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This article is From the OBJ | THE VUE was worth 100 Million in 2007, just sold for 25.9 Million | Nearly 75% off the Hay Day Prices.
The
Vue at Lake Eola condominium tower drew a final bid that was $5.4
million more than the minimum at a bankruptcy auction on March 15.
The winning bid of $25.9 million came from Condo
Developer LLC, a Delaware-based corporation formed on March 8, said
Justin Luna, a bankruptcy associate with Orlando law firm Latham
Shuker Eden & Beaudine LLP, which represented the former owner
Vue Orlando LLC. That amount bettered Starwood Properties Inc.’s
second-highest bid of $25.8 million, Luna said.
Attempts to reach the winning bidder were
unsuccessful by press time.
The auction of the 36-story, 375-unit downtown Orlando tower even
drew interest from the Joe Lewis-owned Tavistock Corp.
Former owner Vue Orlando LLC in November 2009 had its involuntary
Chapter 7 bankruptcy liquidation converted to a Chapter 11
reorganization and sought qualified bidders to acquire the 165 unsold
units and 7,972 square feet of retail space in the building, as
previously reported by Orlando Business Journal. Creditors
that initially filed an involuntary bankruptcy petition in October
later agreed to lend the building owner another $1.4 million to continue
operating through the bankruptcy case. The Vue Orlando owes $53 million
through a single mortgage note shared by Sovereign Bank, Comerica Bank,
Mega International Commercial Bank Co. Inc., Charter One Bank NA, Great
American Insurance Co. and Great American Financial Resources Inc.
The hearing to approve the sale is slated for March 31. If approved,
the sale should close by the end of April, Luna said.
The $100 million condo tower, built in 2007, was developed by
Churchill Development Group LLC and Westminster Partners LLC.
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Essex Point South , Orlando
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Announcing a price reduction
on 5421 Halifax Dr, a 1,612 sq. ft., 2 bath, 3 bdrm single story. Now
MLS®
$135,000
- Back on Market!.
Property information
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The Central Florida Real Estate Market is HOT HOT HOT under $225,000.
15,911 Active Listings
1,742 Closed Sales
4,279+956 (BOM) New Listings came onto the Market
We currently have an 8 Month Supply of inventory.
For Florida
• Values seem to be stabilizing with no consistent monthly drops. More closed transactions in 2009 than 2008.
• THERE IS JOBS BEING LOST EVERY DAY SO THE FUTURE CONDITIONS CAN NOT BE GOOD.
• This is a seasonal or second-home market that requires the confidence of economic recovery.
• Depressed prices, short sales & foreclosures dominate this market.
• A lot of Short Sales and REOs.
• Almost 50% of our sales are currently either short sales or REO's. New guidelines for handling these types of sales hopefully will speed things along.
• Banks are hard to work with/ There are to many short sales, pre-forclosures on the market.
• Stable pricing on beach/investment properties, continued foreclosures and short sales in residential, limited lending will keep market somewhat slow, encouragement for sales due to tax credit should keep sales up until July.
• Foreclosures, Short Sales.
• Short sales and repo's - prices are still coming down.
• There is a steady movement of homes and prices are rising a little.
• Lots of foreclosures still coming....
• Lots of short sales selling which brings the overall value way down. Low price is the name of the game.
• NW Florida panhandle depends on two things the military and tourism. The housing industry is almost at a stop.
• Too many Foreclosures forcing prices down. P a g e | 15
• Prices are still low in central Florida. Resale home market is strong but vacant land market is still lagging.
• Second home market, winter is strong buying season, very strong activity and sales.
• Qualified buyers are now looking and ready to buy - even on higher priced properties. Floor calls are coming in once again. Gov't incentives may be helping, but I'm meeting more cash buyers who want to get in before prices start to increase.
• WE ARE SEEING A HIGH DEMAND FOR REO PROPERTIES AND MANY TIME MULTILE OFFERS SCENARIOS. I SEE MORE SHORT SALE COMMING INTO THE MARKET.
