One of the most beautiful regions in Austin, West Lake, is located in the rolling hills along Lake Austin, just a short commute from downtown. It includes all neighborhoods within the prestigious Eanes School District and the surrounding areas. Westlake has a number of neighborhoods that are all unique in their own way, yet still share the same beautiful scenery and exemplary schools. Westlake offers activities such as cycling, jogging, hiking, and mountain biking through scenic trails, as well as kayaking and other water sports. Local attractions include the 360 (Pennybacker) Bridge, Austin Country Club, Barton Creek Resort and Spa, Barton Creek Greenbelt, Wild Basin Wilderness Preserve, and Zilker Park. Westlake is the perfect place to enjoy nature in the lap of luxury. There are plenty of delicious restaurants in the Westlake area that not only offer fantastic cuisines, but gorgeous views of the hills and Lake Austin.
Hey Guys, this is a great article I found in the Statesman about the $8,000 tax credit. Time is running out!
By Michele Chan Santos SPECIAL TO THE AMERICAN-STATESMAN Sunday, October 11, 2009
If you've been dreaming and saving to buy your first home, the next few weeks present a unique opportunity.
For first-time home buyers whose income falls within certain limits, purchasing a house, condominium or townhome might make them eligible for a tax credit worth 10 percent of the purchase price of their home, or $8,000, whichever is less. This amount reduces the amount of taxes you owe, or increases your refund, dollar for dollar, according to the IRS. For example, if you normally would have a refund next spring of $100, with a qualifying home purchase your refund could be $8,100.
Because of the tax credit and other factors, "my perception is that it's a great time to buy," says Carol Dochen, who has been in real estate for 28 years. She is the owner of Carol Dochen Realtors.
"Interest rates are at a historic low," Dochen says. "Because the market has dipped, you will be buying at a lower price point instead of a higher one."
Amy McGowan, an agent with Keller Williams, says she's been urging her clients to understand the unique benefits of this tax offer.
"The biggest thing I try to tell them is, say they are looking at a $200,000 home, the tax credit is equal to a 4 percent appreciation in value," McGowan says. In fact, it's a financial bonus that requires little effort on the buyer's part. "It's money that comes to you in your mailbox."
Here is a guide to what you need to know to take advantage of the tax credit and get into your first home before the holidays:
Who is eligible for the credit?
People who filed individual income taxes for an income of $75,000 or less, or couples who filed jointly with an income of $150,000 or less. You must not have owned a home within 36 months of your date of purchase. You must occupy the property you buy as your primary residence (this program is not for people who want to buy something and rent it out, nor does it apply to vacation homes).
When do I need to have found a house?
Right now. Late October might be pushing it. "The program as we know it ends Nov. 30," says Diane Dopson, owner of Diane Dopson Properties. "This means that you must have closed on the house by that date. It is possible that the government will extend the deadline, but in case this does not happen, the latest time to have a house under contract would be mid-October," Dopson says. "Loan approval is taking four to six weeks." In other words, once you find a house and put it under contract, it could take another four to six weeks before you are able to close on it, and that needs to be done before Nov. 30.
"Try to be under contract no later than Oct. 25," Dochen says.
What should I do first?
If you have not already done so, you should get preapproved for a home loan and find a reliable real estate agent to help you shop for a home. You need to know what price range to search, as well as the part of town you'd like to live in.
"We sit down with our clients and have them talk to a lender, so we can show them the right-priced property, and we match neighborhoods to that price range," Dochen says.
Should I buy a house just because the tax credit is available?
"Be careful and make sure that for your personal situation, you are ready," says Nancy Taute, an agent with Carol Dochen Realtors. "You need to be ready to accept responsibility for homeownership." She cautioned that buyers need to be prepared to be able to sustain six months to a year of mortgage payments in case they lose their jobs.
For those who are financially ready, the time couldn't be better.
