Pre Market Sale
Maybe your once in a lifetime opportunity to, ” Sneak a Peak and make a Deal!”
You are invited to tour this gorgeous waterfront property while it is being renovated and before it comes to market. Perchance to make an offer, select colors, floor coverings, etc on this exquisite 15 acre waterfront estate. Following the architecture of historic Gunston Hall and providing sweeping views of Eastern Bay you know you’re somewhere special. Large mature trees compliment the landscaped grounds where a fountain is the focal point of the circular drive that welcomes you to come inside. 
Built of brick to withstand the elements and time the main house provides 5 bedrooms and 3.5 baths while the carriage house has an additional 3 bedrooms and 1 bath. Spacious, the main house has large rooms with intimate spaces and is well suited for entertaining or relaxing. A full walkout basement is a quick escape to the 20×40′ pool that is surrounded by Italian porcelain tiles. Water views are spectacular and sunrises are magnificent! 4′ water depth at pier. A 40×80 outbuilding offers many uses. The possibilities are endless.
Now is the time to call Jimmy for your special pre-market tour. This is your chance, “to make a deal”.
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I have been asked this a lot lately by sellers who have heard there will be an almost 4% tax on profit from the sale of their home. It is true that buried in the health care bill is a 3.8% tax, called a Medicare tax. The tax however is not levied as a straight tax on the amount you clear after expenses. The following is an excerpt from a Q and A on the National Association Of Realtors website that explains it quite well with an example.
Q-9: Will the $250,000/$500,000 exclusion on the sale of a principal residence continue to apply?
A: Yes. Any gain from the sale of a principal residence that is less than $250,000 (individual) or $500,000 (joint return) will continue to be excluded from the income tax. The new 3.8% tax will NOT apply to this excluded amount of the gain.
Q-10: Will the 3.8% tax apply to any part of the gain on the sale of a principal residence?
A: The new Medicare tax would apply only to any gain realized that is more than the $250K/$500K existing primary home exclusion (known as the “taxable gain”), and only if the seller has AGI above the $200K/$250K AGI thresholds.
So, for example, if the taxable gain was $30,000 and a married couple had AGI (which would include the taxable gain) of $180,000, the 3.8% tax would not apply because AGI is less than $250,000. If that same couple had AGI of $290,000, then the application of the 3.8% tax would be subject to the same formula described above. The $30,000taxable gain on the sale would be less than the $40,000 excess above $250,000 AGI, so the $30,000 gain would be subject to the new 3.8% tax.
This is hardly ideal for an industry struggling to recover nor is it good for homeowners selling their homes perhaps at already reduced levels due to the market conditions. Seems contradictory when just a year ago, for a short time, there were tax credits of up to $6,500 for some sellers and up to $8,500 for first time home buyers.
Regardless of the merits and politics of the Health Care initiative this tax proposal should be eliminated.
To learn more click here to go to the full National Assn Of realtors report. click here
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Prospect Bay is a private community located in Grasonville Maryland. Prospect Bay is conveniently located approximately 15 minutes from the Chesapeake Bay Bridge and about one hour from Washington D.C. It is home to the Prospect Bay Golf and Country Club. The homes are a mix of waterfront and waterviews on Eastern Bay, Prospect Bay and Greenwood Creek as well as homes situated along the golf course.
Jimmy White is a resident of Prospect Bay and takes much pride and pleasure in specializing in home sales in this special community. For a complete tour of the community, country club and facilities and to see any of the homes currently available in Prospect Bay contact Jimmy direct at 410-320-3647 or by email at jimmywhite@longandfoster.com.
Follow the links below to see homes currently for sale in Prospect Bay as well as for more information on the Prospect Bay Country Club.
CLICK HERE for a listing of homes for sale in Prospect Bay.
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Long And Foster Real Estate is pleased to announce that Queenstown resident Gary Booth has joined the real estate team of Jimmy White at their office on Kent Island. Booth, who is experienced in auction and foreclosure property, will provide services to investors and end use buyers looking for the exceptional opportunity that distressed business and residential auctions can offer.
Booth comes to the team with years of entrepreneurial and sales experience as a successful businessman and has focused most recently on this specialized aspect of real estate. Booth says he decided on Long And Foster because of the strength of the company and support they provide to their agents and real estate customers. He chose the Jimmy White team for the strength of the Jimmy White Homes brand and the synergy achieved from matching what he does with auctions and what Jimmy does with retail. “Jimmy continues year after year to be the top team in the Queen Anne’s County area and I have been very impressed with his marketing savvy and especially his use of the internet”, said Booth.
White says that the market on the eastern shore has not been hit as hard as other parts of the country but as a result of overall economic conditions there has been an up-tick in homes in Maryland going to foreclosure. “It is very difficult for an individual buyer or investor to stay on top of what is gong to be auctioned and when it is going to be auctioned. What we will be providing is that necessary assistance to identify a property for a client, track it, and handle the bidding and settlement process.
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