First-Time Home Buyer Tax Credit Extended and Expanded to Include Move Up Buyers

I have been a bad blogger and haven't posted for quite a while (I think since July!). But, I'm back with some great news for not only first time buyers, but for move up buyers as well. Both the Senate and the U.S. House of Representatives have voted to extend the first-time home buyer tax credit, and have expanded the credit to include existing homeowners as well. Now the final step will be for President Obama to sign the legislation, which he is expected to do shortly. (**Update - 11/6/09 - President Obama signed the bill today.**)

With this move, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract to purchase a home is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances. With the extension and expansion of this credit, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns.

The National Association of Realtors estimates that nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the original first-time home buyer tax credit. With the extension and expansion of the credit these numbers are expected to dramatically increase.

For more info on how the credit works, check out my previous post on the Economic Stimulus and the First-time Home Buyer Tax Credit.

San Diego Foreclosure Friday - Volume 10

TGIF!!! It's the end of the week and the end of my punishment another San Diego Foreclosure Friday. Once again I'm bringing you some of the best foreclosure deals in San Diego county!

I know I didn't quite make it every day this week (4 out of 5 is pretty good), so to make up for it I'm doubling up today and giving you two solds and two current listings. This time we're going for condo living. We'll look at both high-end luxury units with price tags to match, and also see some more affordable alternatives as well. So let the fun begin!

SOLD $1,450,000 Cash

(4/24/2009)

PREVIOUSLY SOLD $1,749,000

(2/4/2003)

You won't find many downtown San Diego foreclosures like this one! We are back at the Renaissance building downtown, except this time we're looking 10 floors higher and adding about 2000+ square feet. This extremely rare 2-story unit is on the 20Th floor with awesome bay and city views. One of the largest units downtown, it comes with 3 bedrooms, 3 1/2 baths, and 3,783 square feet (the master bedroom alone is 900 square feet!).

SOLD $370,000 (4/30/2009)

PREVIOUSLY SOLD $541,500 (6/19/2007)

On the more affordable side we have this 3-story corner unit in Mission Valley. Built in 2005 this condo comes with 3 bedrooms, 2 1/2 baths, 1830 square feet, and a two car attached garage. It's conveniently located just a block away from the Mission Valley mall and close to the freeway for easy commute to and from work.

CURRENTLY LISTED $874,900

PREVIOUSLY SOLD $1,090,000 (7/5/2006)

Live the luxurious La Jolla beach life in this condo just one block to the water in Bird Rock! This unit in the Seahaus development was built in 2005 and comes with 2 bedrooms, 2 baths, and 1827 square feet. This is a ground floor unit that overlooks the pool and has peak ocean views from the kitchen, dining room, and living room, and all of these rooms come with gorgeous wide-plank hardwood floors.

CURRENTLY AVAILABLE $392,900

PREVIOUSLY SOLD $620,000 (10/31/2003)

We head back downtown to the ballpark/ East Village neighborhood to finish of this edition of San Diego Foreclosure Friday. If you love baseball, this condo is for you as it is sits right in front of Petco Park, the home of the San Diego Padres. This huge 1674 square foot loft space at the Parklofts comes with exposed concrete ceiling and walls, hardwood floors, granite counter tops, and Pella windows with between-the-glass blinds. This unit has two bathrooms and could be converted to a two bedroom if you wanted more of a traditional floor plan.

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

You can also check out my website to search all the homes for sale in San Diego.

Be sure to check back in again next Friday for another San Diego Foreclosure Friday!

San Diego Foreclosure Friday (Tuesday) - Volume 8

Day two of my penance and I'm back again with another San Diego Foreclosure Friday. I'm determined to keep my promise of giving you the best San Diego foreclosure deals every day this week to make up for my two week absence. Although it may be late in the day (or night, 10:00PM!) I'm going to make it in just under the wire. Since it's late I'm just going to have at it...

SOLD $822,000 (4/15/2009)

PREVIOUSLY SOLD $1,151,000 (12/13/2005)

Located in the exclusive Bressi Ranch Garden District neighborhood of Carlsbad, this 5 bedroom, 4 1/2 bath, 4608 square foot house was built in 2005 and is highly upgraded throughout. This entertainers home comes with a huge master suite, gorgeous hardwood floors, a gourmet kitchen with stainless steal appliances and granite counter tops and a tropical backyard with a built in barbecue and fire pit.

