as appeard USA Today
Q&A clears the air about homebuyer tax credits
McLEAN, Va. – Nov. 25, 2009 – If you’re in the market for a home, the world is your oyster. Interest rates are at record lows. Housing prices in many parts of the country are still depressed. And you may be eligible for a generous tax break, even if the home you buy isn’t your first.
On Nov. 6, President Obama signed legislation that provides a $6,500 tax credit for some current homeowners who buy another home. The law also extends the $8,000 tax credit for first-time homebuyers, scheduled to expire Nov. 30, until next spring.
A lot of people are interested in taking advantage of this tax break, but the expanded credit also has whipped up a lot of confusion. Here are some answers to frequently asked questions:
Q: How do I qualify for the $6,500 credit?
A: This credit is available for homebuyers who sign a binding contract on a new or existing home by April 30, 2010, and settle by July 1 (deadlines that also apply to the first-time homebuyer credit). You must have lived in your existing home for five consecutive years out of the last eight. The home you purchase must be your primary residence. However, the law doesn’t require you to sell your old home, says Bob Meighan, vice president at TurboTax, the tax software provider. You can use it as a second home or a rental and still claim the credit, he says.
Q: I sold a home I had lived in for more than five years and bought a new one in August. Do I qualify for a tax credit?
A: No. For existing homeowners, the $6,500 credit is limited to homes purchased after Nov. 6.
Q: Does the home I buy have to be more expensive than the one I own now?
A: No. While the real estate industry is hopeful that homeowners will use this credit to buy a nicer place, there’s no prohibition against using it to downsize, Meighan says. That makes this credit particularly useful for seniors who are interested in moving into a smaller home.
If you are planning to move up, keep in mind that you can’t claim the credit if the purchase price of the home exceeds $800,000. Unlike some other tax credits, this one doesn’t slowly phase out once you exceed the threshold, Meighan says. If you buy a home for more than $800,000 – and that refers to the purchase price, not the assessed value or the amount of your mortgage – you are ineligible for the credit, period.
The $800,000 cap also applies to first-time homebuyers, but only those who purchase a home after Nov. 6. First-time homebuyers who bought a home for more than $800,000 between Jan. 1 and Nov. 6 can still claim the credit, assuming they meet the other criteria, Meighan says.
Q: I’m an existing homeowner, and would like to build a new home. Can I claim the credit?
A: Yes, but make sure your builder is good at meeting deadlines. You can claim the credit as long as you have a binding contract in place by April 30 and close by July 1. In the case of a new home, the closing date is the day you move in, Meighan says. If your home isn’t habitable by June 30, you won’t be able to claim the credit, he says.
Q: I bought a home in 2008 and claimed the old $7,500 first-time homebuyers credit, which must be repaid over 15 years. Did the new law change that rule?
A: No. That credit, which was available for homes purchased between April 9, 2008, and Dec. 31, 2008, must still be repaid.
The $8,000 first-time homebuyer credit, available for homes purchased after Dec. 31, 2008, doesn’t have to be repaid as long as you remain in the home for at least three years. Existing homeowners who qualify for the $6,500 credit don’t have to repay that money, either, as long as they meet the three-year requirement.
Q: We have a rental home and would like to sell it to our son, who has never owned a home. Would he qualify for the first-time homebuyer credit?
A: No. The legislation specifically prohibits taxpayers from claiming the credit if the sale is between “related parties,” Meighan says. A home sale to a parent, grandparent, child or grandchild would fall into that category.
Q: I sold my home this year and have been renting since. If I buy a new home, do I qualify for the expanded credit?
A: Yes, as long as you meet all of the other requirements, says Mel Schwarz, partner with Grant Thornton in Washington, D.C. The eight-year period used to determine eligibility ends on the day you buy your new home, he says.
Find additional real estate news and information.
Sunday, December 6, 2009
Tuesday, September 29, 2009
West of the Trail Heritage in Sarasota
In these times of quickly changing landscapes, especially here in Florida, it’s comforting to know that a strong sense of heritage still lives on. Woven into the fabric of a modern, 21st century city are homes and neighborhoods that embody the charm of yesteryear while still being relevant and accessible in the vibrant Sarasota of today. These are the gems of our town that Carolyn and Gary Collins find truly inspirational. These are our West of the Trail properties!
As specialists on West of the Trail properties, we constantly have our collective finger on the pulse of the downtown and beyond area. In fact, we update our website ww.LifeInSarasota.com weekly by price point and property type (house or condo) to allow you to have access to information on properties West of the Trail which are actively on the market, have pended (gone under contract) or which have sold. Now, you don’t have to wait to find out what your neighbor’s house or condo is listed for or for what it sold! (See West of the Trail Property Updates.
