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Brandon Vandermyde-Commercial Real Estate Specialist

Archive for the ‘New Things in Southern Utah’ Category

Representing Flog Industries

Friday, April 17th, 2015

flog 300x198 Representing Flog Industries

New Business in Ft. Pierce Industrial Park

Brandon Vandermyde of NAI Utah South represented Flog Industries in the lease of their new place in Ft. Pierce Industrial Park.
Flog industries manufactures custom jeep bumpers that can be purchased directly through them, as well as at a growing amount of dealerships. Their bumpers can house and protect wenches, aftermarket lights, and provide the jeeps with a custom and sleek look. Visit their website for more details: flogindustries.com

Dixie Applied Technology College Opens New Facility

Friday, January 23rd, 2015

New Training Center Opens

Dixie Applied Technology College inaugurated its 11,000 s.f. Emergecny Response Training Center. Police, fire, and other emergency response personnel can receive training on lifesaving techniques. DXATC plans to move its campus to the old St. George Airport site

If you have any commercial real estate needs in St. George, Ut contact brandonv@naiutahsouth.com or call 435-627-5707

Bio Life Expands in St. Geroge

Thursday, January 22nd, 2015

Plasma 300x225 Bio Life Expands in St. Geroge

New Plasma Services Center Opens

Biolife Plasma Services opened a second St. George location on Dixie Drive, behind the Albertsons Shopping Center. The new center boasts more room than the older center as well as four more beds.

Tax Incentives Lure Businesses to Ft. Pierce Industrial Park

Sunday, January 18th, 2015

Industrial Park 300x200 Tax Incentives Lure Businesses to Ft. Pierce Industrial Park

New Business at Ft. Pierce Industrial Park

Industrial Brush Corporation, a designer and manufacturer of brushes used for food processing applications, opened its doors in Fort Pierce Industrial Park in August.

Expansion of the Fort Pierce Industrial Park has been approved by the city council. The 93-acre expansion of the park will make room for a “Business Park” That could accommodate light industrial and office spaces.

What is a 1031 Exchange?

Friday, October 3rd, 2014

pennies What is a 1031 Exchange?

Should I do it?

A 1031 exchange, also known as a tax deferred exchange, is the process of deferring the taxes on the sale of a property to a later date. Although you are selling your property and buying another one, it is thought of by the IRS an exchanging a property. A 1031 exchange allows you to defer paying taxes on any gain that you would receive from selling the property.

Example

A simple and common 1031 exchange would be a farmer who purchased a property for $100,000 and farmed it for 40 years. Over those 40 years, there has been quite a bit of residential development going on all around him, and his property would be well suited as a residential development and his land is now worth $1 million dollars. If the farmer simply sold his property, he would have to pay taxes on the sale amount, minus the basis (original sales price), and minus any closing costs. Below is an example using basic numbers:

$1,000,000 (sales price)
- $100,000 (basis, or original purchase price)
- $75,000 (closing costs)
————
$825,000 total gains that are taxable
-165,400 (capital gains tax)
————
$660,000

Add that to your original $100,000 invested and you would net $760,000

If you were to invest the $760,000 into a property that gave a 8% return, your annual return would be $60,800.

However, if you were to do a 1031 exchange with that same sales scenario, you would be able to invest $925,000. If you invested in a property that yielded an 8% annual return, your total annual return would be $74,000
which is $13,200 more per year (18 % more).

Get Help

If you are considering selling a property and are interested learning about 1031 exchanges, give Brandon Vandermyde with NAI Utah South a call at 435-627-5707 or email him at brandonv@naiutahsouth.com.

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