• Buyers have had some time to save money for the increased down payment required now.
• The warmer weather is very inviting. Also, the under $350K range is almost to stability. Inventory in this price range has depleted with fewer choices. The word is getting out to make your move.
• Overflow of short sales and foreclosed homes here; tax credit is helping now, not sure what will happen upon expiration.
• There seem to be less buyers out there that can get approved for financing considering the FHA is changing their guidelines again.
• More foreclosures are coming, prices did not reach the bottom.
• Buyers are the driving force for the better of the market! When the lenders get smart and deal with short Sales quicker these same buyers may eventually own the American dream of home ownership rather than be dicouraged from inept lenders.
• THE MARKET HAS DEFINATELY BOTTOMED OUT, SALES ARE UP, LESS TIME ON THE MARKET. WE WILL SEE MUCH MORE SHORT SALES HITTING THE MARKET PLACE, BUT THE LENDERS ARE GETTING MUCH MORE EFFICIENT.
• Financing is very tight.
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Orlando's overall median price drops asbank-owned and short sales continue to dominate closing
ORLANDO -- An ORRA record:
73.42% of closings are either bank-owned or short sales
26.58 % worth of normal sales to buoy the area's overall median price.
The median price of all existing homes combined sold in January 2010 DROPPED 14.17% to $103,000 from the $120,000 recorded in December 2009.
DECEMBER 2009 to JANUARY 2010 | Month over Month Dropped 14.17%.
January 2010's median price is a decrease of 30.41 percent compared to January 2009's median of $148,000.
JANUARY Year over Year dropped 30.41%. (mostly due to condo sales)
However, that $103,000 median price encompasses all types of sales situations and home types (including the enormous percentage of condos sold for less than $50,000).
The median price for "normal" sales is $169,990 (a miniscule decrease from last month's $175,000).
The median price for bank-owned sales is $69,550 (down 13.06 percent from last month's $80,000), and the median price for short sales is $115,000 (down 11.88 percent from last month's $130,500).
Orlando REALTORS® recorded 1,742 closings in January, 65.90 percent more than in January 2009.
66% More Sales Year : Year.
Of those sales:
463 "normal" sales accounted for only 26.58%
830 bank-owned & 449 short sales = 73.42 %.
There were 124.28%more homes (8,590) under contract and awaiting closing in January of this year than in January of last year (3,830). A total of 3,579 sales contracts were newly filed in the month of January, which is a jump of 56.84% compared to January 2009 (2,282).
The Orlando affordability index increased to 247.36 percent in January from 204.07 percent in December 2009. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $52,820 can qualify to purchase one of 9,075 homes in Orange and Seminole counties currently listed in the local multiple listing service for $254,782 or less.
First-time homebuyer affordability in January jumped 16.37 percent to 175.90 percent.
First-time buyers who earn the reported median income of $35,918 can qualify to purchase one of 5,854 homes in Orange and Seminole counties currently listed in the local multiple listing service for $154,002 or less.
Average Days on Market (ADOM): 90 days on the market before coming under contract in January 2010,
The average home sold for 93.63% of its listing price.
The area's average interest rate increased in January by a hundredth of a point to 5.05%.
Inventory
There are currently 15,911 homes available for purchase through the MLS.
Inventory increased by 362 homes from last month | December 2009, which means that 362 more homes entered the market than left the market.
The January 2010 inventory level is (29.61) percent lower than it was in January 2009 (22,613).
The current pace of sales translates into 9.13 months of supply of homes; January 2009 (last year) equaled 21.54 months of supply.
There are 11,756 single-family homes currently listed in the MLS, a number that is 4,647 (28.33 percent) less than in January of last year. Condos currently make up 2,802 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,353.
Condos and Town Homes/Duplexes/Villas
The sales of condos in the Orlando area increased by 168.03 percent in January when compared to January of last year, and decreased by 12.83 percent when compared to December 2009. A total of 394 condos changed hands in January of this year compared to 147 in January 2009.
