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2010 California Tax credit for new home and first time home buyers has been extended once again to give those who have been in the market a little more time to purchase and benefit.
AB 183 was passed by the legislature on March 22, 2010 and gives the Franchise Tax Board (FTB) authority to extend a total of $200 million in tax credits to California homebuyers; $100 million for buyers of new, unoccupied homes and another $100 million for first-time buyers of existing homes. The credit is from May 1, 2010 to December 31, 2010. AB 183 was passed by the legislature on March 22, 2010 and gives the Franchise Tax Board (FTB) authority to extend a total of $200 million in tax credits to California homebuyers; $100 million for buyers of new, unoccupied homes and another $100 million for first-time buyers ofexisting homes. The credit is from May 1, 2010 to December 31, 2010.
These tax credits are limited to the lesser of 5 percent of the purchase price or $10,000 for a qualified principal residence. Taxpayers must apply the total tax credit in equal amounts over 3 successive tax years (maximum of $3,333 per year) beginning with the tax year in which the home is purchased. The tax credits cannot reduce regular tax below tentative minimum tax (TMT). The tax credits are nonrefundable and unused credits cannot be carried over. Applications must be faxed after escrow closes. Fax is the only delivery method that will be accepted.
Only one tax credit is allowed per taxpayer. If a taxpayer qualifies for both tax credits, the law specifies that we will allocate the amount under the New Home Credit.
Taxpayers will not be eligible for either tax credit if any of the following apply
The taxpayer was allowed a 2009 New Home Credit.
The taxpayer is under 18 years old. (A taxpayer who is married as of the date of purchase will be considered to be 18 if the spouse/registered domestic partner (RDP) of the taxpayer is 18 or older on the date of purchase.)
The taxpayer or the taxpayer’s spouse/RDP is related to the seller.
The taxpayer qualifies as a dependent of any other taxpayer for the tax year of the purchase.
The taxpayer was allowed a 2009 New Home Credit.
The taxpayer is under 18 years old. (A taxpayer who is married as of the date of purchase will be considered to be 18 if the spouse/registered domestic partner (RDP) of the taxpayer is 18 or older on the date of purchase.)
The taxpayer or the taxpayer’s spouse/RDP is related to the seller.
The taxpayer qualifies as a dependent of any other taxpayer for the tax year of the purchase.
The tax credits are limited to the lesser of 5 percent of the purchase price or $10,000 for a qualified principal residence. Taxpayers must apply the total tax credit in equal amounts over 3 successive tax years (maximum of $3,333 per year) beginning with the tax year in which the home is purchased.
A qualified principal residence, for purposes of the First-Time Buyer Credit, must meet the following requirements
Be a single family residence, either detached or attached. This can be a single family residence, a condominium, a unit in a cooperative project, a house boat, a manufactured home, or a mobile home. A home constructed by the taxpayer is not eligible since the home has not been “purchased.”
Be eligible for the California property tax homeowner’s exemption.
Be occupied by the taxpayer as their principal residence for a minimum of 2 years immediately following the purchase.
A first-time buyer is any individual (and the individual’s spouse/RDP, if married on the date of purchase) who did not have an ownership interest in a principal residence, either in or out of California, during the preceding 3 year period ending on the date of the purchase of the qualified principal residence. If the buyer is married on the date of purchase and either the buyer or the buyer’s spouse/RDP had an ownership interest in a principal residence during the preceding 3 year period, the buyer does not qualify for the First-Time Buyer Credit even if the spouse/RDP is not going to be on title.
These tax credits are limited to the lesser of 5 percent of the purchase price or $10,000 for a qualified principal residence. Taxpayers must apply the total tax credit in equal amounts over 3 successive tax years (maximum of $3,333 per year) beginning with the tax year in which the home is purchased.
A qualified principal residence, for purposes of the New Home Credit, must
Be a single family residence, either detached or attached. This can be a single family residence, a condominium, a unit in a cooperative project, a house boat, a manufactured home, or a mobile home. A home constructed by the taxpayer is not eligible since the home has not been “purchased.”
Have never been occupied. Sellers must certify that the home has never been occupied in order for a taxpayer to receive an allocation of the credit.
Be eligible for the California property tax homeowner’s exemption.
Be occupied by the taxpayer as their principal residence for a minimum of 2 years immediately following the purchase.
