TAX CREDITS ARE GONE! But real estate deals continue - MONTROSE AREA - Sul ROSS and Branard area will benefit from HEB!

Both the United States and Texas labor markets passed the trough of the Great Recession in September 2009. Texas' job loss rate has decreased from 4 percent in August 2009 to 1.5 percent in March 2010. Over the same period, the U.S. job loss rate has decreased from 5 percent to 1.7 percent. What does this mean for home buying and selling in Houston?  We are looking good for the near future....Here's one area that will be benefiting from a new development in Montrose.   

Houston’s planning commission granted a variance yesterday to the new owners of the former site of the Wilshire Village apartments at the corner of West Alabama and Dunlavy. The variance will allow Sul Ross and Branard streets, which currently dead end into the 7.68-acre vacant tract, to remain dead ends as the property is redeveloped into a new Montrose H-E-B market.
In return, the planning department will get some vaguely defined involvement in planning the site. “As a condition of granting the variance,” explained the planning department’s Brian Crimmins, the applicant will be required to coordinate with the planning department during the site plan stage to establish a reasonable landscape buffer between the subject site and and adjacent properties as well as reasonable preservation of the mature tree canopy on the site. The applicant has agreed to these conditions.

Neighbors had complained about earlier plans submitted for the property — which did not require city approval because they followed the city’s development ordinance.  
                                                                                                                                                                                          Originally posted at http://swamplot.com/ on April 30,2010. 
 Regardless, this real estate activity has to be good for all involved in Houston.  It has to be better than NO new development.  Everyone is playing nicely together in the sand box! 

Texans should take advantage of Recovery Act Tax Cuts!

As per Examiner.com; Houston area Representative Gene Green (D-TX) has encouraged all Texans to take advantage of numerous tax cuts in the Obama Recovery Act, passed in February, 2009. With only half of taxpayers having filed thus far, Green says in a news release, tax refunds are already up nearly 10% from last year – thanks to what he terms a broad array of tax cuts in the act.

“Most people don’t realize that tax cuts are the biggest individual piece of the Recovery Act,” said Rep. Green. “Congress gave 95% of working Americans one of the largest tax cuts in history through the Recovery Act. And as you file your 2009 income taxes, you may qualify for a series of other generous tax cuts – for example, you could save money for attending college, making energy-saving home improvements, purchasing a home for the first time, or buying a new car. I encourage all the residents of (my district) to take advantage of these and other tax cuts as they are filing their 2009 taxes over the coming weeks.”

Green says taxpayers in the 29th District of Texas and across the country can claim a variety of benefits on their 2009 tax returns, including:

The Making Work Pay tax credit – Ninety-five percent of working families are already receiving the Recovery Act’s Making Work Pay tax credit of $400 for an individual or $800 for married couples filing jointly in their 2009 paychecks – and will continue to see these benefits in 2010, his release says. Green says in his district alone, 215,000 families are benefiting from the Making Work Pay tax credit.

Tax credits for college expenses – Families and students are eligible for up to $2,500 in tax savings under the American Opportunity Credit as well as enhanced benefits under 529 college savings plans, which help families and students pay for college expenses.

The First Time Home buyers tax credit – First time home buyers can get a credit of up to $8,000 for homes purchased by April 30, 2010 under the First Time Home buyer tax credit. In Texas, 161,911 households have already taken advantage of the First Time Home buyers tax credit.

Tax credits for energy efficient renovations – Taxpayers are eligible for up to $1,500 in tax credits for making energy-efficient improvements to their homes, such as adding insulation and installing energy efficient windows.

The vehicle sales tax deduction – Taxpayers can deduct the state and local sales taxes they paid for new vehicles purchased from Feb. 17, 2009 through Dec. 31, 2009 under the vehicle sales tax deduction.

Expanded family tax credits – Moderate income families with children may be eligible for an increase in the Earned Income Tax Credit and the additional Child Tax Credit.

Tax-free unemployment benefits – Thanks to the Recovery Act, individuals who received unemployment insurance in 2009 do not have to pay taxes on the first $2,400 of such earnings.
“In January 2009, our economy was in free fall, losing nearly 800,000 jobs a month, cutting into Americans’ retirement savings and freezing lending to small businesses,” said Rep. Green. “We passed the Recovery Act and were able to save and create more than two million jobs in the first year of a two-year effort."

Green didn't specify where those two million jobs actually exist. But he added, "We still have a long way to go to put more Americans back to work, but we are moving in the right direction. And in the meantime, these tax cuts will ease the burden on American families who are struggling to make ends meet.”

http://www.examiner.com/x-41225-Houston-Metro-Senior-Issues-Examiner~y2010m3d27-Texas-Congressman-Gene-Green-touts-Recovery-Act-tax-cuts-for-Texans

HAPPY NEW YEAR 2010!!!!!!!!!!!

I WISH EVERYONE A PROSPEROUS AND HAPPY NEW YEAR!

$6500 Homebuyer Tax Credit for MOVE UP Buyers! Is not retroactive.....

$6500 Homebuyer Tax Credit For Move-Up Buyers Added


For many people the most exciting news is that there will now be a tax credit for current homeowners. The tax credit for move-up buyers will take effect after the date of enactment

(when the bill is signed). Unfortunately for those who have already bought a house it doesn’t seem to be retroactive.



The credit is available for homes that go under contract by April 30, 2010 and close by June 30th, 2010.

Current homeowners can claim a $6,500 credit as long as the property they are vacating has been their primary residence for at least five consecutive years out of the last eight years.

Income limits: $125,000 a year for individuals, $225,000 a year for married couples. (these are higher limits than before)

Homes that cost more than $800,000 aren’t eligible for the credit.

$6500 tax credit is not retroactive. (from the language of the bill: “shall apply to residences purchased after the date of the enactment of this Act.”)

So to all those people who have been sitting on the sidelines hoping for a tax credit for current homeowners , some of you are in luck. Because of the language of the bill a lot of people are still excluded (myself included), but there are still a lot of folks who will now be jumping into the home shopping game.