The most (217) condos in a single price category that changed hands in January were yet again in the $1-$50,000 price range, which accounted for 55.08 percent of all condo sales. Thirteen condos sold for more than $250,000 in January.
Orlando homebuyers purchased 162 duplexes, town homes, and villas in January 2010, which is a 76.09 percent increase from January 2009 when 92 of these alternative housing types were purchased. The majority (30) of duplexes, town homes, and villas sold in January 2010 fell into the $100,000-$120,000 price category. Twenty-four duplexes, town homes, and villas sold for less than $50,000 in January.
MSA Numbers
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were up by 51.07 percent when compared to January of 2009. Throughout the MSA, 2,112 homes were sold in January 2010 compared with 1,398 in January 2009.
Each county's year-to-date sales comparisons are as follows:
Lake: 44.13 percent above 2009 (307 homes sold to date in 2010 compared to 213 in 2009);
Orange: 62.21 percent above 2009 (1,176 homes sold to date in 2010 compared to 725 in 2009);
Osceola: 23.57 percent above 2009 (346 homes sold to date in 2010 compared to 280 in 2009); and
Seminole: 57.22 percent above 2009 (283 sold to date in 2010 compared to 180 in 2009).
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any Realtor® association, not just members of ORRA.
Most data from this report is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association or its Multiple Listing Service (MLS). Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
For detailed statistical reports, please visitwww.orlrealtor.com and click on "Housing Statistics" on the top menu bar.
Lee Rosa is a Prominent Listing Specialist who understands our changing marketplace and utilizes technology to put his clients in the best position to sell. As an ABR® Specialist in Orlando, Florida, he understands the market temperature when negotiating with Central Florida Homebuyers,search every Active Listing in Orlando.
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The Orlando market continued to see the number of home sales jump
while values declined in January, said a report by the Florida
Realtors.
Florida Realtors sold 1,745 existing single-family homes last month,
up nearly 55 percent from 1,127 sold in January 2009. But the median
home value in January fell nearly 18 percent, from $150,500 in 2009 to
$123,500 this year.
Orlando-area condo resales were nearly three times higher
year-over-year, from 171 in January 2009 to 538 last month. The median
condo value dropped to $49,700, a 20 percent decline from January 2009’s
$62,200.
The national median sales price for existing single-family homes in
December 2009 was $177,500, up 1.4 percent from a year earlier, reported
the National
Association of Realtors.
The Orlando metropolitan statistical area was one of 16 in the state
that reported higher existing home sales in January, while all MSAs had
higher condo sales, the Florida Realtors reported. Most of the state’s
MSAs have reported sales increases for 19 consecutive months.
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There was major economic news on many fronts this week, with mixed
results for mortgage markets.
The Fed statement essentially followed
the expected script, demand was strong for the Treasury auctions, and
much of the economic data released during the week was stronger than
expected.
The net effect was a small increase in mortgage rates during
the week.
As expected, the Fed made no change in the fed funds rate on
Wednesday. The biggest surprise was that the Fed's Hoenig dissented
from the decision, as he believes that economic conditions have
improved enough that the Fed should begin to tighten policy. The Fed's
outlook for the economy was slightly more positive than in the prior
statement.
The statement repeated that the mortgage-backed security
(MBS) purchase program will be concluded by the end of March.
Some
investors were disappointed that the Fed didn't show more support for a
possible expansion of the MBS purchase program, and mortgage rates rose
after the news.
There is a wide range of expectations in the investment community
about the impact of the end of the MBS purchase program on mortgage
rates.
The Fed has been purchasing roughly 75% of new MBS issuance, and
a decline in demand from one source normally leads to higher yields to
attract other buyers.
One argument, however, is that the end of the
program has been expected for quite a while, so mortgage rates already
reflect the news, and there could be little reaction over coming
months. Other analysts predict an increase in mortgage rates of as much
as one percent. The Fed itself expects a small increase in mortgage
rates as a result of the end of the program.
