it?

A. If, within 36 months of the date of purchase, the property is no longer used as the taxpayer’s principal residence, the taxpayer is required to repay the credit. Repayment of the full amount of the credit is due at that time the income tax return for the year the home ceased to be the taxpayer’s principal residence is due. The full amount of the credit is reflected as additional tax on that year’s tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit.

Q. If a person does not actually make the payments on a home that’s their primary residence, but the deed and mortgage documents are in their name, can they be considered a first-time home buyer?

A. Yes. If a taxpayer purchases the home to be used as a primary residence from an unrelated person and has not owned a home within the previous 36 months, the taxpayer is eligible for the first-time homebuyer credit regardless of who makes the mortgage payment.

Q. Do taxpayers affected by Hurricane Katrina; or other disasters qualify as first-time homebuyers if their principal residence (i.e. main home) became uninhabitable more than three years ago and they have not formally disposed of the uninhabitable home or purchased or built a new home in the interim?

A. A first-time homebuyer is an individual (and the individual’s spouse, if married);who has not had an ownership interest in a principal residence within the meaning of Section 121 of the Internal Revenue Code during the three years before the date a new principal residence is purchased. Applying Section 121, a taxpayer can be a first-time homebuyer if the taxpayer has not owned and used a property, a principal residence at any time during the three years before the date of purchase of the new residence. Taxpayers affected by Hurricane Katrina who have owned but not used their property as a principal residence within the last three years may be eligible for the first-time homebuyer credit when they purchase a new principal residence.

SOURCE: Internal Revenue Service Newsroom

$8,000 First Time Homebuyer Tax Credit Explained is a post from: Cranewoods Development LLC

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Some of the best investments can be found in oceanfront homes, beachfront and oceanfront condominiums and contemporay lofts.

The advantages of investing in real estate as a group include:

• Spreading the investment between several people to minimize cash outlay
• Opportunity to use the property for vacations
• Income potential for waterfront rentals
• Immediate equity by purchasing property at a discount from the developer

Cranewoods” properties are perfect candidates for group investors. In addition to providing great values, unique projects and fantastic locations, Cranewoods can assist the groups in structuring their relationship through referral to attorneys and accountants that are familiar with that area of practice. The result is a painless method for group investing.

Groups Investing in Real Estate is a post from: Cranewoods Development LLC

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So just what is Property Tax Portability?

A new Florida law allows residents that are moving from one primary residence to another to bring the built-up property tax benefits on the assessed value of their existing home along with them to their new home. This can mean up to a $500,000 decrease in the taxable value of the new home, and a huge annual property tax savings.

Florida primary residences are protected to a maximum percent increase in the assessed value each year by legislation known as “Save Our Homes”.

Without the portability provision, if you moved you lost all of the assessed value savings created by Save Our Homes and your new home was assessed at current market value. The Portability Amendment literally made that tax savings “portable” so you can now transfer up to $500,000 of your accrued Save Our Homes benefit to your new home.

EXAMPLE: You sell your current Florida Homestead that has an Assessed Value of $200,000 and a Just (Market) Value of $350,000. $350,000 – $200,000 = $150,000 in Tax Benefit. You buy a new home for $400,000. The $150,000 SOH tax benefit is applied to the new homes Just (Market) Value to creates a lower Assessed Value.

So if you own a home in Florida and are looking into downsizing to a condo or if you have been living inland and want to take advantage of the great waterfront property prices on the coast, a dramatic change in property taxes may not be something to worry about. Those homeowners who sell one home in order to move into another full time, will find that the taxes on their new property are adjusted to reflect the savings from their old home.

Florida Property Tax Portability Explained is a post from: Cranewoods Development LLC

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In a 1031 tax free exchange a real estate investor can sell an appreciated property and invest the sale proceeds in a like kind property. By investing the real estate profits in a new property purchase, the taxes on the gain are deferred. A financial institution that is knowledgeable in 131 tax free exchanges should handle the transaction to make certain that all regulations are complied with. This is a valuable tool for the preservation of cash and equity in the appreciated real estate.

Real estate investors will find oceanfront condos, downtown lofts, apartment projects, apartment conversion candidates and office buildings, all worthy of considering for the reinvestment of 1031 proceeds.