As of last week, condos were selling on average for 85% of the last list price and were on the market for an average of 291 days. Houses were selling for 88% of last list price and had averaged 296 days on the market. Keep in mind that is a snapshot of one week. But, isn’t it interesting that houses and condos are running close to the same average days on the market? The condo market really does seem to be picking up.
The most active price point in sales is less than $500,000, but we’ve seen an up tick in the higher price points as well recently. A condo just sold on Golden Gate Point for $2M. Up until then, for over eight months, the highest sale there had been $1.275M, one of our listings.
For particulars, please visit our website or contact us at Carolyn.Collins@SothebysRealty.com or 941.320.0722.
Carolyn provides personalized, thoughtful customer service, just the way it used to be. But her background proves she’s more than just a people person. A former legal administrator and marketing executive, she relocated from New York City in 1993. With her, Carolyn brought valuable experience in all facets of a real estate transaction, including contracts, disclosures, inspections and negotiations.
Gary is a details and numbers man. He is also a fourth generation Floridian and long-time spec home builder who lived and worked in the D.C. area for many years. Gary offers over twenty-five years of building industry experience to assist their customers in the buying, selling or building process.
Carolyn and Gary represent a unique combination of real estate prowess with their diverse backgrounds. And although they have different business approaches and roles, they do share the most important element in their success - passion and enthusiasm for the heritage of our proud city. Some people see real estate opportunities as more than just houses. They see them as homes with a personal history. If your family treasures the generations of smiles shared among the walls of a vintage home, but also lives a distinctively modern life, then call the Collins team. They’re just the family to help yours
As specialists on West of the Trail properties, we constantly have our collective finger on the pulse of the downtown and beyond area. In fact, we update our website ww.LifeInSarasota.com weekly by price point and property type (house or condo) to allow you to have access to information on properties West of the Trail which are actively on the market, have pended (gone under contract) or which have sold. Now, you don’t have to wait to find out what your neighbor’s house or condo is listed for or for what it sold! (See West of the Trail Property Updates.
As of last week, condos were selling on average for 85% of the last list price and were on the market for an average of 291 days. Houses were selling for 88% of last list price and had averaged 296 days on the market. Keep in mind that is a snapshot of one week. But, isn’t it interesting that houses and condos are running close to the same average days on the market? The condo market really does seem to be picking up.
The most active price point in sales is less than $500,000, but we’ve seen an up tick in the higher price points as well recently. A condo just sold on Golden Gate Point for $2M. Up until then, for over eight months, the highest sale there had been $1.275M, one of our listings.
For particulars, please visit our website or contact us at Carolyn.Collins@SothebysRealty.com or 941.320.0722.
Carolyn provides personalized, thoughtful customer service, just the way it used to be. But her background proves she’s more than just a people person. A former legal administrator and marketing executive, she relocated from New York City in 1993. With her, Carolyn brought valuable experience in all facets of a real estate transaction, including contracts, disclosures, inspections and negotiations.
Gary is a details and numbers man. He is also a fourth generation Floridian and long-time spec home builder who lived and worked in the D.C. area for many years. Gary offers over twenty-five years of building industry experience to assist their customers in the buying, selling or building process.
Carolyn and Gary represent a unique combination of real estate prowess with their diverse backgrounds. And although they have different business approaches and roles, they do share the most important element in their success - passion and enthusiasm for the heritage of our proud city. Some people see real estate opportunities as more than just houses. They see them as homes with a personal history. If your family treasures the generations of smiles shared among the walls of a vintage home, but also lives a distinctively modern life, then call the Collins team. They’re just the family to help yours
Wednesday, September 2, 2009
Home sales once again top 500 in Sarasota market
As Reported by the Sarasota Association of Realtors
Home sales once again top 500 in Sarasota market
Overall home sales in the Sarasota real estate market exceeded 500 for the second time since June 2008, inventory levels dropped, and the median sale price for both single family and condominiums stabilized in May 2009. These statistics all point toward a normalization and moderation of the market following a more volatile period during the past two years. Read the entire report
Pending sales soar to 981 in April 2009; sales top 500 mark for first time in 11 months
According to the Sarasota Association of Realtors in their April Report
The number of properties reported pending skyrocketed to 981 in April 2009 in the Sarasota real estate market, the highest since the boom years of local real estate in the 2003-2005 period and topping the previous month by 21 percent. Overall sales climbed over the 500 level – the first time since June 2008 – and the median sale price for both single family and condominiums rose above the March 2009 figure. This continued a recent upward trend for prices, which could mean the market doldrums have finally subsided. Read the entire report
You can find additional stats and related Sarasota Real Estate, Relocation and Lifestyle information.