A Certificate of Allocation will not be issued if
The application is not recived and a copy of the properly executed settlement statement within 2 weeks(14 calendar days) after the close of escrow.
The application is recived after the total tax credits available have been allocated.
For help on finding a qualified new home in time please call::
As a South Orange County Realtor specializing in coastal OC Real Estate, I once in a while come across properties with excellent fix and flip profit potential. I’m always on the lookout for my flip clients for potential money cow’s, but lately I have been seeing more value than usual on these fixers that hit the market.
Just the other day I was planning a route to show a list of properties to one of my buying clients when I discovered an REO listing where the photos and description did not do the home any justice. This home just so happened to be listed in one of my favorite gated communities in Laguna Niguel, Coronado Pointe and seemed to be very well priced. As my investment alarm sounded in my mind I went in for a closer look and confirmed it was on the ocean view side of the street. I quickly pulled some comps and it was priced approximately $450,000 under the last sale this year on the same street. I added it to our list for showings for the day and suggested to my client it may be a good deal and well worth taking a look at even though a fixer was not part of her original criteria. As my client enjoys my Real Estate tours she agreed it would be interesting to take a look as it was not out of our way, So we did.
This particular home was one of those typical bank owned listings in a excellent neighborhood that had minimal highlights in the property description and photos that would make all the difference to get the attention it deserves. In need of some minor repairs and some imagination to turn this ugly ducking into a swan I contacted my investors but unfortunately they all had projects they are working on at the time.
This is a call out to anyone that would like to be added to my list of investors to call on future finds like this. “Or this one”. The asking price was $1.1m and the recently sold comps were in the 1.5 to 1.6m range. The 3,300 sqft house on a 11,500 sqft lot needed new carpet, a leaking window repaired, new flooring down stairs and paint. I’m estimating $50 to 100k to make this ocean view home shine in this out standing gated neighborhood.
Please give me a call on my cell 714 642 1616 if you would like to be notified when I come across these type of properties. Coming from the construction industry I can pickup on and identify easy fix and flip properties that make sense.
In today’s market, buyers and sellers have more options than than ever but if they don’t know what exists or how to execute what’s available, they are not much good to anyone. As a Realtor® I believe that having experience in as many different solutions as possible only makes my services more valuable to my client’s.
Sometimes to make a deal work we have to get creative and look at all our options. At any one time there is only a limited amount of traditional options available so we have to look outside the box to close a deal.
Some different kinds of financing that can benefit both the buyer and the seller:
Cash to new loan (most popular)
Seller financing (a seller may benefit with a higher return than a bank account or CD)
AITD (“all inclusive trust deed” Buyer takes over all sellers payments)
Trust Conveyance (Both buyer and seller become beneficiary’s for a limited time)
Joint venture (a business solution for a seller selling part share)
Trade (a buyer and seller may trade each others properties + cash for the difference)
Deferred sales trust (Sell property and avoid paying up front capital gains tax)
Here are a few different options for buyers and sellers:
New Construction
Buying a new home (new construction) may be a better option for many buyers. A new construction home purchase is an exciting one. First off new is always good plus you get to chooses what upgrades you like based on you own taste and budget.
New construction is not for everyone. Depending on the builder and size of home, you can expect to be waiting 3-6 months or more to the completion date. Also most new home builders build as many homes on their land as they can resulting in smaller lot sizes and less privacy than older re-sale homes.
Keep in mind before you visit a new construction site office, you should inform your Realtor first. Why? Because if you walk into a new construction sales office for the first time without your Realtor you may lose your right to have them represent you if you do decide to buy.
Remember home builders don’t have to cooperate with Realtors but most of them will if your Realtor accompanies you on your first visit. Your Realtor will make sure you don’t pay for unnecessary fees and ensure you get to take advantage of any and all builders incentives they may have up for grabs.
Foreclosures & Bank owned homes
I have sold my fair share of bank owned homes to first time buyers as well as seasoned investors. Buying a bank owned home may be a a great option for someone more concerned about getting a good deal than the perfect turn key house. I’m not saying you won’t find a move in ready turn key house for a great price, I’m saying there are less of them available and a smaller selection to chooses from.
However if you are able to find a suitable REO for your needs, with some good experienced representation, the extra paperwork and risk may be well worth the end result. We work with all major banks selling their REO’s and I would be happy to lead to thought the whole REO buying process.