CURRENTLY LISTED $394,250

PREVIOUSLY SOLD $575,000 (10/12/2006)

Adorable California Craftsman in the South Park neighborhood of San Diego. 3 bedrooms, 2 baths, and 1469 square feet with a helper unit over the garage. This home has been updated with porcelain counters, travertine tile, and marble bathrooms, but keeps it's craftsman charm with refinished hardwood floors and wood framed doors and windows.

Remember, I'm making up for missing the past couple of weeks, so be sure to check back again every day this week for another San Diego Foreclosure Friday!

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

You can also check out my website to search all the homes for sale in San Diego.

San Diego Foreclosure Friday (Monday) - Volume 7

Okay, I admit it...I've been a bad blogger the last couple of weeks. But I do have a good excuse! The San Diego foreclosure market is on fire, and I have been EXTREMELY busy working with a TON of buyers. With rates at historical lows and prices back down to 2002-2003 levels this is a once-in-a-lifetime opportunity that is bringing out everyone from the first-time home buyer to the cash investor.

And a little inside scoop...There is a very large second wave of foreclosures about to hit the market! Many of the big lenders had a moratorium on foreclosures while the Obama administration was working on their big loan modification and refinance plan. Well, now that that plan is in place, and the banks have been able to figure out who they can help and who they can't, the moratorium has been lifted and a lot more San Diego foreclosures will be coming on the market.

So, to make up for my absence the last couple of weeks it's going to be San Diego Foreclosure Friday every day this week!!! And I'm starting today with a property that even I have been waiting in anticipation to see what it would close for!

SOLD $677,500 Cash (4/14/2009)

PREVIOUSLY SOLD $1,350,000 (3/29/2007)

One of the largest drops in price that I have seen at almost 50% off the previous sale price! This extremely rare 2 bedroom, 2 bath, 1615 square foot penthouse in the Discovery building sits high on top of Cortez Hill with views all the way from Balboa Park to the Coronado bridge. This luxury unit comes with floor to ceiling windows, hardwood floors, gas fireplace, granite counters and cherry wood cabinets in the kitchen, and a huge outdoor patio. It is an absolute steal at $677,500!

CURRENTLY LISTED $194,900

PREVIOUSLY SOLD $401,000 (12/7/2006)

This adorable cottage in Golden Hill sits just outside of downtown. With 2 bedrooms, 1 bath, and 710 square feet it is the perfect alternative to condo living! This home sits on a great little lot with a good size front yard and a large covered deck in that overlooks the backyard.

Remember, I'm doing penance for missing the past couple of weeks, so be sure to check back again every day this week for another San Diego Foreclosure Friday!

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

You can also check out my website to search all the homes for sale in San Diego.

San Diego Foreclosure Friday - Volume 6

TGIF! It's time for another San Diego Foreclosure Friday! And this time I'm actually making it in time for Friday.

For the first time on SDFF I have an update on a sale of a property that I posted here a couple of weeks ago, so you'll get to see what this downtown condo sold for. Don't worry, I'll also be posting another property that sold this week that you haven't seen before. It's a great ocean view foreclosure property in Ocean Beach. And, of course, I'll have a new foreclosure listing that just hit the market yesterday to share as well. It's a cute house in Talmadge for under $400,000, just waiting for someone to come in and spruce it up!

Do you remember this downtown San Diego foreclosure listing from a couple of weeks ago? Well, it's sold (these foreclosures go quick!), and you'll be one of the first to get the info!

SOLD $475,000 Cash (4/9/2009)

LISTED AT $444,900

PREVIOUSLY SOLD $810,000 (3/3/2006)

This 1295 square-foot 2 bedroom, 2 1/2 bath condo in the Renaissance building sold for cash above the asking price**. You will enjoy bay and city views from this 10Th floor corner unit, that comes complete with granite counters and stainless steel appliances in the kitchen, marble trim in the bathrooms, and 2 underground parking spaces.

**Tip For Buying San Diego Foreclosures: You'll notice that this condo sold above the asking price. This is common with foreclosure properties. Many times banks will price them low to try to stimulate multiple offers and sell them quickly. It's a good idea to work with a San Diego Realtor who has experience buying foreclosure properties. If a foreclosure is new to the market it's a good idea to have your Realtor speak to the listing agent to see if there are multiple offers, which there usually are. If that's the case, you want to take a close look at the most recent sales in the area (especially the foreclosure sales) and write accordingly. You won't be putting out any "low-ball" offers on foreclosures. They are already priced to go, and believe me, most of them go very quickly!

