Archive for May, 2010
2) members of the Foreign Service of the U.S.
3)employees of the intelligence community who are actively serving outside of the U.S. on “official extended duty”.
Official extended duty is defined as any period of extended duty outside of the United States for at least 90 days during the period beginning December 31, 2008 and ending before May 1, 2010.
That’s right. Thanks to the Worker, Home Ownership, and Business Assistance Act of 2009, which was signed into law by the President on November 6, 2009, qualified military service members have one extra year to take advantage of The Homebuyer’s Tax Credit of up to $8,000 for first-time buyers and up to $6,500 for certain repeat buyers. This means qualified military members must be under contract on a purchase by April 30, 2011 and close on the deal by June 30, 2011.
You served your country, let us serve you. If you or someone you know is looking to purchase a new home and may qualify for this incredible opportunity, please don’t hesitate to give me a call at 303-888-2488.
It is true that the Home Buyer Tax Credit has expired for most Americans, as of April 30, 2010, but there are 3 very deserving groups that will have the tax credit extended to April 30, 2011. Yes, another year for looking for their dream home, and still take advantage of the Home Buyers Tax Credit of up to $8000, and up to $6500 for certain repeat buyers.
See my next blog to see which 3 groups are eligible.
Send along a note or comment to Michael at 303-888-2488.
As of the middle of May, FHA has temporarily waived the FHA 90 day Flip rule for investors. What this rule helps, are those investors who quickly fixed up their investment. Previously they had to wait 90 days from the time they acquired the home, before they could accept a contract from a buyer who is using FHA financing.
The investors were penalized for fixing a home up in record time, only to have to wait for a buyer to purchase a “seasoned home”. Many buyers who were ready, willing and able to buy their dream remodeled home, were also penalized because the government says you need to wait to buy.
This is temporary, so hopefully the investment community will not abuse this new rule.
Send a comment to discuss your situation of selling or buying your next investment home at 303-888-2488.
The battle for your electronics medium will start June 1st at Park Meadows Mall, as Microsoft plans to open their 3rd retail outlet mall. The Redmond, Washington software giant (NASDAQ: MSFT),” mister softy” so far has only 2 retail outlets located in:
- Mission Viejo, California
- Scottsdale, Arizona
This Colorado store will cover about 8,748 square feet at the mall. So let the shopping begin, and the competition lead to better products for all consumers.
To comment, please reply, or call 303-888-2488
Denver has the nation’s third-strongest economy out of 366 metro areas, based primarily on two decades’ worth of jobs and income data, according to a report released May 5th by economics research firm Policom Corp.
It’s the highest ranking ever for Denver in Policom’s annual report. The Denver area moved up from
- 7th, last year
- 17th in 2008
- 19th in 2007.
To compile its report, Florida-based Policom said it measured 23 different economic factors from 1989 to 2008. Positive factors in the rankings include wages and income broken down in several ways, plus jobs in key sectors; negative factors include welfare and Medicaid spending.
“The top rated areas have had rapid, consistent growth in both size and quality for an extended period of time,” William Fruth, president of Policom, said in a statement. “The rankings do not reflect the latest ‘hotspot’ or boom town, but the areas which have the best economic foundation. While most communities have slowed or declined during this recession, the strongest areas have been able to weather the storm.”
The company did not release details of data that went into each city’s ranking.
Among other Colorado cities that all improved their rankings:
• Colorado Springs ranks No. 40, up from No. 73 last year.
• Grand Junction ranks No. 84, up from No. 106 last year.
• Boulder ranks No. 87, up from No. 102 last year.
• Greeley ranks No. 88, up from No. 150 last year.
• Fort Collins-Loveland ranks No. 103, up from No. 114 last year.
• Pueblo ranks No. 293, up from No. 331 last year.
- 1. The Seattle-Tacoma-Bellevue metro area
- 2. Washington, D.C.-Arlington, Va.-Alexandria, W.Va.
- 3. Denver-Aurora-Broomfield.
- 4. Houston-Sugar Land-Baytown, Texas.
- 5. Sacramento-Arden-Arcade-Roseville, Calif.
- 6. Salt Lake City.
- 7. Des Moines-West Des Moines, Iowa.
- 8. San Diego-Carlsbad-San Marcos, Calif.
- 9. Madison, Wisc.
- 10. Dallas-Fort Worth-Arlington, Texas.
Policom specializes in analyzing local and state economies.
We all should be proud of what our state offers, the cities, the people and the culture. We always welcome your responses.
Colorado ranked in the top 10 states for lowest rate of Late mortgage loans, according to the latest “Mortgage Monitor” report released April 29, from Lender Processing Services, Inc. (NYSE: LPS) This is great as 40 other states are in worse financial mess than our great state. This should help to stabilize our home prices, but please remember there are strong pockets and weak pockets of home values within our state, and for up to date values, get the strong advise of a seasoned real estate broker.
