Destin/Santa Rosa Beach/Ft. Walton Beach FL/Niceville

Price Reduced on Shoreline in Bay Loop

Linda Coiro — Fri, 16 Oct 2009 18:22:00 GMT

Bay Loop, Freeport - Announcing a price reduction on Shoreline, a 2,691 sq. ft., 2 bath, 3 bdrm single story "Sprawling floor plan!". Now MLS® $575,000 - 153' Waterfront REDUCED!!.

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144 Spires Lane in Gulf Place Caribbean is Sold!

Linda Coiro — Wed, 30 Sep 2009 20:33:00 GMT

Gulf Place Caribbean, Santa Rosa Beach - The multiplex at 144 Spires Lane has been sold.

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2 Story For Sale in Church Street Village

Linda Coiro — Fri, 18 Sep 2009 01:16:00 GMT

Crisp community with lush landscaping!

• 1,704 sq. ft., 2 bath, 3 bdrm 2 story "Big rooms both floors!" - MLS® $247,900

Church Street Village, Santa Rosa Beach - ATTENTION BUYERS! NOT A SHORT SALE!! Buy now and take advantage of the $8000 Tax Credit...in this like new home in the lovely neighborhood of Church Street Village. Within minutes of the Emerald Coast beaches, Outlet Mall, resturants and Sacred Heart Hospital just to name a few. Features include: Granite Counter Tops, GE Stainless Applicances, 42" Wood Cabinetry in the Kitchen, Crown Molding, Tile Flooring, Recessed Lighting & 9' Ceilings. The kitchen is also complimented with a Breakfast Bar, pantry & lots counter space. Home also features a Screened Porch plus a patio. The project facilities include a community room, awesome pool and clubhouse, fabulous work out room and a pet park. Beautiful lush landscaping compliments the whole community making this a neighborhood with a wonderful at-home feeling you don't want to miss. Lawn Care is included in the monthly association fees for easy maintenance. Square footage taken from tax records, buyer to verify.

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2555 Cove Road in Holley by the Sea is Sold!

Linda Coiro — Tue, 28 Jul 2009 19:59:00 GMT

Holley by the Sea, Navarre - The single story at 2555 Cove Road has been sold.

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Single Story For Sale in Forest Lakes

Linda Coiro — Tue, 28 Jul 2009 19:11:00 GMT

Upgraded and updated!

• 1,994 sq. ft., 2 bath, 3 bdrm single story "Beautiful brick with metal roof!" - MLS® $279,900 - No HOA fees!

Forest Lakes, Santa Rosa Beach - WOW is all that can be said for this home. So much thought has been put into the updating the inside rooms and outside landscaping and sitting areas. Even a new metal roof in 2004 as stated by Seller. As you walk in the front door, you are welcomed by high ceilings accented by crown molding. The gas fireplace is an immediate attention focus with its accents and attention to detail. The two guest bedrooms (separated from master) and upgraded guest bath are to your left. The front room is graced by a cathedral ceiling and half circle window transom. Making for lots of light and a beautiful room. Both the guest bath and other guest room are fresh with upgrades, a true delight. As you enter the Kitchen dining area, more upgrades with new fixtures and appliances. The corner sink with window to the side, makes clean up, "not so bad" because you are open to your dinner guest or family. The master suite is a definite oooh and ahhh. The cathedral ceiling accents the master bedroom, but you also have a great sitting area. Then there are the stained glass doors leading to the media room, oh my. Extra special is all that can be said. The master bath with Travertine floors, shower and tub surround, makes this an unbelievable room. That's not all, granite counter tops in the bath and wainscot really makes this a designer bath. The media room 10x30 can be used as present owners have it, a sitting area and office or just make it a media room, play room, hobby room or multiple other uses. The outside sitting areas include a covered area with outside speakers and ceiling fans. If this is not enough, theres an uncovered area among the butterfly garden with terracing and low maintenance landscaping. This is a place to get in touch with nature and enjoy the peace and calm. The large side yard is great for children to play or big enough for a pool. This home has so much to offer, see for yourself and enjoy. All measurements should be verified by buyer. Sq. ft from Tax record.