MBSquoteLine.com
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Tymber Skan, Orlando
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Announcing a price reduction
on 4111 Windcross, a 1,020 sq. ft., 1 bath, 2 bdrm single story. Now
MLS®
$19,000
- Reduced.
Property information
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Evernote is a great tool to use when hunting for a new home.
I use evernote everyday in my life ... and this is a great BLOG entry from their website - feel free to email me any questions about this program ... you can download it for FREE here.
Here are some ideas:
Before going
- Create a lists of any requirements, such as hardwood floors, parking, dishwasher, etc.
- Clip listings (and maps) as you do your research.
- Whenever you set up appointments or schedule open house visits make a list in Evernote including times, addresses and relevant phone numbers.
Out hunting
- Bring up your notes on your laptop or phone to keep track of what you are viewing. Use tags and saved searches to make things even easier.
- Take snapshots, text and voice notes of each place you visit, so you won’t forget any important details.
Afterwards
- Go through all of the research you have in Evernote to help you make your decision.
- Keep track of all follow-up questions you have related to specific properties
Find even more Evernote uses and tips at: Ron’s Evernote Tips
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Yesterday at 1:00PM , Governor Charlie Crist, Mayor Buddy Dyer,
members of the Central Florida Commuter Rail Commission and other
elected officials in Downtown Orlando signed and celebrated the passage of a
comprehensive statewide rail plan. This legislation will allow for the
creation of SunRail, Central Florida’s first commuter rail line, and
pave the way for a future statewide rail transportation network.
This landmark legislation is a statewide rail transit
program and also sets the stage for Florida to leverage billions of federal
dollars to build high speed rail lines, the first of which would
connect Orlando to Tampa. Making it a huge plus for the cities to connect its consumers.
Beyond providing Floridians with desperately needed transportation
alternatives, this groundbreaking rail plan will spur the creation of
hundreds of thousands of jobs at a time when they are desperately
needed in our state.
SunRail, specifically, will generate nearly 10,000 jobs almost
immediately. Over the next 25 years SunRail will create more than
250,000 jobs and generate more than eight billion dollars ($8,000,000,000) in economic
impact.
Thank you government
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The last time Orlando-area home prices were as low as now, it was the year George W. Bush first took office, terrorists attacked the World Trade Center and Apple released the iPod.
Last month the number of existing-home sales doubled from a year ago as prices dipped to a midpoint of $123,000, according to a report released Friday by the Orlando Regional Realtor Association.
The last time the median price was below $123,000 was March 2001, at the outset of the previous recession, when it dipped to $120,287. So anyone who bought an existing home in the past eight years probably paid more than if they bought the property today. During the housing boom, the local median peaked at $264,436 in July 2007.
Foreclosures, are driving the market downward to the point that she advises clients against listing their homes unless it's absolutely necessary.
In the past year, prices in the Orlando Realtors' core market (mainly Orange and Seminole counties) have fallen by more than 25 percent.
Sellers seem to be recognizing the market's extended decline, as the difference between the average sales price and average list price actually narrowed a few tenths of a percentage point in November, to 94.9 percent, despite the drop in prices.
The pace of sales last month actually fell slightly from October, to 2,238 from 2,319, but the November total was up more than 100 percent from the same month a year ago, an indication of how much sales activity has been improving for more than a year now. So far this year, Orlando Realtors have reported selling 21,420 homes, compared with 13,435 homes through the first 11 months of 2008.
The Orlando Realtors group broke down the prices paid for single-family homes and condo units in November by the level of financial distress involved: The median price for "normal" sales was $173,960, a 3 percent decrease from October to November; the median price for "short sales" was $122,000, down 2 percent from October; and the median for bank-owned properties was $84,000, up 5 percent from October.
Of all properties sold in November, 63 percent were owned by a bank already or in some stage of distress; the remaining 37 percent were "normal," or conventional sales, in which the owner wasn't under threat of foreclosure.
Orlando resident Bruce Tooker thinks many of the financially strapped homeowners peddling short sales -- listings for which the bank has agreed to accept less than the amount owed on the property's mortgage, to avoid the expense of a full foreclosure -- are still delusional about market prices.