"If you are prepared, if you have done your budget and your job is secure, it's time to get serious," McGowan says. "The combination of low interest rates, the tax credit and affordability in the market" make it worth pursuing homeownership now, she says.
What types of properties does the credit apply to? Can I buy the property from anyone?
You can buy a single-family home, townhouse, condominium or mobile home (and the land under the mobile home), as long as it will be your primary residence, according to the IRS. You cannot buy the property from your parents or grandparents, or from your children, grandchildren or your spouse.
If I buy a house and receive the tax credit, but end up moving next year, do I have to pay the government back?
Yes. You must repay the credit if the house stops being your primary residence (your home) in the 36 months following the purchase date. As long as you live in the house for 36 months after you buy it, you don't have to pay the credit back, Dochen says.
How do I receive my tax credit?
You can file an amendment to your 2008 taxes, or wait and file it with your 2009 tax return. You will be filing Form 5405. Go to www.irs.gov for more information at http://www.irs.gov/newsroom/article/0,,id=205416,00.html.
What price range are most first-time home buyers looking in?
Most first-time home buyers are probably looking at properties between $100,000 and $350,000, Dopson says.
Angela Brutsch?, spokeswoman for the Austin Board of Realtors, says there has been a definite rise in the percentage of sales in houses in the $100,000-to-$150,000 range.
In August 2008, sales in this category made up only 3.7 percent of the houses sold that month, but this August, that category made up 7.9 percent, more than double the former amount.
In August, 55 percent of the houses sold were in the $100,000-to-$200,000 range, and another 19.2 percent were in the $200,000 to $300,000 range. Together these made up 74.2 percent of the homes sold.
The number of sales in "these price ranges are trending higher than last year," Brutsch? says, because they are popular with first-time buyers taking advantage of the tax credit.
What Central Texas neighborhoods are popular with first-time home buyers?
First-time home buyers looking in the $100,000-to-$200,000 range and seeking a three-bedroom, two-bath house are looking in Cedar Park, Leander and Round Rock, as well as in Rancho Alto in Southwest Austin and Olympic Heights in South Austin, McGowan says.
Other neighborhoods popular with first-time home buyers include Maple Run, Westcreek, Cherry Creek, University Hills, Windsor Park, Balcones Woods and Pioneer Crossing, Taute says. Pflugerville, Buda and Kyle are also in demand.
Any other last words of advice?
The real estate agent's mantra is "location, location, location," and that holds true in this situation as well, the agents say. "Make sure the location works for you, job-wise, community-wise, school-wise," Dochen says.
Arlene Maze, an agent with Carol Dochen Realtors, says, "Do the morning and afternoon commutes from the house. Go to your activities to and from there. It has to work with your lifestyle."
Where can I look if I have other questions?
Talk to your real estate agent. In addition, there is a lot of information about the program at the IRS Web site: http://www.irs.gov/news room/article/0,,id=206291,00.html.
Circle C Ranch is one of the Southwest Austin neighborhoods located in the scenic rolling Hills of Austin, Texas. Circle C is Austin's TOP SELLING NEIGHBORHOOD. Homes in this affordable Central Texas master-planned community are are priced from high $190s to the $400s. The area is designed to promote maximum open / green space and to integrate the natural beauty of the area. A school is planned for the center of the community.
Circle C Ranch New Home Builders
Newmark Homes in Circle C Ranch - Muirfield - Austin TX
Newmark Homes in Circle C Ranch of Southwest Austin in Travis County offer unique wooded home sites. uniquethe luxury amenities of your dreams. Located in the prestigious Muirfield area of Circle C Ranch, Newmark offers the Meridian '55 home community Just minutes from the Circle C Golf Club, shopping and major employers, it offers the convenience of city life with a hill country atmosphere. The objective of Newmark when building the Meridian in Circle C Ranch / Austin was to maximize open space, promote green building principles and native landscaping, protext wildlife habitat and provide state-of-the-art water quality protections. At the center of the community will be a planned elementary school, amenity center and Bear Lake.