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Price Reduced on 1808 Huntington Rd. in Huntington

Linda Coiro — Wed, 15 Jul 2009 20:25:00 GMT

Huntington, Niceville - Announcing a price reduction on 1808 Huntington Rd., a 2,368 sq. ft., 3 bath, 4 bdrm single story "Brick and Beautiful!". Now MLS® $359,000 - Must sell pricing!.

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Survey says: Buyer Interest in Foreclosures Spikes

Linda Coiro — Thu, 28 May 2009 17:07:00 GMT

*This May 2009 survey was conducted online within the United States by Harris Interactive via its QuickQuery(SM) online omnibus service on behalf of Trulia between May 1-5, 2009 among 2,397 U.S. adults aged 18 years and older. Results were weighted to be representative of the total U.S. adult population on the basis of region, age within gender, education, household income, race/ethnicity, and propensity to be online.
Buyer Interest in Foreclosures Spikes, Says Survey

By Maria Patterson Print Article

Harris survey shows 55% of U.S. adults would consider buying foreclosed home

RISMEDIA, May 21, 2009-According to the results of a new survey from Harris Interactive, there is a notable gain in consumers’ willingness to buy foreclosed properties, with 55% of U.S. adults indicating that they are at least somewhat likely to consider purchasing a foreclosed home in the future, compared to the 47% of U.S. adults who indicated the same in November 2008. The tracking survey was conducted on behalf of national real estate search engine, Trulia.com, and RealtyTrac, an online marketplace for foreclosure properties.

“Foreclosures are at the heart of the housing crisis and monitoring consumer attitudes toward foreclosures is extremely relevant,” explained Pete Flint, co-founder and CEO of Trulia. “A lot of foreclosure inventory is being taken off the market. The results of this survey show that this is clearly good news for the economy.”

Flint ads that about one quarter of all homes on the market, have witnessed a price cut at least once.

According to the survey, in the current market, U.S. adults believe foreclosed homes are an even greater bargain opportunity than before, with 40% expecting to pay at least 50% less for a foreclosed home, compared to only 31% of U.S. adults surveyed in November 2008 who expected that type of discount. This could explain why site traffic is peaking at RealtyTrac.

“In some cases, people are overestimating what they might expect in the form of a discount on a foreclosure property,” said Rick Sharga, senior vice president of RealtyTrac. “There is a discount percentage of about 31% nationally, but these are national numbers that will vary dramatically from market to market.” In San Bernadino, California, for example, some assets are currently selling at 20% of their original sales price, explained Sharga, who added that well over half of what’s moving on today’s market is some sort of distressed asset.

Survey results also revealed that first-time homebuyers represent the group most interested in purchasing foreclosure property. Two-thirds of U.S. adults between the ages 18-44 (66%)-comprised largely of first-time homebuyers-would consider purchasing a foreclosed home, compared to a little more than one third of those ages 55 and older (38%). Respondents aged 45-54 fell in between, with 53% indicating that they would be at least somewhat likely to consider a foreclosed property.

“First-time homebuyers are a big part of the (foreclosure) market,” said Sharga. “Probably between 50 and 60 percent of foreclosure sales are going to first-time homebuyers; another 30 percent is probably going to investors who are reselling them at another discount or hanging onto them as rental properties. Most of the financing for foreclosures is cash from investors and FHA loans for first-time homebuyers.”

Although survey results indicate that 85% of U.S. adults are concerned with the negative aspects of buying a foreclosure, with 71% citing hidden costs as their top concern, most people are “still underestimating the price it will take to repair the home,” says Sharga.

The May 2009 survey also found that 74% of U.S. adults familiar with President Barack Obama’s Mortgage Relief Program are at least somewhat confident it will give homeowners the incentive to renegotiate with mortgage lenders in order to prevent their homes from going into foreclosure.

“The government is trying to take action,” says Sharga. “The Obama plan might not be perfect, but it’s the most comprehensive plan to date.” Sharga adds that the administration’s recently introduced plans to streamline the short sale process and encourage deeds-in-lieu are also signs that the government is “looking at more creative ways to address the problem.”

While Flint and Sharga agree that there is a long road ahead toward full recovery in the housing market, the survey’s results are promising.

