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You are here: Home / Archives for Randy Tibbetts

LEASED 1740 Turnpike 102 Superior Rate Mortgage

January 27, 2021 by Randy Tibbetts

Tibbetts Real Estate Group has leased 5700 square feet of commercial office/retail space to Superior Rate Mortgage of New England. Matt Rassetta of Superior Rate Mortgage moved his growing mortgage business into the space over the first few weeks of January.  Superior Rate previously was located in the Willows office complex on Rt 114. Their business has been steadily growing and expanding with the historically low interest rates.

The space located in the previously well known “Girl Scout Building” was completely renovated and remodeled over the past 24 months. The exterior remains much the same with the timeless brick facade but the interior has been reworked into a modern and upscaled work space. There is currently one smaller space still available consisting of approximately 1700 square feet.

Filed Under: Real Estate Tagged With: Leased, Rt 114 North Andover, turnpike st

National Market Update

January 7, 2021 by Randy Tibbetts

NATIONAL MARKET UPDATE

November Pending Home Sales came in 16.4% higher than a year ago, the highest November on record. But the index of contracts signed on existing homes did slip a bit for the month due to tight inventories.

An online real estate data base reports year-over-year sales from September to November were up 6.8% for lower priced homes, up 14.8% for mid-priced homes, and up a whopping 60.7% for luxury homes.

Andover MA luxury homes

For 2021, experts see more home sales, driven by three tailwinds: low mortgage rates; demand from millennials, the largest demographic group in history; and more inventory, as home building grows and sellers come back to the market.

REVIEW OF LAST WEEK

YEAR ENDS AT ALL-TIME HIGHS… 2020 ended with the S&P 500 up 16.3% and the Dow up 7.3% for the year, each at record highs. Though not setting a record, the Nasdaq was up 43.6% on the year, its best performance since 2009!

The stock market is a leading indicator of where the economy is going, and investors are telling us things are looking up. President Trump’s signing of the $900 billion stimulus bill helped boost the mood.

North Andover MA multi family

Initial jobless claims came in below the prior week, while continuing claims fell to their lowest level since March, but we still have a long way to go. Forecasts call for economic growth to slow in Q1, then recover.

The week ended with the Dow UP 1.3%, to 30,606; the S&P 500 UP 1.4%, to 3,756; and the Nasdaq UP 0.7% to 12,888.

Bonds overall finished the final week of the year modestly higher, with the UMBS 3.0% up .10, to $104.77. In Freddie Mac’s latest Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate barely rose from last week’s record low. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

Filed Under: Real Estate

Misconceptions 1031 exchange

November 20, 2020 by Randy Tibbetts

For 2020, here are our latest top 10 misconceptions we’ve found that the public has about 1031 Exchanges.

COVID-19 pandemic 1031 Extensions
Replacing Debt
The Term Like-Kind
Vacation and Second Homes Qualify
Reverse Exchange
Partial Exchange
Qualified Intermediary Advice
Identification Rules
Timing Deadlines
Loans, Equity & Tax Basis

COVID-19 Pandemic 1031 Extensions

IRS issued extensions that were granted for the 45 day Identification and 180 day exchange period for the COVID-19 pandemic are still in place
FALSE Misconceptions 1031 exchange
IRS extensions granted due to the COVID-19 pandemic ended July 15, 2020. Sign up here to be notified if the IRS grants further extensions. Be sure to check out our Coronavirus 1031 Resource page for the latest news.
Helpful link: Covid-19 1031 Exchange FAQs

Replacing Debt

You must replace the debt that you had on the Relinquished Property with at least the same amount of debt on the Replacement Property
FALSE Misconceptions 1031 exchange
Many taxpayers (and tax advisors) are under the misconception that the IRS mandates that they must have equal or greater debt on their 1031 Exchange Replacement Property (property they are purchasing). You do need to replace the VALUE of the debt paid off on the Relinquished Property. However, the debt does not have to be replaced with debt. The exchanger can always bring their own cash (from outside of the 1031 Exchange) to the closing table for the Replacement Property to offset any reduction in debt, or use other options.
Helpful link: See examples at Replacing debt in a 1031 Exchange

The Term Like-Kind

“Like-kind” is restricted to the same kind of real estate which means I must exchange the same type of property, for example, an apartment building for another apartment building
FALSE Misconceptions 1031 exchange
The term “like-kind” refers to the nature or character of the property, not its grade or quality. For this reason nearly all real property is like-kind to all real property, meaning that you can exchange an office building for an apartment complex, a strip mall, a warehouse, single family rental properties or even vacant land.
Helpful link: See what is qualified like-kind property?

