BETH MORSE

BETH MORSE
REALTOR®

Sunday, February 28, 2010

Wednesday, February 24, 2010

Keep those Home costs under control

These days, most people are trying to control their expenses a little more tightly. Often they don’t realize how much they’re paying to live in their homes. So let’s take a look at that home budget and see if we can’t do a better job of staying on top of the costs.

1. Your largest expense is probably your mortgage. These days mortgage rates are historically low, so you might be able to refinance and lower your monthly payment. Email or call and we’d be happy to let you know if that makes sense.

2. Another major expense is likely to be your homeowner’s insurance. Check in with your agent once a year to see if you’re getting the right coverage at the best price.

3. Next look at your real estate taxes. The higher the assessed value of your property, the higher your real estate taxes. So the next time your city or town does a reassessment, don’t be afraid to ask for an abatement if you think they’ve given your home too high a value. Do your homework. Look up the assessments for similar homes in your neighborhood. The records are public and usually available at the tax assessor’s office.

4. Recurring monthly expenses:

If you pay for town water, town sewer or a homeowners’ association, those are probably fixed expenses you can’t cut.
But if you pay for private trash collection, snow removal, lawn and gardening services, periodically look around for cheaper rates. Even if you’re happy with your current supplier, this information could help you get a better deal.
Phone, internet and cable TV services should be reviewed at least once a year to see if competitors offer better prices.
Energy costs. Oil companies should be reviewed once a year, before heating season begins. And if you think oil may be going up, pick a supplier who will lock in the price. In a growing number of areas, you can also find competing electric companies. Find out who has the best deal. If you heat and air condition with gas, ask your local gas company about special offers.

5. Maintenance and repairs. It is always cheaper to fix a problem as soon as it comes up, rather than letting it go. It costs very little to re-caulk around a bathtub, but if you ignore it, you could wind up replacing a wall. Put aside $500 to $1,000 a year to take care of minor repairs and maintenance.

6. Major improvements. If you have you heart set on updating a kitchen or bath, installing a deck, or even putting on a new addition, get a rough cost estimate and decide how many months from now you’d like to start. Divide the cost by the months and begin putting money away for it each month.

Your home is your biggest investment. But with a little effort you can make your home costs smaller.

Please thank Max Leaman for this information....and contact him for all your mortgage needs:

Max Leaman
PrimeLending, A PlainsCapital Company
Branch Manager/Senior Loan Officer
4501 Spicewood Springs Road, Suite 1025
Austin, Texas 78759

(512) 293-1239

Tuesday, February 2, 2010

$8,000.00 First Time Home Buyer Tax Credit

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 Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

Who Qualifies for the Extended Credit? First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

Current home owners purchasing a home between November 7, 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 home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible? The Extended Home Buyer 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 allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined? Each home buyer’s tax credit is determined by two additional factors:

The price of the home.
The buyer's income.

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less. Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer 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 home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers 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 Home Buyer 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.

Monday, February 1, 2010

Cedar Park signs agreement with Schlitterbahn

By Joseph M. de Leon Friday, 29 January 2010

Day-trippers and vacationers will soon be able to spend their time lounging and playing in the water in Cedar Park.

Cedar Park City Council voted unanimously Thursday to approve an incentive program to encourage New Braunfels-based Schlitterbahn Waterparks to build a $360 million water resort near the intersection of RM 1431 and Parmer Lane on the city’s eastern edge, which borders Round Rock.

Cedar Park Mayor Bob Lemon said the water resort will provide an economic boost to Cedar Park and is expected to bring 739 construction jobs and 1,200 permanent jobs to the area.

New Braunfels-based Schlitterbahn Waterparks plans to build a $360 million water resort in Cedar Park that includes a 16-acre convertible water park, a riverwalk, retail shops and a convention center. The first phase of development is expected to be ready to open by May 2012. All illustrations courtesy Schlitterbahn Waterparks “This resort will add to Cedar Park’s growing entertainment options for family fun, continuing the vision of the Cedar Park community being a family-friendly entertainment destination,” Lemon said. “It’s very exciting to see a plan like this come to Cedar Park—we’ve been planning for this for a long time.”

The 96-acre resort will be built in four phases with a 16-acre convertible water park set to be ready to open by May 2012. The first phase, estimated to cost $75 million, will also include other attractions, such as a ride that simulates skydiving.

