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(Home loans) Lake Cliff Tower Condos take Oak Cliff by Storm

By Richard Soto

 The beautifully restored Lake Cliff Tower is now completely sold out, as all 54 condos in this historical high-rise building have been snapped up by anxious buyers.

The 12-story Lake Cliff Tower, which was built in 1932 and extensively renovated in 2006, is a fine example of some of the fine Dallas condos available. Located just southwest of downtown Dallas, the Lake Cliff Tower condos all sold for between $190,000 and $600,000.

A Work in Progress

Lake Cliff Tower is similar to other Dallas condos, as it is steeped in extensive amenities and features; however, the historic nature of this building sets it apart from other Dallas condos.

Lake Cliff Tower was originally built as the Cliff Towers Hotel, a truly glamorous hotel for its time. The developers of this project, in 2005, set off to achieve a harmonious blend of the buildings historic roots, as well as the modern conveniences that Dallas condo buyers of today expect.

The exterior of the building has been beautifully restored to its original luster, thereby standing out from other Dallas condos in the area. The distinct, Mediterranean architecture compliments the upscale lifestyle that awaits the residents inside the walls.

A Prime Location

The excellent location of Lake Cliff Tower has drawn many people to this location, as did the Cliff Towers Hotel in its time. It is located just minutes from downtown Dallas, Uptown, Deep Ellum, Victory Park and Oak Lawn, just to name a few. There is certainly no shortage of things to do and see in this exciting section of Dallas. In fact, as far as Dallas condos goes, this one has it all and then some.

The Dallas condos of Lake Cliff Tower, along with the Gateway Development site, are located just one block from the Trinity River Corridor Project, which boasts outstanding area improvements, including new roads, beautiful hiking and biking trails, parks, playgrounds, and a lovely expanse of lakes and wetlands.

This project encourages and protects wildlife habitats, eases traffic congestion problems and revitalizes the area with economic development.

Building Highlights

Just some of the highlights of Lake Cliff Tower include:

Exposed beam ceilings

Concrete flooring

Close proximity to parks, business and entertainment

Sweeping views of Dallas from every direction

Swimming pool with sundeck

Theater and billiard room

Secure, monitored access

Covered, gated parking

24-hour management and concierge services

Interior Amenities and Features

The condo homes of Lake Cliff Tower clearly reflect the luxury that is afforded to the residents of this Dallas high-rise. Many Dallas condos boast these upscale amenities, as buyers in this area demand a certain lifestyle on which that they are simply not willing to compromise.

These Dallas condos include gourmet kitchens, complete with stainless steel appliances packages, custom cabinetry, double sinks and under-cabinet lighting. The master suites are just as upscale, as they feature granite countertops, custom light fixtures, walk-in closets and full-size washer and dryer connections.

Whether you are a buyer or renter, make the right residential choices by reading VIP Realtys informative analysis, which encompasses the Dallas commercial real estate and Dallas condos markets.

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Real Estate Investing: Are You Aware of the Recapture Tax?

By jamesrk

 You were probably already aware of the capital gains tax when you started real estate investing and long before you purchased your first rental property investment. That is, that you might be required to pay a capital gains tax to the Feds in the year when you outright sold your investment property unless you involved a Section 1031 tax deferred exchange.

You might not know, however, about the depreciation recapture tax you will also have to pay the Feds. Many real estate investors do not, and subsequently are in for an unpleasant surprise when they sell their investment real estate and discover that their sales proceeds are lower than anticipated by virtue of a higher federal obligation.

What is depreciation recapture tax?

First, understand that capital gains tax and recapture tax occur only when investment real estate is sold after one year of ownership. Profits on an investment property sold one year or less is classified as a short-term gain and taxed as ordinary income. Capital gains and the recapture tax apply only to investment property held for more than one year. In real life, here is how it works.

When you sell an investment property you have held for more than one year and have a recognized gain, the IRS, in addition to charging you a capital gains tax, will also tax you for the accumulated depreciation you took during the years you owned the property.

Say, for instance, you sell an office complex after ten years of ownership and make a taxable profit (or gain) of $300,000 and during that time took $30,000 in depreciation. The result is that you must pay two taxes: First, the recapture tax on the depreciation, and then the capital gains tax on the remainder.

Here is where it gets ugly.

The rate for recapture tax is currently higher than the capital gains tax rate (25% compared to 15%). As a result, you pay 10% more on the depreciation then you do if the recapture tax did not exist and your full profit was simply taxed as capital gains. This might be acceptable if you plan ahead for it, but extremely disappointing when you discover at tax time that you owe the IRS $3,000 more then you anticipated.

If you are engaged in real estate investing, and were not aware of the depreciation recapture tax, you better consult your tax attorney or accountant for more information. You certainly don’t want to sell your investment real estate and learn about it the hard way.

Article Source : Article King Pro - Free Reprints and Distribution

James Kobzeff is the developer of ProAPOD - leading real estate investment software since 2000. Create rental property cash flow, rate of return, and profitability analysis presentations in minutes! Easy and affordable. Go to => www.proapod.com

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Thursday, January 28th, 2010 at 5:25 am and is filed under realestate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.