WELCOME to Seaman Realty and Management Company, a full service Commercial and Residential Real Estate firm in Jacksonville, Florida.
SEAMAN REALTY AND MANAGEMENT COMPANY, having recently celebrated 25 years in business, has been witness to and participant in many real estate cycles. We have seen great triumphs and great disasters. Real estate investing is not a license to print money. It is a high risk decision requiring context, fortitude, market expertise, and, of course, cash reserves. Seaman Realty and Management Company takes you through the real estate decision process. Our Property Management and Brokerage Advisory Teams deliver an unsurpassed level of expertise rarely found in commercial or residential property and land management, with experts on hand to assist you in land development, acquisitions, property management, and representation in buying or selling your commercial or residential property.
We will help you find space to buy, or lease, and negotiate your terms so that you feel protected. We will show you development opportunities, user/owner-occupant and triple net leased investment opportunities of commercial, residential and retail properties. In short, we will take you through the process… from trees…to keys!
Why sell now? Would someone pay you fair market prices today?
If your view is that the market is at its peak, or, that interest rates are rising, then now is the time to test the theory and put your home or building on the market for sale. As a potential SELLER, as long as you price your property with expert advisory--and here is another place where we can help you, there are many folks out there who will pay you fair market prices for your real estate. There are all kinds of tools to use, or vehicles. For example, you can stay on as the tenant after you close, and then begin paying rent to the new owner. This financing vehicle is known as a SALE/LEASEBACK. You can also do a 1031 TAX EXCHANGE, where you engage in a process to avoid some tax exposure by using your proceeds from a sale (called the "boot") towards another property of approximately the same value. There are many other techniques available to you, as each of us have differing thresholds and needs.
Who is buying commercial real estate right now?
As a potential BUYER, maybe your business idea has grown. You feel financially stable, and want to put your excess cash into a long term investment…that being YOUR business and its housing. You don't need the cash for machinery and equipment, vehicle fleets, advertising and marketing, staffing, internet presence, college, retirement, etc. You have the money to invest. Then, it is the right time for FOR YOU to buy a property, either for your own business, or as an investment.
There are red flags with which you need to be familiar. For example, the environmental history of the property you are considering may entail a clean-up (called a "remediation") that may cost more than the value of your purchase. Perhaps there is a negotiation that we can undertake on your behalf, as we have done over the many years we have been in business, where the seller and buyer arrive at a fair strategy to proceed, risks notwithstanding.
Seaman Realty and Management Company’s Brokerage and Property Management teams love the work that we do, and participate civically, daily and fervently in the yearning revitalization of our great Downtown, and in fact, our entire metropolis! We hope to share with you what we see as what’s best in our changing market—a question that will always have a different answer-- depending on the day, the time, the moment!
Please call us to discuss your options. The answers are not always what you may think!
2019 STATS AT A GLANCE:
3.9 Square Miles of Downtown
90 Block Business Improvement District
56 Block Historic District
$4.8 Billion in Major Projects
$210 Million Completed in 18-19 Projects
$1 Billion Projects Under Construction
$3.6 Billions Proposed Projects
3 Fortune 500 Corporate Headquarters
7,411,273 Sq Ft of Office Space (over 30% of the Jacksonville Market)
148,741 Net Absorption
$21.54 Average Lease Rate/ Sq Ft.
$104 Million in Major Commercial Sales
82% of Employees Like or Love Working Downtown
3,199 Multi-Family Residential Units
21 Multi-Family Properties
978 Units Under Construction
3,038 Units Proposed
90% of Residents Like or Love Living Downtown
9 Million + Visits Annually
5,000 + Events Annually
2,361 Hotel Rooms
7 Hotels Proposed
14 Culture and Entertainment Venues
5 Major Sports Teams
3 College Campuses
3 Major Medical Facilities
2.8 Miles of Riverwalk Public
100+ Public Art Pieces
44,000 + Parking Spaces
SEAMAN REALTY & MANAGEMENT COMPANY REPRESENTING SUN-RAY CINEMA AND IT'S EXPANSION TO MANDARIN FOR IT'S BONANZA DINE-IN-IF-YOU-WISH MINI PLEX!