Call Les Sherman 512-947-8333 for a tour!
David Weekley Homes - Circle C Ranch - Southwest Austin Neighborhood
David Weekley Homes provides homes in - Muirfield - Austin TX Neighborhood of Circle C Ranch. Muirfield at Circle C Ranch delivers the natural beauty of southwest Austin set among rolling hills. David Weekley Homes features a collection of distinctive residences from Custom Classics complete with the builder's award-winning design, choice and service. Here, residents enjoy amenities like: Acres of native grasses and plants Master-planned, gated community Golf-course within Pools, sports courts and trails Homesites with trees and scenic views
Call Les Sherman 512-947-8333 for a tour!
Circle C Ranch - Austin Neighborhood
Circle C Ranch is a master-planned community of southwest Austin. Started in 1988, this neighborhood of affordable homes with a convenient location offers an idyllic southwest Austin location, between the Ladybird Johnson Wildflower Center and the Circle C Golf Course, Circle C Ranch offers its residents Hill Country beauty and commuter convenience. Prices in Circle C, range from the $180s to the low $500s, entice a diverse group of buyers to this established community and encourage them to stay. Many buyers have moved up and moved down in home style as their needs have changed.
Circle C Ranch homes are between 1,500 to 4,500 square feet and generally have 4 bedrooms and 2.5 baths. New homes are constantly being built in the area by builders such as Newmark, D.R. Horton, Streetman and others. In addition to the wildflower center and the golf course, Circle C Ranch is a neighborhood which gives a sense of community with its numerous amenities. The Circle C Swim Center is home to the only heated, outdoor, Olympic-sized pool in Central Texas. With its park-like grounds and well-equipped facilities, the swim center is the site of a number of major swim meets and offers residents a great place to relax.
The Veloway, a three-mile track for bicycling and rollerblading, will be extended an additional three miles in the near future. The Circle C Child Care Center and Slaughter Creek Park are additional community amenities that help make Circle C Ranch a well-regarded community.
By Shonda Novak AMERICAN-STATESMAN STAFF Saturday, October 17, 2009
In August, Helen Rodriguez bought a one-bedroom unit in the Monte Vista Condominiums in Northwest Austin near RM 2222 and Loop 360 (Capital of Texas Highway).
She paid $121,000 for the condo, which has a fireplace and Hill Country views. She also got an $8,000 tax credit under a federal program designed to spur home sales to first-time buyers.
"It's the cushion that made me comfortable making this purchase at this point in my life," said Rodriguez, 25, a senior account executive at Pierpont Communications Inc., a marketing and public relations agency. "Without it, I don't think I would have been comfortable buying."
The program gives first-time buyers a credit for 10 percent of the home price, up to $8,000. There are some income limits, and the closing must occur by Nov. 30. Given the amount of time that it takes to process a mortgage application, some buyers may be scrambling to make the deadline.
However, there are several proposals in Congress to extend the tax credit, including some that would expand it to all buyers. Developers, builders and real estate agents hope that comes to pass.
Kenton Brown, vice president of Sente Mortgage in Austin, said that 45 percent of home-purchase loans that Sente has made this year have been for first-time buyers. An end to the program, he said, "could slow sales pretty substantially."
"That's a majority of the purchase activity we're seeing now," Brown said. Not only that, but the tax credit is "creating a trickle-up effect," as owners are able to sell their entry-level homes and move into larger homes.
Brown and others are concerned that the program will lapseat a time of the year when home sales already tend to experience a decline, in the late fall and winter months.
"It will take a lot of first-time homebuyers out of the picture," said Richard deVarga, developer and architect of Cobra Studios, a condominium project with 24 live-work units in East Austin. "It's the one little carrot we've got right now, and that carrot is shriveling."
