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.

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.

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:

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

Price

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

Buyer Income

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.

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.

For more information contact us.

Here are some highlights of this article:

In the Sarasota-Bradenton market, 239 condos changed hands, a 130 percent increase from the 104 sales that took place during the same month a year earlier.

Realtors and analysts attribute the uptick to both the first-time buyer tax incentive, which was recently extended, and to the return of investors to the market.

All over the region and across the state, investors are snapping up condos that either came out of the ground or were converted from apartments during the boom.

In Sarasota-Bradenton, the median condo price was down 20 percent to $141,100 in November from the same month a year ago.

If your are interested in buying or selling a condo in the Bradenton/Sarasota are, please call the experts @ 941.866.1666.

Current use is Bed & Breakfast or use it as a great Old Florida Style Pool Home with in law quarters.

Large 4 Bedroom / 3.5 Bathroom home on quiet street in West Bradenton offers huge caged deck and heated pool with auto cleaner. The oversized, fenced in lot offers two lush, landscaped backyard areas, one on each side of the pool area, offering various fruit trees as well as large old oaks.

Relax by the pool and enjoy the private setting. Lots of parking space availabe for RV/Boat. Features updated kitchen and baths, skylights, beautiful oak floors, wood burning fireplace front porch and an additional enclosed upper veranda.

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More information: click here

Water / Waste / Sewer:
City of Bradenton
www.cityofbradenton.com
Ph.: (941) 932-9434

Power:
FPL
www.fpl.com

Cable / Phone / Internet:
Brighthouse Networks
tampabay.mybrighthouse.com

Verizon / Verizon FIOS:
www.verizon.com

Property taxes:
www.taxcollector.com

Homestead exemption:
www.manateepao.com

Utility contacts for unincorporated areas in Manatee County:

Water / Waste / Sewer:
Manatee County Uilities
www.mymanatee.org
Ph.: (941) 932-9434

Power:
FPL
www.fpl.com

Cable / Phone / Internet:
Brighthouse Networks
tampabay.mybrighthouse.com

Verizon / Verizon FIOS:
www.verizon.com

Please use this information for City of Anna Maria, City of Holmes Beach and City of Bradenton Beach.

For the Town of Longboat Key please check here: Town of Longboat Key Utilities

For more information on Florida Real Estate and for buying and selling homes in the Bradenton / Sarasota area, please visit our website www.weissinternational.com

Weiss International Realty
P.O. Box 14222
Bradenton, Florida USA 34205
U.S.A.

AOL is reporting that Sarasota, Florida is the 2nd most undervalued cities in the United States:

Sarasota is a relatively upscale community on Florida’s west coast. “It’s a nice boating community, and they have got a lot of beautiful homes there,” says Jack McCabe of Florida-based McCabe Research & Consulting. After home prices plunged 44 percent from the first quarter of 2006 to the first quarter this year, the market presents would-be buyers with some attractive opportunities. IHS Global Insight considers the median home price in Sarasota — $141,000 — to be 28 percent undervalued.

 This is good news for buyers who are planning to buy a home in Sarasota.

We often hear from buyers that they are trying to time the bottom. But don´t wait too long. We are seeing that the better properties are again being sold within weeks or even days. Many investors are coming back to the Florida Real Estate market and buying well priced properties in good locations. There are still bargains out there – but remember that this buyer´s market won´t last forever!

If we can help you find a Sarasota home for sale give us a call at 941.866.1666 or use our Sarasota MLS search to find your next home.

The funds are part of the $482,236 in State Housing Initiatives Partnership (SHIP) funding from the Florida Housing Finance Corporation that the City received for the 2008-09 program year.

To qualify, the applicant must be earning up to 80% of the Area Median Income but the maximum annual income must not exceed the following limits:

Family size  

1 Person/$34,900
2 Persons/$39,900
3 Persons/$44,850
4 Persons/$49,850
5 Persons/$53,850
6 Persons/$57,850 
7 Persons/$61,800  
8 Persons/$65,800

The City will accept applications for the housing rehabilitation assistance program from Aug. 3-13. 

Applicants must complete a first-time homebuyer’s class and be approved for a mortgage prior to applying. Applications submitted after the deadline will not be considered. Down payment assistance will be awarded on a first-come, first-ready basis to persons owning homes within the City limits.

Source: www.cityofbradenton.com

Beginning July 1, those who quality for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on the purchase of their home, and then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators, though details are still being worked out.
© FLORIDA ASSOCIATION OF REALTORS

Our beautiful area is definitely a great place to be all year round.  We admit it – we´re crazy about this region, from the blue-green Gulf and wild rivers to buzzling Sarasota Downtown  and a word-class cultural and restaurant scene.

Unlike many beach communities, things don´t come to a halt in the off season. Rather the off season allows locals to enjoy our serene white sandy beaches all to themselves.

There is plenty of activity all year round: boaters, golfers and sun-seekers all find happiness in the Bradenton/Sarasota region!

Wheather you have your eye on a condo on the island, a home on the golf course or an expansive rural home, the Bradenton/Sarasota offers lots of choices for all budgets and tastes.

From an investment standpoint, you may be nervous about the current housing market. But especially this market offers lots of opportunities for buyers. Low interest rates and a large market favor anybody who is looking to invest.

Take advantage of the buyer´s market by checking out the local real estate. The variety of homes makes sure thateveryone can find their personal paradise. Enjoy the lifestyle you deserve – make your vacation last a lifetime!

• The deduction is worth 10 percent of a home’s value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount.

• There is an income limit to qualify. A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000.

• Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single filers with incomes over $75,000 but under $95,000.

• If married couples file separately, they can both claim 5 percent of the home purchase ($4,000 each for a home over $80,000) on their tax returns.

• It’s a tax credit, not a deduction. That means the entire amount goes back to the first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes otherwise.

• The tax credit applies to homes purchased between Jan. 1, 2009, and Dec. 1, 2009.

• The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.

• To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.

• If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.

• The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. A buyer could close on a home the same day that President Obama signs it into law, fill out their income tax forms the next day, and receive the tax credit fairly quickly.

The tax credit is not a downpayment, but it could be used toward a downpayment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund.

By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a downpayment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time.

Family size:            1 Person    2 Person    3 Person   4 Person   5 Person   6 Person   7 Person    8 Person

   $33,400      $38,150     $42,950   $47,700    $51,500    $55,350     $59,150    $62,950

The City will accept applications for the down payment assistance program starting January 20, 2009 until January 29, 2009. Applications will be available at the following locations:

City of Bradenton

Housing and Community Development Division

912 7^th Ave. E.

Bradenton, FL 34208

Hours: 7:30 am-5:30 pm Monday-Thursday

Bradenton City Hall

101 12^th St. W.

Bradenton, FL 34205

Hours: 7:30 am-5:30 pm Monday-Thursday

The applicants must be approved for a mortgage prior to applying for down payment assistance. Applicants must also complete a HUD approved first-time homebuyer’s homeownership training class and receive a certificate of completion prior to making or submitting an application. Down payment assistance will be awarded on a first-come, first-ready basis to persons purchasing homes within the City of Bradenton city limits.