“Across the US, 24 percent of existing homes for sale on the market have seen at least one price reduction in order to stay competitive, creating a tremendous opportunity for consumers to buy homes at significantly lower prices,” said Flint. “Consumers are bargain hunting; they’re aware of the changes in affordability. The bad news is, we don’t quite see the bottom yet; the good news is, things are getting less worse.”

Other survey results include:

• Current renters (68%) are more likely to consider purchasing foreclosed homes than current homeowners (49%).
• U.S. adults with children under 18 living in their household also show an increased likelihood to consider foreclosure properties, with 66% indicating they would be at least somewhat likely to purchase one, compared to 49% of those without children under 18 in the household.
• U.S. adults aged 18-34 familiar with the program have the highest confidence level in the Mortgage Relief Program; 84% are least somewhat confident in the plan, compared to 71% of those aged 35-44, 69% of those aged 45-54, and 71% of those aged 55+.
• Women familiar with the program are more likely to be at least somewhat confident in its ability to give homeowners the incentive to renegotiate with their mortgage lender in order to prevent their home from going into foreclosure than men familiar with the program (79% vs. 69%, respectively).

RISMedia

Price Reduced on Lot 3 Mossy Oaks Dr. in Mossy Oaks

Linda Coiro — Wed, 27 May 2009 19:14:00 GMT

Mossy Oaks, Navarre - Announcing a price reduction on Lot 3 Mossy Oaks Dr., a lot / land. Now MLS® $55,000 - REDUCED!.

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Single Story For Sale in Viking Manor

Linda Coiro — Wed, 27 May 2009 19:07:00 GMT

Converted garage adds more living space!

• 1,000 sq. ft., 1 bath, 2 bdrm single story "End unit townhome" - MLS® $89,000 - Short Sale Savings!

Viking Manor, Fort Walton Beach - What a cutie and what a price! Two bedrooms plus a converted garage adds additional room for sleeping! Newly tiled floors, big space for living and dining, and a breakfast bar make this home ideal for starters. The end unit shed lots of light with a bonus window on the side facing the dining room. There are one and a half baths and sliding doors that lead out to the deck and privacy fenced yard. This home is being sold as a short sale and the offer will have to be accepted by the bank.... so you have nothing to lose! The sellers are pricing it at what they paid for it last year. There is some storage space in what remains of the garage, but it's alot of living for the money in a convenient location in Ft. Walton Beach.
Close to the Santa Rosa Mall, restaurants and schools. Call today!

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Single Story For Sale in Crestview Southwest

Linda Coiro — Wed, 20 May 2009 14:55:00 GMT

Executive & Exquisite!

• 2,574 sq. ft., 3 bath, 4 bdrm single story "Mini-Mansion!" - MLS® $229,000 - Reduced!

Crestview Southwest, Crestview - One of the most exquisite homes in the s/d! Upgraded w/fine features such as cherry kitchen cabinets and stainless steel appliances. The media room sits behind French doors off the foyer or it can be an office, exercise or kid's playroom. Spacious great room w/high ceilings and French doors to oversized back patio. Detailed crown molding & upgraded lighting and fans. Kitchen has an island and breakfast nook w/bay windows. Faux painting above cabinetry is simple yet elegant. Newly tiled kitchen & baths and upgraded carpeting in a neutral color. Split bedroom plan offers privacy for a 17'x18' master suite w/bathroom retreat. Double sink vanity, 2 huge walk in closets & separate shower and luxurious oversized tub. The other end of the home has 2 additional bdrms & a bath. PLUS another full bath for the 4th bedroom w/a door serving the backyard adding more sq. footage to the heated area. Inside laundry leads to a 2-car garage. Whole house security system for peace of mind. Even an extra parking pad for guest vehicles. Oversized lot backs to a natural treed area with plenty of yard for a swing set! Ideally situated south of I-10. Easy drive to Eglin/Hurlburt/Duke and NW FL airport and beaches of Destin.

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Crestview is Exploding! Two Homes for Sale south of I-10

Linda Coiro — Wed, 20 May 2009 14:55:00 GMT

The Military are coming! The Crestview market is booming especially for first time homebuyers!