"PANDEMIC UPDATE: Sun Ray Cinema is awaiting the public response to attending movies in theaters before they open their MANDARIN BONANZA DINE-IN-IF-YOU-CHOOSE MINI PLEX. This location, which our firm is proud to represent, will be Sun-Ray's foray into Mandarin, and will imprint its magical formula that makes it the most beloved and wonderful cinema imaginable - with the most DELICIOUS popcorn and REAL butter you've ever had. Anyway, enough about popcorn. Let's go back to the movies!"
1031 EXCHANGE. TRENDS and INFO for 2021
As we start 2021, we turn to our local expert, Claudia Kiernan, CPA and attorney, of IPX (Senior Vice President / Regional Manager). Visit https://www.ipx1031.com/locations/name/claudia-kiernan/ for further questions and advice. Here are the key trends, issues and points to remember regarding 1031 Exchanges.
2020 was yet another record year for 1031 Exchanges. What's in store for 2021?
Commercial real estate is predicted to have a mixed forecast in 2021 with certain sectors, such as industrial, experiencing robust growth while others continue to struggle. With low interest rates expected to continue and the economy recovering, many CRE sectors should normalize by mid to late 2021 if the vaccines are widely available.
Another strong year for 1031 Tax Deferred Exchange transactional activity is anticipated in 2021. Two factors will drive significant transactional activity. First, borrowing rates remain historically low. Second, the pandemic has created an unprecedented need to repurpose and renovate commercial real estate to meet post-pandemic business models. Particularly impacted are office, retail and hotel properties, given the successes of widespread working from home and use of virtual meeting technology. Even multi-family and single family rental properties now need space for use as a home office.
Section 1031 Like-Kind Exchanges provide incentive for owners who are not in a position to make significant building modifications to transfer properties into the hands of buyers willing and able to invest fresh capital and take these properties to their highest and best use for future tenant needs. Given the dueling pandemic and economic crises, major tax reform does not appear to be a current priority of the new Administration. Nevertheless, the need to pay for pandemic relief and new legislative initiatives could make Section 1031 a target for tax revenue seekers. Our efforts to educate our policy makers to the legitimate, economically important benefits of Section 1031 continue.
1031 TRENDS WE ARE ANTICIPATING:
Continued 1031 growth in industrial, self-storage, R&D, medical/office, and multi-family sectors.
Individual exchangers will continue to sell investment property and purchase Replacement Property in warmer climates or other locations with high vacation rental income.
Continued increase of Replacement Property purchases of qualifying vacation home rental properties.
An uptick in Build-to-Suit Exchanges where clients make improvements to their Replacement Properties.
Reverse Exchange momentum will continue to grow with a shortage of Replacement Property inventory and a competitive buyers market.
Retirement/Estate planning with Exchanged property will drive much investor 1031 transactional activity.
Especially while the interest rates on financing are low and favorable, more taxpayers maximizing their 1031 tax deferral potential to grow their portfolios by selling while prices stay high, preserving their equity by using all proceeds to exchange into the purchase of larger or multiple Replacement Properties.
With expected recovery and overall growth in investment and commercial real estate transactions, we are forecasting another strong year for 1031 Tax Deferred Exchange transactional activity.
2021 CAPITAL GAINS TAX BRACKETS:
2017 tax reform indexed the Long-Term Capital Gain rate breakpoints (whether a 15% or 20% rate) to inflation. The rates didn't change for 2021, but the income brackets did adjust. The breakpoints for 2021 are as follows: married filing jointly 501,601+ dollars and single filers 445,851+ dollars. The capital gains brackets are based on “Taxable Income” whereas the Net Investment Income Tax thresholds are based on “Adjusted Gross Income”. For more information
1031 EXCHANGE CHECKLIST:
A 1031 Exchange transaction requires planning, expertise and support. Here’s a checklist outlining key steps in your exchange.
