The $8,000 First-Time Buyer Tax Credit expires Nov. 30, there are Bills pending in both the U.S. House and the Senate to extend or revise the credit.
Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."
Connecticut Democratic Senator Christopher J. Dodd, chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Senator Johnny Isakson that would raise the credit amount to a maximum of $15,000. I don't think this is going to fly, but an extension is possible.
As I have said before, a bird in the hand is worth more than two in the bush. If you are planning on buying a home and you can close before Nov. 30th, I recommend you do so. Home prices are low, interest rates are low, it is a buyers market and we don't know what our leaders in Washington are going to do for sure.

Senator Johnny Isakson, a Georgia Republican, introduced a bill in June that would increase the homebuyers tax credit to $15,000 and remove the income restriction and expand the program to all borrowers, not just first time homebuyers.
Some of my clients have asked if they should wait for the new tax credit of $15000. First of all, no one knows if the bill introduced by Senator Isakson will ever became law. The old adage "a bird in the hand is worth two in the bush" is perfect for this situation. The current tax credit has cost the government $2 to $3 billion, the proposed bill will cost around $32 billion. There is a lot of opposition to the $15000 credit so it is definitely not a sure thing.
YOU MAY NOT GET THE FULL $15000
The tax credit is based on 10% of the purchase price, so if you buy a home for less than $150,000, you will not receive the full $15000.
Unlike the current $8000 credit, it only offsets your tax liability over the next 2 years. Most first time homebuyers should take advantage of the current $8000 credit. I say this because most first time homebuyers do not have a $7500 tax liability each year and will not be able to receive the full $15000 credit. Also your tax liability will be lower after you buy a home because of your new mortgage deduction. To find your tax liability for your 2008 tax return, look on form 1040 line 61 or if you filed a 1040A it is on line 37 and line 11 on the 1040EZ. If the amount on this line is lower than $4000, you are better off taking the current $8000 credit.
If you are not a first time home buyer, and your situation allows you to put off buying a home, I recommend you wait and see what happens to this bill.

 

On June 23rd, Rob contacted me about see a home that was back on the market. 5308 Georgia Peach is a 4 bd 2 ba 2020 sq ft home on a lake. This is the home they saw listed that started their home search.

 

It had a contract on it that fell through, I talked with the listing agent and found out the bank would accept the asking price of $174,000. I wrote up a contract for $180,000 with the seller paying $6,000 towards cosing cost, before going to show the home to Rob and Tina.

Rob and Tina both really liked the home and were ready to sign the contract. We talked about the timeline that would follow after submitting the contract, and both decided they needed to check on finances before signing.

I told them I wanted them to be sure, and to take the time they needed, but homes in this price range are not sitting on the market for long. Rob said he understood that and was willing to lose the home rather than jumping in without everything in order. And the home in Bay Berry Lakes was a good backup.

5308 Georgia Peach went under contract on 7/6 and the home in Bay Berry Lakes went under contract on 7/7.

Rob and Tina have decided to postpone the search for a new home until August, when his new union contract at work will be final.

6/18, We went to Coquina Cove to look at a home on the resale market. 5370 Cordgrass Bend Lane-nice house but they still the one under construction better. We then went to Bay Berry Lakes and saw a single story 4 br 2 ba brick home that backs up to a preserve area, 112 Briarberry Court. Rob and Tina's comments: "great single story house, very well taken care of, also high on our list right after the CC-under-construction".
 

 

112 Briarberry Ct

From there we went back to 109 McGill Circle, one of the houses we were unable to view on our first outing. Rob and Tina's comments: "very beat up, carpet stained in almost every room and writing on a lot of the walls, one wall had a piece missing!" Finally we we went to the Oakbrook subdivision in Port Orange to see 3844 Calliope Avenue, a 2 story in foreclosure. Rob and Tina's comments: "very cool looking house on the outside, inside needs some cleaning up but nothing major, another potential"
 

6/12, Cindy from D.R. Horton called to follow up on Rob and Tina. I explained that Rob was concerned that the monthly payment was at the top of the budget. I also told her that he was expecting a pay raise soon, but did not know how much it would be. Cindy suggested a 2 - 1 buy down, this is where the seller buys down the interest rate on the loan for the first 2 years. The first year the rate would be 2% below the going rate and the second year it would go up to 1% below the going rate, and finally it would lock in at the going rate for the remaining 28 years. The 2 - 1 buy down lowers the monthly payment for the first 2 year significantly.
I quickly calculated the monthly payments for all 3 interest rates and called Rob to give him the information. Rob quickly realized what a great deal they were offering, but still wanted to review their cart and make sure they saw the other homes they were interested in before they made an offer.
 

