Sanctuary Real Estate

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify forthe new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a first time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered,however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill.  The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all theother eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible first timehomebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

 by: Lance Deen

 

There are many farmer's markets all over Intown Atlanta these days,
but my favorite is the Decatur Farmers Market.  DFM happens every
Wednesday from 4-7pm, at the corner of Commerce & Church St in
Downtown Decatur.  On a recent visit, I picked up some gorgeous roma &
heirloom tomatoes at 1/3 of the cost at Whole Foods.  There also were
several different types of peppers, most of which I had never heard of
before.  Organic pizza dough, grass fed organic meat, cheeses...really
a sight to see.  For information on DFM, the website is below.

http://www.decaturfarmersmarket.com/

Lastly, check out this recent video produced by Atlanta Magazine:

http://www.youtube.com/watch?v=Bqx_kTNTQw4

Lance Deen, Realtor (aka Green Deen)

Sanctuary Real Estate

lance@yourownsanctuary.com

cell 404 502 4339

Contact me for any of your real estate needs!

If you don't currently own a home, and are thinking about buying one, mazel tov. You've picked a fine time to make the plunge into home ownership. If no one in your family/circle of friends has forwarded you the recent New York Times article "7 New Rules For The First Time Homebuyer", you've come to the right blog- click here to read it in its entirety.

Once you're done reading the article, give me a shout so we can figure out how to take advantage of the the great rates-depressed prices-tax credit tsunami of goodness...

For more, check out Jon’s blog: http://www.aisforatlanta.blogspot.com/.

More good news on the housing front- check out  today's report on July's housing numbers.
Some highlights, for those of you that don't like to click on links:
- Home resales in July posting the largest monthly increase in at least 10 years.
- July was the fourth-straight monthly increase and the highest level of sales since August 2007.

To read more, check out Jon’s blog at  www.aisforatlanta.blogspot.com

 

Nestled in North Buckhead, Pine Hills has become one of Atlanta’s premier communities. In Pine Hills, you get both the allure of living in the big city without losing the suburban feel.

Pine Hills is filled with funs things for you and your family. We have a great home for sale at 1103 Valley Overlook Drive that could be just the right home for you and your family. As a resident of Pine Hills, here are some of the things that you can enjoy:

1.      Take a walk to Shady Valley Park. This public park is open to everyone and boasts a playground for the kids, as well as a tennis & basketball court for everyone to enjoy. Nestled safely off of Shady Valley Drive, this is the frequent destination of many inside and outside of the community.

2.      Explore one of North Buckhead's best kept secrets. The Roxboro Valley Association Pool and Tennis Club which is located in the Pine Hills neighborhood off East Roxboro Road. Membership is limited to 250 people to ensure that you never run into overcrowding.

3.      Exercise your spending power and visit Lenox Mall. Lenox Mall is located right in this community’s “back yard.” We all know about the great shopping at stores like Bloomingdales, Macy’s and Neiman Marcus and a host of many others, but did you know about AtlanTIX? AtlanTIX is a discount ticket booth where you can get half-price savings on tickets to hundreds of greater Atlanta Theater, dance and music performances throughout the year plus over a dozen cultural attractions.

AtlanTIX hours of operation:
  • Tues thru Sat - 11:00am to 6:00pm
  • Sunday - Noon to 4:00pm

Click here to see what is on sale today: http://www.atlantaperforms.com/Discount-Tickets/AtlanTIX-Half-Price.html

4.      Stop for a bite to eat at Far East Café. Located at 2770 Lenox Rd, this Chinese restaurant is a local favorite; make sure to try one of their most popular items, the fried rice.

5.      Spend the day taking a driving tour of homes. You will notice the solid craftsmanship of the area and marvel at the meticulous attention to detail. Here is one home that you will not want to miss: 1103 Valley Overlook Drive.  Though it is in the gated community of Valley Overlook, it will be Open This Sunday, April 19^th for all to see. If you want to learn more about this home visit: http://www.allensnowrealty.com/Atlanta/Georgia/Homes/21/Pine_Hills/Agent/Listing_2000082.html

Pine Hills is not only a great place to visit, it’s a great place to live!

Allen Snow
404-931-1176

When you are shopping for green real estate, you're bound to encounter many alluring terms and eco-friendly concessions. Every nod to the environment is nice but if you really want to switch over to the green side, LEED certification from the U.S. Green Building Council is the only way to go.

One LEED certified development making its debut is Inman Green, a small, sustainable community tucked away at the edge of Inman Park. And Inman Green doesn't stop at basic certification. This gem of a development is going for the LEED for Homes Gold certification, the only multi-family development in Georgia to do so.

Just like in the Olympics, you don't earn the gold without being extraordinary. Inman Green is efficient, sustainable and energy- saving top to bottom, inside and out. Gold LEED homes are estimated save a stunning 48% more energy than their non-gold neighbors. Which means a gold star for you and a nice envious shade of green for everyone else.

                                                                                        

Email info@inmangreen.com, or walk or bike on over and see why they make great neighbors.

About Pelle Development Group - Pelle Development Group is an innovative and niche-oriented real estate company focusing on urban, multi-family development and investment. With over fifteen years combined experience in developing and construction, this husband and wife team has experienced great success.