SOLD $1,031,000 (4/8/2009)

PREVIOUSLY SOLD $1,695,500(3/9/2005)

Spectacular ocean views from this private Ocean Beach retreat! This 3 bedroom, 3 bath, 2,025 square-foot home sits on a large 1/3 acre lot and has an abundance of windows to provide views from almost every room.

CURRENTLY AVAILABLE $396,000

PREVIOUSLY SOLD $750,000(7/16/2007)

This classic Talmadge home on a quite street is perfect for the first-time home buyer! 3 bedrooms, 2 baths, 1389 square-feet, with hardwood floors, a fireplace, and a detached 2 car garage...and the best part, it's under $400,000!

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

You can also check out my website to search all the homes for sale in San Diego.

Be sure to check back again next week for another San Diego Foreclosure Friday!

San Diego Foreclosure Friday - Volume 5

So it's Sunday, and you know what that means...another San Diego Foreclosure Friday!?!? Okay, so I'm a couple of days behind. Sorry, I've been crazy busy (wrote six offers on foreclosure properties with buyers this week). But this weeks deals were so astounding that I had to make sure to share them with you. So, since you've been waiting long enough, I'll just get to it.

SOLD $665,000 (3/27/2009)

PREVIOUSLY SOLD $995,000 (3/7/2005)

This three bedroom, 3 bath, 2089 square-foot contemporary wood and glass, designed by San Diego architect, Bob Bowlus, sits nestled in a wooded canyon at the end of a cul-de-sac in north Mission Hills. It has multiple balconies and decks, perfect for entertaining, and is only a few blocks away from the village of Mission Hills. New hardwood floors, a gas fireplace, and an updated kitchen with granite counters and stainless steel appliances, this Mission Hills foreclosure is a steal at $665,000!

CURRENTLY LISTED $424,900

PREVIOUSLY SOLD $625,000 (6/27/2006)

Anyone looking for a second home? Enjoy breath-taking panoramic harbor, Point Loma, and city views from this luxury downtown condo! Floor to ceiling windows and a huge 200 square-foot deck take advantage of the views from this west facing, 9Th floor, 2 bedroom, 2 bath, 1132 square-foot Little Italy condo in the La Vita building. The complex features an amazing courtyard, pool, and gym. This unit has it all...even comes with two parking spaces!

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

And if you want to take a look at all the available properties in San Diego you can search the San Diego MLS from my website as well.

Be sure to check back again next week for another San Diego Foreclosure Friday!

San Diego Foreclosure Friday - Volume 4

To round out the month of March for another San Diego Foreclosure Friday, I thought I would show you that there is something available in every price range when it comes to the San Diego foreclosure market. This week we will be taking a look at homes on opposite ends of the price spectrum. Whether you are looking for a foreclosure in La Jolla with a multi-million dollar ocean view, or you are a first-time home buyer or investor looking for a great condo for under $200,000 that's just minutes to the beach, the San Diego foreclosure market has something for everyone!

SOLD $1,750,000 (3/24/2009)

PREVIOUSLY SOLD $3,050,000

(8/24/2005)

Enjoy spectacular ocean views from this mid-century modern La Jolla foreclosure property. This 3200 square-foot, 4 bedroom, 4 bath home in the County Club neighborhood of La Jolla sits high in the hills on a large quarter acre lot with a large flat backyard. Walls of glass give you sit-down North Shore ocean views from almost every room. Think what adding a second story to this single level house could do!

CURRENTLY AVAILABLE $179,900

PREVIOUSLY SOLD $300,000

(3/3/2005)

This large 850 square-foot, 1 bedroom, 1 1/2 bath condo on the west side of Fashion Valley is just five minutes from the bay and beaches of San Diego. Perfect for the first-time home buyer looking to take advantage of the $8,000 first-time home buyer tax credit, or an investor looking to build their rental portfolio. This gorgeous complex features 2 pools, 2 spas, and 4 tennis courts. All this for under $180,000!

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

Be sure to check back again next week for another San Diego Foreclosure Friday!

San Diego Foreclosure Friday - Volume 3

It's Friday! And you know what that means! The work week is over (well, not for us San Diego Realtors), and it's time for another San Diego Foreclosure Friday! This week we are checking out the best foreclosure deals in downtown San Diego.

Downtown San Diego used to just mean the Convention Center, the Gaslamp, Horton Plaza, some hotels and a few high-rise condos. Besides the few blocks of the Gaslamp and the cruise ships in the bay, there wasn't much reason to go downtown. But all that has changed over the last 10 years!

