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While the proposed $15,000 home-buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Barack Obama signed into law Tuesday includes a similar--albeit smaller--measure designed to help revive the real estate market. Here are six things you need to know about the freshly-enacted $8,000 first-time home buyer tax credit.
1. Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.
2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.
3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.
4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.
5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.
6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)
Sunday, February 22, 2009
Thursday, February 12, 2009
If your favorite store was having a huge sale would you wait for the last day ?
Be it a beach front condo, a golf course home or downtown penthouse with a view..... if you delay today .....your choice for that perfect property will be limited.
Here in Sarasota it's just that straight forward.
We have worked with buyers recently that have missed out on a great deal because they were too concerned about thinking that prices might come down even more. Sure that is true for some properties. But when you see a great opportunity trust your instincts ..don't second guess.. Trust yourself, trust us.
Make that offer !!
Here in Sarasota it's just that straight forward.
We have worked with buyers recently that have missed out on a great deal because they were too concerned about thinking that prices might come down even more. Sure that is true for some properties. But when you see a great opportunity trust your instincts ..don't second guess.. Trust yourself, trust us.
Make that offer !!
Wednesday, February 11, 2009
Reverse Mortgages
Wells Fargo is one of the first banks to roll the program out nationally.
Use a Reverse Mortgage to purchase a primary residence or pull cash out of an existing primary residence.
Examples of where a Reverse Mortgage to purchase a primary residence might have application:
1. Buyers that have some cash but not enough to buy the house they really want……..They have insufficient income to qualify for a conventional mortgage
(with it's commensurate mortgage payments). If they obtain a reverse mortgage on the house they are buying , they have no qualification concerns since income is not part of the qualification process and there are no mortgage payments required on the reverse mortgage.
2. Buyers that cannot sell their home up north…..They want to move to Florida but either cannot qualify for a conventional mortgage on the Florida home
or don’t want to have a mortgage payment on their retirement home…….Once again, no income/ratio requirements to obtain a reverse mortgage and best of all,
there are no mortgage payments on the reverse mortgage.
Here are a few of the aspects of the reverse mortgaged program that may be particulary important to prospective users:
*** The youngest borrower needs to be age 62.
*** Reverse mortgages can only be made on a primary residence.
* The payments/proceeds from a reverse mortgage are not considered income, so they do not affect levels of social security, medicare, and/or pension benefits.
* There are no pre-payment penalties associated with paying off the reverse mortgage at any time.
* The buyers never give up title to the property.
* The buyers will never be forced to sell as long as the property remains the PRIMARY residence of at least on borrower.
* The heirs will never owe more than the property ultimately sells for in an arms length transaction,
(i.e. there is never a negative equity position passed on to the heirs).
Use a Reverse Mortgage to purchase a primary residence or pull cash out of an existing primary residence.
Examples of where a Reverse Mortgage to purchase a primary residence might have application:
1. Buyers that have some cash but not enough to buy the house they really want……..They have insufficient income to qualify for a conventional mortgage
(with it's commensurate mortgage payments). If they obtain a reverse mortgage on the house they are buying , they have no qualification concerns since income is not part of the qualification process and there are no mortgage payments required on the reverse mortgage.
2. Buyers that cannot sell their home up north…..They want to move to Florida but either cannot qualify for a conventional mortgage on the Florida home
or don’t want to have a mortgage payment on their retirement home…….Once again, no income/ratio requirements to obtain a reverse mortgage and best of all,
there are no mortgage payments on the reverse mortgage.
Here are a few of the aspects of the reverse mortgaged program that may be particulary important to prospective users:
*** The youngest borrower needs to be age 62.
*** Reverse mortgages can only be made on a primary residence.
* The payments/proceeds from a reverse mortgage are not considered income, so they do not affect levels of social security, medicare, and/or pension benefits.
* There are no pre-payment penalties associated with paying off the reverse mortgage at any time.
* The buyers never give up title to the property.
* The buyers will never be forced to sell as long as the property remains the PRIMARY residence of at least on borrower.
* The heirs will never owe more than the property ultimately sells for in an arms length transaction,
(i.e. there is never a negative equity position passed on to the heirs).
Tuesday, February 10, 2009
Hyatt cuts prices on Siesta Key
The Hyatt Siesta Key Beach, the fractional ownership resort under construction along a stretch of the island just south of Stickney Point Road, is lowering its prices to attract buyers in the struggling economy.
The 44-unit, $100 million resort is expected to be completed by this summer. It is being constructed on the site of the former Sea Castle resort.
The Hyatt property initially began selling six-week segments last year ranging from $250,000 to $750,000. Certain summer months in the off-season also were available in three-week segments as well.
Hyatt has now decided to reduce its asking prices, with some units now being offered starting at $150,000.