DeVarga said half of the 10 units that he has sold since late July went to first-time buyers who made the purchases mainly because of the credit. Prices range from about $130,000 to $170,000.
Artists Tim and Carli Price were among the buyers. The couple paid $129,000 for a unit with 840 square feet. They plan to use their tax credit to create their "dream space," said Tim Price, a painter. His wife makes jewelry.
The couple had been house-hunting for about two years but "could never find anything in our price range that wasn't ready for a bulldozer," Tim Price said. When the tax credit passed, "we knew we had to step up our efforts."
Price said he was riding his bicycle and looking for houses being sold by theirowners when he came across Cobra Studios, a no-frills project with open floor plans, a metal roof, rainwater collection tanks and glass-paned garage doors that open up the living room to the outside.
"Not only did we love the architecture, but we loved the price just as much," Tim Price said. "For being as close to downtown as it is, we couldn't have found a better setup."
The National Association of Realtors estimates that in Texas, 189,200 first-time buyers will be able to take advantage of the tax credit.
Locally, real estate agents say the tax credit has been responsible for much of the strength in the resale and new-home market. Critics, however, say the program is too costly, with much of the money going to people who would have bought a house anyway.
Ed Solter, president of Presidential Mortgage Co. in Austin, said the absence of the credit would be a test of the market, to see "if it can stand on its own wobbly legs."
Solter said the health of the local economy, including its housing market, hinges on job growth, and the region is losing jobs.
In addition, Solter said he expects a 1 percentage point bump in mortgage interest rates during the first quarter of next year, which could also hurt home sales. Some other experts think that mortgage rates won't tick up until next summer.
David Reed, senior loan officer with Integrity Home Mortgage in Austin, thinks that the credit will be extended and noted that there is bipartisan support to do so.
"I'd hate to see it go away," Reed said. "Of all the government programs aimed at helping the economy, I feel this one is right on the mark. Not only does it get first-timers in the market as homeowners, but the tax credit acts as a boost to consumer spending when they get their refund check from the IRS."
If the program does end, Reed said, "the government will have really dropped the ball. The last thing we need right now is for any housing momentum to reverse course. It will definitely hurt."
At Cobra Studios, deVarga said the credit is enabling young couples and others who are entrepreneurs or in the creative arts to purchase condos there.
He originally hoped to have all 24 units sold by last month, but the recession, real estate slump and much more stringent lending rules on home mortgages changed all that. He has seven units left.
"My goal was to be 'unemployed' in September, and I'm still dealing with this," deVarga said.
But he considers himself fortunate to have 70 percent of the units sold or under contract. That means he will be able to pay off his construction loan.
"We are doing well. Flat is the new up," he said. "Doing OK today is just getting through and paying your debt."
Tax credit details
Amount:10 percent of the home price, up to $8,000. Townhouses, condominiums and mobile homes qualify as well as single-family homes.
Who qualifies:First-time buyers or anyone who has not owned a home in the past three years. There are some income limits.
Details:The house must be your primary residence. The seller cannot be a close relative. You must repay the credit if you sell or rent the house within three years.
Timing:Don't dawdle - it
takes at least four to five weeks to process a mortgage application and hold the closing. The closing must occur before Dec. 1 to get the credit.
Payoff:You can file an amendment to your 2008 taxes to get the money now or wait and file it with your 2009 tax return. You will be filing Form 5405. For more information, go to www.irs.gov.
Les Sherman | RE/MAX Austin Associates | 512.947.8333
4607 Franklin Park Dr, Austin, TX
3BR/2BA Single Family House
offered at $99,500
Year Built
1976
Sq Footage
1,126
Bedrooms
3
Bathrooms
2 full, 0 partial
Floors
1
Parking
2 Car garage
Lot Size
6,621 sqft
HOA/Maint
$0 per month
DESCRIPTION
Cozy 3 bedroom 2 bathroom home with a covered patio, 3 storage buildings, 2 car garage. Priced to sell as-is, see agent regarding potential foundation work and exterior painting.