Equity sales
Yes they do still exist. There are plenty of homes on the market that are not in a distressed situation. A equity sale is a property that is not under water like you will find with short sales nor is it owned by the bank. This type of sale is also called a traditional or standard sale and is also the easiest to execute.
Back before the Real Estate bubble burst, equity sales were 99.9% of all transactions. Most Realtors that got their Real Estate license then or were active agents in this time period made their mark as top produces. Experienced equity sales agents.
Short Sales
Short sales can be very challenging, both for the buyer and the seller and the Realtor’s involved. However if you have the time and patience buying a short sale can be rewarding and you can pick up a good deal.
We also specialize in short sales and keep up with the latest trends. Representing buyers & sellers with short sales is a specialized field and only experienced sort sale Realtors should take them on. Unfortunately too many Realtors that have never sold a short sale claim to be a short sale specialist. Buyers and sellers should always do their homework before committing to any short sale specialist.
Representation
For a consultation or more information on the above feel fee to give me a call.
The El Niguel Heights Master Development in Laguna Niguel is home to a desirable selection detached houses ranging in size from 2,100 sqft to just under 4,000. Most of El Niguel Real Estate is elevated enough to have some views of rolling hills, golf course and city lights. The residents in El Niguel enjoy the El Niguel Golf Course, El Niguel Country Club, Capistrano school district, and easy access to the 5 & 73 freeways. Just a few minutes to the PCH and Dana Point Harbor, El Niguel Heights community is truly one of Laguna Niguel’s most sought after neighborhoods and a great place to call home.
Sellers, I would like the opportunity to show you our unique marketing plan and how we can list and sell your home for the best posible price. Please call for a market analysis and find out why our listing usually get multiple offers in the first week.
Homes for sale and homes for Lease in El Niguel Heights, Laguna Niguel
Looking for a Laguna Niguel Realtor servicing El Niguel Heights or just some information on market activity? Feel free to contact me and I will be happy to help.
Ocean Ranch, A 24 hr guard gated community in Laguna Niguel. One of Laguna Niguel’s most desirable neighborhoods with a high end collection of single family estates. Real Estate in Ocean Ranch boasts some of the finest homes in Laguna Niguel. Within the gated community of Ocean Ranch you will find 5 tracts one of which (Ocean Ranch Custom) you will find our featured home 5 Ebony Glade. Also see Bear Brand Ranch Homes
Our Ocean Ranch Featured Listing
Latest homes for sale and homes for lease in Ocean Ranch
Click here for all Bear Brand Real Estate listings for sale and lease.
If you would like to schedule showings on any of the above listings please give me a call.
We defiantly want your business. With our high traffic website and featured marketing campaigns we can effectively attract a good selection of qualified tenants to choose from in the shortest amount of time. We do all the work! from marketing to negotiating the lease contract and protecting your best interests. We can also renew your lease contract when the term expires.
With a combination of marketing campaigns and mls submission, we will attract direct tenants along with cooperating leasing agents and their clients. More importantly we screen all applicants credit worthiness, Rental history and perform a income verification to minimize issues during or at the end of the contracted lease term.
Our fees are reasonable and competitive with other leasing agents. If you would like a quote and more information on how we can obtain the best qualified tenant for your rental home, please call me directly on my cell ph 714-642-1616.
For Our Tenants:
Working with a Realtor® or (Leasing Agent) to find houses for lease is free and easy with us. We have access to all homes, townhomes and condos for rent that are listed on the MLS. Best of all our service is paid by the landlord to bring qualified tenants to the table.
To get started you can give me a call at 714-642-1616 or email me your contact information and I will ask you a few questions to get an idea what you are looking for. I will then search though hundreds of available listings and find the perfect matches based on your criteria. You will then receive an email with photos and information for each property I selected for you. Once we have identified the best candidates, we can make appointments to show from there.
When you are ready to start viewing properties please pre-fill out this Lease Application as much as you can minus the property address and bring it with you. You will need it when you find the perfect rental home and being ready gives you a competitive edge when competing with other applicants.
Rental MLS search
If you prefer to browse our mls rentals database yourself you can choose from the links below.
“Just in case” I have included homes for sale links so you can compare your options.
Laguna Niguel Elementary parents including myself got the automated message from our Principal this morning stating the Capistrano School District strike. My 6 yr old daughter enjoyed a day off school at the mall with her mom and a few other parents while the first day of the strike heated up.