The company said its decision to offer "significantly adjusted pricing" was made after conducting a four-month market analysis of luxury beachfront real estate.
Fractional ownership is similar to traditional time-shares, but the big difference is owners actually receive a deed to their portion of the property -- they own that piece, pay taxes on it and can sell it as they would an actual condo or home. The structure of the purchase arrangement can vary across different resorts -- Hyatt's Siesta Key property provides for buyers to purchase a specified period of weeks during the year.
Part of the time can also be traded out for stays at other qualifying Hyatt resorts and hotels elsewhere. Hyatt has more than a dozen other "vacation ownership" locations in the United States, including in Key West and Bonita Springs; Carmel and Truckee, Calif.; Aspen, Beaver Creek and Breckenridge, Colo.; San Antonio, Texas; Lake Tahoe, Nev.; Sedona, Ariz.; and Dorado, Puerto Rico.
Hw is it that the Hyatt Siesta Key is even able to move forward in this economy ?
It's simple: money up front.
The Hyatt project is being built more like a hotel. When it comes to hotels, financing up front is usually secured to complete construction, with the assumption being that it may take several years for the project to break even and begin turning a profit.
Therefore pre-sales are not needed for the Hyatt project to move forward, and Lehrman initially said the goal for selling out all of the shares was four years. He said the money from any sales so far have not gone to construction costs, as those costs are being borne by the developer, Hyatt and the partners involved.
The Hyatt project also has the deep pockets of the Carlyle Group from which to draw. Carlyle, with billions in assets around the world, is a partner in the Siesta Key development, and is providing a still-undisclosed portion of the $100 million price tag.
If you are interested contact us and we will get you more information.
1888-755-2637 or 941-993-6443
The 44-unit, $100 million resort is expected to be completed by this summer. It is being constructed on the site of the former Sea Castle resort.
The Hyatt property initially began selling six-week segments last year ranging from $250,000 to $750,000. Certain summer months in the off-season also were available in three-week segments as well.
Hyatt has now decided to reduce its asking prices, with some units now being offered starting at $150,000.
The company said its decision to offer "significantly adjusted pricing" was made after conducting a four-month market analysis of luxury beachfront real estate.
Fractional ownership is similar to traditional time-shares, but the big difference is owners actually receive a deed to their portion of the property -- they own that piece, pay taxes on it and can sell it as they would an actual condo or home. The structure of the purchase arrangement can vary across different resorts -- Hyatt's Siesta Key property provides for buyers to purchase a specified period of weeks during the year.
Part of the time can also be traded out for stays at other qualifying Hyatt resorts and hotels elsewhere. Hyatt has more than a dozen other "vacation ownership" locations in the United States, including in Key West and Bonita Springs; Carmel and Truckee, Calif.; Aspen, Beaver Creek and Breckenridge, Colo.; San Antonio, Texas; Lake Tahoe, Nev.; Sedona, Ariz.; and Dorado, Puerto Rico.
Hw is it that the Hyatt Siesta Key is even able to move forward in this economy ?
It's simple: money up front.
The Hyatt project is being built more like a hotel. When it comes to hotels, financing up front is usually secured to complete construction, with the assumption being that it may take several years for the project to break even and begin turning a profit.
Therefore pre-sales are not needed for the Hyatt project to move forward, and Lehrman initially said the goal for selling out all of the shares was four years. He said the money from any sales so far have not gone to construction costs, as those costs are being borne by the developer, Hyatt and the partners involved.
The Hyatt project also has the deep pockets of the Carlyle Group from which to draw. Carlyle, with billions in assets around the world, is a partner in the Siesta Key development, and is providing a still-undisclosed portion of the $100 million price tag.
If you are interested contact us and we will get you more information.
1888-755-2637 or 941-993-6443
Thursday, February 05, 2009
Lakewood Ranch Announces $110 Million Sports Complex
Lakewood Ranch, in conjunction with Corvus International, Iowa Sports Management and Johan Kriek Tennis, will soon unveil plans for a new $110+ million sports, spa and training complex.
The complex, which will be located at the most eastern end of Lakewood Ranch in Manatee County, will bring international attention to Lakewood Ranch, Manatee and Sarasota counties and the entire region. It will be one of the largest facilities of its type in the country and will provide for a much needed influx of construction related jobs and activity along with stable, long-term employment opportunities. Watch the newspapers for more details.
The complex, which will be located at the most eastern end of Lakewood Ranch in Manatee County, will bring international attention to Lakewood Ranch, Manatee and Sarasota counties and the entire region. It will be one of the largest facilities of its type in the country and will provide for a much needed influx of construction related jobs and activity along with stable, long-term employment opportunities. Watch the newspapers for more details.
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