Check out this gorgeous executive home at 216 Trish drive ideally located south of I-10 and close to the military bases of Hurlburt, Eglin and Duke Fields. This 4 bedroom executive home boasts tons of exquisite upgrades. Move in condition with tasteful and neutral colors that will blend in with any decor. Reduced to sell at $229K

http://www.realestateshows.com/show.php?mls=basic&id=372432

Or this great starter home at 344 Apple Drive. Vacant, fresh paint, 3/2 and ready to move into! Take advantage of the tax credit and low interest rates now before the prices start to rise again! This home is offered at an amazing price too! Just $115K!

http://www.realestateshows.com/show.php?mls=basic&id=366044

Housing Affordability Surges to Higest Level in 18 Years

Linda Coiro — Wed, 20 May 2009 14:35:00 GMT

I really do enjoy my Realtor affiliation with RIS Media! Their information is so pertinent and informative that I thought I'd pass the good news along to you!

Housing Affordability Surges to Highest Level in 18 Years

RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the

first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.

“Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to return to the marketplace,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.'

Sincerely,

Team Bizzy Bodies... Linda Coiro, Jean Floyd and Penny Ericksen, Keller Williams Realty Emerald Coast, Destin, Niceville, Ft. Walton Beach

Single Story For Sale in Summer Hills

Linda Coiro — Sat, 16 May 2009 16:16:00 GMT

Brick front, fenced yard!

• 1,464 sq. ft., 2 bath, 3 bdrm single story "Contemporary design." - MLS® $160,000 - Short Sale Reduced!

Summer Hills, Ocean City - Come view this contemporary ranch in great location! Ceramic tiled floors in the kitchen, dinette and both bathrooms. The frise carpeting in the bedrooms and living room is less than a year old! Freshly painted interior is a beautiful natural taupe color to go with any decor. The kitchen boasts a breakfast bar, pantry and separate dinette area. A beautiful brick fireplace in the living room will bring a cozy atmosphere to the cool winter nites ahead. Wonderful split bedroom floor plan. Master bedroom has one large closet and the master bath has one large closet. Double vanity sinks in the master bath. All rooms are equipped with ceiling fans and help keep utility costs down. Extra space by the kitchen for your home office is about 12x12. Fenced yard for pets and privacy. Double car garage with pull down stairs and auto garage door openers. No homeowner fees! Call for your tour today! An offer on this home would have to be approved by the seller's lender as this home is being sold as a short sale.

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Single Story For Sale in Holley by the Sea

Linda Coiro — Sat, 16 May 2009 15:29:00 GMT

Executive Home Hidden Creek Estates

• 2,640 sq. ft., 2 bath, 4 bdrm single story "Builder's Home - Exquisite Detail!" - MLS® $369,000

Holley by the Sea, Navarre - If you're looking for peace and tranquility, you'll find it in this beautifully maintained, easy living home. This exceptional 4 BR/2 BA custom built home offers a very large and very private backyard, an enclosed, in ground pool complete with one of a kind custom waterfall and Cool-Crete decking, and an expansive lanai area perfect for relaxing and entertaining. Back inside you'll find formal living and dining areas rich with custom details like 10' ceilings, 5" crown molding, plant ledges, columns, tile, exquisite lighting, built-in shelves and cabinetry, and custom eggshell paint and faux finishes in neutral colors. As you continue, you'll find a spacious family gathering area: large custom kitchen, eat-in dining area and large family room all tucked away in the rear of the house - granting privacy and exceptional views of the pool and professionally landscaped backyard. Other interior features you'll fall in love with: open and split floor plan, lots of light and bright windows, large bedrooms, upgraded lighting and ceiling fans, tiled fireplace in family room, built-in surround sound speakers as well as exterior speakers, and too many more things to list. This all brick Hidden Creek Estates home sits on a beautifully groomed .67 acre lot, complete with native and tropical landscaping and privacy fence. In fact, a total of 29 palm trees sit on this high and dry lot with excellent drainage. Home also boasts security system, full sprinkler system and timer on well water. All this AND located in the outstanding Hidden Creek Estates of Holley by the Sea, which features a multi-million dollar state of the art recreation center with fitness facility, waterfront park and private beach and bay access, not to mention the challenging and beautiful 18 hole golf course. This is one home that won't disappoint.

