In any event, I will no longer post content to this site so I hope you’ll join me at the new site.  Thanks for your support and I hope we’ll meet up at the new spot.

Coldwell Banker Open Houses

We pride ourselves in our open houses and hope you can join us for special times at these wonderful homes. We cover all price ranges and sizes and hope to service your real estate needs.

www.CBMove.com/AX7072238
807 North Howard Street, #211
Alexandria, VA 22304
$349,900
2 bedrooms and den, 2 baths
Date/Hours Open: Sunday, November 15 from 1 – 3 pm
MLS Number: AX7072238
Listing Agent or Agent Holding Open House: Fran Orr
Contact Information: 703-623-4070 or franeorr@aol.com

From the REALTOR Action Center Blog “Frequently Asked Questions” document we shared earlier:

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

As always, your buyers should seek the advice of a CPA to determine eligibility for any tax credit, but this is helpful information.

See historic Alexandria in a whole new light this holiday season! Four of Old Town Alexandria’s finest historic sites will welcome guests on Saturday, December 12, and Sunday, December 13, for the festive Historic Alexandria Candlelight Tour. The area’s premier traditional holiday event features period music, seasonal decorations, and special costumed tours.

This year’s tour includes Carlyle House Historic Park (121 North Fairfax Street), Gadsby’s Tavern Museum (134 North Royal Street), Lee-Fendall House (614 Oronoco Street), and Stabler-Leadbeater Apothecary Museum (105-107 South Fairfax Street). Tour times are from 6 p.m. to 9 p.m. on Saturday and 3 p.m. to 6 p.m. on Sunday, and the Sunday afternoon program features kid-friendly tours and a special activity!

Tour highlights include Carlyle House, grandly illuminated by candlelight with a beautifully appointed dining table displaying a fine Queensware dessert service, and offering musical entertainment and hot apple cider. The warm hospitality of Gadsby’s Tavern Museum will be enhanced by the scent of fresh greens and flickering candlelight as guests enjoy 18th-century music and dancing in the same room where George and Martha Washington danced. For the sights and sounds of a Victorian Christmas, the Lee-Fendall House will feature holiday music, seasonal greenery displays and a Christmas tree trimmed with ribbons, antique toys, and gilded ornaments in the style of the 1850s. And at the Apothecary Museum, tour this historic Alexandria business while learning about “cures” for a variety of seasonal ailments.

The tour is self-guided, and the sites may be visited in any order, with a free shuttle running on a continuous loop among the sites. Ticket prices are $20 for adults, $15 for seniors, and $5 for children (ages 6-17). Special discount rates of $15 for adults and $12 for seniors are available when you buy before December 1. For information, tickets, and group sales information, please contact Gadsby’s Tavern Museum at 703.838.4242. Tickets for this event can also be purchased online at www.historicalexandria.org.

Old Town Alexandria is served by convenient public transportation, including the free King Street Trolley. Ample public parking is available at the Tavern Square and Market Square parking garages.

To learn more about other holiday events in historic Alexandria, please visit www.visitalexandriava.com and www.historicalexandria.org.

We have received several questions lately surrounding the extension and expansion of the First Time Homebuyer Tax Credit. As I research and answer, I’ll also post here.

Q: The buyer is a single taxpayer making $130,000 a year, $10,000 of which is his employer’s contribution to the buyer’s 401(k). Assuming he qualifies in all other respects and has no other income than mentioned above, does he qualify for the tax credit?

A: Yes. The new income limit is $125,000 for a single taxpayer (increased from $75,000). The definition of “income” for the purposes of this tax credit is Modified Adjusted Gross Income. While the $10,000 in employer contributions is technically income, it is not included in the IRS definition of Modified Adjusted Gross Income and therefore the buyer qualifies with $120,000 in “income.”

Tomorrow we’ll discuss whether a buyer must sell their current house to be eligible for the $6,500 existing homeowner tax credit. Stay tuned!

Sources: here and here

Note: Please consult with a CPA before making any decisions. These posts are meant to provide the real estate community with a broad understanding of real estate topics and are not to be relied upon as legal or accounting advice.

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Homebuyer Tax Credit of up to $8,000 to first-time homebuyers until April 30, 2010.
• Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between the date the bill is signed by President Obama and April 30, 2010.

