Saturday, November 28, 2009

La Mirada Landmark Community

I recently had an opportunity to list and sell a property in the active adult community of La Mirada named the La Mirada Landmark Community. With the seller's input we listed the three bedroom, two bathrooms, one story townhome style condo for $379,000. Within two days of being on the market we received several offers. We ended up selling the property for full price in just under three days on the market. This wonderful active adult community in the heart of La Mirada features so much including a community club house, library, mult-purpose room, a gym, craft room, card rooms, wood shop, spa and olympic sized pool, putting green, tennis courts. The community also has organized trips and community activites for their active fifty five and over residence. The beatifully landscaped ground and many scenic walking paths are tucked away in a private setting across from La Mirada Golf Course with a security guarded entrance.

Monday, November 9, 2009

Tax Credits-Homebuying

Read Below for the basics of the Extension and revision to the Tax Credit. Please contact me with any questions. This is great news for the industry.

Homebuyer Tax Credit Update!
On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.
To learn what the new tax credit means to you and your clients, take a look at the concise overview below.
In addition, we’ve put together a script featuring wording you can cut and paste as needed to beat out your competition by connecting with clients who may be able to benefit from the new plan details!
Who Gets What?
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
What are the Income Caps?
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
What is the Maximum Purchase Price?
Qualifying buyers may purchase a property with a maximum sale price of $800,000. What is a Tax Credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.
How Much are First-Time Homebuyers (FTHB) Eligible to Receive?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is Eligible fort FTHB Tax Credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.
This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How Much are Current Home Owners Eligible to Receive?
The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.
According to the IRS, factors that would demonstrate the ownership of the property would include:
1. Right of possession, 2. Right to obtain legal title upon full payment of the purchase price, 3. Right to construct improvements, 4. Obligation to pay property taxes, 5. Risk of loss, 6. Responsibility to insure the property, and 7. Duty to maintain the property.
Are There Other Restrictions to Taking the FTHB Credit?
Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:
They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?
Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.
If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?
Yes, provided that the child meets the other requirements for the tax credit

Thursday, September 17, 2009

New La Mirada Landmark Listing

I just listed another La Mirada Landmark condominium today:

· 3 Bedrooms & 2 Bathrooms
· Approximately 1,337 Sq. Ft.
· Built in 1985
· Approximately 180 Sq. Ft. Solarium
· Ground Floor / End Unit / Greenbelt Location
· Tile Counters in Kitchen, Kitchen Aid
Gas Range/Convection Oven
· Chair Molding & Wet Bar in Dining Area
· Newer Wilson Art Flooring Throughout
· Tile Floors in Entry, Kitchen, Dining Room, Master Bathroom & Master Closet
· Living Room with Sky Lights & Slider
· Master Bedroom with Walk-In Closet with Built In Closet Organizer
· Ceiling Solar Lights in Master & Hall Baths
· Newer Furnace & A/C (1 Year Old)
· Stackable Washer & Dryer
· Tile Floors & Ceiling Fans in Solarium
· Close to Community Clubhouse & Pool Area
· La Mirada Landmark 55+ Community

13106 Avenida Santa Tecla, Unit 710D

Offered at $379,900

Thursday, September 3, 2009

First-Time Home Buyers Dominate Real Estate Market

First-Time Home Buyers Dominate Real Estate Market
With the first-time home buyer’s tax credit in full effect, younger buyers are taking the opportunity to enter the real estate market and the New Jersey real estate market has seen its fair share of first-time buyers enter the playing field recently. Across the state, agents are finding that they must consider the first-time home buyers’ unique needs and adapt to this new type of client. “Those first-time home buyers who’ve entered the housing market- drawn by the perfect storm of historically low interest rates, attractive prices and the $8,000 tax credit- expect much more from their Realtors,” said Dave Liniger, Co-Founder of RE/MAX International. “They want access, they want answers, and they want ongoing communication through text messaging. They just want to know, ‘How fast can I get the information?’ and ‘How available are you?’”
Part of an ‘instant-gratification’ and Internet generation, first-time home buyers are tech savvy and educated and they don’t want to wait for answers. They are confident and eager to become home owners.
“Making a point to notice how certain generations and certain clients like to communicate is vital. You have to adapt, you have to anticipate, and you have to be ok doing business on the phone, through text message, through email, whatever your client wants,” says Anita Jacobus of RE/MAX at Barnegat Bay in Toms River .
First-time home buyers are being drawn to the housing market because of low interest rates, attractive prices, a huge volume of inventory, and the tax credit. Not only do they have options and room to negotiate, but they have $8,000 that they can use to cover closing costs or to just get back come tax time.
“First-time home buyers are a large percentage of our clients right now and we’re having the best spring in three years. They are creating a domino effect in the real estate market, purchasing homes, allowing the sellers of those homes to move up or to downsize if they choose, and are stimulating the furniture and home improvement industry as well,” said Richard Wieland of RE/MAX First Realty in East Brunswick .
To qualify for the $8,000 tax credit, buyers must meet the first-time home buyer criteria and they must be a first-time home buyer. They qualify if they have not owned a principle residence in the last three years and must close on their home purchase before November 30, 2009. As long as they live in the home for three years, they never have to repay the tax credit. RISMEDIA, August 27, 2009-

Saturday, August 22, 2009

La Mirada Communities

Having grown up in the city of La Mirada and spending over 25 years in the town, I feel I have become a La Mirada Real Estate Specialist. I attended La Pluma Elementary School and both Neff High and La Mirada High Schools. I have sold numerous properties in La Mirada over the years. I am very familiar with all of the communities in La Mirada including, Hillsborough, Hawk's Point, The Collections, La Mirada Landmark, The Glen, The Manors, The Heights, The Knolls, The Villages, Creek Park Townhomes, Los Olivos and several of the older established neighborhoods. I can assist you with your purchase of a home or condo in La Mirada.

Thursday, May 28, 2009

La Mirada Real Estate

La Mirada Real Estate inventory is at an all time low! Recently I listed a home on Caravac Road near La Mirada Regional park in April. Within the first 5 days of the home going on the market I ended up with 8 offers. The home just closed escrow on Wednesday, May 27th and sold for above the asking price. My phone was still ringing more than 2 weeks into escrow. The buyers that were calling said there are not enough good properties for sale. The other reason homes are once again getting alot of attention is because there are so many short sales on the market and buyer's are shying away from those type of listings.

Let me know your thoughts about this!