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Keller Williams Realty Alabama Gulf Coast |
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Bulk Properties for Sale with GO ZONE Potential
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GO ZONE Real Estate Opportunities!
It is a buyers market and we are seeking REITS, TIC's, Individuals, Corporations, Hedge Funds, Vulture Funds, Opportunity Funds and seekers of Residential developments, Shopping Centers, Strip Malls, Apartment Complexes, and Bulk Properties with GO ZONE Potential off and on the beach!
Availability of qualified GO Zone real estate opportunities in Baldwin County, AL. Baldwin County’s beaches accounted for $242,000,000 in resort rentals in 2006. 2007 was an even better year. Specifically, the 50% Bonus Depreciation available through the Gulf Opportunity Zone (GO Zone) legislation, in addition to the standard 27.5 year depreciation.
Property 1 – (Tower A) 64 Units offered for sale
- New construction – 20 story condominium.
- West Beach Blvd. Gulf Shores, Alabama
- Building Amenities – granite & limestone first floor lobby that includes a video arcade, sauna, and fitness center. Fully staffed.
- Two swimming pools: large outdoor pool surrounded by a full-sized deck and a fully-enclosed indoor pool for year around enjoyment.
- 170 units
- The beach club is accessed from the Tower through an enclosed, air-conditioned skywalk crossing West Beach Boulevard.
- The beach club contains full restroom facilities, the largest swimming pool on the Alabama Gulf Coast, lazy river, huge spa, surrounded by a landscaped wraparound deck, and a gated boardwalk leading to miles of white sand beaches.
- 64 total units offered for sale: 18 corner units at 1,204 sq ft. and 46 interior units at 1,042 sq. ft. All units are developer direct at $353 per sq. ft.
- Additional discount for bulk sale of 15+ units. Immediate occupancy.
Property 2 – (Tower B) 58 Units offered for sale
- New construction – 20 story condominium.
- 18 residential floors located directly on the Gulf of Mexico in Orange Beach, AL.
- Building features indoor and outdoor pools, fitness center, sauna/steam room, fountains, covered parking decks, and resort specific landscaping.
- 58 total units offered for sale. All units are developer direct at $369 per sq ft.
- Additional discount for bulk sale of 10+ units. Expected occupancy May 2008.
Property 3 – (Tower C) 2 Units offered for sale
- New construction – direct gulf front.
- Near Gulf State Park.
- 2 units available at $288 per sq. ft.
- Retail value of nearly $1,500,000 - selling for $1,100,000.
- Immediate occupancy.
Property 4 – (Tower D) 7 Units offered for sale
- 7 units available.
- 5 units are corner units at 1,529 sq.ft. $373 per sq. ft..
- One interior unit at 1,098 sq. ft. $348 per sq. ft.
- One penthouse unit at 2,628 sq. ft. $380 per sq. ft.
- Additional discount available if all 7 are purchased.
- Immediate occupancy.
Also Available
- Residential developments off the beach.
- Shopping centers.
- Strip malls.
- Apartment complexes.
Contact Des with your personal details and qualifications and your GO ZONE wants and needs! Please be specific about your wants, needs, and qualifications to have more details provided to you. |
Re: Gulf Opportunity Zone Act of 2005 (GO Zone)
50% Bonus Depreciation Available
In December 2005 President George Bush signed the Gulf Opportunity Zone Act of 2005 to assist Gulf States in the recovery from the devastating hurricane season that affected the area. Multiple counties in Alabama were approved for this designation, including Baldwin County, along Alabama’s Gulf Coast.
One of the key provisions of the act is the Go Zone Bonus Depreciation. Qualifying properties that are placed into original service after August 28, 2005 may be eligible for 50% bonus depreciation in year 1 of ownership – in addition to the standard 27.5 year depreciation. Among the types of property designated for this special incentive is residential rental property. According the act, eligible property must be placed into service by December 31, 2008.
Another benefit of this legislation is the possibility that should the qualifying property create a net operating loss for the year, it may qualify for a special 5-year carry-back (in lieu of the normal 2-year carry-back), possibly entitling the taxpayer to an immediate refund.
With this information, we believe there are tremendous opportunities for individual taxpayers, REITS, corporations, and others to receive benefit from this important legislation by purchasing qualifying real estate in the GO Zone area. We have identified approximately $150,000,000 in qualifying property that can be purchased in both 2007 & 2008. Individuals ability to qualify for this benefit may vary and before proceeding we suggest obtaining independent legal and taxation advice. No representation is made here to the ability of an individual to qualify for this benefit.
Baldwin County’s location in southwest Alabama, along the sugar sand beaches of the Gulf of Mexico and Mobile Bay enabled it to record $242 Million in taxable vacation rentals in 2006. Baldwin County remains a popular destination for visitors, with first class golf courses, beautiful beaches, unlimited recreational opportunities, and vibrant economy. Long a favorite vacation destination, Baldwin County has recently undergone a growth surge, with population increases and business relocations that have enabled it to be ranked among the fastest growing counties in the United States.
With the incredible tax advantages created by the GO Zone Act, premiere destination, growth, and quality of the area, we strongly urge you to explore the limited possibilities GO Zone ownership in Baldwin County may hold for you and your clients. For additional information, please contact us. |
Find GO ZONE Real Estate for sale on the AL Gulf Coast
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GO ZONE legislation allows a 50% first year depreciation for qualified investors purchasing qualified properties.
You will notice that our website has information from the IRS regarding the GO ZONE, however we strongly advise all clients to seek the counsel of their CPA or Tax Consultant in regards to an interpretation as to whether they are "qualified investors" and whether the advisor approves the selected properties as being "qualified properties".
