David Fedeles, St. Croix Real Estate

Coldwell Banker St. Croix Realty

1031 Exchange Tax Strategy

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The following is an article from the Coldwell Banker St. Croix Realty April 2017 Newsletter:

It’s tax time. If you talk to real estate investors, many are doing 1031 Exchanges. A tax-deferment strategy, a 1031 Exchange allows sellers to postpone recognition of capital gains if they purchase a like-kind property (or properties—and “like-kind” doesn’t mean land for land or a condo for a condo. As long as it’s an investment property, it can work.) with profits from their sale. Rules apply, and sometimes the rules change.
In his Real Wealth Network article “How To Do a 1031 Exchange: Important Rules and Definitions to Know for 2017,” Ben Erik Smith explains the procedure. He also advises use of a 1031 Exchange facilitator. You may speak to one of our excellent St. Croix attorneys about this because many have been involved in these transactions.
Takeaways:
  • A 1031 Exchange pertains to investment or business properties only.
  • “Like-Kind” means you swap a property for another investment or business property. You may exchange a rental house for a commercial space.
  • The purchase price and the loan amount on the new property must equal or surpass that of the replaced property.
  • You must identify a like- kind property or properties within 45 days of your original closing.
  • You must purchase the new property within 180 days of your closing.
  • The title holder must match on both the old and new properties.
  • The IRS permits partial 1031 Exchanges when the new property is of lesser value; you pay capital gains taxes on the difference.
Note: 1031 Exchanges are not limited to real estate transactions.

An Active Real Estate Market on St. Croix

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A recent article, Caribbean Luxury Real Estate Market Sees Hopeful Signs, references the Caribbean Insight 2016 report when stating that “major markets in the Caribbean are looking attractive again for investors.” While the report assesses only a handful of the Caribbean’s second-home destinations, we’re feeling positive about St. Croix’s market conditions as well.

We have definitely seen an uptick in residential and condo sales, as the  most recent stats show.

As an overview, the residential market has been most active in the $400,000-$800,000 with well-priced inventory moving in a matter of weeks. Further, condos priced right are also seeing offers quickly after going on the market. We listed F13 Coakley Bay for $329,000 and it was under contract within 17 days. Similarly, Plot 7 Boetzburg was listed for $779,000, received an acceptable offer in 50 days, and closed in a total of 70 days for $725,000 cash.

We have seen an uptick in pricing as a result of this activity as well. All indicators are that we will have an active real estate market during our peak winter season. Call (340-778-7000) or email Team Fedeles for a market evaluation and to discuss your specific goals!

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Coldwell Banker St. Croix Realty 2016-17 Magazine

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Coldwell Banker St. Croix Realty recently published our 11th annual magazine showcasing homes, building sites and commercial properties available through me and my talented colleagues. Whether you’re in the market for real estate on St. Croix or merely daydreaming about life in paradise, pick one up while you’re out and about on the island or browse the Virtual Magazine. When you’re ready to turn your dreams into reality, we’re here for you!

Coldwell Banker St. Croix Realty Magazine

Coldwell Banker St. Croix Realty Magazine

Coldwell Banker St. Croix Realty Magazine

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Coldwell Banker GenBlue Conference

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Coldwell Banker GenBlue
With colleagues at GenBlue

A group of colleagues from St. Croix and St. Thomas attended the Coldwell Banker GenBlue Conference in Miami for some professional development from the best of the best in real estate. GenBlue is a global gathering of agents, brokers and industry leaders.

Coldwell Banker Previews Certification
Jenny (left), Wendy (right), David (center)

One of my favorite sessions was led by two top Coldwell Banker brokers, Jenny Ames from Chicago and Wendy Walker from Phoenix. This invitation-only event was part of the Previews certification, which focuses on Luxury Real Estate. Jenny Ames shared her experience of developing a strong luxury strategy for her market in Chicago with a full complement of power-house players. A fellow Previews certification attendee also from Chicago, Joe Kotoch with Coldwell Banker Residential Brokerage in Lincoln Park, shared a unique story of selling a large home to a Chicago Cubs player; his sports agent background certainly worked wonders for him! I am looking forward to implementing these ideas back home on St. Croix for our luxury market.

I also enjoyed spending time with Jade Mills, one of the top Brokers in all of Coldwell Banker, from Beverly Hills. It’s an honor to be part of such a talented and worldly network of real estate professionals.

David and Jade Mills, top broker with Coldwell Banker
David and Jade Mills, top broker with Coldwell Banker

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The Contessa’s Castle is for Sale

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Perhaps the most well-known property on St. Croix, the Contessa’s Castle is now on the market for a mere $15 million.

Countess Nadia de Navarro-Farber was born to a noble family in Bulgaria. She was a musical comedy star that charmed movie-goers in Bulgaria and Hungary prior to her first marriage to a Spanish Count. After his death, she moved to New York where she was well-known as a philanthropist. Her second husband was a developer and together they built more than 30,000 homes on Long Island. She continued managing the residential and commercial real estate business on Long Island after being widowed a second time. She is remembered for generous donations to the Mather Hospital and to the community — in 1991 the Contessa Nadia Farber Emergency Pavilion was dedicated in appreciation of her generosity.

The Contessa personally designed the Moorish-style castle on St. Croix’s East End. She spent four months a year on our beautiful island before her death in 2014. She has been described as

an individual who through hard work, perseverance and dedication improves the quality of life for members of the local community as well as the world community while displaying grace, determination, lending motivation and enthusiasm to all.

Her fairytale estate is set on 102 acres with a gatekeepers cottage, a swimming pool, lush landscaping, beachfront property, a private pier, pristine valleys and hillsides, and stunning views in all directions. If you’ve ever driven east toward Point Udall, you’re surely gazed in awe at the Castle on the hill.

"The Castle" 13 North Slob EB, St. Croix, USVI
“The Castle” 13 North Slob EB, St. Croix, USVI

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About David Fedeles

Twice voted Best Real Estate Broker on St. Croix. Coldwell Banker President's Circle three years in a row. Read More…

St. Croix and New York

David Fedeles is a licensed real estate broker in both St. Croix USVI and New York. If you are looking for your dream home in America’s Paradise, David is ready to work with you!

Contact David Fedeles today!

Tel: 340-778-7000
Cell: 340-690-4665
[email protected]
Office Location:
Coldwell Banker St. Croix Realty | Gallows Bay Mkt
5030 Anchor Way, Suite 12 | Christiansted, VI 00820