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Vacation Property 1031 Exchange Guidelines

Great News! The IRS will not challenge whether a vacation property qualifies for Section 1031 treatment if certain specified ownership and use requirements are met. The IRS has released Revenue Procedure 2008-16, which provides definite guidelines for a safe harbor vacation property 1031 exchange. To meet the safe harbor requirements, a taxpayer, during the 24 months prior to the sale of his or her vacation home, or within 24 months after the purchase of their vacation property as a 1031 replacement property, must: 1) Rent the property at fair market rent for a minimum of 14 days during each 12- month period of the 24-month period. 2) Limit personal use of the property during each 12-month period of the 24-month period not to exceed the greater of 14 days or 10 percent of the number of days the property is rented at a fair market rent during each of the two 12-month periods. The IRS defined personal use to include: the taxpayer or any other person who has an interest in the vacation pr...
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Can Your Home Survive a Wildfire?

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Whether a home survives a wildfire is not random, nor is it a function of luck, most homes that exhibited attributes promoted by the FireSmart program -- including keeping combustible vegetation away from the house, uncluttered yards and low-flammability roofs and surfaces -- survive fires. It seems clear that the survival of homes was a function of resistance to ignition and not a random event or a matter of luck, Beyond doubt, risk mitigation (FireSmart) guidelines demonstrated their effectiveness in mitigating risk under the harshest of wildfire conditions. Most homes caught on fire as the result of embers from the forest fire landing on their property. "Based on site visits, no instances were observed where home ignition could confidently be attributed to direct contact by flames of the burning forest, and there were very few observations where home ignition was likely due only to radiant heat from the forest. Other studies have shown that embers generated by burning vege...
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Know your rights: New Foreclosure Law Changes in Colorado

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For foreclosures started after January 1 2008, the owner no longer has a post-foreclosure sale redemption right. The time allotted to the owner as a post-sale redemption period has been moved prior to the sale, giving owners a longer period of time to cure, and no right to redeem. In the new system, an owner has approximately four months to cure a default in a foreclosure of non-agricultural property, and approximately seven to eight months to cure in a foreclosure of agricultural property. Better lender responsiveness for cure figures: The new statute requires the foreclosing lender to provide cure figures to borrowers in a more timely manner. Consider a situation where shortly after a lender commences a foreclosure, the borrower files a notice of intent to cure. Under the old statute, a lender could provide cure figures as late as the seventh calendar day prior to the foreclosure sale. If, under the new statute, the borrower files a notice of intent to cure early enough so that the ...
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Patio home sales trend in Willow Creek (centennial)

Patio home sales data in Willow Creek (homes with a detached garage) 2006-2007-2008 Date Avg sale price ($) Avg days on market Avg $/SqFeet Homes Sold Jan-Jun 2006 269K 25 151 5 Jul-Dec 2006 280K 16 160 4 Jan-Jun 2007 273K 77 155 6 Jul-Dec 2007 267K 62 155 8 Jan-Jun 2008 283K 97 169 3 Data is from the MLS and includes sold listings by all participating realtors. Data is deemed reliable but not guaranteed. Please contact us for a more detailed value of your home or if you are thinking about buying a home in Willow Creek.
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Things To Do When It's Time To Sell Your Denver Home

Exterior and Curb Appeal • Experts say most buyers make their decision at first sight. General Exterior • Buyers will react well to signs your home has been meticulously maintained. • Manicure landscaping: mow, edge and water lawn, trim hedges, weed and fertilize flowerbeds, and prune trees. • Keep driveway clean and free of parked cars, and keep the garage door closed. • Repair or replace loose or damaged roof shingles. • Minimize cracks or crumbling on walkways, walls, or steps, and keep them clean and free of obstructions like toys or snow. • Items from RV’s to waste cans left out can contribute to a cluttered or busy appearance. Make sure that from the street, your property appears clear. • Inspect appearance of interior window coverings from the curb. • Repair any peeling paint of loose caulking on windows or other areas. • Take steps to eliminate insect or rodent pests. • Pick up after your pets and neighborhood animals. Doorway • While agents work the lockbox for a key, buyers h...
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