Many parents today are concerned about our children not getting the education that they need due to the budgets cuts and the fewer teachers each year. The classrooms capacities are maxed out as it is and teacher pay cuts will only make matters worse.
The important roll teacher’s play on our next generations lives is worth much more than what they are paid today and it makes no sense to cut an extra 10% off their already low salary. We should all support our teachers and put our education system back to the top and support the pay our teachers deserve. It’s scary to imagine what the future will hold for our kid’s the way things are going.
Half of the students at Laguna Niguel Elementary today from K-5 grade showed up in class and many enjoyed their day in a crowded classroom playing and watching movies. Tomorrow looks like another day with the same activities and no answer for when the classes will return to a normal schedule.
Best of luck to our teachers in the Capistrano School District.
Trade Palm Coast FL for Laguna Beach or OC California Home
This client is looking for a coastal Orange County home for Trade. Preferably Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, Corona Del Mar, Dana Point, San Clemente, San Juan Capistrano or what have you?. Watch the video below and let us know if you have something of interest. Let’s put a deal together! Brokers welcome
Price:
$2,500,000
Bedrooms:
5
Bathrooms:
8
Garage:
2
Living Sqft:
5,500 aprox
Lot size:
10,000 aprox
Type:
Single Family
Transaction:
Equity Trade
Status:
Open
The subject property offered for trade or for sale is approximately 5,500 sqft in Palm Coast Florida. This is a direct ocean front estate (approx. 5,500 sq. ft). Ocean views forever. Located within the guard gated, golf front Hammock Beach Resort, Palm Coast FL. Excellent Rental vacation and investment opportunity. It is an ICF constructed three story fortress with five bedrooms, eight baths, theater room, sauna, pool, jacuzzi, travertine and bamboo floors, elevator, six balconies, wine room, private beach, etc. Actual exchange value $2,500,000 with a estimated gross vacation rental income of $150,000+. Call 888-399-4844 for more details. AITD, Trade, Sale, Trust Conveyance or what have you. Please call me for further details.
The American Dream Is Owning A Home Free And Clear
We have all heard the American dream phrase and most of us would like to own our own house free and clear one day and not have to pay rent or a mortgage. This post is to help you understand the difference between buying vs renting and the pros and cons of owning Real Estate.
A little about myself and my experiences in the housing industries. I have been investing in Real Estate since I was 18. Starting in my native county New Zealand then Australia and now in Orange County California. I was in the Construction industry for six years building custom homes and now I couldn’t be happier as a Realtor in Laguna Niguel selling a product I know from the foundation up. A good part of my life has been all about Real Estate and I would put my money on investing in Real Estate over other investment vehicles any day.
The Real Estate markets have there ups and downs and we are now at the bottom of a major down fall form a bubble that was formed by greed and poor federal decisions. Each Real Estate market is local meaning no area is the same. Here in Orange County in some areas home prices are down to where they were back in 2001 and in other areas the median values have only slipped back to 2004 values. The truth is if you can afford to buy into the market now especially if you are renting you should be much better off 5 to 10 years from now than if you decide to continue to renting.
Per the California Association of Realtors® on 4/22/2010 Affordable home prices and low interest rates have created an ideal time for many buyers to purchase homes, and now a new week-long look at homeownership confirms it. The national study, conducted for The Associated Press, shows that the difference between monthly rents and mortgage payments is at its lowest level in nearly 20 years.
Cons and inconveniences
There are a cons to owning a home vs renting.
Income
You should not be considering buying a home if your job or income is insecure or insufficient to support a mortgage and other costs involved in home ownership.
Short term plans
If your company has plans of your relocation to a new branch which will force you to sell or any other moving plans, you should reconsider a new purchase.
Relationships
Is your relationship or marriage on the rocks? Well I don’t think I need to get into details on that but you get the point.
Maintenance
If you own something you must protect it. All man made products require maintenance, whether it be a car, boat, computer or a house, if you neglect it, it will begin to deteriorate. You must keep up the landscaping, protection from the elements (Painting, reparing leaking windows etc), keep up functionality (replace light bulbs, leaking faucets etc). This is pretty easy stuff if you keep you eyes open for potential problems. If you let it go it could turn into a major expenses.
Pros and advantages
Oh where do I start? Owning a home has so may advantages both financially and emotionally.