Les Sherman | RE/MAX Austin Associates | 512.947.8333
7631/7633 Nez Perce, Manor, TX
Country Home on 5 Acres!
4BR/3BA Single Family House
offered at $220,000
Year Built
1970
Sq Footage
2,148
Bedrooms
4
Bathrooms
3 full, 0 partial
Floors
1
Parking
2 Car garage
Lot Size
5 acres
HOA/Maint
$0 per month
DESCRIPTION
Old farmhouse needing remodeling. 5 acres wooded. Recent architectural grade roof shingles, septic, A/C. Large barn. Fenced yard. Covered Porches, Four bedrooms, three baths, Study/office, two living areas, two dining areas, wood floors in main living area, rustic country kitchen.
Les Sherman | RE/MAX Austin Associates | 512.947.8333
8 Cove Creek Lane, Village Of The Hills, TX
REDUCED! Unique Home with an AMAZING view!
4BR/3BA Single Family House
offered at $359,500
Year Built
2006
Sq Footage
2,934
Bedrooms
4
Bathrooms
3 full, 0 partial
Floors
2
Parking
2 Car garage
Lot Size
6,993 sqft
HOA/Maint
$0 per month
DESCRIPTION
Most affordable newer construction (2006) in The Hills. Granite countertops and stainless steel appliance package in kitchen. Four bedrooms and three bathrooms. Fireplace. Formal Dining Room. Study/office/guest room with bath as 4th bedroom. Second floor outdoor kitchen and party deck with view of Lakeway and part of Bella Montagna. Scored/stained concrete floors, faux paint finish, high ceilings. Small yard for low maintenance. No room for a pool or large dog run. Tenant is on a month to mont
Les Sherman | RE/MAX Austin Associates | 512.947.8333
1112 E. 12th Street, Austin, TX
Business Opportunity
offered at $272,000
Year Built
Unspecified
Sq Footage
Unspecified
Floors
0
Parking
Unspecified
Lot Size
7,492 sqft
Maint
$0 per month
DESCRIPTION
7500 SF in the 1100 block of E 12th. Per NCCD Plan height restrictions and compatibility restrictions have been waived. 20' alleyway in place. 90% impervious cover required. Zoning- CS-MU-NCCD-NP. Strong potential for 20,230 SF adjoining to the west and 12,924 adjoining to the east to be added.
Les Sherman | RE/MAX Austin Associates | 512.947.8333
1112 E. 12th Street, Austin, TX
Business Opportunity
offered at $272,000
Year Built
Unspecified
Sq Footage
Unspecified
Floors
0
Parking
Unspecified
Lot Size
7,492 sqft
Maint
$0 per month
DESCRIPTION
7500 SF in the 1100 block of E 12th. Per NCCD Plan height restrictions and compatibility restrictions have been waived. 20' alleyway in place. 90% impervious cover required. Zoning- CS-MU-NCCD-NP. Strong potential for 20,230 SF adjoining to the west and 12,924 adjoining to the east to be added.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
shopping and major employers, it offers the convenience of city life with a hill country atmosphere. The objective of Newmark when building the Meridian in Circle C Ranch / Austin was to maximize open space, promote green building principles and native landscaping, protext wildlife habitat and provide state-of-the-art water quality protections. At the center of the community will be a planned elementary school, amenity center and Bear Lake.
e 4 bedrooms and 2.5 baths. New homes are constantly being built in the area by builders such as Newmark, D.R. Horton, Streetman and others. In addition to the wildflower center and the golf course, Circle C Ranch is a neighborhood which gives a sense of community with its numerous amenities. The Circle C Swim Center is home to the only heated, outdoor, Olympic-sized pool in Central Texas. With its park-like grounds and well-equipped facilities, the swim center is the site of a number of major swim meets and offers residents a great place to relax.
Find out more about Circle C Ranch
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