Saturday, November 28, 2009

32 Lakeside Drive, Buena Park Price Reduction

I'm pleased to announce that we recently reduced the price of 32 Lakeside Drive almost $50,000 on this awesome listing in the Gated resort community of Lakeside in Buena Park, California. We were originally listed at $1,099,000 for the first two months on the market. We are now asking $1,050,000 for this awesome five bedrooms, three bath home with just over 3,600 square feet of living space. This unique location is one of only twelve properties that rest along a private lake in the heart of North Orange County in Buena Park near Fullerton's Los Coyotes Country Club. This gorgeous two story home has an open floor plan with tons of natural lighting. The entrance is Stunning with 20' ceilings, lots of large windows and a wide semi-spiral staircase leading to the 2nd floor. Off the entrance is a downstairs-Bedroom with 3/4 Bath, a large living room leading to the formal dining room. Second downstairs room could be another bedroom or an office, separate family room open to the gourmet kitchen & breakfast nook. Upstairs has three bedrooms & two bathrooms, a large Bonus Room with balcony, and a Tech Center with built-in book shelves. eight foot double-doors open to the giant Master Suite with Retreat, and balcony overlooking the big backyard with covered patio which overlooks the community lake. Master bath has double vanity sink, large tub, and huge Walk-In Closet. New carpet & tile floors. Fresh custom paint inside. Home includes a big walk-in pantry, double pane windows, and large back & side yards. The backyard overlooks a private lake with it's own private dock. This prestigious gated community of Lakeside offers many community amenities including an eight acre man made lake with catch & release fishing, paddle boats, two tot lots and playground areas, walking/jogging path, Jr. Olympic & Wading pool, clubhouse and so much more for the low HOA dues of $152 per month. NO MELLO ROOS! This community is located near Malvern and Dale in Buena Park a mile east of Beach Boulevard. For more information, please visit my website at

Monday, November 9, 2009

75 Windward Way, Lakeside Homes in Buena Park, CA in Lakeside Community

After being on the market for over two years, 75 Windward Way in Buena Park's prestigious Gated Community of Lakeside is in escrow! Every once in a while a property will take much longer to sell than much of their competition in the same neighborhood. Recently, I listed a property in the Lakeside community at 75 Windward Way. This property had previously been listed for more than two years by myself and another agent. I previously had the listing for about six months about a year ago. The other agent had it listed on two other occasions for over a year and a half. During each of our previous listing periods, we did receive offers on the property, just not the right offers. This was also during a time when the market was changing for the worst. It was hard to figure out the right price to market this property for since the values were dropping so quickly. I re-listed this property about two months ago with a list price of $499,000. Similar properties to this one had closed escrow from $425,0000 to $440,000 earlier in the year. I had noticed an appreciation in the values in the area recently and thought it was a good idea to list the property just under $500,000 to get it noticed. It paid off! We received an offer for asking price with a seller's credit to the buyer for closing cost. Unfortunately for the sellers, the low comparable sales in the area brought the appraised value to only $485,000. After a re-negotiation between the buyer and the sellers, we closed escrow on November 13th For $485,000! Pricing a property properly in this changing market is critical in getting the property seen and ultimately sold in a reasonable amount of time!

Home Buyer Tax Credit

Read Below for the basics of the Extension and revision to the Tax Credit. Please contact me with any questions. This is great news for the industry.

Homebuyer Tax Credit Update!
On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.
To learn what the new tax credit means to you and your clients, take a look at the concise overview below.
In addition, we’ve put together a script featuring wording you can cut and paste as needed to beat out your competition by connecting with clients who may be able to benefit from the new plan details!
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