Home sales once again top 500 in Sarasota market
Overall home sales in the Sarasota real estate market exceeded 500 for the second time since June 2008, inventory levels dropped, and the median sale price for both single family and condominiums stabilized in May 2009. These statistics all point toward a normalization and moderation of the market following a more volatile period during the past two years. Read the entire report
Pending sales soar to 981 in April 2009; sales top 500 mark for first time in 11 months
According to the Sarasota Association of Realtors in their April Report
The number of properties reported pending skyrocketed to 981 in April 2009 in the Sarasota real estate market, the highest since the boom years of local real estate in the 2003-2005 period and topping the previous month by 21 percent. Overall sales climbed over the 500 level – the first time since June 2008 – and the median sale price for both single family and condominiums rose above the March 2009 figure. This continued a recent upward trend for prices, which could mean the market doldrums have finally subsided. Read the entire report
You can find additional stats and related Sarasota Real Estate, Relocation and Lifestyle information.
Wednesday, June 17, 2009
West of The Trail Property Updates
As you know by now, Gary and I are passionate about vintage neighborhoods and also about our beautiful, historic Sarasota. This is a free service we are offering our neighbors with no obligation! Just click the link below to access the WEST OF THE TRAIL PROPERTY UPDATES.
Now, you can visit LifeInSarasota.com and Click on the West of the Trail Property Updates page and see Weekly statistics broken down as follows on properties located West of the Trail (West of US 41).
Just click the respective links to access the information. If they don't open initially, please hold the Control button down, and try again. Sometimes they seem to have a mind of their own.
When there are multiple properties, you may navigate between them by clicking the address window drop down box and use the navigation arrows.
Active Listings of Single Family Homes priced $1M and Up
Active Listings of Single Family Homes priced between $750,000 and $1M
Active Listings of Single Family Homes priced between $500,000 and $750,000
Active Listings of Single Family Homes priced up to $500,000
Active Listings of Condos priced $1M and Up
Active Listings of Condos priced between $750,000 and $1M
Active Listings of Condos priced between $500,000 and $750,000
Active Listings of Condos priced up to $500,000
Pending Listings of Single Family Homes priced $1M and Up
Pending Listings of Single Family Homes priced between $750,000 and $1M
Pending Listings of Single Family Homes priced between $500,000 and $750,000
Pending Listings of Single Family Homes priced up to $500,000
Pending Listings of Condos priced $1M and Up
Pending Listings of Condos priced between $750,000 and $1M
Pending Listings of Condos priced between $500,000 and $750,000
Pending Listings of Condos priced up to $500,000
ALL SOLD INFORMATION IS WITHIN THE LAST SIX MONTH PERIOD:
Sold Listings of Single Family Homes priced $1M and Up
Sold Listings of Single Family Homes priced between $750,000 and $1M
Sold Listings of Single Family Homes priced between $500,000 and $750,000
Sold Listings of Single Family Homes priced up to $500,000
Sold Listings of Condos priced $1M and Up
Sold Listings of Condos priced between $750,000 and $1M
Sold Listings of Condos priced between $500,000 and $750,000
Sold Listings of Condos priced up to $500,000
In addition, you can sign up to receive automatic updates the instant they hit the Multi Listing Service. If you'd like to receive automatic emails in real time on any one or all of these categories, please enter your contact information in the Sign Up Window and let us know which you'd like to receive. And, don't hesitate to let us know what else or you'd like to see there.We'd love to hear from you.
Best regards,
Carolyn and Gary
Now, you can visit LifeInSarasota.com and Click on the West of the Trail Property Updates page and see Weekly statistics broken down as follows on properties located West of the Trail (West of US 41).
Just click the respective links to access the information. If they don't open initially, please hold the Control button down, and try again. Sometimes they seem to have a mind of their own.
When there are multiple properties, you may navigate between them by clicking the address window drop down box and use the navigation arrows.
Active Listings of Single Family Homes priced $1M and Up
Active Listings of Single Family Homes priced between $750,000 and $1M
Active Listings of Single Family Homes priced between $500,000 and $750,000
Active Listings of Single Family Homes priced up to $500,000
Active Listings of Condos priced $1M and Up
Active Listings of Condos priced between $750,000 and $1M
Active Listings of Condos priced between $500,000 and $750,000
Active Listings of Condos priced up to $500,000
Pending Listings of Single Family Homes priced $1M and Up
Pending Listings of Single Family Homes priced between $750,000 and $1M
Pending Listings of Single Family Homes priced between $500,000 and $750,000
Pending Listings of Single Family Homes priced up to $500,000
Pending Listings of Condos priced $1M and Up
Pending Listings of Condos priced between $750,000 and $1M
Pending Listings of Condos priced between $500,000 and $750,000
Pending Listings of Condos priced up to $500,000
ALL SOLD INFORMATION IS WITHIN THE LAST SIX MONTH PERIOD:
Sold Listings of Single Family Homes priced $1M and Up
Sold Listings of Single Family Homes priced between $750,000 and $1M
Sold Listings of Single Family Homes priced between $500,000 and $750,000
Sold Listings of Single Family Homes priced up to $500,000
Sold Listings of Condos priced $1M and Up
Sold Listings of Condos priced between $750,000 and $1M
Sold Listings of Condos priced between $500,000 and $750,000
Sold Listings of Condos priced up to $500,000
In addition, you can sign up to receive automatic updates the instant they hit the Multi Listing Service. If you'd like to receive automatic emails in real time on any one or all of these categories, please enter your contact information in the Sign Up Window and let us know which you'd like to receive. And, don't hesitate to let us know what else or you'd like to see there.We'd love to hear from you.