On May 26th, Rob emailed me with his request;
Bill,

The one’s we’d like to see this Thursday are 100 Gala Circle and 1124 Champions Drive. We’d like to see a couple more but we have somewhere to be later that evening and these two are close to each other. Thanks for all your help!

Rob



We had an hour so I setup 3 showings between 5 and 6pm for the 28th. The first one we went to see was 100 Boysenberry Lane, in the Bay Berry Lakes subdivision. It is a 3 bedroom 2.5 bath 1944 sq ft home built in 2006, listed for $179,900. This home is a short sale, so the owners are working with the mortgage holder to sell it for less than what is owed. Rob and Tina did not care for this home.


 

100 Boysenberry Lane

Next we went to see 1124 Champions Drive. This home is in the LPGA subdivision. We were unable to view this home because the lock was broken.

From 1124 Champions Drive we went to 100 Gala Circle, also in the LPGA subdivision, the owner was suppose to meet us there and let us in, however he did not show. Rob and Tina informed me they would be out of town for the next two weeks but would like to see more homes when they returned. I gave them some floor plans of some new homes built by D R Horton and told them I would like take them to see the models when they returned. Home buyers should always have a Realtor when looking at homes, even new construction, the sale person at the model is representing the builder and his interest. The buyer needs someone to represent them, always take your Realtor with you.

Cypress Head is a great golf community. The Cypress Head golf course which was built in 1992 is owned and operated by the City of Port Orange so the community of Cypress Head has all the advantages of a golf course but none of the expense. Cypress Head has 2 bedroom 2 bath golf villas and 3 and 4 bedroom homes. Several of the homes have 2 car garages with a golf cart garage. The golf club has a restaurant and there are tennis courts and a community pool. Part of the community is gated. There are currently 20 homes on the market starting at $169,900 for a golf villa up to $449,900 for a 4 bedroom 3 bath home. The residents love this community, it is one of the best kept secrets in central Florida. It is also conveniently located close to Venetian Bay, which has another golf course and will have shopping and restaurants.

New Smyrna Beach, Florida: Bay View urgent Care, a full-service urgent care clinic opened in New Smyrna Beach. The clinic is co-ventured by Bert Fish Medical Center and EMPros--the emergency physician group staffing the Emergency Department at Bert Fish Medical Center. Bay View Urgent Care is located at the rear entrance of Venetian Bay, at the corner of Pioneer trail and Airport Road. The upscale appointed urgent care center features six patient treatment rooms, a full laboratory and x-ray, and is staffed by board-certified family practice and emergency physicians.



"We think Bay view is ideally situated to help people living on the westside of I-95" remarked Dr. Chuck Duva, Managing Partner for the venture. "We know there are about 10,000 rooftops in New Smyrna Beach and Port Orange surrounding this facility." the plan is to relocate the clinic in a few years into the town center in Venetian Bay.



"We have already received calls from people asking how soon we will be opening." said Tara Montgomery, Clinic Manager. The clinic will be open seven days a week with hours of: Monday through Friday: 8:00 am to 8:00 pm. Saturday hours will be 8:00 am to 6:00 pm and Sunday from 10:00 am to 5:00 pm. No appointments are necessary; walk-in anytime. Most major insurance plans are accepted. To learn more, the public is urged to come and take a tour or call the clinic at (386) 427-0396 or visit the website at: http://www.bayviewuc.com/

Bay View Urgent Care MEDIA RELEASE
 

 

Beginning July 1, first-time homebuyers will be able to use the federal $8,000 tax credit for their downpayment. With a FHA mortgage the required downpayment is 3 1/2 %, the $8000 would be enough for a $230,000 home. First-time homebuyers will be able to apply for downpayment assistance before they close on the purchase of their home, and then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators. Details are still being worked out, however I am sure they will have to attend a first-time homebuyers class, the class if free and can be setup by your Realtor. Please contact me if you would like assistance.
 