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Price Reduced on 344 Apple Dr. in Crestview Southwest

Linda Coiro — Wed, 22 Apr 2009 03:56:00 GMT

Crestview Southwest, Crestview - Announcing a price reduction on 344 Apple Dr., a 1,144 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $115,000 - Best value in the s/d!.

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Multiplex For Sale in Gulf Place Caribbean

Linda Coiro — Mon, 16 Mar 2009 22:10:00 GMT

Feels like the Caribbean!

• 1,091 sq. ft., 2 bath, 2 bdrm multiplex "2nd floor gulf views!" - MLS® $310,000 - Great location, amenities

Gulf Place Caribbean, Santa Rosa Beach - REDUCED!! There is no place like a Hwy 30A location!. Gulf Place Caribbean is WOW and this unit is Extra WOW. Located on the 2nd floor with 2 bedrooms and hall bunk beds, this unit could sleep 8 with the sofa/sleeper. The balcony views span the grounds, the pond and picturesque footbridge, the Gulf of Mexico straight ahead, and make this a breathtaking unit. Updates include lighting, tile floors, wood laminate floors, new living room furniture, new refrigerator and new FIBERGLASS French doors to the oversized balcony. With the salt air, fiberglass is the way to go with no rusting as the metal doors will do. This is an $8,000 upgrade in itself and virtually maintenance free - WELL worth it for the maintenance it will avoid. The decor is fun and relaxing for your vacation rental, second home or you may just want to stay here for good!! You'll have all you need as it is turnkey and fully furnished down the forks and spoons. Gulf Place has many amenities which include beach access, 3 pools, hot tubs, tennis courts, walking trails, shuffle board, a putting green, an outdoor amphitheater with free concerts and events, restaurants and a variety of shopes within walking distance. Wi-fi is available in the unit. With a little more marketing your income potential is limitless! This is one of 4 properties owned by this investor and the whole package of 4 units, plus their successful rental website. This would make a great business for someone and is already established. Bookings transferable to new owner. Buyer to verify all measurements and square footage.

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Price Reduced on 144 Spires Lane in Gulf Place Caribbean

Linda Coiro — Mon, 16 Mar 2009 22:10:00 GMT

Gulf Place Caribbean, Santa Rosa Beach - Announcing a price reduction on 144 Spires Lane, a 1,091 sq. ft., 2 bath, 2 bdrm multiplex "2nd floor gulf views!". Now MLS® $310,000 - Great location, amenities.

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Price Reduced on 11A, 11B-3351 Scenic Hwy 98 in Destiny East Villas

Linda Coiro — Mon, 16 Mar 2009 22:04:00 GMT

Destiny East Villas, Destin - Announcing a price reduction on 11A, 11B-3351 Scenic Hwy 98, a 1,920 sq. ft., 4 bath, 4 bdrm 2 story "Beach Villa". Now MLS® $499,000 - Two condos, one price!.

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Single Story For Sale in Sandestin

Linda Coiro — Wed, 11 Mar 2009 02:45:00 GMT

Tons of resort amenities!

• 2 bath, 2 bdrm single story - MLS® $345,000 - Beat price in the Fairway

Sandestin, Destin - Looking for that special Primary Residence, Second home, or Vacation get-away. Well, look no further, this charming cottage could be it.... Beautiful Sandestin is the location for this fabulous Lakefront Cottage. Two bedrooms and 2 baths with a Screened Porch and your very own large private deck on the lake. Home is Very Bright, Open and Cheerful with awesome views of the lake. The roof was replaced in 2004. Fairways is a wonderful neighborhood nestled among Lush Landscaping and mature trees where you can enjoy morning walks with views of the golf course, lakes and the Choctwhatchee Bay. Home is very convenient to all the Sandestin amenities which include: the Beautiful Gulf beaches, Golfing, Tennis, Marina, the Village at Baytown Wharf, Swimming pools, Spa facilities, bike paths, shopping, dining, and much more. It is move-in ready, comes fully furnished and is waiting for its new owner to enjoy Resort Living. Buyer to verify all square footage & demensions.

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Single Story For Sale in Bay Loop

Linda Coiro — Fri, 20 Feb 2009 01:34:00 GMT

Boat Lovers Paradise!

