Phil Rotondo, Realtor, ABR,SRES, e-PRO

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Breaking news: Tax Credit Can Be Used on Closing Costs.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

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.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—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 $75,000 and $95,000 for single buyers and between $150,000 and $170,000 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 $95,000 for singles and over $170,000 for couples are not eligible for the credit.

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 the three-year period, the credit will be recouped on the sale.

Florida’s existing home, condo sales up in May 2009

ORLANDO, Fla. – June 23, 2009 – Florida’s existing home sales rose in May – the ninth month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month’s figure.

Existing home sales rose 16 percent last month with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR. Statewide existing home sales in May increased 6.2 percent over April’s statewide activity. Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales last month rose 3.8 percent over the total units sold in April.

“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida. What is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned. Until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”

Thirteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in May and 13 MSAs also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for 11 consecutive months.

Florida’s median sales price for existing homes last month was $144,400; a year ago, it was $203,800 for a 29 percent decrease. However, the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to lower the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in April 2009 was $169,800, down 14.9 percent from a year earlier, according to NAR. In California, the statewide median resales price was $256,700 in April; in Massachusetts, it was $275,000; in Maryland, it was $255,587; and in New York, it was $185,000.

According to NAR’s latest housing industry outlook, buyers are responding to favorable market conditions. “The $8,000 first-time buyer tax credit is beginning to impact the market,” said NAR Chief Economist Lawrence Yun. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers.” Many homebuyers are taking advantage of the bargain prices offered on foreclosed listings in states like Florida, California and Nevada, Yun noted, which should “set the stage for healthy market conditions going forward.”

In Florida’s year-to-year comparison for condos, 4,839 units sold statewide compared to 3,998 units in May 2008 for a 21 percent increase. The statewide existing condo median sales price last month was $113,400; in May 2008 it was $181,700 for a 38 percent decrease. May’s statewide existing condo median price was the same as January’s statewide median, and was higher than the median reported in February, March or April. The national median existing condo price was $173,900 in April 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.86 percent last month, down significantly from the average rate of 6.04 percent in May 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Melbourne-Titusville-Palm Bay MSA reported a total of 584 homes sold in May compared to 491 homes a year ago for a 19 percent increase. The existing home median sales price was $123,700; a year ago, it was $163,100 for a 24 percent decrease. In the year-to-year comparison for the existing condo market, 123 units sold in the MSA last month, up 6 percent compared to 116 condos sold the previous May. The market’s existing condo median price last month was $134,400; a year earlier, it was $144,300 for a 7 percent decrease.

© 2009 FLORIDA ASSOCIATION OF REALTORS

No sales this month........

Sel	S T	MLS	P T	Address	Area	Subdiv	City/State/Zip	Acr	List $	Sell $	SO	SA	Sell Date	DOM
	C	528798	V	0 Prosperity LN	342 Malabar/Grant-Valkaria	LOTS 1 2 7 TO 12 17 TO 25 W 1/2	Malabar,FL 32950	1.4	$22,000	$20,000	0344	209732	06/12/2009	142
	C	538590	V	1822 SE PLANTATION CIR	342 Malabar/Grant-Valkaria	GREENWOOD PLANTATION	PALM BAY,FL 32909	1.01	$85,000	$65,000	0075	206169	06/12/2009	32
	C	512823	V	0 Highway 1	342 Malabar/Grant-Valkaria	LOT 2	Grant Valkaria,FL 32949	.73	$349,900	$310,000	0482	207429	06/01/2009	263

Status - C	TOT LP:	$456,900	HI:	$349,900	LO:	$22,000	MEDIAN:	$85,000	AVG:	$152,300	AVG DM:	146
	TOT SP:	$395,000	HI:	$310,000	LO:	$20,000	MEDIAN:	$65,000	AVG:	$131,667
Grand Total:	TOT LP:	$456,900	HI:	$349,900	LO:	$22,000	MEDIAN:	$85,000	AVG:	$152,300	AVG DM:	146
	TOT SP:	$395,000	HI:	$310,000	LO:	$20,000	MEDIAN:	$65,000	AVG:	$131,667

Displaying matches 1 through 3 of 3Selected Criteria
ActSt:Sol
SellDt:05/28/2009 - 06/28/2009
Area:342
Co:Brevard
This display was created 06/28/2009.

SW Palm Bay, Palm Bay  -  The single story at 827 SW Dalhart Avenue has been sold.

Property information

City Water Buildable Lot

• 10,000 sq. ft. lot / land "0.23 acres" - MLS® $12,000 - Port Malabar Unit #46

Port Malabar Unit 46, SE Palm Bay  -  Interior 0.23 acre city water lot on a drainage right-of-way easement available in Port Malabar Unit #46. Conveniently located in the SE Section of Palm Bay, this property is just 3.7 miles -11 minutes- to Publix Shopping, 4.7 miles -13 minutes- to Westside Elementary and Bayside High Schools, and just 14.08 miles -30 minutes- to the ocean in Indialantic. Homes already on the block and neighborhood just east of the Bayside Lakes Subdivision. From Exit #173 of I-95 go west on Malabar Road SE for 0.2 miles. Turn left on San Filippo Drive SE and proceed south for 4.41 miles. Turn left on Ramsdale Drive SE, and left on Martinez Street SE. Proceed to 1445 Martinez Street SE which is the 5th lot from the corner of Ramsdale and Martinez on the north side of the road.

Property information

Port Malaber Unit 7, NE Palm Bay  -  Announcing a price reduction on 627 NE Almansa Street, a 10,000 sq. ft. lot / land "0.23 acres". Now MLS® $11,990 - Port Malabar Unit #07.

Property information