Jeff Scott listed his house for sale

[BulledOver]

1 hour ago, BullyPulpit said:

You can't find the right buyer if the home isn't on the market. There are only 10 homes for sale in all of Tampa in the $3 million to $4 million price range. All of the others are in South Tampa, so he has the only property for those looking for land and space. His home is also 4,000 to 5,000 square feet bigger than all of the other homes for sale, so really, given his location, he is in a market all his own. 

[Mission9]

25 minutes ago, Rocky Style said:

Too funny.  This guy would want Scott in a totally paid for house. Incidentally,  I saw the taxes on that place.  I doubt he was able to get his homestead exemption just yet.  I have been in the situation where mine did not transfer for a year and paying full price property taxes is painful. 

[BullyPulpit]

Genius timing by Scott as well. With the Spring Game this Saturday his home being for sale will garner extra media coverage and attention. Should have just hosted the Spring Game on his 14 acres and had an open house at the same time. 

[bowman1]

1 hour ago, BullyPulpit said:

Genius timing by Scott as well. With the Spring Game this Saturday his home being for sale will garner extra media coverage and attention. Should have just hosted the Spring Game on his 14 acres and had an open house at the same time. 

Maybe he is thinking USF may lose the spring game

[footnfan1]

5 hours ago, BullyPulpit said:

He bought it for $2.5 million in January 2020. Assuming he can sell it for $3.15 million or so, he would be looking at clearing nearly $3 million after the realtor commission is deducting, resulting in a $500k profit, which would more than offset the $270,000 pay cut he took due to Covid. 

And, don't forget the cap gains.If he waits til January, he saves a ton. Someone call him!

[smazza]

18 hours ago, chapelbull said:

Definitely,   but if he is downsizing or even renting he still will make a nice profit

he cant possibly be doing it for the money

14 hours ago, footnfan1 said:

And, don't forget the cap gains.If he waits til January, he saves a ton. Someone call him!

14 acres for 2.5 million? wow

[hm101]

21 hours ago, BullyPulpit said:

Yes, but he received a really good deal on the property, getting it for essentially $1 million less than Lovie Smith paid for it in 2014. Between the mortgage and the home equity line he has on it, he only owes about $2.2 million. If he were to clear right near $3 million after commissions, that would leave him with about $800,000 to put into a new home. If he buys one of the ones in Avilla for $1.8 million, that leaves him with a $1 million mortgage, thus reducing his debt burden by 55%. If home values were to dip by 20% over the next 3 years (possible, even if not probable) he would cut his losses by around $250,000 between the two homes and go from a position of breakeven at the time of sale on the larger home to a position of walking away with about $500,000 on the smaller home. I am certain that Jeff Scott has a financial planner/adviser that is far more versed in all of this than am I, but I have to believe that is the thought process going on here. 

[mj796]

21 hours ago, Mission9 said:

Too funny.  This guy would want Scott in a totally paid for house. Incidentally,  I saw the taxes on that place.  I doubt he was able to get his homestead exemption just yet.  I have been in the situation where mine did not transfer for a year and paying full price property taxes is painful. 

That's not how the Homestead Exemption works...it is designed to keep your go-forward taxes from increasing too much. When you buy a new house, your initial taxes are set based on the then current millage rate. 

[mj796]

Does anyone know if he has already found a new house or exactly why he is selling?

[mj796]

23 hours ago, hm101 said:

That's a lot of real estate commission though to sell and re-buy... 

You generally do not pay commission on the 're-buy' part...the seller does.