• 2,691 sq. ft., 2 bath, 3 bdrm single story "Sprawling floor plan!" - MLS® $639,000 - 153' Waterfront Reduced!

Bay Loop, Freeport - REDUCED PRICE FOR A BOAT lOVER'S PARADISE!! Serenity & Tranquility abound in this 2700sq ft home on LaGrange Bayou. You can see the Beautiful Bayou from the Living Room, Dining Area, Kitchen, Master Bedroom, Master Bath and the Guest Bedroom. LaGrange Bayou is used for shelter during hurricanes by many commercial boats from Destin. Split Bedroom/Open floor plan is great for entertaining. Living and Dining rooms feature hardwood floors, Cathedral Ceilings, and accented with a large wood burning Fireplace. Home has Central Vacuum. Kitchen offers ample counter space with lots of cabinets and an island bar area with an electric Kenmore Induction flat surface stove. Refrigerator, Oven and Microwave are built-in. Plenty of storage space in the large 5x6.5 Pantry. Master Bedroom and Bath also have cathedral ceilings & sliding glass doors leading out to the spacious deck. Master bath features double vanities, whirlpool tub and a large walk-in shower. Library/Office has hardwood floors, bay window, built-in spacious desk area and enough built-in book shelves to hold all the books you can read. The Guest bedroom has sliding glass doors that lead out to its own deck overlooking the bayou. Large walk-in closet with mirrored doors. Upstairs bedroom has cathedral ceilings and built-in book shelves. Home includes a 10x16 Screened Porch that also looks out over the Bayou. You will truly enjoy relaxing on the large deck that stretches the length of the back of the house. Enjoy boating from the very well built boat dock with "pylock" pilings which help keep them anchored. The dock comes with a 6000 pound electric boat lift, a fish cleaning station, walkway lights & flood lights. Dock is supplied with water and power. All this on 1.5 acres with 153 feet of water frontage. Sellers are offering a Home Warranty for Buyer. If your looking for a BOATERS PARADISE, this is it!

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FAQ - Housing and Economic Recovery Act of 2008 Questions Answered

Linda Coiro — Tue, 05 Aug 2008 16:44:00 GMT

I just received this very informative article from Bonny Manthey at Countrywide Home Loans located here in Destin, FL. She passes along to us some frequently asked questions regarding the Housing and Economic Recovery Act of 2008 that helps the lay person understand more about first-time homebuyer tax credits. The information comes from NAHB in Washington DC.

Frequently Asked Questions
About the First-Time Home Buyer Tax Credit

The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. The following questions and answers provide basic information about the tax credit.

1. Who is eligible to claim the $7,500 tax credit?
First time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs.

2. What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit.

3. What types of homes will qualify for the tax credit?
Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses, and condominiums.

4. Instead of buying a new home from a home builder, I have hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after April 9, 2008 and before July 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

5. What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.

6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phaseout limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000.

7. Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750.

Here's another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

8. Does the credit amount differ based on tax filing status?
No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files their taxes as "married filing separately" (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns.

9. Are there any circumstances for which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit?
In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price.

10. I heard that the tax credit is refundable. What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed).

11. What is the difference between a tax credit and a tax deduction?
A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer's tax liability would be reduced by $1,125 (15 percent of $7,500), or lowered from $7,500 to $6,375.

12. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
No. The tax credit cannot be combined with the MRB home buyer program.

13. I live in the District of Columbia. Can I claim both the DC first-time home buyer credit and this new credit?
No. You can claim only one.

14. I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

15. Does the credit have to be paid back to the government? If so, what are the payback provisions?
Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.

16. Why must the money be repaid?
Congress's intent was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first-time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices, and will increase home sales. The repayment requirement reduces the effect on the Federal Treasury and assumes that home buyers will benefit from stabilized and, eventually, increasing future housing prices.

17. Because the money must be repaid, isn't the first-time home buyer program really a zero-interest loan rather than a traditional tax credit?
Yes. Because the tax credit must be repaid, it operates like a zero-interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15-year repayment period. Compared to $7,500 financed through a 30-year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers over $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed.

18. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

19. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

NAHB is providing the information on this web site for general guidance only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

1201 15th Street, NW
Washington, DC 20005
202-266-8200
800-368-5242

Single Story For Sale in Caribbean Village

Linda Coiro — Thu, 31 Jul 2008 20:09:00 GMT

• single story -

Caribbean Village, Bluewater Bay - Very Spacious & Delightful Custom Built Home by Gary Miller. Great size (.37 acreas) corner lot with large yard, a peek-a-boo view of the Fairway and the lake across the way, circular drive, side-opening garage & Golf Cart Storage Area. There is also room inside the fenced back yard for RV/Boat Parking. Owner's have given home a sparkling updated look with many new features such as: interior paint including all woodwork, updated bathroom fixtures, new master bath shower door, new very nice kitchen faucet, new tile flooring in the bathrooms and much more. Beveled front door leads you into the large foyer with hard wood floors. Dining Room is accented with bay windows, chair rails and crown molding. Living room has Cathedral Ceilings & large brick hearth & fireplace. The Master Bedroom has plenty of room for sitting area. Master bath offers double vanities, separate shower, custom stained glass over the garden tub and his & hers closets. You'll love the kitchen, with loads of cabinets, a large island with new updated overhead lighting, drop in flat surface ceramic stove new in 04, built in Microwave new in 08 & built in Oven new in Dec 07, Dishwasher new in Dec 07, Side by Side Refrigertor new in 04. The cabinets are oak and most have rollout drawers and dividers. Also, you'll find a built-in desk area, pantry & wine rack in the Kitchen. The Florida Room is off of the kitchen and makes a great playroom or office. Large storage closet, linen closet and large utility room with sink. Can't overlook the 2 water heaters new in 2004 & new AC motor in 04. The garage is oversized, comes with a utility sink, has a work bench equipped with TV outlet and has plenty of room to park 2 large SUV's. Pull down stairs to attic storage in garage. There is a golf cart storage room that could easily be made into an air conditioned work or craft room. Privacy fenced back yard with double gate great to pull your boat or RV into the rear of your home for storage. Lawn pump .

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Price Reduced on 244 Antiqua Way, Niceville, FL 32578 in Caribbean Village

Linda Coiro — Thu, 31 Jul 2008 20:09:00 GMT

Caribbean Village, Bluewater Bay - Announcing a price reduction on 244 Antiqua Way, Niceville, FL 32578, a single story. Now - .

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Price Reduced on Shoreline in Bay Loop

Linda Coiro — Thu, 24 Jul 2008 22:08:00 GMT

Bay Loop, Freeport - Announcing a price reduction on Shoreline, a 2,691 sq. ft., 2 bath, 3 bdrm single story "Sprawling floor plan!". Now MLS® $725,000 - 153' Bayou Waterfront!.

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2 Story For Sale in Crystal Beach

Linda Coiro — Mon, 07 Jul 2008 17:17:00 GMT

Aerated Concrete Block Construction

• 2,074 sq. ft., 2 bath, 3 bdrm 2 story "Low utility bills! WOW" - MLS® $499,000 - HUGE REDUCTION!

Crystal Beach, Destin - Have you been looking for the perfect affordable beach cottage and haven't found it yet? You must see this darling home two blocks from the beach located in the desirable neighborhood of Crystal Beach. Not only is it charming, but it is built to withstand the strongest of winds, is termite proof, fire proof, soundproof and temperature efficient. Utility bills are minimal. Autoclaved Areated Concrete Block is the official name for this miracle block. Hebel block has recently made its way to the US and is becoming popular as a green house environmentally friendly home built ahead of its time. You can be upstairs making all kinds of noise and never hear anything downstairs. This home and its construction was featured in "This Old House" magazine. Enjoy the beach breezes on the wrap around front porch, walk to the beach or swim in the community pool. The spacious living area is great for entertaining. The master is upstairs with another bedroom that is used as the library, but there is another good sized bedroom and bath that could be the master downstairs. The office is set up with bookshelves and workstation, but could be converted into a fourth bedroom. The detached garage has 384 sq feet and there is also 253 sq. feet of covered porch. So whatever your needs whether it be permanent home, second home or rental property, this homes fits the bill. All demensions to be verified by buyer.

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