Vacation and Second Homes Qualify

Vacation or second homes qualify for 1031 Exchange tax deferral
SOMETIMES
You can sell your investment real estate and reinvest the gain, tax deferred, to purchase your vacation or second home, however the challenge is making sure it will qualify as a 1031 investment property. Certain requirements must be met. Click the links below for details.
Helpful links: Do Vacation and Second Homes Qualify?
How to Buy Your Vacation Home with a 1031 Exchange
Strategically Buying Your Dream Vacation Home with a 1031 Exchange

Reverse Exchange

In a Reverse Exchange, it’s as simple as buying new 1031 Replacement Property first, as long as my Relinquished Property is sold within 180 days
FALSE Misconceptions 1031 exchange
In concept the Reverse Exchange is simple, but in execution, there are details and rules that must be followed. In a Reverse Exchange, you cannot own your Replacement and Relinquished Properties at the same time. Many do not realize that that title to their new Replacement Property must be “parked” with an EAT (Exchange Accommodations Titleholder) until their old Relinquished Property is sold. It takes considerable time to properly structure and execute a Reverse Exchange. Before you close on any property sale, reach out to IPX1031, your Qualified Intermediary, to ensure your 1031 Exchange is properly structured, timed and executed.

Partial Exchange

It’s not possible to do a partial 1031 Exchange
FALSE Misconceptions 1031 exchange
A 1031 Exchange does not need to be an all or nothing scenario. You can do a partial 1031 Exchange which qualifies for tax deferral under Section 1031 of the Tax Code. If you purchase property lower in value or take a portion of the cash from the closing of the sale and only invest a portion of your proceeds towards a 1031 Exchange, you will have a partially tax deferred transaction rather than deferring all of your taxes. You will pay taxes on those funds not reinvested (commonly referred to as boot).

Qualified Intermediary Advice

A Qualified Intermediary gives tax and legal advice as part of their role
FALSE
While a Qualified Intermediary (QI) like IPX1031 is generally needed to create the “exchange of properties” and safeguard the exchange funds, QIs cannot provide tax or legal advice. IPX1031 cannot act as your advisor to structure your exchange transaction. While IPX1031 provides tools like our Capital Gains Estimator, always talk to your legal and tax advisors to determine what is best for your individual situation.

Identification Rules

I can change my identification after day 45 if that property has been sold to someone else and if needed, I can buy other 1031 Replacement properties that I didn’t identify
FALSE
The 1031 ID rules are strict and very important. We’ve seen many exchanges fail due to exchangers not following these 1031 Exchange identification rules. From the day your Relinquished Property closes, you have 45 calendar days to identify potential replacement property using the 3 Property Rule (most common), 200% Rule or 95% exception. You can change your identification at any time prior to the expiration of the identification period. If you did not identify a property in the proper time period, that property does not qualify for 1031 treatment. In the case of an identified property no longer for sale, if you have no other identified property and it’s after day 45, your exchange will fail. Remember to start your search for identification property early – even before your Relinquished Property closes – so you have a head start in the identification process.

Timing Deadlines

I have 45 days to identify then an additional 180 days to close
FALSE
The 45 and 180 day periods are not separate time periods. All must happen within a total of 180 calendar days. From the time your Relinquish Property closes, you have 45 calendar days to identify your Replacement Property. Then you must buy and close on any identified Replacement Property(ies) that you want to purchase in your exchange within a total of 180 calendar days. Timing rules are strict and cannot be extended even if the 45th day or 180th day falls on a Saturday, Sunday or legal holiday. They may, however, be extended by up to 120 days if the Exchanger qualifies for a disaster extension under Rev. Proc. 2018-58.
Helpful link: Deadlines and Identification Requirements

Loans, Equity & Basis

Loan balance or equity increases tax basis in a 1031 Exchange
FALSE
The term “basis” is the cost of a property for tax purposes. When you sell a property, the difference between the sales price and the adjusted basis in the property will determine the amount of capital gain which is taxable. Loans or equity are typically not relevant and do not factor into basis.

Filed Under: commercial, Commercial Property, Commercial space Tagged With: 1031 exchange, False 1031 exchange, house swap, investment, real estate investing, tax saving

North Andover home prices are up

November 11, 2020 by Randy Tibbetts

 

North Andover home prices are up despite the Covid Pandemic. Year to year data shows an increase of average sales prices of 13%. People leaving the city along with lifestyle and work changes have fueled the home buying frenzy in the burbs.

What buyers are looking for: Fresh air, backyards, home offices (for two adults), a homeschooling area, space for pets, home gyms — plus proximity to beaches, lakes, parks and bike paths.

North Andover home prices are up

The number of listings in North Andover compared to 2019, maybe to be expected, was down 13%. The higher demand and less inventory made the year over year climb into the double digits.