Who Qualifies for the Extended Credit?

• First-time homebuyers who purchase homes between November 6, 2009 and April 30, 2010.
• Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time homebuyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The Extended Homebuyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum credit allowed for current homeowners is $6,500.

How is a Buyer’s Credit Amount Determined?

Each homebuyer’s tax credit is determined by two additional factors:

1. The price of the home.
2. The buyer’s income.

Price

Under the Extended Homebuyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Homebuyer Tax Credit which is effective on the date the bill is signed by President Obama single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for homebuyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Homebuyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Homebuyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Contact me for more information at mpina@cbmove.com.

From the REALTOR Action Center Blog “Frequently Asked Questions” document we shared earlier:

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

As always, your buyers should seek the advice of a CPA to determine eligibility for any tax credit, but this is helpful information.

From the Mid-Atlantic Settlement Services blog.

Lisa Amaral, Director of Business Development

Lisa A. Amaral recently joined Coldwell Banker Residential Brokerage as the Director of Business Development for the Relocation Division. Equipped with more than 20 years of experience in the real estate and relocation services industries, Lisa brings a wealth of knowledge and a solid history of successful relocation management along with a reputation of extraordinary customer service.

Most recently, Lisa served as the director of corporate business development for Long & Foster Real Estate Inc. During her impressive career, she has held leadership positions with highly regarded residential brokerages in New York City, Southern Connecticut, and Metro D.C.

Lisa is a consummate professional who holds several distinguished industry designations, such as Certified Relocation Professional (CRP) and Global Mobility Specialist (GMS). Additionally, Lisa is certified in Applied Customer Relationship Management Strategy. She is a frequent speaker at industry conferences and has sat on the Certification Review Board for the Worldwide Employee Relocation Council (WERC).

Lisa will oversee day-to-day relocation operations as well as manage relationships with clients, third party companies, brokers, branch managers, and agents. As she has done so effectively throughout her career, she will implement, communicate and administer the Relocation training program for agents as well as work with various levels of the company on all relocation related issues. She will also serve as a Client Service Liaison whose key responsibility will entail generating new business.

Lisa can be reached at lamaral@cbmove.com.

“The Senate voted Wednesday to renew the government’s $8,000 tax credit for first-time home buyers through the first six months of next year as part of a broader bill designed to extend unemployment benefits,” according to the Washington Post this morning.  The House is set to review the bill on Thursday.

Here are some of the highlights taken from the Washington Post article:

• Under the bill, first-time home buyers would receive the $8,000 tax credit if they sign a contract by April 30, 2010 and close on it by June 30, 2010.
• For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund. (Buyer eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years.)
• Limits the purchase price of the home to $800,000.
• Imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program, which is estimated to cost $10 billion.

The extension of the credit is part of a larger bill that would provide 20 weeks of unemployment benefits in more than two dozen states with jobless rates above 8.5 percent and up to 14 weeks elsewhere.

Leaf Bag Collection - November 2 through January 15, 2010

·   To recycle your leaves, place leaves in biodegradable bags only. Do not use plastic bags!

·   Leaf bags will be collected on the next business day after your regular trash collection day through Friday, January 15, Mon. – Fri. including holidays, except Christmas and New Year’s Day.

·        Note: If your trash is collected Friday, your last leaf bag will be collected Monday, January 11th. No collection on January 18th.

·   Get free leaf bags at several locations around the county, through January 9, while supplies last.  Visit www.arlingtonva.us/des to check bag pickup locations.

Vacuum Collection – November 13 through December 24

·   Crews will complete 2 passes through each neighborhood between November and December, Mon. – Sat. including holidays, except Thanksgiving.

·   Look for large, bright yellow Leaf Collection signs in your neighborhood 2 to 3 days before crews arrive.

·   Check email for schedule updates (leaf collection listerv)

·   Call the Leaf Collection Information Line for schedule updates at 703.228.6565.

Plan accordingly with your contract lawn service to have leaves raked before scheduled pick up or use the County’s leaf bag collection service

Note: If the vacuum collection schedule does not meet your needs, or if you missed the first vacuum pass, residents have the option to bag their leaves for the weekly bag collection or wait for the second vacuum pass.

For more information visit:

Visit www.arlingtonva.us/des or search ‘Leaf Collection”.