1. The tax credit expires on December 1st, 2009.  That means all real estate purchases have to be CLOSED before then.  You can not still be in escrow.

2. If you were hoping to use the tax credit – you can no longer buy a short sale.  Most short sales take about six months to complete.  There is no longer time to complete the short sale process and close escrow before November 30th.

3.  Because of the large amount of buyers, there are often bidding wars on properties under $400,000.  If this is your price range, be prepared to make full price offers, and often be forced to counter above asking price.

4.  Financing is still tight - and slow!  Most “easy” mortgages are taking around 45-60 days to fund. 

If you are looking to take advantage of this First Time Buyer Credit – please consider all these facts above.  In order to close by November 30th, you probably need to be in a contract by September 30th.  You need to be prepared to make strong offers, and you need to work with your professional team of real estate and mortgage consultants to keep the process moving quickly.

If you have any questions about Carlsbad, La Costa, Encinitas, Del Mar, Oceanside, or San Marcos real estate, please call The Mewborn Team.  We specialize in coastal luxury San Diego real estate.  We are happy to serve as your personal real estate advocate!

What is the first time buyer tax credit?
It is a tax refund for 10% the purchase price of a primary residence (up to $8K). If you do not use the entire $8,000 on your 2009 tax return , the remainder will be refunded directly to you.

Who is eligible to receive the credit?
First-time home buyers and those who have not owned a principal residence in the last three years prior to purchase.

Are there income limits?
Yes. The full amount is given to:

Individuals with adjusted gross income less than $75k
Married filing jointly with adjusted gross income less than $150K per year

There is a phase out between:
$75K and $95K for individuals
$150K and $170K for joint filers.

Because a normal real estate transaction takes between 40 and 60 days to close, TIME IS RUNNING OUT! A short sale may already be too late.  If you want to discuss this further, contact us today.

Aspen Properties will be meeting with the Carlsbad City Council on Tuesday, August 11th at 6 pm in the City Council offices at 1200 Carlsbad Village Drive – one block east of Pio Pico Park. This will be one of their final hurdles in the actual approval of the process. All residents are encouraged to attend the meeting and voice your opinions. For anyone who can not attend, we will be notifying everyone of the outcome on this blog on either the 12th or 13th. If you have any questions prior to that time, please contact us.

There has been a rumor that Wal Mart has taken the space formerly leased to Kohls. Aspen Properties states this is not true. There is one tenant at this time – St. Tropez Bakery and Bistro. There is also a plan for two gas stations – something that many neighbors are against. Many La Costa Oaks neighbors have also expressed a desire to avoid any additional nail salons and dry cleaners – focusing instead on small restaurants, bistros, etc – maybe even with live entertainment. Aspen Properties has promised that this development is supposed to have the feel of the Carlsbad Forum Shops. They also have asked for our input.

Whether you agree with the project or not, it is close to being approved and has been part of the Carlsbad Master Plan for many years. If you DO have strong opinions – either about the development itself or what goes into the development, PLEASE use this opportunity to make your voice heard. This project is going into our back yards! It will affect our quality of life – either good or bad, depending on the perspective.

Please consider attending the meeting! Please consider contacting Aspen Properties with your suggestions for the center! Please use your voice to make this the best scenario for all involved. If you have any questions, or would like to discuss this further, please contact us. We are always happy to be a resource about La Costa and Carlsbad Real Estate Happenings!

Carlsbad, CA – With Carlsbad and La Costa home prices low, now many parents are thinking of buying their children a home or investment property.

1. Give a cash gift. Although some parents want to (and can afford to) purchase a house for their children, many want to help but are not in the position to gift the entire cost of the home. Parents are allowed to gift up to $13,000 per person per year without incurring gift tax. This means two parents could give their child and spouse up to $52,000 per year to go toward a down payment.

2. Lend money. Rather than gifting, you may prefer to loan money. In order to avoid taxation, the government requires that loans from family members meet or exceed minimum loan rates to avoid having the loan be considered a gift.

If you have any real estate or mortgage questions about Carlsbad, La Costa, or other coastal areas, please contact us.

This past Saturday was the opening of Rockledge in La Costa Oaks, in Carlsbad, CA.  We stopped by Saturday morning just to see the traffic.  It wasn’t nearly as busy as the grand opening of Copperwood in La Costa Oaks about a month ago.  So, we wondered about the potential immediate success of the development.  It seemed to me that given the AMAZING price range for being part of my much loved La Costa Oaks subdivision, that the community would be much busier that morning.

HOWEVER – we happened to stop by again on Sunday evening about 4:00 pm on our way to The Carlsbad Outlet Mall and Ruby’s.  And although, the traffic still wasn’t bustling, it was steady.  And imagine out surprise when we spoke to the sales representative and found that FOUR OF THE NINE homes that had just been released the day prior were already sold!!!!

As a real estate agent – that is GREAT news.  It reinforces some of the trends we are seeing with our clients – if you find a great home at the right price – you better be ready to act.  They are often selling on the first day on the market – at ABOVE asking price.  Does that mean the booming market is back – not necessarily.  But in a price range under $500k to $600k – homes are selling, and often selling quickly!

As for Rockledge at La Costa Oaks – Colrich expects to build 43 homes – many with canyon and ocean views.  The schools are the very highly rated and desirable – Mission Estancia Elementary, Diegueno Middle, and La Costa Canyon High School.

Rockledge at La Costa Oaks have homes between 1,913 and 2,463 square feet.  The property tax base is 1.3%.  As a La Costa Oaks homeowner, you will have access to The Oaks Club (which includes a gathering room, catering kitchen, swimming pool, bbq areas, and fully equipped exercise facility).  You will also have access to the coming La Costa Oaks Splash – a second pool and bbq area scheduled for completion in late 2009.

There are $10,000 of incentives offered if you use the preferred lender.  If you choose to use our services, the Mewborn Team is also offering a $4,000 incentive toward closing costs.  You ALSO have up to possibly $18,000 of tax credits available.   The financial incentives are HUGE!  ASK US HOW!

If you have any questions about Rockledge, La Costa Oaks, or any other local real estate communities, please contact us.  We are always happy to answer your questions.