Will the trend continue?

Stay tuned.

 

Filed Under: North Andover Listings, Real Estate, Real Estate News Tagged With: Bullish real estate market, Listing prices are up, North Andover homes, Pandemic prices

MA homebuying boom not slowing down

November 10, 2020 by Randy Tibbetts

MA homebuying boom

The post-lockdown home buying boom isn’t slowing down. The National Association of Realtors listing site reports homes sold faster in October than September for the first time in 9 years as low interest rates drove pent-up buyer demand.

Forbes magazine reports housing is in a “full-fledged boom.” Last quarter saw $1.1 trillion in mortgages issued, the most in 14 years, while in September, the number of people buying new homes hit a 14-year high!

In addition, residential construction spending went up 2.8% in September, to a level 10.1% higher than a year ago. These new homes should soon begin to relieve the inventory shortage many markets are experiencing.
Reported by Forbes: Home prices have been climbing steadily over the past few months, and industry players are projecting they are likely to peak in some markets this fall, causing a tempering of the market driven by a decline in supply and a prolonged economic recovery.
.

“A big part of what’s driving home sales right now — everyone is
home and people want more space”

 

Low mortgage Rates and new work norms

There’s a gold rush in real estate across the U.S., driven by record-low mortgage rates and the dawning realization that for many of us, our homes are going to be the only place we work and play for the foreseeable future.

What buyers are looking for: Fresh air, backyards, home offices (for two adults), a homeschooling area, space for pets, home gyms — plus proximity to beaches, lakes, parks and bike paths.

The exodus to the burbs and more rural areas will have a profound affect on urban living as the affect will be felt both in the residential and commercial office space market.

More to come.

 

Filed Under: Real Estate, Real Estate News Tagged With: Average prices up, Bull market, Listing prices up, Pandemic boom

Commercial storage space MA

September 30, 2020 by Randy Tibbetts

Underground parking with over 4500 square feet of space. Indoor storage option. 20 parking spaces. Bring your needs and ideas. This commercial storage space is located at 1820 Turnpike St. in North Andover MA 01845.

This 4500 sq ft space would need to be leased out to one tenant as it would not be practical to divide the space into sections. Individual car storage is an option as well. Contact us today about this commercial storage space.

North Andover Storage Space Available

There is no one size fits all for business storage. The needs of a pharmaceutical rep are different than the needs of a law office. Their needs begin differently, and they develop differently, and it is important to make sure that you have a business storage solution that will recognize how your business is developing and takes the appropriate steps to help you grow. Underground storage at 1820 Turnpike Street North Andover can be your business storage solutions for businesses of all shapes and sizes and are here to help your business develop and grow the way that makes the most sense to you.

Commercial Storage Space MA

The average size of a storage facility in the U.S. is 46,000 square feet, and the average revenue per square foot, according to a 2008 report from the SSA, varies from $8.40 for a traditional facility to $11.07 for a Bix Box facility.

Storage for automobiles

Covered Car Storage
With a roof protecting your vehicle from the sun and other elements, covered car storage falls between indoor and outdoor storage. This option is more affordable than indoor storage and but also provides better protection against sun, snow, hail, and other elements that could damage your vehicle. If you don’t live in an area with harsh weather or strong storms, this is a great option for storing your car.

Storing a Car Over the Winter
Classic car and sports car owners often put their vehicles away into storage during the winter. A storage unit provides a safe storage environment for these cars during the off-season and means they won’t get in the way of vehicles that will be used during winter months.

 

Filed Under: commercial, Commercial Property, Commercial space Tagged With: 1820 Turnpike, car storage, special use, storage, underground parking

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Randy Tibbetts

REAL ESTATE BROKER
617.233.2103 randy.tibbetts@tibbettsrealestate.com

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About this agent

Randy Tibbetts is a real estate broker providing clients with professional residential & commercial real estate services in Massachusetts.

Massachusetts Real Estate Specialists

Randy Tibbetts has been building relationships for 25 years while providing professional real estate services for clients who are searching for residential and commercial real estate in Massachusetts.

Contact Randy Tibbetts for a free real estate consultation today.

Office Address
565 Turnpike St. # 72
North Andover MA 01845
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Phone & Fax
Direct: 617-233-2103
Email & Live Chat
randy.tibbetts1@gmail.com
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Vacation Property

Winter and summer / fall rentals. Three bedroom with loft centrally located on the Valley Trail near Mount Snow and Hermitage Resorts. Mount Snow VT Vacation Rental.
Cute 2 bedroom 1 bath cottage 50 flip flops from one of Cape Cod's classic beaches. Cape Cod Dennisport Vacation Rental.

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