Choose your 1031 Qualified Intermediary (QI)
Consult with your tax professionals
Include Cooperation Clause language in your purchase and sale agreement
QI prepares your exchange documents
Start searching for Replacement Property
Sign all documents QI prepares
Sell your Relinquished Property
Identify your Replacement Property
Enter into contract on Replacement Property
Contact QI once Replacement Property escrow is opened
Close on Replacement Property
QI transfers funds to complete your purchase
Your exchange is complete
DEFINITION OF REAL PROPERTY?
SEAMAN REALTY AND MANAGEMENT COMPANY RECEIVES BEST OF 2019 JACKSONVILLE AWARD!!!!
Recognized for their quality of services & general impact on the local community Seaman Realty and Management Company was honored and deeply touched to receive this wonderful award in the category of Commercial Real Estate Agency.
FIVE POINTS MOVIE THEATER TO OPEN A SECOND LOCATION...
2nd A former K-Mart may become Jacksonville's newest cinematic destination after Five Points Movie Theatre Sun-Ray Cinema announced Saturday that
they're looking to expand a to a second location...
THE TREASURY DEPT. RELEASED ITS LONG AWAITED
2nd INSTALLMENT OF PROPOSED REGULATIONS IN WHAT IS LIKELY TO BE A SERIES OF OPPORTUNITY ZONE GUIDANCE AIMED AT CLARIFYING THE RULES OF QUALIFIED OPPORTUNITY ZONES (QOZ's) AND QUALIFIED OPPORTUNITY FUNDS.... #opportunityzones CREModels
"MAKING A DIFFERENCE" - MARGIE SEAMAN OF SEAMAN REALTY AND MANAGEMENT COMPANY INTERVIEWED ON BUZZ TV.
Listen to Margie Seaman speak about her dedication to her community, her family, and her company in this genuine interview on buzz TV
2018 SALES TAX RATE CHANGE FOR COMMERCIAL LEASES
Effective January 1, 2018, Florida's state tax rate on commercial real property rentals is reduced. The state sales tax rate for renting, leasing, letting or granting license to use real property decreases from 6% to 5.8%.
The local option discretionary sales surtax imposed by the county where the real property is located will continue to be added to the state rate.
HOW DID 1031 FARE IN TAX
It’s official. The tax reform bill was passed in Congress and will become law effective 2018 once signed by the President.
The very good news is that 1031 advocacy efforts were successful for real estate! There will be no changes in the tax code for like-kind exchanges of real estate.
However, starting Jan 1, 2018, all personal property assets (such as autos, trucks, heavy equipment, farm machinery, artwork, collectibles and intangibles like fast-food restaurant franchise licenses) will no longer qualify for Section 1031 tax-deferral treatment. If you could benefit from an exchange of a personal property asset, you can still qualify if 1) you enter into the exchange before year-end and 2) either the relinquished property is sold OR the replacement property is acquired by the taxpayer by 12/31/17.
From Claudia Kiernan, Atty. and 1031 Tax Expert
FOR REAL ESTATE INVESTORS who relish the 1031 tax exchange vehicle, NOW IS YOUR TIME TO EMPLOY THIS MARVELOUS TAX AVOIDANCE MECHANISM or forever hold your peace, as the program is, most likely, going to be DISCONTINUED soon.
1031 EXCHANGE, A CHERISHED REAL ESTATE TAX BREAK, FACES EXTINCTION
To finance a possible tax rate cut, some in Congress are eyeing the provision, which allows sellers to defer capital-gains taxes by reinvesting in other properties
A much-loved tax advantage in the commercial real-estate industry is on the chopping block even as chances dim for the passage of a broad federal tax overhaul this year.
Why? If a sweeping bill doesn’t get traction in Congress, there is still a decent chance a narrower tax rate cut will get passed, according to lobbyists and Capitol Hill officials working on tax legislation.
To finance such a rate cut, some in Congress have in their sights what’s known as the 1031 exchange provision, which enables sellers of real estate and other assets to defer capital-gains taxes by reinvesting the proceeds in “like-kind” properties....
Jan. 4, 2017
SARASOTA AFFORDABLE HOUSING COMPANY CLOSES ON LA VILLA PROPERTY IN DOWNTOWN JACKSONVILLE
A Sarasota-based multifamily company has purchased three lots in the Downtown neighborhood of LaVilla, according to property records. Beneficial Communities through the Houston Street Manor LP bought three lots near Houston and Jefferson streets from the Downtown Station LLC. The development, Houston Street Manor, will be senior apartments...
