Esplanade at City Park apartments sell for $54.5M

Located in Mid-City on Bayou St. John, situated between City Park and the New Orleans Fairgrounds, The Esplanade at City Park offers a remarkable location with valuable, unmatched amenities. Utilities and gated parking are included. Other activities and features include a fitness center, business center, movie screening room, yoga and pilates, and a Wii Game Room.
A Florida investment group has sealed the deal!
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1031 Tax Straddling for 2014

With the end of 2013 approaching, there are investors selling real estate who are not sure whether to initiate a 1031 Exchange because they are concerned about securing replacement property. One thing to keep in mind is that the IRS does not penalize investors for attempting to complete a 1031 Exchange. However, if investors cannot successfully complete their 1031 Exchange, the taxes associated with the sale of their investment property will be due. The good news is at this time of the year, there may be a silver lining. "Tax straddling" may be an option where the taxpayer receives a one year tax deferral.
How does it work? Once a 1031 Exchange is initiated, if replacement property is not purchased to complete the exchange, the earliest the Qualified Intermediary can return the taxpayer’s funds is on the 46th day (the day after the identification time period has ended) or, in some cases, the 181st day (the day when the 1031 Exchange time period is complete). Taxpayers who enter into a 1031 Exchange during the fourth quarter of 2013 and receive their funds back from the Qualified Intermediary in 2014 have the option of deferring payment of taxes on the profits from their sale until 2015 - the due date of their 2014 tax return. Combining §1031 with §453 permits the cash received from the Qualified Intermediary at end of the exchange to be treated as a payment in the year of actual receipt, rather than in the year the property was sold.
Tax straddling provides added incentive to taxpayers selling investment property at the end of the year. Why not attempt to complete a 1031 Exchange when a one year deferral is available as the back-up plan?
Taxpayers should consult with their tax advisors since tax straddling does not apply to all sales, and any gain attributed to debt relief will still have to be recognized in the year of sale. It is also important

that the taxpayer has the intent to complete the 1031 Exchange when the 1031 account is opened.
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Commercial Real Estate Recovering

Development and construction of new commercial real estate – office, industrial and retail buildings – continued its climb in 2012, supporting approximately 2.3 million American jobs and contributing $303.4 billion to the nation's economy, marking the second year that the sector posted gains since 2007, according to a new report released this week by the NAIOP Research Foundation (Commercial Real Estate Development Association).

Commercial real estate alone supported at least 2.3 million American jobs in 2012

Commercial real estate contributed $303.4 billion to U.S. GDP, a 16% increase from 2011

Construction and development spending grew nearly 10% from 2011

307.5 million square feet built in 2012, a 29% increase from 2011

Top Ten States for Commercial Real Estate:

1. New York, $4.80 billion in spending, supporting 122,600 jobs

2. Texas, $4.34 billion in spending, supporting 162,877 jobs

3. Iowa, $2.92 billion in spending, supporting 85,753 jobs

4. California, $2.88 billion in spending, supporting 96,572 jobs

5. Ohio, $2.04 billion in spending, supporting 76,830 jobs

6. Florida, $1.97 billion in spending, supporting 78,274 jobs

7. Massachusetts, $1.78 billion in spending, supporting 49,653 jobs

8. North Carolina, $1.75 billion in spending, supporting 68,819 jobs

9. Illinois, $1.64 billion in spending, supporting 56,654 jobs

10. Georgia, $1.58 billion in spending, supporting 61,715 jobs

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