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From Connecticut to Florida: My Personal 1031 Exchange Journey
How I’m exchanging a Connecticut investment condo for a larger waterfront investment property in St. Petersburg, Florida.
If you own rental property in Connecticut, have you ever considered selling and reinvesting in Florida real estate?
I’m doing exactly that through a 1031 tax-deferred exchange, and I want to share my experience with other Connecticut property investors.
My First Step: Exploring Florida Real Estate
Before making any decisions about selling my Connecticut investment property, I flew to Florida to tour properties and determine what price range would work for my next investment.
Once I understood the Florida market and my purchasing options, I adjusted the asking price of my one-bedroom investment condominium at 22 D2 North Lake Drive in Hamden, Connecticut.
The property went under contract quickly, allowing me to move forward with my Florida investment plans.
From a Hamden Condo to St. Petersburg Waterfront
My Connecticut investment is a one-bedroom, one-bathroom condominium with approximately 700 square feet.
My replacement property is a two-bedroom, two-bathroom waterfront condominium at Seapoint Terrace on Maximo Point in St. Petersburg, Florida.
The Florida property offers approximately 1,200 square feet, direct waterfront exposure, and both front and back patios.
That’s 500 additional square feet of living space, along with a different location and investment opportunity.
How Does a 1031 Exchange Work?
A 1031 exchange allows qualifying investors to sell investment real estate and reinvest in another qualifying property while deferring certain capital gains taxes.
The replacement property doesn’t have to be in the same state or have the same layout.
However, there are important requirements, including working with a qualified intermediary, generally identifying replacement property within 45 days of selling, and completing the exchange within 180 days or the applicable earlier tax-return deadline.
Both properties must meet the investment or business-use requirements, and the exchange must be properly structured.
Could This Strategy Work for Connecticut Property Owners?
If you own rental property in Hamden, New Haven, Wallingford, North Haven, Cheshire, Milford, or surrounding Connecticut communities, a 1031 exchange may offer an opportunity to reposition your investment.
Whether you’re interested in Florida coastal real estate or another investment market, the first step is understanding what your Connecticut property could sell for and how that fits your financial goals.
As a Connecticut Realtor and real estate investor going through this process myself, I understand the importance of pricing, timing, and planning.
*1031 exchanges involve specific tax rules and deadlines. Consult a qualified intermediary and tax professional before proceeding.*
**Coming Next — Part 2:** How a 1031 Exchange Works: The Steps I’m Taking from Connecticut to Florida
Thinking about selling your Connecticut investment property? Let’s discuss your options.
Call, email, or text anytime to discuss your property.
Heike (Hyka) Severine, CT Real Estate Expert in New Haven County
📞 860-385-6315
✉️ Heike@CTRealEstateExpert.com
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