Dec. 30, 2016
FORMER HISTORIC BROTHEL PROPERTY SOLD FOR DEVELOPMENT
The property at 615 Houston Street has just been sold at a real estate closing say sources close to the deal. One of the last remaining bordellos of the Ward Street (now Houston Street) Bordello district is slated for demolition.
ART EXHIBIT AT 120 E. FORSYTH STREET
Seaman Realty in conjunction with property owners are supporting the Downtown Jacksonville Arts by providing free exhibition space for local artists to feature their work. 120 E. Forsyth Street was one of these locations....
SEAMAN REALTY BUILDING
a new initiative of Seaman Realty and Management Company, reflecting private property owners' support of local artists and an effort to combine that commitment with an attempt to provide free exhibition space for local artists while improving the appearance of the empty interiors of buildings for sale or lease by featuring beautiful artwork. The first building to step up to the plate is...
SEAMAN REALTY & MANAGEMENT COMPANY SPONSORS JACKSONVILLE
PORCH FEST 2015
Seaman Realty & Management Company is proud to be one of the many sponsors of Jacksonville Porch Fest 2015. Our collective sponsorship made it possible for all of the muscians performing to be paid.
HOW GOOGLE FIBER COULD BE A GAME CHANGER FOR JACKSONVILLE
Heading up the exploration for Google Fiber in Jacksonville is Sunny Gettinger, who has worked remotely for Google for eight years. Gettinger said Jacksonville has a reputation for always looking to grow – and this is obviously an opportunity to leverage. "Leaders in....
HOW THE WORKPLACE NEEDS TO CHANGE FOR
Generation Z is about to enter the workforce and companies will need to work harder than ever before to recruit and retain the best talent. Organizations need to start developing plans for success today....
INNOVATION DISTRICT IN THE
WORKS FOR DOWNTOWN
The people behind Jacksonville’s first Innovation Connection Conference are working to create an innovation district Downtown. Ed Baldwin, founder of the Jacksonville tech startup Profile Gorilla, announced at the convention today plans for a clustered grid within the city’s urban core that will promote existing sites and resources that support startup culture and activity.
5 REASONS TO LOVE
JACKSONVILLE'S 5 POINTS
Following the great Jacksonville moss fire that destroyed a majority of downtown in 1901, residents flocked a few miles southwest to the quiet neighborhood of Riverside/Avondale to rebuild. By the 1930s, a small pocket of the Riverside region had transformed into the first bustling shopping area outside of downtown, which became known as 5 Points...
GUIDE TO JACKSONVILLE'S NEIGHBORHOODS
Jacksonville, the largest city by landmass in the nation and Northeast Florida’s historic urban economic engine, is a naturalwater wonderland that sports more shoreline than any other city in the U.S., with 22 miles of beaches, 40 miles of the Intracoastal Waterway and the longest stretch of the St. Johns River in the state of Florida....
Downtown Jacksonville has a new enhancement program in place, known as the Retail Enhancement Program, and I am happy to say that I played a roll in its creation. This program was recently voted favorably by both the Downtown Investment Authority and passed the City Council, and is now in effect, with many applicants already receiving benefits. How does it work, and why is it necessary?
KEEPING IT CURRENT
Since 2013 a new Federal GAAP accounting regulation has been under discussion which will directly change the way the IRS treats long term commercial real estate leases. Should this change go into law, from that point onwards all leases in effect must be recorded not as an expense but as a liability on a balance sheet. The thrust of this news is that all leases will obligate you to pay rent in a very similar way to paying debt service, but instead of paying to a bank; you are seen --and treated by the IRS--as borrowing from your landlord. This will be VERY costly to all businesses with existing leases....
On Sept. 20, 2013, SEAMAN led a team who unveiled a new program to Jacksonville called IlluminteJax! to a standing room only crowd of 100 downtown stakeholders, which was held at The University Club, for the JaxChamber's Downtown Council Breakfast series. The goals of artful illumination are many, but include...