Just Sold – Vacant Lot in North Port FL

By
Real Estate Agent with Kwee Huset Realty

Just Sold – Vacant Lot in North Port FL

To search vacant lots for sale in North Port FL

lotThis 10,000 square foot vacant lot is located off of Sumter Blvd. in the City of North Port. It has a park like view, also a walkway and bicycle trail behind the vacant lot. It is less than a mile to the City Hall of North Port, golfing, restaurants and shopping. It has a quick access to I-75, US 41and Glenallen Elementary School, Lamarque Elementary School, Cranberry Elementary and North Port High School.  The just sold –Vacant lot was listed for $4,900 and sold for $4,500

The seller of the vacant lot was from the Caribbean Islands. According to the Foreign Investment in Real Property Tax Act (“FIRPTA”) the seller is a “foreign person” as defined by FIRPTA, Section 1445 of the Internal Revenue Code requires to withhold 10% of the sold price from the seller and remit the withheld amount to the Internal Revenue Service (IRS) unless an exemption applies. The seller can apply from the IRS for a refund.

The buyers of the vacant lot are from North Port, Florida. They were recommended to do the following feasibility studies to determine whether the vacant lot was suitable for their use.

1.       Soil boring test

2.       Percolation test

3.       Survey

4.       Environmental audit and/or inspection for scrubjay and gopher turtle.

5.       Review of all governmental agency planning and zoning requirements and building permit requirements

6.       Confirmation of land use and access.

Finally, closing was completed and the buyers walked away happy and satisfied. I had both sides of the transaction. However the seller was quite unhappy with the 10% withheld by the IRS.

Just Sold – Vacant Lot in North Port FL

Buying or selling your vacant lot or home in North Port, and the surrounding area, call 941-716-3090 Kwee Huset from Kwee Huset Realty for results. 

 

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Kwee-Huset

Kwee Huset

Kwee Huset Realty - Venice Florida Real Estate

Broker/owner, REALTOR®,  CIPS, AHWD, ESRES, TRC  

Call today at 941-716-3090 for results.

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Comments (11)

Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Congrats, Kwee.  Vacant lot sales are not the easiest in this market, well done.

May 29, 2013 09:58 PM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Hi Kwee, congratulations on the sale of this vacant lot. 

May 29, 2013 11:56 PM
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Hi Kwee- congratulations on handling this transaction, I'm sure it had some twist and turns. 

May 30, 2013 08:39 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Kwee, congratulations on the sale (both sides), and nice of you to let us know about the withholding.   I had a foreign buyer last year, and will need to remember this fact when/if she decides to sell.

May 30, 2013 11:32 AM
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Thank you all for your comments and support. Some transactions are easier than others, this one was not bad. 

May 30, 2013 12:43 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Kwee congratulations on the sale of the vacant land.  I like the way you mentioned the recommended tests when purchasing vacant land, as welll as what the seller needed to do as far as the IRS was concern.

May 30, 2013 03:55 PM
Roy Kelley
Retired - Gaithersburg, MD

Congratulations on another successful transaction.  Have a most productive summer.

May 30, 2013 10:06 PM
Potranco Realty
Potranco Realty - San Antonio, TX
"Sold with Potranco Realty"

Kwee, you not only know how to market Florida Real Estate but find buyers and educate the public on ownership etc. Congratulations on selling this beautiful lot.

May 31, 2013 01:55 AM
Christine O'Shea
Christine E O'Shea Broker - Naples, FL

Contratulations on the sale of the lot, Kwee!  It is unfortunate about the 10% but that is the way it goes!

May 31, 2013 04:56 AM
MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Kwee, congratulations. There's a lot people need to understand before buying land.

May 31, 2013 09:13 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Kwee - Congrats on selling this great vacant lot in North Port Florida.

May 31, 2013 11:56 AM