Everywhere you look there is a new high-rise condo that either just went up or is on it's way. Some of San Diego's best restaurants, hottest night-clubs, and glitziest hotels are all downtown. And don't forget Petco Park, home of the San Diego Padres and huge headliner concerts such as the Rolling Stones and Madonna. And the best part is you can walk to everything!

So what I'm trying to say it, it's not your grandma's old downtown anymore.

Whether you're a young professional who wants the energy of city living, or your looking for a second home or an investment property, downtown San Diego has a little bit of everything, and best of all, some foreclosures in every price-range.

SOLD $625,000 (3/18/2009)

PREVIOUSLY SOLD $1,005,000 (5/27/2005)

Enjoy southwest city and ocean views from this 1625 square-foot, 2 bedroom plus den, 2 bathroom condo in The Grande. This unit comes with cherry wood floors and cabinets, a spacious gourmet kitchen, 2 underground parking spaces and all the luxury amenities that The Grande has to offer.




CURRENTLY AVAILABLE $444,900

PREVIOUSLY SOLD $810,000 (3/3/2006)

This 1295 square-foot 2 bedroom, 2 1/2 bath condo in the Renaissance building is available now. You will enjoy bay and city views from this 10Th floor corner unit, that comes complete with granite counters and stainless steel appliances in the kitchen, marble trim in the bathrooms, and 2 underground parking spaces.

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

Be sure to check back again next week for another San Diego Foreclosure Friday!

San Diego Foreclosure Friday - Volume 2

In the second volume of San Diego Foreclosure Friday I'll be showing you a couple of luxury homes with some spectacular views! The first listing is a recent sale in the La Costa neighborhood of Carlsbad with gorgeous mountain and ocean views, and the second listing is a new foreclosure to the market in Point Loma with views all the way to downtown.

SOLD $880,000 (3/6/2009)

PREVIOUSLY SOLD $1,255,000
(7/11/2006)

This 4 bedroom, 3 bath, 3800 square foot estate home sits high on the hill on over an acre of land overlooking Carlsbad and the ocean and mountains beyond, in the prestigious La Costa Estates. Some of the features of this home include a gated private drive lined with palm trees, 2 fireplaces, pecan wood flooring, and a beautiful kitchen with granite counters and stainless steel appliances.

CURRENTLY AVAILABLE $1,124,900

PREVIOUSLY SOLD $1,645,000
(1/16/2007)

Enjoy completely unobstructed views all the way to downtown San Diego from this 4 bedroom, 3 1/2 bath, 2119 square-foot Point Loma home. This outstanding residence was completely remodeled inside and out with floor to ceiling wood windows, hardwood floors, an amazing master suite with a private deck, complete with outdoor fireplace, and posh spa master bathroom.

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

Be sure to check back again next week for another San Diego Foreclosure Friday!

San Diego Foreclosure Friday - Volume 1

In 2008 about 80% of the buyers that I worked with ended up purchasing a foreclosure property. That trend continues with the buyers that I am currently working with in 2009. So I tend to get a lot of questions about the San Diego foreclosure market. People want to know just how good of a deal these foreclosure properties really are.

So starting today, and every Friday until the foreclosure market slows down and dissipates (and believe me, I think we still have a while before that happens), I will be posting two of the best foreclosure properties in San Diego for that week.

The first property that I will post will be a foreclosure that sold that week so that you can check out what it sold for, and the next will be one that is currently available so that you'll be aware of some of the best deals the San Diego foreclosure market has to offer.

So, without further adieu...

SOLD $458,495 (3/4/2009)

PREVIOUSLY SOLD $735,000 (2/24/2005)

This classic Spanish home, in a great area of North Park, is 1910 square feet, and has 4 bedrooms and 2 baths. It has a great open floor plan with with sculpted archways, hardwood floors, and an open beamed ceiling. French doors lead out to a tiled patio and a beautiful backyard.

CURRENTLY AVAILABLE $689,000

PREVIOUSLY SOLD $1,050,000 (4/4/2007)

This 3 bedroom, 2 bath, 1935 square foot modern home sits high above the street in the heart of Kensington, one of San Diego's most sought after communities. This spacious home offers wood floors, an upstairs master bedroom with a fireplace, and a private backyard with a gazebo and spa.

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

Be sure to check back again next week for another San Diego Foreclosure Friday!

Economic Stimulus and the First-time Home Buyer Tax Credit

I haven't written in a few weeks, so I'm a bit behind in my reporting, but there have been a few big pieces of news that I want to make sure I get everybody caught up on in the next few days.