Best regards,
Carolyn and Gary
Tuesday, March 17, 2009
As appeared March 1, 2009
The Independent
United Kingdom
City Slicker Sarasota
It's festival time in this Florida city, so get some culture with your suntan. Ian McCurrach offers a guide
WHY VISIT?
Florida's cultural centre springs into life this month with a series of high-profile events. The 29th annual Jazz Festival (jazzclubsarasota.com) kicks off today and runs until 7 March. There's a daily round of open-air and indoor concerts from such as Dick Hyman at venues such as the Van Wezel Performing Arts Hall and Holley Hall.
Sarasota rolls out its red carpet for the 11th annual Sarasota Film Festival (sarasota filmfestival.com) from 27 March to 5 April. There will be more than 200 films from around the world and screenings every day. Past celebrity attendees include Felicity Huffman, Charlize Theron and Woody Harrelson. Read the entire article
The Independent
United Kingdom
City Slicker Sarasota
It's festival time in this Florida city, so get some culture with your suntan. Ian McCurrach offers a guide
WHY VISIT?
Florida's cultural centre springs into life this month with a series of high-profile events. The 29th annual Jazz Festival (jazzclubsarasota.com) kicks off today and runs until 7 March. There's a daily round of open-air and indoor concerts from such as Dick Hyman at venues such as the Van Wezel Performing Arts Hall and Holley Hall.
Sarasota rolls out its red carpet for the 11th annual Sarasota Film Festival (sarasota filmfestival.com) from 27 March to 5 April. There will be more than 200 films from around the world and screenings every day. Past celebrity attendees include Felicity Huffman, Charlize Theron and Woody Harrelson. Read the entire article
Saturday, December 6, 2008
ALL THINGS SARASOTA
Sarasota, consistently ranked as one of America’s best places to live, has become world-famous for its award-winning beaches, warm blue-green Gulf waters and leisurely lifestyle. This Southwest Florida community boasts big-city amenities with a small-town feel providing the best of both worlds. The arts center of this region, Sarasota serves up an intoxicating cocktail of culture. Its natural endowments promote a myriad of leisure activities, from water sports and fishing to golf, tennis and eco-activities such as bird watching, hiking or kayaking.
For the sports enthusiast, enjoy professional volleyball and hockey to major-league baseball spring training games. With a strong economy, nationally ranked public schools and medical facilities, world-class shopping and dining add to the long list of amenities. Sarasota offers multiple residential options for every lifestyle and price range.
Wake up every morning to endless views of the Gulf of Mexico or Sarasota Bay, walk to theaters and restaurants from your downtown condominium, or enjoy the recreational amenities of an active country club lifestyle. Sarasota has it all.
For the sports enthusiast, enjoy professional volleyball and hockey to major-league baseball spring training games. With a strong economy, nationally ranked public schools and medical facilities, world-class shopping and dining add to the long list of amenities. Sarasota offers multiple residential options for every lifestyle and price range.
Wake up every morning to endless views of the Gulf of Mexico or Sarasota Bay, walk to theaters and restaurants from your downtown condominium, or enjoy the recreational amenities of an active country club lifestyle. Sarasota has it all.
Wednesday, September 10, 2008
Sarasota Public Buildings going Green
Building to Standards of the U.S. Green Building Council's LEED program to the projects.
LEED stands for Leadership in Energy and Environmental Design.
The Whole Foods Market in Sarasota is also a LEED-certified structure, as is the Girl Scouts headquarters designed by Guy Peterson on Proctor Road. Thirty more Sarasota projects are in planning or construction, according to the U.S. Green Building Council’s Web site.
Florida Gov. Charlie Crist has mandated that all new public buildings in the state be built to LEED standards.
LEED stands for Leadership in Energy and Environmental Design.
The Whole Foods Market in Sarasota is also a LEED-certified structure, as is the Girl Scouts headquarters designed by Guy Peterson on Proctor Road. Thirty more Sarasota projects are in planning or construction, according to the U.S. Green Building Council’s Web site.
Florida Gov. Charlie Crist has mandated that all new public buildings in the state be built to LEED standards.
Subscribe to:
Posts (Atom)