Freedom
When you own your own a home you are in control of your own lifestyle. You can paint your home whenever you want, you can rent out rooms for additional income and not have to worry about a third party telling you what you can and can’t do. With the exception to HOA’s that may limit you from painting the exterrior pink with black spots, you can decorate your home to your own taste and enjoy your home as you like it.
Investment
A home is an awesome investment. Unlike your 401k or stocks and mutual funds, you can live in your investment eliminating the need to pay rent (someone else’s mortgage). Over the long term your home will increase in value and you will be paying off your own mortgage and eventually owning it free and clear. Depending on the effort you put into paying off your home and when you got off the fence, you may be able to retire early because you won’t have the obligation to make mortgage or rent payments anymore.
Equity
Did you know you can build equity renting? Absolutely, your landlords equity Your landlord loves you for it. Building equity for yourself and your family is a good enough reason to owning your own home but it doesn’t stop there.
Tax advantages
When you own your own home you get to take advantage of the tax breaks. Did you know the interest, taxes and insurance are all tax deductible even if you are not self employed?. In the beginning stages of your new loan most of your mortgage payment is interest. Here’s an example, if your mortgage payment is $2,000 per month, depending on your interest rate, how far into your term and the terms on the note, $1,800 may be pure interest. $1,800 x 12 months = $21,600 per year you can write off your income tax each year. Certain other tax advantages may apply to investment property. Check with your CPA to see what tax advantages apply to you.
Business and income
If you have enough Real Estate, it can be your income. Many people invest in Real Estate with a business perspective. Lets face it, everyone need a place to call home even if they don’t own it. Okey as a landlord you will be responsible to maintain it but if you know what you are doing you can generate income with little effort. Getting there is the key and I can defiantly help you get your on your way. When I was a lad, I purchased my first home, rented it out and had someone else pay my mortgage for me while I lived cheaper rental home. It turned out to be one of the best financial decisions I ever made.
Prime Laguna Beach Real Estate Ready for New Construction.
Currently we have 3 lots for sale in Laguna Beach with ocean views from Ground level. Build your own home to suite your tastes and own some rear new construction in Laguna Beach.
This Spectacular Diamond-Crestview Estates Home-site will capture views of Catalina Island & The Coastline during the day & twinkling Laguna Beach City lights during the night. Also included are plans for a 2,500′ Custom Home incorporating 3 Bedrooms, 3 baths and a 2 Garage. Seller will consider cooperative financing or a joint venture proposal. Location, terms, and the best land values we have seen in years make this an opportunity you must investigate. The Asking price is $799,000
The other two lots are adjacent each other at 2450 & 2460 Glenneyre st in Laguna Beach. Each lot can be purchased separately or as a package deal. These lots are a rare find in Laguna Beach. The vacant lots are two blocks from the sand & just minutes from the Village. Take in the expansive unobstructed panoramic ocean views from ground level and the amazing Catalina Sunsets. Residential Design Review Board Approval for one planned single family residence per lot including 1898′, 3br & 3.5 ba. BUILDING PERMITS INCLUDED!!!!
Directions From Interstate 5: Exit Crown Valley Parkway. Proceed West. Right @ Pacific Coast Highway (PCH). Right @ Upland. Left @ Glenneyre. Properties will be the first vacant lots on the right. The Price is $595,000 each.
For more information on these exclusive vacant land parcel’s please give Brett Dalbeth with Newman Realty a call. 714-642-1616
All Vacant Land and Lots in Laguna Beach
If you would like to sell a vacant lot or Real Estate, don’t hesitate to contact us. Our Realtor service covers the following cities:
Aliso Viejo, Costa Mesa, Corona Del Mar, Dana Point, Irvine, Ladera Ranch, Laguna Beach, Laguna Hills, Laguna Niguel, Lake Forest, Mission Viejo, Newport Beach, Newport Coast, Rancho Santa Margarita, San Clemente, San Juan Capistrano, and all of Orange County California.
We tried to find a home on our own for weeks and didn’t find anything that suited us. After we called Brett he found us a great place for an awesome price. He then successfully negotiated the price even lower. What we appreciated most was the personal attention. It was impressive how quickly he acted on our behalf then executed a great deal. Thank you Brett.
2010 California Tax credit for new home and first time home buyers has been extended once again to give those who have been in the market a little more time to purchase and benefit.
Your landlord loves you for it. Building equity for yourself and your family is a good enough reason to owning your own home but it doesn’t stop there.
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