Explaining the $8,000 Tax Credit and Move Up Buyers

$8,000 First-time Home Buyer Tax Credit at a Glance
by Phil Fowler, Realtor e-PRo TRC ILHM
Keller Williams Realty South Tampa

 
• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

You may contact me Phil@PhilFowler.com to assist you in purchasing your new home.  As your Buyer’s Agent, I will  explain fully the  buying process, help you search for and show you properties which suit your needs, negotiate the offer, attend home inspections and sit with you at the closing table.

Please read the testimonials of my clients to determine if we would be a good fit to begin our working relationship.
If you are looking for a Realtor who will genuinely care about your needs and you don’t mind my brutal honesty at times, (it’s the Australian in me), then let’s talk 813-401-8078.  This is my direct number and if you have any questions please ask.  I promise that your information is kept in the strictest of confidence, not shared and I will not “hound” you. 

If I cannot answer your call immediately, I will get back with you within the hour.  Yes, I do answer after hours and on weekend.

As my business card states, “Kindness is a gift, pass it on.”

 

Tampa Real Estate – Homebuyer Tax Credits Extended

Today, Congress has passed a bill including an amendment that extends and expands the Homebuyer Tax Credit.  Here are some key points:  

The tax credit for first time homebuyers (those who have not had ownership interest in a residence in the last three years): $8,000 for married couples, $4,000 for those filing separately.

Contracts need to be signed by the expiration date: April 30th, 2010.

Also, those buyers who have maintained ownership of a primary residence for five of last eight years are eligible to receive a tax credit: $6,500 for married couples, $3,200 for those filing separately.

Income limits $125,000 for those filing separately; $225,000 for married couples.

Home purchase price can not exceed $800,000.

Contact Phil Fowler of Keller Williams Realty for more information.  Text 813-401-8078 or email Phil@PhilFowler.com

FREE MLS SEARCH of Tampa Foreclosures.

 

Tampa Luxury Real Estate Sales – September 2009

September has seen a slowing down of Tampa Luxury Homes Sales to only 16 Luxury Properties according to Luxury Consultant, Realtor Phil Fowler of Keller Williams Realty of South Tampa.

The Luxury Waterfront Community of Davis Islands saw 3 sales ranging in price from $1,150,00 to $2,950,000.  The 2 years old, custom, mediterranean home on deep water canal sold for $2.95 Million.  The property was listed at $3,450,000 in May of 2009. 

Avila, Beach Park and Sunset Park also saw sales while Mira Bay in Apollo Beach had 3 sales in the lower luxury home price range.

For more information on these properties or other Tampa Luxury Homes  and Tampa Luxury Real Estate please contact Phil Fowler at 813-401-8078 or via email Phil@PhilFowler.com

 

Tampa Luxury Real Estate Market

Luxury Prices Hold Despite Slowdown according to Inman News (08/21/09) Anandwala, Riya V.
Last fall’s stock market plunge, coupled with stricter home lending rules, have had a negative impact on upper-market residential property sales. However, the Institute for Luxury Home Marketing reports that the values of dwellings priced above $500,000 generally have held up better than those of other segments. The median value of U.S. luxury-market homes is estimated at $1.15 million, about the same as this time last year. On the downside, the research shows that days on the market increased from about 120 days in August 2008 to about 180 days this month for homes in this price range.

For more information on the local Tampa Luxury Home market, contact Luxury Consultant, Realtor Phil Fowler  at 813-401-8078 or email Phil@PhilFowler.com

 

Tampa Luxury Real Estate Market

According to Tampa Luxury Consultant, Realtor Phil Fowler  of Keller Williams Realty of South Tampa, the Tampa Luxury Real Estate Market, has currently 803 Tampa Luxury Homes as of June 18, 2009.  Two new Tampa Luxury properties on Davis Island and Symphony Isles in Apollo Beach just came on the market for buyers looking in the Million Dollar Home price range.

The Tampa Luxury Real Estate Market can be divided into 6 segments according to Phil.

700K- 1 Million = 377 Luxury Properties

1,000,001 – 2 Million = 305 Luxury Properties

2,000,001 – 5 Million = 107 Luxury Properties

5,000,001 – 10 Million = 10 Luxury Properties

10,000,001 – 15 Million = 2 Luxury Properties

15,000,001 – 25 Million = 1 Luxury Property

To view some of the Tampa Luxury Real Estate communities click here

If you would like to schedule an appointment to see these properties, please contact Phil Fowler at 813-401-8078 or  email Phil@PhilFowler.com

 

Tampa Luxury Real Estate Statistics – June 2009

Here are some interesting statistics according to Tampa Luxury Real Estate Consultant, Realtor Phil Fowler of Keller Williams Realty of South Tampa.