Condos provide supply and demand upsides and a wide variety of potential future buyers including homeowners, vacation homeowners and investors.

Downtown lofts offer unique loft designs, proximity to  downtown business districts and lively downtown neighborhoods.

Apartment buildings and offices, particularly in high demand areas like historic districts, present the opportunity for positive cash flow and future equity appreciation.

When zoned CRO, which allows a building to be used for residential, commercial or office purposes, apartment building have the additional value of being able to be converted to offices. Small apartment buildings zoned CRO in historic neighborhoods are prime candidates and highly sought after by real estate investors looking for 1031 exchanges.

A 1031 exchange can save a real estate investor a great deal of cash.

Investing in Real Estate through 1031 Exchange is a post from: Cranewoods Development LLC

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St Augustine, FL (PRWEB) May 28, 2009 — Drastically reduced St. Augustine Florida Waterfront Lots are now available from Florida real estate developer  Cranewoods Development. The new Short Sale Pricing of $1.1 million for all six lots is $3.4 million less than the actual cash invested in the real estate due to a Pending Foreclosure. 

Permits, engineering and approvals are in place for this Florida development property, located in the private Davis Shores community and within walking distance to scenic Old St. Augustine, restaurants, deep-water marinas, shopping and more. This unique site offers fantastic long-range views of the Atlantic Ocean and is surrounded by the waters of Salt Run, the Matanzas River and St. Augustine Inlet. 

“This is a rare opportunity to gain entry into the St Augustine Florida waterfront market at a rock bottom price,” said Cranewoods Realty’s Kristin Fanning. “This property is particularly unusual because of the number of exit strategies it has without the need for rezoning. The lots can be sold off individually, or used as they are assembled”. The lots are zoned multi-family, which gives them an additional height allowance allowing three stories. Options for the property include single family homesites, duplex sites, townhome and condominium developments. 

The property’s waterfront location is one of the most desirable areas of Florida real estate, near St. Johns County’s center of historic, cultural and recreational activities. Forty miles of nearby beaches, boating, fishing, championship golf at the World Golf Village — Fanning adds “this St Augustine real estate has everything an investor, full-time resident or vacation homeowner is looking for.” The location also offers easy access to the region’s major airports, including Jacksonville International, Daytona Beach International and Orlando International.

 About Cranewoods Development     

Andrew Howe, president of Cranewoods Development, is an award winning developer, general contractor and real estate consultant with over 35 years experience. Cranewoods offers full service real estate consulting to lenders and investors. Services include: development consulting, bank loan workout solutions, court appointed receiver, turn-key development management, construction management and general project problem solving. To explore Cranewoods further, visit: Cranewoods Development: Real Estate Development, Consulting, Construction Management - Jacksonville, FL | Cincinnati, OH.

Website: Cranewoods.com PH: 513-257-0749 | 904-758-3434

Short Sale Pricing on Six St. Augustine Florida Waterfront Lots Pending Bank Foreclosure Announced By Cranewoods Realty is a post from: Cranewoods Development LLC

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Jacksonville Beach, FL (PRWEB) May 26, 2009 — Discounts of nearly 20 percent from original sales prices are now available on newly released bank owned condominiums. Jacksonville Beach Florida real estate developer Cranewoods Realty announced the new pricing in tandem with its release of five of the new North Florida ocean view condos in Jacksonville Beach. The recently announced prices are below February 2008 appraised values. 

Located near the oceanfront at the northern end of Jacksonville Beach near the Neptune Beach city limit, Serena Point includes just 17 residences in a seven-story, architecturally distinctive community. Residents enjoy direct beach access and ocean views from every window. Serena Point amenities include a fitness center, gracious two-story lobby, garage parking under the building, bike storage room and climate-controlled storage units for each residence.

Through March 2009, six of the bank owned residences have been closed and sold. Seven bank-owned units are currently available. 

“It’s almost unheard of to find this level of ocean view quality at prices starting in just the $400s.”said Cranewoods Realty’s Kristin Fanning. “This is the type of discounted ocean view property that Florida real estate buyers should be looking to purchase in today’s market.” 