Some of the other states with the fewest non-current loans were:
- North Dakota
- South Dakota
- Iowa and
Given those other states to live in, Colorado has them beat by a “mile high” mile.
The states with the most non-current loans, include the same usual states that had the biggest run up in home values:
For a true market value of your home, give me a call at 303-888-2488.
We have sold this cute condo with new carpet and new paint for the full asking price, and the seller did not pay for any of the buyers closing costs.
To sell your home or condo in Highlands Ranch, give me a call at 303-888-2488
Home sales in Highlands Ranch do and can and will receive multiple offers, and working hard for the sellers, we received many offers for the seller to choose from. We were able to put this home under contract, the buyers completed their inspection, loan has been approved, and closing is set for May. Everyone is happy.
Call me at 303-888-2488 to discuss the marketing of your Highlands Ranch home.
Solar Gardens – Your Own Power Company
As reported by Carl Brahe, a Commercial and Residential Real Estate Inspector
New legislation in Colorado will allow as few as 10 individuals, or other entities, to join together to form a solar garden. Homeowners, renters and businesses can jointly own an array of solar panels connected to the grid to supply their own electricity and a little more. But keep in mind, IREA customers are not eligible.
Later this year groups of ten or more can form solar gardens to generate up to 120% of their own yearly electricity use. The solar garden owners can be a individuals, businesses or organizations. The PUC is supposed to come up with regulations by Oct 1, 2010 to determine how much ownership will be allowed. The law says generating capacity equal to 120% of your annual electric usage is all you can own. They must presumably also enact rules that will adjust your allowed ownership percentage if you use more or less electricity over a yearss time. It seems that you might be penalized for energy conservation.
Individual owners will be eligible for any rebates or tax credits that apply to installing new solar panels. The credits and rebates can amount to half the systems cost or more. Owners will be paid for their interest in electricity produced in one of two ways:
- The electric utility will directly credit their monthly bills with each individual share of power produced.
- The organization that owns the solar garden will present a monthly bill for electricity produced and individual owners will be paid according to their percentage of ownership.
Each owner must own at least 1 kilowatt of generation capacity. Ownership can be sold or transferred when a property is sold, and ownership can continue if an owner moves to a new location in the same county. These rules are being developed by the PUC.
Solar gardens can be remote from the owners property as long as they are in the same county. In counties with less than 20,000 people the garden can be in another county. The garden itself can move to a new physical location if that becomes desirable.
Electric utilities will be required to buy up to a total of 6 megawatts of power from solar gardens per year for the first three. Three megawatts must be bought from solar gardens that are smaller than 500 kilowatts for the first 2 years. The largest gardens allowed are 2 megawatts.
Solar gardens can be owned by individuals, and/or for profit or nonprofit business entities. Solar gardens can be leased or owned by a company that operates and maintains the garden. Other third party ownership agreements are allowed.
Solar gardens are not subject to the regulations governing power generating utilities. They are not governed by the PUC. The PUC will not set limits on fees that can be charged by solar garden associations. They will set limits on fees that power companies can charge for administration costs related to paying for power generated by the garden.
Power companies must form plans to encourage ownership in solar gardens including by low income people. They must also find ways to encourage successful financing and operation of solar gardens with the goal of reducing electric cost to owners.
It’s rare that we have the opportunity to escape utility bills and actually have the electric company pay us. For most of us this is an appealing turn of the table. There will be many individuals and businesses offering plans for ownership. Some will be good and others will not, though, some will specifically prey on low income people. If you choose to participate choose the plan you use carefully, or take control and form your own association and build your own garden.You can be your own power company, and Al Gore would love this.
Call me at 303-888-2488 to discuss this further. Remember to consider the upfront costs.
Located in Indigo Hills, take a look at 646 Blue Heron Way, on a safe cul de sac, with a covered back patio.
Call me at 303-888-2488 to set up a showing.
Looking for a fixer upper in Greenwood Village, that is also Bank Owned, take a look at 4 Black Fox Lane. View our 360 tour for 4 Black Fox Lane.
You can always call 303-888-2488 to set up a private tour of this home, or any other home you see on the internet, in Colorado.
Backing to the 17th green, this one of a kind ranch home is a golfers dream for entertaining and luxury living. Come tour this home at 1 Driver Lane, or call me at 303-888-2488 to view this home.
Wonderful treed lot with over 6/10th of an acre walkout ranch, designed in the Craftsman style, priced at $697,500.
Or check out the webpage for 2498 Oak Vista Court, or call for a showing at 303-888-2488