Lake Tahoe Weather and More
November 16, 2009
I found a really great local website for all outdoors enthusiasts. You can check out the webcam and see what the weather is like up here up to the minute. There are also posts on this website that give you good bike rides, skiing conditions. Also a map that shows the jet stream and weather forecasts for the week.
Check out the articles on the website too, they are all information that pertains to North Lake Tahoe and the Lake. Lots of political and environmental news. It is called TahoeLoco.com The place to go when you really need to know!!!
Enjoy.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Thanks to the Soldiers
November 16, 2009
This is the time of year when family and friends begin to gather. They share meals and jokes, memories and just the sheer joy of being with each other. This is the time of year when those who aren’t able to avail themselves of these opportunities really suffer. One of these groups of people are the members of our armed forces.
I ran across this website today that will forward a card and a sentiment if you would just log on, choose a card and push the button. Here is the link, spread the word: Let’s Say Thanks!
If you enjoyed this post, make sure you subscribe to my RSS feed!
Q & A on The Housing Tax Credit
November 8, 2009
Ephraim Schwartz of OMG Mortgage provided us with this great information yesterday and I asked if we could share with our website readers. I thought it was very well thought out and covered a lot questions I have. Hopefully it will be of some help to one of you.
TAX CREDIT OVERVIEW
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.
Ephraim Schwartz
Partner, Mortgage Consultant CMPS
O’Dette Mortgage Group
415-931-2129 (San Francisco Office) * 1842 Union St., San Francisco, CA 94123
530-582-3345 (Tahoe Office) * 11209 Brockway Rd. #304, Truckee, CA 96161
415-297-8514 (cell)
866-304-8323 (fax)
If you enjoyed this post, make sure you subscribe to my RSS feed!
Keller Williams Leads Truckee-Tahoe Sales YTD
November 8, 2009
Yes, our brokerage continues to ROCK. Here are the stats for ALL MLS, year to date sales through 11-6-09:
Here they are for all of Truckee, year to date:
And finally for those areas in North Lake Tahoe, Squaw Valley and Alpine Meadows:
Read Em and Weep Competition!!!
If you enjoyed this post, make sure you subscribe to my RSS feed!
North Lake Tahoe Truckee Stats for October 2009
November 4, 2009
We are on a roll. This month’s stats say that 134 condos and homes sold in our Truckee North Lake Tahoe area. It seems as though the Lake Tahoe side is picking up some steam especially in the Kings Beach and Tahoe Vista area. Lots of people are taking advantage of the low prices. Out of the 134 sold, only 17% of the properties were distressed (again more REO or bank owned properties than short sales). This is probably the result of buyers giving up on the slow moving process of the short sale and either getting into a sure thing like a bank owned property for sale or a non-distressed but competitively priced standard sale. Note the increase in the median sale price over last month (October-$477,500, September-$449,000), maybe there is some positive news here? Here are the statistics from the Tahoe MLS. The solds from October 1 – 31, 2009:
Tahoe Donner: 30 homes, (3 REOs,), 5 condos (1 REO)
Northstar: 2 homes, 9 condos (1 REO)
Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 11 homes (2 ss 2 REOs)
Prosser Lake Area: 6 homes (2 REOs)
Sierra Meadows, Ponderosa Palisades, Winter Creek: 5 homes (1 REO) 1 condo
Martiswoods, Ponderosa Ranchos: 0 residential properties
Olympic Heights: 0 residential properties
Lahontan: 2 homes
Timlick: 0 residential properties
Old Greenwood: 0 residential properties
Gray’s Crossing: 0 residential properties
Martis Camp: 1 home
Truckee Proper: 1 home (REO), 2 condos (1 REO)
Donner Crest: 0 residential properties
Donner Lake: 3 homes
Donner Summit: 1 home
West shore Lake Tahoe: 20 homes (1 REO), 1 condo
Tahoe City: 5 homes, 3 condos
North shore Lake Tahoe: 1 home, 2 condos
Kings Beach & Tahoe Vista: 13 homes (2 ss, 2 REOs), 3 condos
Alpine & Squaw Valley: 13 homes (1 REO), 3 condos (2 REOs)
Shared Ownerships – entire region: 2 sales
Mobile Homes – entire region: 0 sales
Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 13
Highest priced home or condo sold: a $4,750,000 Lake Tahoe Lakefront home located in Homewood at 5090 West Lake Blvd. This 3700 square foot 4 bedroom, 4.5 bath, 2 car garage home was on the market originally for $5,900,000 and after 365 days on the market, it sold for – HOLD ON HERE FOLKS – CASH!
Lowest priced home or condo sold: at $99,000 this studio condo located at Tahoya Shores, again a Lake Tahoe lakefront condo project. After 70 days on the market it sold for its asking price, again CASH.
The list to sell ration on the median was 94%. In other words, the homes sold within 94% of the list price. The median list price for this period was $509,450, median sale price was $477,000. Moving up.
If you enjoyed this post, make sure you subscribe to my RSS feed!