Oakbrook is nestled in a serene but convenient oak-lined setting just east of I-95 and north of Dunlawton Ave, near the Port Orange Lowes and Target. Oakbrook has walking trails, ponds and even a fishing pier to add to its pristine surroundings. This neighborhood features one and two-story homes with up to 5 bedrooms and boasts luxury appointments such as brick paver driveways and patios. There are 8 Centerline Homes floor plans to choose from.
The builder, Centerline Homes have several homes still available as well as 4 home on the resale market priced from $199,000 to $299,000. Contact Bill at 386 760 7607 to see any of theses homes, new or resale.

Pinnacle Parke is a Gated Community, with a Community Pool and Clubhouse. This community was started in 2005, at the peak of the real estate market so there are some really good deals. Located across from Port Orange's new Cypress Creek Elementary School it is in the heart of the areas well known Golf and Country Club corridor. New homes start at $214,000 for a 3 bedroom 2 bath, 1624 sq. ft single family home. There are currently 2 homes on the resale market, both are 3 bedroom 2 bath homes, one is 1833 sq. ft listed for $239,865, and the other is 1882 sq. ft listed for $349,000. In the past 12 months, homes have sold from $200,00 to $300,000.
 

The Villages of Royal Palm, located in Port Orange was developed by Winston-James Development. It is not age restricted, however the maintenance-free lifestyle community is targeted towards the 55+ age group. This community features a very nice 12,000 square foot clubhouse with large banquet and social hall, Fitness center, billiard room, & meeting rooms, Full-time activities director on staff, 2 swimming pools (1 is heated) with spacious sun decks and a heated Jacuzzi, 2 tennis courts, a Putting green, horseshoes, shuffleboard, and Bocce. The clubhouse does not have a bar or restaurant, the location of the community off of Williamson Blvd is close to shopping and dinning.
There are several builder inventory homes ranging in price from $159,900 to $350,000, however the first thing they said when we walked in was "don't be afraid to make an offer".
The community has villas and single family homes, all of which are concrete block construction. The smallest homes are the 2 bedroom 2 bath villas with a 1 car garage. The largest home is the 2680 sq ft, 5 bedroom 3 bath, 2 story single family home with a 2 car garage.
The monthly maintenance fee is $288 for the villas and $318 for the single family homes. The fee includes complete lawn and shrubs maintenance, annual pressure washing of the homes, repainting the homes every 5 years, and 99 channel expanded cable TV, as well as the clubhouse, pools and tennis courts.
Right now there is a 2 bedroom villa listing on the MLS as bank owned for $55,100. I don't really believe the bank will take that little, but I think you would be able to get a great deal on this unit. There are over 20 homes on the MLS most of which are lower priced than the builder.
If you would like more information on any of these homes please contact me at 386 760 7607 or email
 

4 BEDROOM 2 BATH POOL HOME ON THE LAKE OVERLOOKING THE LIGHTED FOUNTAIN $300,000

This is it, Stop Your Search. This is the house you have been waiting for, ICI’s Westminster 4 bedrooms, 2 baths, and screened-in pool overlooking the large lake with beautiful views of the fountain. This is without question the best lot in Waters Edge. The lake wraps around the back and side yard giving you maximum privacy and beauty. The landscaping has concrete curbing with River rock in the beds. Upgraded tile in the Family room, Kitchen, Breakfast nook and the Baths. New GE Appliances and Granite tile countertops in the Kitchen. Summer kitchen on the screened-in pool deck. The Master suite opens up to the pool area and has his and hers walk-in closets and sinks with a garden tub and large shower in the master bath. This is the Florida life style you have always wanted. Owner is a Realtor.