Located on a barrier island between the Intracoastal Waterway and Atlantic Ocean, the area has nearly 50 miles of coastline that offer some of the best water sport activities in the Southeast. Just west of Jacksonville Beach, the metropolitan city of Jacksonville, a major hub of industry, employment and cultural activities, is an easy commute from Serena Point. With its uncrowded shoreline and year-round outdoor recreation options, Jacksonville Beach and its neighboring oceanfront communities of Neptune Beach, Atlantic Beach and Ponte Vedra Beach are increasingly attracting the attention of homebuyers and investors seeking affordable Florida oceanfront real estate. 

About Cranewoods Development     

Andrew Howe, president of Cranewoods Development, is an award winning developer, general contractor and real estate consultant with over 35 years experience. Cranewoods offers full service real estate consulting to lenders and investors. Services include: development consulting, bank loan workout solutions, court appointed receiver, turn-key development management, construction management and general project problem solving. To explore Cranewoods further, visit: Cranewoods Development: Real Estate Development, Consulting, Construction Management - Jacksonville, FL | Cincinnati, OH.

Website: Cranewoods.com PH: 513-257-0749 | 904-758-3434

Cranewoods Realty Announces Bank-Owned Ocean View Condos in Jacksonville Beach Released at Deep Discounts to Previous List Prices is a post from: Cranewoods Development LLC

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Jacksonville, FL (PRWEB) March 24, 2009 — Jacksonville lofts are now available at bank-approved Short Sale pricing at The Chelsea Lofts in Jacksonville’s storied Riverside/Avondale historic district. Winner of four design awards for historically compatible design and construction, The Chelsea Lofts’ price per square foot is nearly $100 less than other residences in the area, and two lofts have been sold between December 2008 and February 2009. Only a select few residences remain. New price reductions are anticipated to clear out the short sale inventory within the next couple of months. The Developer has also released a hand full of lofts now available for rent. 

The project, priced below developer construction costs, was recently completed by Jacksonville-based HCM Construction, the winner of numerous awards for its distinctive condominium and hotel projects. 

These North Florida condominiums are in the heart of one of Jacksonville’s most pedestrian-friendly neighborhoods. Residents in the area enjoy easy access to unique shopping districts, museums and galleries, and some of the city’s most popular restaurants, clubs and nightspots. The neighborhood is just a short drive to business centers and recreation in downtown Jacksonville. 

“Lofts in walkable, multi-use settings are the wave of the future and in demand today,” says Kristin Fanning of Cranewoods Realty. “At the Chelsea, homeowners may actually park their cars on Friday after work and not need them again until Monday morning, if then.” Fanning adds that “this is an exceptional opportunity to acquire Florida real estate at short sale pricing.” 

The Chelsea Lofts’ cutting-edge, modern interiors include open floor plans, 10-foot-plus ceilings and contemporary finishes. These stylish units also include concrete floors, exposed spiral ductwork and mechanical systems, and flexible lighting grids. Each loft offers private, spacious balconies with views of the historic district, pre-wiring for high-speed Internet access and flat-screen TVs, modern stainless kitchen appliance packages and much more. Buyers may choose from three professionally designed modern finish palettes and optional free-standing screens. 

Convenient to the bohemian Five Points shopping and dining district, St. Johns River and metropolitan Jacksonville, The Chelsea Lofts are a unique choice in North Florida real estate. As prime Jacksonville investment property now available at substantially reduced prices, the development offers excellent rental income opportunities in a desirable neighborhood. 

About Cranewoods Development     

Andrew Howe, president of Cranewoods Development, is an award winning developer, general contractor and real estate consultant with over 35 years experience. Cranewoods offers full service real estate consulting to lenders and investors. Services include: development consulting, bank loan workout solutions, court appointed receiver, turn-key development management, construction management and general project problem solving. To explore Cranewoods further, visit: Cranewoods Development: Real Estate Development, Consulting, Construction Management  – Jacksonville, FL | Cincinnati, OH.

 Website: Cranewoods.com PH: 513-257-0749 | 904-758-3434

Jacksonville Lofts Now Released at Bank Approved Short Sale Pricing by Florida Real Estate Developer Cranewoods Development is a post from: Cranewoods Development LLC

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