Phase two and three of the project, which will be built at the same time, are expected to cost about $120 million. The project will include a 230-room hotel, 45,000 sq. ft. of retail space, a conference center and a river walk system to connect the various attractions. Construction on phase two and three must start in May 2012 to qualify for the incentive.

The final planned phase of the project could cost $160 million and will include 125,000 sq. ft. of retail and restaurant space and the expansion of one or more of the attractions built in the first three phases of development, depending on which components are most successful. Work on the final phase must start within 48 months of the completion of phases two and three to qualify for the incentive.

The concept for the water resort in Cedar Park tells the story of water flowing through the Hill Country, which is inspired by the Riverwalk in San Antonio. The resort will feature such technology as conveyors that move patrons through the water to reach different attractions and an electronic exploration game uses can control using a wireless glove.
The project is expected to generate between $2.5 billion and $5 billion for Cedar Park over the next 30 years, according to an economic impact analysis commissioned by the city. The water resort is eligible for $6 million in public infrastructure reimbursement when certain performance measures are met.

Phil Brewer, Cedar Park’s economic development director, said the incentive program is designed to protect the city. For example, the city will only use money for the incentive that is generated from taxes Schlitterbahn pays. Each phase must qualify for incentives on its own and there is a cap on how much Schlitterbahn can receive.

“This is a classic, creative public-private partnership which will develop a project that will yield both economic and tourist-related benefits for Cedar Park for many years to come,” Brewer said.

The Cedar Park Community Development Corporation (4B) board met in a special session about an hour before council and passed unanimously measures to facilitate preparations within Cedar Park for the water park construction.

The board approved a $6 million incentive to improve the city’s infrastructure, including road, water and sewer improvements, near the planned water park site.

Elevated tree houses made of redwood reclaimed from Texas water ways will feature a living area, a loft space and incorporate living plants throughout the building.
Not everyone welcomed the project. During the meeting, about a dozen residents from Round Rock and Cedar Park voiced their concerns about increased traffic, water shortage and overspending related to the incentive.

Jeff Henry, the son of the founder of Schlitterbahn, told council the idea for the famous water park in New Braunfels was conceived during a family trip to Germany as a tribute to the family’s heritage.

“What we were doing in 1979 was building a place where people can relax and vacation,” he said. “Every mistake you could make in building a water park from roads to parks can be seen in New Braunfels, but we’re still the number one water park in the U.S.”

Water is recycled at the resort and onsite drainage will be added to the parks recycled water system to ensure sustainable water use.
Over the years, Henry said Schlitterbahn has refined its approach to water parks and currently owns four, including Schlitterbahn Vacation Village—a $749 million retail entertainment center in Kansas City made up of multiple shopping, dining, lodging and entertainment venues.

Henry said traffic in and out of the park would be a steady trickle, nothing like the traffic gridlock during a football game or concert in which all attendees arrive and leave at the same time.

The concept for the water resort in Cedar Park is about water flowing through the Hill Country. Henry said the time he spent in San Antonio during the 1968 World's Fair as a child inspired him to incorporate a river walk into the resort.

“We will highlight the importance of water conservation and responsible water use at our resort in Cedar Park,” Henry said. “We hope to be an example for what’s right about development.”

Water is recycled at the water park and the resort would use far less water than if houses or apartments were built on the same area of land, he said. Emphasis is placed on sustainable building practices. For example, much of the resort will be built with reclaimed wood and onsite drainage will be added to the park’s recycled water system.

“We saw that family entertainment in the Austin area is lacking, so I can think of no better business to bring into Cedar Park than Schlitterbahn,” Henry said. “My purpose in this life on earth is to bring to people quality entertainment and bring families together.”

10 Home Features Buyers Want

Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.

“It's all about family togetherness – casual living, entertaining and flexible spaces," says Carol Lavender, president of the Lavender Design Group in San Antonio.

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances
3. Superinsulation, and high -efficiency windows
4. Home offices
5. Main-floor master suite
6. Outdoor living space
7. Ceiling fans
8. Soaking tub in the master suite and an oversize shower with a seating 9. Stone and brick exteriors
10. Community walking paths and playgrounds
11. Two-car garages, but three-car garages are even more desirable

Source: MarketWatch, Steve Kerch (01/30/2010)