Springfield Area Neighborhood Information  Springfield’s growth has spurned numerous new residential developments ranging from traditional residential neighborhoods to golf course communities and gated communities.
Some of these local neighborhoods are as follows: Olde Bradfordton Place, Centennial Park Place, Cobblestone (2nd Addition), Happy Landing, Irongate, Mill Creek (2nd Addition), Panther Creek West, Piper Glen (Expansion), Salem Estates, Buckley Ridge, as well as numerous others. Springfield also has a few smaller (non-incorporated) areas which have been a part of Springfield for a long time. Such areas like Leland Grove, with its mature landscape, private golf course and a variety of homes, from the traditional bungalows of the 40’s & 50’s to large stately manors of Springfield’s former elite residents. Then there is Jerome, with its quite streets small town atmosphere and traditional single-family homes. On the North end of Springfield lies the village of Grandview, with its strong neighborhood communities and nice bungalow style homes. To the South end of Springfield, you will find Southern View, another quaint neighborhood of traditional ranch and bungalow style homes. All of these areas provide a wide variety of living experiences as well as neighbors and community events. Several smaller towns and villages in which many residents commute to Springfield for work and pleasure activities surround the city. Athens, Auburn, Chatham, Pawnee, Petersburg, Pleasant Plains, Riverton, Rochester, Sherman, and Williamsville are the names of a few of these communities. All of them have their specific qualities and amenities which set them apart from one another.
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Tax Considerations >New 1031 Exchange Rules
One of the most popular "tax deferring" strategies for real estate owners who are selling one property and acquiring another is the use of Section 1031 of the Internal Revenue Code. It is an effective way to defer paying income tax on capital gain generated by the sale of a property when you intend to reinvest the proceeds in a similar, "like-kind" property. Almost any kind of real property is considered "like-kind" with any other real property.
A recently enacted law closes what was considered a loophole in the Section 1031 rules. In some cases, owners of investment real estate have used the 1031 Exchange to swap their investment property for real estate that could be readily converted to an owner-occupied residential property. After the exchange, they made the property into their principal residence, lived in it for a couple of years, then sold it. Now the American Job Creation Act of 2004 has ruled that properties converted from a 1031 exchange property into a residence must be held and used as a principal residence for at least five years to qualify for the tax exemption. Otherwise, the basic tax-deferring benefits of 1031 exchanges remain the same.
Consult your tax advisor for more detailed information.
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Where would you go to visit the largest ancient castle in the world?
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You would travel to Prague, Czech Republic, to see the Prague Castle, built in the 9th century, with a total surface area of 18 acres. |
 See More Real Estate Trivia > |
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