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You probably don't need a reminder of the tax credit but I felt obligated to let you know ONLY 11 more days until the Tax Credit expires! (just in case) This weekend I felt a little bit of a frenzy happening. I predict a couple of things will occur the closer we move to April 30th : Multiple bids for the best homes Which in turn will drive pricing up slightly Buyer’s rushing to get anything under contract – hopefully the right home Home Inspectors overloaded to get inspections done at 11:45pm on April 30th Agents desparately negotiating diligently to get your offer signed and under contract prior to midnight So if you are serious about getting the credit don't wait much longer. Contact your favorite Sanctuary Agent today!
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| Rita Bacot Scott, Principal and Broker, GA, NC, SC
rita@yourownsanctuary.com |
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| Sanctuary Real Estate
1031 Juniper Street, Atlanta, GA 30309
(404) 447-7998 mobile
(404) 888-0833 office | (404) 888-0863 fax
www.yourownsanctuary.com |
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| National Recognition. Local Focus:
RIS Media named Sanctuary a national real estate firm to watch! |
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Last March Sanctuary Real Estate sponsored Athena's Warehouse in the first annual Share the Love event. Share the Love is a 70s-inspired charity event that supports several non-profit groups, including Project Open Hand. We are partnering up with Open Hand this year, so that the girls will donate their time in exchange for a dress. This year's Share the Love event will be held on March 25 from 8-12 p.m. at Amsterdam Bar. The fabulous 70s-themed band, Susi French Connection, will be crankin' out the groovy tunes! Come support Sanctuary, Open Hand, and Atlanta Pet Rescue with a $20 entry fee at the door.
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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.
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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!
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Typically, it's not a question that buyers need to ask sellers. Of course, there's nothing typical about today's real estate market, and in particular, the condominium market.
Today's article in the AJC on the troubles of Corus Bank- the construction lender on several Atlanta condominium projects (including Luxe, AQUA, The Atlantic, The Brookwood, Horizon at Wildwood, and Mezzo) makes an important point and provides a lesson for new construction condo buyers. Know who "the guy behind the guy behind the guy" is, and become familiar with what their particular situation might be. It may have a major impact on the future value of the home that you're thinking about buying...
For more, check out Jon’s blog: www.aisforatlanta.blogspot.com.
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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/.
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In 2004, a rapper by the name of Cordazar Calvin Broadus- known to many of us as Snoop Dogg- released the mega-hit "Drop It Like It's Hot". It was as an instant classic, banking off of its signature "tongue clicking" style and laconic lyrics. There are many things that Snoop might have been trying to express (feel free to check out the lyrics here) but according to the Urban Dictionary, he was most likely talking about one of the following: 1. Referring to a dance move where a girl drops her posterior to the floor and dances with vigor.
2. A basketball term for dropping shots through the hoop
3. A term for rappers when they drop lines/bars/ rhymes that are hot.
*I've made a few edits, as this is a family-friendly blog. As important as "dropping it like it's hot" might be to a rapper of Snoop Dogg's caliber, locking a favorable (ie. low) interest rate is just as critical to today's home buyer. A rate lock enables a buyer to lock in a low rate, providing a measure of protection from any future rate spikes that might occur while he or she is still searching for a property. If rates dip even further, a float down will allow the buyer to take advantage of even lower rates, which can amount to substantial monthly savings. All of this, and a bag of chips can be secured by a lender like Shannon Bagshaw and the crew at Loan South. Their Lock and Shop program is a pretty sweet deal: - No Cost, No Risk
- Lock periods from 70 to 270 days
- Rate is protected
- One free float down within 30 days of closing The Relevant Linkage To contact Shannon about locking and shopping, click here. To contact Jon Effron about buying and selling, click here. To contact Snoop Dogg about popping and locking, click here.
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What a great time for bargain hunters! For savvy shoppers, there is a new listing in Midtown on 6th Street that is the deal of the year! This charming 1920s bungalow with three bedrooms and one bath is available for only $178,200. Call Lee at (404) 944-0006 for more info.
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It's great to finally see some positive news about the real estate industry! According to CNN Money, average home prices are up 7% in July over June 2009. Additionally, new home starts are up and existing home sales are up. Perhaps the worst is over?
Many sales have been fueled by the tax credit incentives for first time home buyers. With a deadline of November 30, 2009 rapidly approaching, buyers are making purchase decisions now to ensure they meet the deadline. Who couldn't use $8,000? To find out more about the first time homebuyers tax credit or any of your real estate needs feel free to give me a call. Lee Thornton (404) 944-0006
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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
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Can you believe 2009 is now 3/4 gone?! The Federal Housing Tax Credit for First Time Home Buyers expires on December 1 - so NOW is the time
to buy! At our monthly meeting this week, LoanSouth estimated that loans are going to take longer to process this Fall, with a minimum of 30 days "contract-to-close." Sanctuary agents are all expecting a huge surge in activity this Fall, so don't wait to the last minute to
begin your home search! For First Time Home Buyers, use October 16th as the last day to have a home "under contract." Going past the 16th might put your potential $8000 tax credit in jeopardy! Call or email me today to discuss! I am here for your real estate needs. Lance Deen, Realtor® and Associate Broker
lance@yourownsanctuary.com 404 502 4339 www.lancedeen.com www.yourownsanctuary.com
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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 19th 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
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Join us to get your questions answered. Not just for first time home buyers - RSVP today! Lending in 2009 - Get Updates on the Latest Lending News |  | Georgia may have some additional tax credits that you may not be aware of! Join us for a dynamic discussion about lending in 2009: - learn why you need to get pre-qualified before you start shopping
- explore what your down payment options are and how they can work for you
- monitor the health of your credit score and how you can repair it
- learn about new loan programs
Thursday, April 16, 2009 6:30 to 8:00 PM
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All information on this site is deemed accurate but is not warranted. Interested parties are advised to independently verify this information through personal inspection or with appropriate professionals.
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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.
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