Tooker said he recently submitted a low offer on a short-sale house near Westmoreland Drive in Orlando. The sellers had paid $329,000 for the house at the peak of the market and wanted $200,000 now, but it was worth only $169,000 when compared with similar sales, he said.
Tooker said he's in no hurry to buy because he expects prices will decay further.
"There are just too many houses out there and not enough buyers," he said.
According to the Orlando Realtors group, a growing number of buyers are poised to close on sales: Friday's report noted that the number of pending sales has more than doubled in the past year, growing from 3,326 to 8,633. That included 3,023 sales contracts filed just last month, an 84 percent increase from November 2008's new filings.
In southwest Orange, Bordelon said her Isleworth buyer has plans. She said he expects to get a good buy on a house in the tony, guarded development and then sell it in a few years when the market recovers.
A few years ago, she said, buyers bought houses and flipped in a matter of months -- not years.
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Why
Choose a Realtor® With an ABR designation?
An
Accredited Buyer Representative (ABR) represents the
buyer who is purchasing property in a real estate
transaction. Research by the National Association of
REALTORS has shown that when a buyer's representative is
used, the prospective buyer found a home faster and
examined more properties than consumers who did not use
a buyer's representative.
The buyer's representative works for, and owes fiduciary
responsibilities to, the real estate buyer and has
buyer's best interests in mind throughout the entire
real estate process. A buyer's representative will:
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Evaluate the
specific needs and wants of the buyer and locate
properties that fit their exact specifications.
-
Assist the
buyer in determining the amount that they can afford
(pre-qualify), and show properties in that price range
and locale.
-
Assist in
viewing properties -- accompany the buyer on the
showings, or preview the properties on behalf of the
buyer to insure that the identified specifications are
met.
-
Research the
selected properties to identify any problems or issues
to help the buyer make an informed decision prior to
making an offer to purchase the property.
-
Advise the
buyer on structuring an appropriate offer to purchase
the selected property.
-
Present the
offer to the seller's agent and the seller on the
buyer's behalf.
-
Negotiate on
behalf of the buyer to help obtain the identified
property -- keeping the buyer's best interests in mind.
-
Assist in
securing appropriate financing for the selected
property.
-
Provide a
list of potential qualified vendors (e.g. movers,
attorneys, carpenters, etc.) if these services are
needed.
-
Most
importantly, fully-represent the buyer throughout the
real estate transaction.
Why
you should use an ABR!
Why should
you look for the ABR designation before looking for a
home? These three letters after a REALTOR's name tell
you that you will be working with buyer representative
who is committed to your best interests. The ABR
Designation is awarded by REBAC to those REALTORS who
have met the specific educational and experiential
criteria needed to provide the high level quality
service required by REBAC (Real Estate BUYER'S AGENT
Council).
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When
condo prices fall, it pains the Seller ... however for buyers it should create
a feeding frenzy.
In
Orlando, Condo prices have fallen more in the past year than in any other metro
area in the state and, most likely, the country, according to state and
national Realtor reports.
The median price for an existing unit in Orlando was $50,600 in the third quarter
-- a 56 percent drop from the same time a year ago, when the midpoint sales
price was $114,000. Statewide, condo prices fell 34 percent during that time.
In the US, the only city that comes even close to Orlando's dropping prices is
Las Vegas, which had a 46 percent decline in median prices for condominiums
during that same period.
Orlando's distinction for falling condominium prices comes as no surprise
myself. As we paid $134,000 in 2005 for a two-bedroom unit in the
Greater Orlando Area, today this unit is barely worth $30,000.
There is no "bottom" yet, however rental prices have either stayed
the same or they've even risen in some places. But the condo prices
continue to slip, mostly due to lack of FHA eligibility financing.
Most buyers have cash. Due to lack of Conventional lenders lending and
the government will not take a risk on the plummeting properties that are often
managed by associations on the brink of financial disaster, with many owners
not paying maintenance fees.