GO ZONE Real Estate Candidate Properties on the Alabama Gulf Coast:
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Bama Bayou
- Condo Hotel, Convention Center, Waterpark, Marina, Swim with Dolphins.
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Cypress Village
- Upscale Condo Townhomes adjacent to
The Wharf
and all it's ammenities.
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Fish Camp Landing
- On the Bay, in the center of everything!
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The Wharf
- Canal Front Condos, Upscale Shopping, Rave Movie Theatre, Ferris Wheel, Great Restaurants, Marina, Yacht Sales, Amphitheatre (Hank Williams, Jr., Steppenwolf, Marshall Tucker Band, and others played last season, Z.Z. Top and Widespread Panic will start the 2007 season).
Go Zone Summary is in first frame below, Go Zone details from IRS Publication 4492 are in the second frame below (be sure to seek the advice of your CPA in regards to your qualifications for the GO ZONE tax incentives):
Excerpt from IRS Publication 4492 Go ZONE Legislation:
Additional Tax Relief for Businesses
Special Depreciation Allowance
You can take a special depreciation allowance for qualified Gulf Opportunity (GO) Zone property (as defined below) you place in service after August 27, 2005. The allowance is an additional deduction of 50% of the property's depreciable basis (after any section 179 deduction and before figuring your regular depreciation deduction). The special allowance applies only for the first year the property is placed in service.
The allowance is deductible for both the regular tax and the alternative minimum tax (AMT). There is no AMT adjustment required for any depreciation figured on the remaining basis of the property.
You can elect not to deduct the special GO Zone depreciation allowance for qualified property. If you make this election for any property, it applies to all property in the same class placed in service during the year.
Qualified GO Zone property.
Property that qualifies for the special GO Zone depreciation allowance includes the following.
Tangible property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Water utility property. Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS.) Qualified leasehold improvement property. Nonresidential real property and residential rental property.
For more information on this property, see Publication 946.
Other tests to be met. To be qualified GO Zone property, the property must also meet all of the following tests.
You must have acquired the property, by purchase, after August 27, 2005, but only if no binding written contract for the acquisition was in effect before August 28, 2005. The property must be placed in service before 2008 (2009 in the case of nonresidential real property and residential rental property). Substantially all of the use of the property must be in the GO Zone and in the active conduct of your trade or business in the GO Zone. The original use of the property in the GO Zone must begin with you after August 27, 2005. Used property can be qualified GO Zone property if it has not previously been used within the GO Zone. Also, additional capital expenditures you incurred after August 27, 2005, to recondition or rebuild your property meet the original use test if the original use of the property in the GO Zone began with you.
Excepted property. Qualified GO Zone property does not include any of the following.
Property required to be depreciated using the Alternative Depreciation System (ADS). Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103. Property for which you are claiming a commercial revitalization deduction. Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. Any gambling or animal racing property (as defined below). Property in the same class as that for which you elected not to claim the special GO Zone depreciation allowance.
Gambling or animal racing property is:
Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing, and The portion of any real property (determined by square footage) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing, unless this portion is less than 100 square feet.
Recapture of special allowance. If, in any year after the year you claim the special allowance, the property ceases to be qualified GO Zone property, you may have to recapture as ordinary income any excess benefit you received from claiming the special allowance.
Increased Section 179 Deduction
An increased section 179 deduction is allowable for qualified section 179 Gulf Opportunity (GO) Zone property (as defined later) placed in service in the GO Zone.
Increased dollar limit. The limit on the section 179 deduction ($105,000 for 2005, $108,000 for 2006) for qualified section 179 GO Zone property acquired after August 27, 2005, is increased by the smaller of:
The amount for which you can make the election is reduced if the cost of all qualified section 179 GO Zone property you placed in service during the year exceeds $420,000 for 2005 ($430,000 for 2006) increased by the smaller of:
Qualified section 179 GO Zone property. Qualified section 179 GO Zone property is section 179 property that is qualified GO Zone property (explained earlier under Special Depreciation Allowance). Section 179 property does not include nonresidential real property or residential rental property. For more information, including the requirements that must be met for property to qualify for the section 179 deduction, see chapter 2 of Publication 946.
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GO ZONE Information from the Internal Revenue Service.
Find GO ZONE Real Estate for sale on Pleasure Island, in Baldwin County AL with The Gulfshoreslife.com Team and Keller Williams Alabama Gulf Coast, Gulf Shores, Orange Beach, Fort Morgan, AL.
Use our preconfigured custom searches from the Gulf Coast MLS to find what you want on the Beach, Bay, or Canal by clicking on the provided hyperlinks. Additionally, you can also set up your own custom search and be notified via e-mail of new properties meeting your criteria as soon as they come on the market or you can request that we do it for you by contacting us! Click here to request us to set up your search for you. Or continue to look around this site for Community Events and Gulf Coast Alabama Information and Statistics.
As always, do your due diligence in regards to transactions that may have tax consequences with the help and advice of your CPA, accountant, or a qualified tax planner.
GO ZONE Information
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Cal Carter and the Gulfshoreslife.com Team Disclaimer:
The Gulfshoreslife.com Team has provided this web site for general informational purposes only.
The use of this site should not be taken as an agent – client relationship. Real estate, houses, condos, homes, land and lots for sale, in Orange Beach, Gulf Shores, Fort Morgan, Foley, Bon Secour, Elberta, and Lillian, Baldwin County, Alabama. We can help you buy or sell anywhere in Baldwin County, AL. Cal Carter and The Gulfshoreslife.com Team - Realtors® serving the Alabama Gulf Coast Keller Williams Realty Alabama Gulf Coast 24390 Highway 98, Suite 1 Fairhope, AL 36532
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