Paul's Blog

FIRST-TIME HOMEBUYER TAX CREDIT

As Modified in the American Recovery and Reinvestment Act

Major Modifications Italicized

February 2009 FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT - EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination	July 1, 2009 (But note program changes for 2009)	December 1, 2009
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	All revisions are effective as of January 1, 2009

Mark your Calendars for March 11, 2009.  EXIT Coastal Connection Realty will be hosting along with Prime Lending a Buyers Seminar at the Bluewater Waterfront Grill at Wrightsville Beach, NC.

Arrive at 5:30 pm for early registration and appetizers.  Presentation will begin at 6:00 pm.

RSVP to paul@exitcoast.com

Paul

www.myNCbroker.com

http://idxpro.cisdata.net/AR265605/Search/quick/

 

http://idxpro.cisdata.net/AR265605/Search/details/?mls_id=NC-WRAOR&mls_no=429494&page=1&lpp=20&index=1&total_listings=1&from=results

Does this look like a place that you want to spend your days eating oysters and drinking Coronas?  If you answered yes then come on down to Harbor Masters Restuarant & Lounge at 315 Canal Dr, Carolina Beach, NC.  They are open 7 days a week, Breakfast, Lunch & Dinner with Weekend Brunch lasting til 2 pm.  Looking for beer specials?  How about $2.00 Domestics every day of the week?  That's right, $2.  If that's not good enough for you then check out these daily specials:

Monday:  $.50 Wings & $1.50 Drafts

Tuesday:  $1 Tacos, $10 Margarita Pitchers & $2.50 Well Drinks

Wednesday:  $9.95 Spaghetti/Meaballs & 1/2 Price Wine

Thursday:  1/2 Price Sushi Night & Sake Specials

Friday:  $19.95 Prime Rib Dinner for 2

Saturday:  $11.99 One Pound Steamed Snow Crab Legs

Sunday:  $11.99 Chefs Special Pork Chop Night

Oh yeah, did I mention that Oysters are FREE from 3-6pm Sundays and Wings are $.50 from 5-6pm everyday?

If you haven't already been to Harbor Masters then I suggest that you check it out.  Good food, good fun and good people.  Enjoy!

Be sure to tell Jeremy that Hockaday sent you.

Paul Hockaday

www.myNCbroker.com

Yesterday afternoon, Robert Morris was invited to speak at the Blockade Runner on Wrightsville Beach, NC.  Every year, our Wilmington Regional Association of Realtors Board invites motivational speakers to speak before participating Realtors.  It is a great way to "ReCharge" after the typically slower winter months and get amped up for the coming "busy season".

Robert Morris's message was "The Power of Being on Purpose In Business!"  To very briefly summarize, Robert stated that in these times, if you are going to be in real estate as a Realtor then you had better sharpen your ax and get to it.  You must have a purpose, a positive mental attitude, set your goals, create a business plan, stand behind your mission statement and budget.

Photos Courtesy of Brian Pilon, Director of Marketing Communications

 

Yesterday, I found myself at Kure Beach, NC and needing to go Oak Island, NC.  Instead of traveling North on HWY 421 all the way back up to Wilmington, NC, across the Cape Fear River to Leland, NC, South on HWY 133 to Southport, NC to Oak Island, I decided to continue South to the very end of Fort Fisher and take the Ferry down the Cape Fear River to Southport.  What a great deal for $5!  The Ferry was unavailable from December 1, 2008 to January 31, 2009 due to ramp replacement.  I'm glad that I decided to take the Ferry because the scenery was fantastic not to mention it saved me about 45 miles on my truck.  Well worth it!

If you are coming to the area and would like to take the Ferry from Fort Fisher to Southport or vice versa, here is a link of the Ferry Departure times:

http://www.ncdot.org/transit/ferry/routes/schedule/route008.html

Southport		Fort Fisher
YEAR-ROUND DEPARTURES
5.30 ---- 7.00 7.45 8.30 9.15 ---- 10.45 11.30  a.m. ---- 1.00 1.45 2.30 3.15 4.00 4.45 ---- 6.15 ----  p.m.		---- 6.15 ---- 7.45 8.30 9.15 10.00 ---- 11.30  a.m. 12.15 ---- 1.45 2.30 3.15 4.00 4.45 5.30 ---- 7.00  p.m.
Fare: One Way Pedestrian $1.00 Bicycle Rider $2.00 Motorcycles $3.00 Vehicle and/or combination less than 20' $5.00 Vehicle and/or combination 20' up to 40' $10.00 Vehicle and/or combination over 40' up to 65' $15.00