Saturday, November 21, 2009

Speaking of Sundance

Jeff and I had a chance a couple of months ago to check out the fall leaves. We thought it would be fun to start actually experiencing the incredible things to do around us (you know, stuff you can do with a 1 year old) so we headed out in the car to check out Sundance. It's def. worth the drive. The facility is absolutely beautiful. We enjoyed lunch after a crazy hike where we were summoned to car by large boom of lighting. So, if you have an afternoon to kill...check it out.





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Tuesday, November 17, 2009

Need to sell your current home?

Check out this article "House Marketing Mistakes & Bloopers-Avoid House Marketing Mistakes When Selling in a Slow Market"

http://homebuying.about.com/od/sellingahouse/qt/DriveTraffic.htm


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Wednesday, November 11, 2009

Homebuyer Tax Credit Update!

It's official! Here are the details on the Tax Credit:




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.


TAX CREDIT OVERVIEW



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.

Tuesday, November 10, 2009

THE 2010 FESTIVAL IS SCHEDULED FOR JANUARY 21ST THROUGH JANUARY 31ST.

It's coming up and you should do one of two things...embrace it or simply ignore it.  Both are fun but if you haven't been before you should embrace it can be very entertaining...not the waiting in line out in the cold thing but the chance to see some really great indy films and the more likely chance to see some "I can't believe I just wasted 2 hours"!

So here is the website and check it out:




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Friday, November 6, 2009

We are here...

A lot of people talk about what they are doing, but you have no way of really knowing...well here we are...in the ink (I guess that's what they used to say before computers)! 


Check it out!  OH and guess what...That 10 year old condo you are looking at, not going to be in here (most likely)! So save it for someone who doesn't care about saving money and come check out our Energy Star Certified homes!

http://www.energystar.gov/index.cfm?fuseaction=new_homes_partners.showAreaResults&s_code=UT&msa_id=292


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Wednesday, November 4, 2009

Where else but Park City could you...

Support Women's Ski Jumping USA.
If you are around I would check it out chez betty is TASTY!

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Monday, November 2, 2009

Then there was 2!

That's it, we have only two homes left in our first offering!  We put our current model under contract and we're moving down the street to our "Haven floor plan".  Which by the way is fantastic!

So here is the dirty low down....

$329,900-Escape (3 bd, 2.5 ba)
$359,900-Haven 3 bd, 2.5 ba)

They both feature granite countertops, hand scraped hardwood flooring, etc.

If you look at old posts you will be able to find video's and more detailed info!

Call or email me for info...you won't want to miss these two smashing deals!


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Sunday, November 1, 2009

I almost forgot...


It's crazy how you live so close to something you start to forget the value of it, maybe take it for granted. But here is a reminder....There is this sweeeeet olympic park just 8 minutes from the Retreat where....they are hosting the....

2009 FIBT World Cup Bobsled and Skeleton Races
November 12-14, 2009

5 REASONS WHY YOU SHOULD COME SEE THE RACES
1. These are the best athletes in the world racing on one of the fastest tracks in the world.
2. These races are a good preview of the 2010 Olympic teams and athletes.
3. This year's US World Cup team includes several Utahans.
4. FREE hot chocolate on Friday and Saturday.
5. Tickets are FREE!

Okay, so I stole the top 5 things from the Olympic Park Website, but you should go....It sounds like a lot of fun!

Check it out for more info:
http://www.olyparks.com/uop/events_calendar.asp


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