Banana Point
Welcome to 5415 Banana Point Drive, a waterfront equestrian estate on the Harris Chain of Lakes. From sunrises over Lake Harris to breathtaking Florida sunsets over your peaceful equestrian pasture, Banana Point is a 5-acre estate, which includes 2.5 acres of horse-grazing pasture. From the leading edge of The Villages, the estate is only 3.9 miles east on The Villages’ Central Parkway and 45 minutes to Orlando International Airport.
This estate is a beautiful home, and a wise investment in the Central Florida real estate market.
With chain-of-lakes waterfront and horse-owner necessities in one private property, Banana Point is one lucky buyer’s future trophy home.
As you approach, a grand circular driveway leads to majestic live oaks and a private entrance with a unique indoor/outdoor pond featuring a waterfall ready for Koi. Your eye will catch the hand-carved solid wood staircase and overhead pecky cypress beams nestled in two stories of glass windows.
The residence features 3 bedrooms, 31/2 bathrooms, a newer shingle roof, and beautiful windows strategically designed to maximize the stunning lake views. The interior layout is distinctive, with bedrooms, great room, family room, kitchen, sunroom, and home office all facing the picturesque Lake Harris.
Wake up each morning to your Florida sunrise. Your spacious primary suite is located in a private wing of the home, ensuring complete privacy.
Boasting picture windows, a huge walk-in closet, and a master bathroom with double vanities, a Jacuzzi soaking tub, and a walk-in shower, the master suite is a luxurious retreat. On the upper floor of the house, the two additional bedrooms are intelligently arranged, creating a quasi-separate living space. Each bedroom enjoys its own private bathroom, and lake-facing private balcony, enhancing a sense of autonomy. Step outside to the beautiful waterfront where you’ll find your private boat dock and lift.
The expansive three-car garage has a separate workshop and two other closets to use as a wine room or additional storage.
The Villages expansion of Middleton, The Villages Charter School, Eastport, and the planned world-class senior healthcare research and development Wellness Village, along with the move inland to combat the insurance crisis has reset the Banana Point real estate market.
This real estate reset of Banana Point value is just the beginning. Interested parties of 5415 Banana Point would serve their financial interest well by doing their investor and Villages’ expansion homework.
To be clear, 5415 Banana Point Drive is not priced relative to comparative properties in the secret yet sought-after Banana Point neighborhood. Those remarkable properties were last purchased years, if not decades, before The Villages expansion to Central Parkway. 5415 Banana Point Drive is priced relative to its location to The Villages’ future business marketplace along The Villages’ Central Parkway.
Seller is accepting offers at or above $1.7M
The following links reveal the long-term growth of the area surrounding Banana Point and demonstrate that the decision to make 5415 Banana Point Drive your primary home or second home is a wise investment.
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Some people are surprised at how many grey areas there are when structuring an exchange. There are some important rules, which are generally clear, however it’s important to pay attention because a mistake can ruin your exchange. Here’s what NOT to do:
MISS THE 45-DAY IDENTIFICATION DEADLINE
Once you close on your relinquished property, you have 45 days to identify in writing what you intend to acquire in the exchange.
FAIL TO CLEARLY IDENTIFY
WHAT YOU ARE GOING TO BUY
You must identify it unambiguously. That generally means using a legal description or street address. If you are going to acquire a tenancy-in-common interest in the property, you should try to identify as closely as possible the percentage interest you will be acquiring.
MISS THE 180-DAY DEADLINE
Another crucial deadline is the 180-day exchange period. This rule states that you must acquire (close, or transfer) all replacement property(ies) by the 180th day. If the relinquished property closes escrow towards end of a tax year such that the 180th day falls after your tax filing date of the following year, you’ll need to complete your 1031 Exchange before filing your income tax return, or request an extension.
CLOSE BEFORE YOU SIGN EXCHANGE DOCUMENTS
Initially, exchanges could only be accomplished by two people simultaneously swapping properties. Eventually, the deferred exchange rules permitted taxpayers to use a qualified intermediary, such as First American Exchange Company, to act as an accommodator. The rules convert what looks like a sale followed by a purchase into an exchange. A basic requirement of this process is that an Exchange Agreement and Assignment Agreement must be signed by the taxpayer before the date the relinquished property closes escrow. In addition, the taxpayer must notify the buyer the contract has been assigned to a qualified Intermediary. The qualified intermediary will also be assigned into the replacement property contract, thus allowing the funds to be transferred within the “safe harbors”.
TAKE POSSESSION OF YOUR EXCHANGE FUNDS
Another important rule for a successful 1031 Exchange states that the taxpayer cannot have possession, or control, of the proceeds from the sale of the relinquished property. Upon closing of the relinquished property, the escrow holder will transfer the funds directly to First American Exchange Company, thus keeping the taxpayer from having receipt of the funds. One of the reasons it is so important to choose an intermediary
wisely is that they hold the proceeds of your sale until you are ready to acquire the replacement property. First American holds these funds only in FDICinsured bank accounts, and we never invest them in securities. Furthermore, funds are invested in a segregated account specific to the taxpayer’s tax ID number.
Paying attention to these important issues will eliminate most reasons that exchanges can fail. When you are ready to open an exchange or have questions, call us at First American Exchange.
TRISH MACK
CALL (727) 494-5186
VISIT FIRSTEXCHANGE.COM
TMACK@FIRSTAM.COM
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