Tampa Luxury Homes in this market range from an entry level of $700,000.00 to a magnificent Gated Luxury Estate in Avila of 25 Million Dollars.   This piece of Tampa Luxury Real Estate boasts 10 bedrooms, 10 full bathrooms and 3 half bathrooms, complete with ballroom, 14 fireplaces, basket ball court, pool, spa and cabana, situated on a sprawling 5.9 Acres in prestigious Avila . 

As of June 17, 2009 There are approximately 801 Tampa Luxury Properties active on the market today with a total List price of  $1,181,905,523.

The key to successfully listing and selling in the Tampa Luxury Real Estate Market, according to Phil Fowler, is pricing the property correctly to begin with.

Although the Luxury Property may truly be a unique Luxury Home, the National Average per sq. ft. runs around $327.00.

For a free consultation regarding listing your Tampa luxury home, or purchasing Tampa Luxury Real Estate,
please contact Phil Fowler directly at 813-401-8078 or via email at  Phil@PhilFowler.com

 

Tampa Luxury Real Estate – May 2009 Statistics

Tampa Florida Luxury Real Estate Consultant, Realtor Phil Fowler of Keller Williams Realty South Tampa noted that 29 luxury properties were sold during the month of May, 2009.  A Bay front pristine property at prestigeous Westshore Yacht Club sold for $2,972,000.

The 5 bedroom 6 bathroom, 6,517 square feet home was another Keller Williams of South Tampa listing.

Avila, one of Tampa Florida’s luxury addresses saw a sale of $2,850,000.  The 9,600 square foot 6 bedroom, 6 bathroom and 2 half bath estate home on 1.15 acres is sure to please it’s discerning buyer.

Keystone, Odessa and Beach Park, Tampa wer also sought after areas.

For more information regarding these properties or any other Tampa Florida Luxury Homes, please contact Phil at 813-401-8078 or via email at Phil@PhilFowler.com

 

Tampa Luxury Real Estate – Current Housing Market April 2009

Statistics for the Greater Tampa Luxury Housing Market according to Luxury Consultant, Realtor
Phil Fowler of Keller Williams Realty South Tampa appear to be stabilizing somewhat.

The Institute for Luxury Home Marketing, of which Phil Fowler is a Member, released current data showing the median price of luxury homes in the Tampa Bay Area at $704,716, median square feet 2,857, inventory 1,676, new listings 69, with average days on market at 186.

The median luxury home pice has dropped considerably on the lower range;  however, the multi million dollar estates are not being affected by this economic down turn.  Fractional ownership is a creative alternative when purchasing these higher end luxury Tampa properties.

For example, the 25 Million Dollar compound in prestigious Avila, can be purchased using fractional ownership.

If you would like more information on Tampa Luxury Homes or Tampa Luxury Real Estate, please contact Tampa Luxury Property Finder,  Phil Fowler at 813-401-8078 or Phil@PhilFowler.com

 

 

 

Vince Naimoli’s Home For Sale – 14 Million Dollars – Tampa FL

Tampa Luxury Home Consultant, Realtor Phil Fowler of Keller Williams Realty of South Tampa, says that the well known Tampa resident Vince Naimoli’s home is for sale at 14 Million Dollars.

The sprawling 15,547 sq. ft, 3 story brick Luxury Tampa Home boasts 7 bedrooms, 6 full bathrooms, 2 half bathrooms and 6 fireplaces located in the presigious gated community of Avila. 

This 10 acre lake front luxury estate with circular driveway, motor court, fountain columns and much more is sure to impress the most discerning prospective buyer of luxury properties.

To make an appointment to view this property, please contact Phil Fowler at 813-401-8078 or via email at Phil@PhilFowler.com

 

2009 Tampa Parade of Homes – Luxury Real Estate

The 2009 Tampa Parade of Homes begins Saturday, March 21, according to Luxury Consultant, Tampa Realtor, Phil Fowler of Keller Williams Realty.  This year, the Parade  of homes features over 55 homes including, single family, condominium and estate homes throughout  Hillsborough, Pinellas, Pasco and Hernando Counties.

Charles Building Corp. is offering the largest, luxury, estate home boasting 10,004 square ft., 6 bedrooms, 7 bathrooms, at $8 Million Dollars.  This mediterranean revival home, built on a 5 acre lot over looking Lake Kell is located in the gated community of Bellamere in Lutz.  Venetian plaster walls, Baroque style gold leaf ceilings, state of the are technology, Scagliola columns, Subzero and Wolfe appliances, Toto smart toilets, Swarovski crystal chandeliers are just some of the features of this luxury Tampa Bay property.

For more information, please contact Phil Fowler at 813-401-8078.