What's driving the fall?
It's
not as much an oversupply of downtown high-rises built during the peak of the
market as it is Orlando's fast pace of conversions from apartments to
condominiums from 2004 until early 2007, known as Condo-Conversions. In
2005, the city led the nation in the number of conversions, with many of the
complexes in outlying areas.
There is light at the end of the tunnel because in some newer projects, units
are converting back into apartments, as in the case at 55 West in downtown
Orlando. In November, for instance, Smith Equities Real Estate Investment
Advisors of Orlando sold 640 units at Park Central in South Orlando to a
Canadian buyer for $58,750 per condo.
"The key to closing this transaction was getting both the buyer and seller
comfortable with the financial condition of both the rental operations and the
condominium associations' economic stability," said Gerald Smith, senior
investment adviser for the firm.
Orlando should not continue to hang onto the biggest-price-fall distinction
much longer, because of the halt of development were other cities, such as
Miami, are getting ready to have new condo projects come online, and that in
theory will further extend their recovery for the sector.
This
means that for buyers - now is the time to pick up a condo at ROCK BOTTOM
PRICES
Lee Rosa
is a Realtor living and working in Downtown
Orlando, Florida and represents buyers and sellers there. Read more about
selling your home in Central Florida.
Call or email to set up a viewing of hot deals, or any other home in Central
Florida.
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Amazing Investment Opportunity
• 537 sq. ft., 1 bath, 1 bdrm single story
-
MLS®
$45,000
Grand Central Square , Orlando
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Great Downtown Orlando Investment! Large Master Bedroom, conveniently Located, Move-In Condition! This Fun, Contemporary and Social Community is Pet Friendly With A Courtyard & Pool. Easily Travel Downtown with O-Cartz! If You Liked Melrose Place... You'll Love This Condo!
Property information
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At the beginning of the presentation @ ORRA, I was given this disclosure, so I will pass that along with this BLOG POST:
Everything I tell you will be true, accurate, and correct … but may be wrong.
Years of Effected Home(s): 2003-2008.
Chinese Drywall is called many different things: Chinese Drywall, Toxic Drywall, Defective Drywall, Problematic Drywall, Suspect Drywall, Tainted Drywall, Reactive Drywall, Skunk Board (because of its stench prior to its installment)
Chinese Drywall is created from Natural Gypsum, it has a sulfur smell and corrodes and blackens metal. It damages electrical wiring, basically eats at the house (anything metal, including the Plasma TV) - slowly, but could happen within 6 weeks.
The first signs of Chinese Drywall damage are usually in the bathroom or under sinks, where air flow are minimal.
If your home has Chinese Drywall: Be aware of bogus testing and quick cure remedies that falsely claim to remove the corrosive properties of the drywall. According to the presenter, only a VISUAL inspection can determine what kind of drywall it is.
The best websites to research Chinese Drywall.
CDC
CPSC
EPA
DOACS
DOH
Florida Attorney General
Lee Rosa is a Prominent Listing Specialist who understands our changing marketplace and utilizes technology to put his clients in the best position to sell. As an ABR® Specialist in Orlando, Florida, he understands the market temperature when negotiating with Central Florida Homebuyers, search every Active Listing in Orlando.
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US Senate to vote for extension of 8K Tax Credit
The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits.
This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.
The Extended and Expanded Tax Credit will contain the following provisions:
Amount: $8,000
Eligibility:
ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for seven years to be eligible)
Income Limits: $125,000 for single filers/$225,000 for joint filers
Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day
extension if binding contract is in place by April 30, 2010
*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change.
The
Congressional Budget Office is going to "score" the cost of 3 year and
5 year requirements. We are continuing to push for step-up buyers to be
required be in their current home for three year period.
NAR will be monitoring
the progress and any potential changes to the bill. NAR will send out a
notice when the legislation is voted on tonight--regardless of how late
into the night or early into the morning the debate continues.
Lee Rosa is an ABR® Specialist in Orlando, Florida. You can search Orlando Homes for Sale at his website.