Posts Tagged ‘Los Feliz’

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California expands $10K buyer tax credit

March 26, 2010

State doubles credit to $200M, opens it up to resales
Thursday, March 25, 2010. Inman News

The state of California has re-established and extended a $10,000 homebuyer tax credit. The new law, AB 183, signed today by Gov. Arnold Schwarzenegger, allocates $200 million to the credit for homes purchased between May 1 and Dec. 31, and between Dec. 31 and August 1, 2011. That’s twice the amount allocated to a similar credit passed for purchasers of new homes last year. Those funds were quickly depleted and builders have been asking for the credit’s return ever since. The state has extended the new credit to first-time buyers of existing homes as well as buyers of new homes. The funds will be split evenly between the two groups, and buyers will have to occupy the home for at least two years. The legislation had the backing of the California Building Industry Association and the California Association of Realtors. “The tax credit will help push prospective buyers off the fence, clear out inventory, and jump-start the homebuilding industry, which will help create jobs and reinvigorate the state’s economy,” said Liz Snow, the building association’s CEO and president, in a statement. “AB 183 also will significantly contribute to efforts to stimulate jobs creation within California’s housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon, and returned to the lender; or have been sitting on the market for extended periods of time,” said Steve Goddard, the real estate association president, in a statement. “It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities,” Goddard added. Snow said the credit would be paid out over several years and therefore lessen the blow to the cash-strapped state’s budget. “Additionally, recent studies show that building a new home generates roughly $16,000 in state tax revenues alone, which supports the notion that the credit will more than pay for itself,” Snow said. The Franchise Tax Board concluded that losses to the state’s General Fund will equal $200 million: $6 million in 2009-10; $69 million in 2010-11; $67 million in 2011-12; $54 million in 2012-13; and, $4 million in 2013-14. “The bill appears to represent a blending of policy goals, including: increasing demand for housing by lowering the effective purchase price; decreasing the existing market inventory of homes; and, encouraging construction of new homes. Supporters claim this bill will result in the generation of additional jobs in California. No formal jobs analysis has been conducted,” according to a legisaltive report.

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Share Americans Want to be Obama’s neighbor

January 3, 2010

Daily Real Estate News | December 30, 2009 | Share Americans Want to Be Obama’sNeighbor

The neighbor most Americans would choose is the Obama family, according to the annual Zillow Celebrity Neighbor Survey, which asked more than 2,000 U.S. adults to choose who they’d most like to see across the fence.

The most desirable neighbors for 2010 are: * The Obamas * Ellen DeGeneres and Portia DeRossi * Sarah Palin * Taylor Swift * Oprah Winfrey * Tom Brady and Gisele Bundchen * Tiger Woods * Robert Pattinson

The least desirable neighbors are: * Nayda Suleman (also known as “Octomom”) * Jon and Kate Gosselin * Sara Palin * Richard and Mayumi Heene (parents of balloon boy) * Kanye West * Heidi Montag and Spencer Pratt * Britney Spears * Tiger Woods Source: Zillow.com (12/29/2009) Daily Real Estate News | December 30, 2009 |

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Who Qualifies for Extended Credit?

November 24, 2009

* First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. * Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit. Which Properties Are Eligible? The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops. How Much Is Available? The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500. How is a Buyer’s Credit Amount Determined? Each home buyer’s tax credit is determined by tow additional factors: 1. The price of the home. 2. The buyer’s income. Price Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less. Buyer Income Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit. These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit. If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit? Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit. Can a Buyer Still Qualify If He/She Closes After April 30, 2010? Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Will the Tax Credit Need to Be Repaid? No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

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Question? Do you think Extended Home Buyer Tax Credit will help economy?

November 7, 2009

Would love to know your reaction to the new law extending the Home Buyer Tax Credit till April 30th 2010. Please comment. Do you think it’s a positive move or not? and have you taken advantage of the tax credit to purchase recently?

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2009 Silver Lake Art Crawl Nov 7-8

November 3, 2009
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Silver Lake Art Crawl

http://www.silverlakeartcrawl.com for more info

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Keller Williams Los Feliz is #1 Real Estate Office

August 20, 2009

party-grid-cropKeller Williams Office Los Feliz is proud to announce that year to date, our office is the # 1 Real Estate office in closed units and Volume sold~from Hollywood to Downtown LA!

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August 3, 2009

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