I'll start with a biggie...Drum roll please...Wait for it...First-time home buyers are you listening? It's an $8,000 tax credit for first-time home buyers!!! And this time around it is a true tax credit, meaning you don't have to pay it back. This is huge!

So here's how it works. If you are a first-time buyer, meaning you haven't owned a home in the last 3 years, and you buy a primary residence (which means you will live in the property) between January 1st, 2009 and December 1st, 2009 you will be eligible for an $8,000 credit on your taxes.

The big thing with this tax credit is that it is fully refundable. This means that first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns, and the IRS will write them a check for the difference between $8,000 and their actual tax bill. Not only that, but if you're getting killed on your 2008 tax returns because you didn't own a home you can apply this credit to your 2008 taxes, as long as you purchase the home before you file on April 15Th.

There are a couple of restrictions on the credit. First, you must live in the home for at least 3 years, so no house flippers. And there are income limitations to claim the full credit ($75,000 for single tax-filers and $150,000 for married couples).

So, if you are a first-time home buyer who has been sitting on the fence, now is the time to get off and start shopping. Check out my website to search the San Diego MLS.

One more quick update to my last post "Another bail-out is taking shape...but, what's in it for me?" The conforming loan limits from last year were re-instated. This is more big news for San Diego as the limits moved from their reduced limit of $625,000, back up to $729,750! Unfortunatly these limits are not permanent, and will expire on December 31st, 2009.

In my next post I will be attempting to dissect the Obama administration's Foreclosure Prevention Plan (that one's a bit more complicated and all the details have still yet to come out), so check back soon.

Another bail-out is taking shape...but what's in it for me?

Yesterday the House of Representatives passed H.R. 1, The American Recovery and Reinvestment Act of 2009 by a 244 to 188 vote. Zero Republicans voted yes and 11 Democrats voted no. It still needs to get through the Senate, and, if passed, will likely be tweaked along the way. But as it stands right now there are a couple of positive pieces that stand out to me as a San Diego Realtor.

The first is the bill's measure extending all 2008 Metropolitan Statistical Areas’ (MSAs’) Fannie Mae, Freddie Mac, and FHA loan limits through the end of this year.

Huh? English please.

Loan limits have traditionally been insured by the government up to $417,000 (referred to as "conforming"). Because they are government insured they are seen as less risky to banks and, therefore, carry lower rates than higher balanced loans. In higher cost areas, like San Diego, loan balances tend to be higher than in areas like, say, Ohio where most home loans are under $417,000. So last year the government created a new temporary limit in higher cost areas based on the median priced home in that particular area with a maximum limit of $729,750.

On December 31, 2008 that limit expired and was reduced to $625,500. The new stimulus bill seeks to reinstate those 2008 limits through the end of 2009. This helps home owners in San Diego, and other high cost areas, with refinancing. It also allows more homes to be sold in higher cost markets, which benefits both buyers and sellers alike. If this sounds like a pretty logical idea to you (higher cost areas = higher insured loan limits) then I'm sure your next question is "Shouldn't this be a permanent increase?" Well, logical people like you and me say "Yes it should!"

The second measure in the bill that stood out to me was eliminating the repayment requirement on the first-time home buyer tax credit for qualified buyers who purchase a home between Dec. 31, 2008, and July 1 2009. If you're asking, "Huh? What $7500 first-time home buyer tax credit?" you are not alone. I think a lot of people are unaware of this recent (and again, temporary) tax credit. So if you are one of these people you can read more about it here.

The big deterrent to getting more first-time buyers into the market with this tax credit is the fact that it has to be re-paid. So eliminating the repayment feature would be one really good step. Another would be to extend it all the way through the end of 2009 (hint, hint if anyone from the government is reading this blog).

Although I think both of these provisions are a step in the right direction, the major thing that I think needs all of our government's immediate attention is the second half of the original $700 billion stimulus bill...That, so far, has been about as stimulating as a weak cup of decaf. I thought the point of injecting $350 billion into the banks was to get them to lend, no? Seeing as how no one (not the banks or the treasury department) can really account for what was actually done with the first $350 billion, I would hope there would be a few more restrictions and requirements put on the second $350 billion.

As National Association of REALTORS® President Charles McMillan sums this all up, "We think this bill is a great first step in helping our economy on the road to recovery. It is also important that Congress and the new administration refocus the use of Troubled Asset Relief Program dollars to add liquidity to the mortgage market and make mortgage loans and other loans more available to America’s working families.”

To which I say, "Amen!" He must be reading my blog!