Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time home buyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000.  To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

The House could vote on the bill as early as Thursday.

Click here to read the full story.

Foods accompany typically  will be over two loaves of bread, known as Challah  (the round shape symbolizes a crown, a reminder of the kingship of God also stands for the circle of life, and the hope that our lives endure without end.

We can’t  leave begin the Apples dipped in honey it symbolizes the hope for a “sweet year”

Jewish people  used the ram’s horn as a trumpet in Biblical times to announce the new moon, holidays, and war. Today, a variety of horns are used, including curved antelope horns.Rosh Hashanah

Just like every day, yesterday started with breakfast at Greenstreet.  This is my opportunity to gather my thoughts for the day and to catch up with the locals about what’s going on in the Grove.

I was at the office at 9:30 am after breakfast.  My assistant Sandy and I sat down to answer emails from the night before and go over our game plan for the day, who was going where and who was doing what.

Real Estate Speed Dating

I am working with a great couple who are first time buyers and are very excited to move to Coconut Grove.  They had sent me a list of about 25 homes that they were considering.  Since I have previewed just about everything in Coconut Grove I was able to narrow their list down to 11 possibilities.   Usually it is not a good idea to look at that many properties in one day because it can be difficult to distinguish one from another.  These guys seem to have a firm grasp of what they are looking for and an ability to walk through a house quickly.  So at 11:00 we hit the ground running.  5 homes in the first hour in South Grove, 4 homes in the next hour in North Grove and back to 2 in the South Grove.  My buyers found out that most Grove homes are very quirky!

Today I Get To Rest

Finished with my buyers around 2:00.  No lunch yet, back to the office to get ready for my hectic evening schedule.  Looking at my cell phone for yesterday I see that I made or received 83 phone calls.  What did Realtors ever do without cell phones!  I also prepared a listing agreement for one of my out of town blog readers who owns a great lot in the South Grove.  Stay tuned for more information on that.

Play-Dough and Tinkerbelle

I was lucky enough to take an hour and go home to play with my 2 year old from 4:00 to 5:00 pm.

This makes it all worthwhile

Working The Night Shift

5:30 – 6:00 pm: I had a second showing on my listing at 4070 Matheson Avenue which we just reduced by $50,000.

6:00 - 7:00 pm: Back to the office to return some phone calls.

7:00 pm: Met with the sellers of my townhouse on Jackson Avenue to discuss strategy going forward and give them an update on the townhouse market.

8:00 pm: Off to do a listing presentation with another nice couple who own a townhouse in Coconut Grove and are rapidly growing out of it.

Finally, 9:00 pm appointment on my listing at Center Street where we reduced the price of the townhouse from $450,000 to $399,000 which I hope will produce a lot more interest.

At the end of the day I am all talked out, but lucky to work with local Realtors who help to make my job easier and my loyal clients and blog readers for allowing me to do a job that I love.

Best Cities For A Housing Recovery

Forbes magazine identified 161 of the country’s largest metro areas where sales activity has increased compared to 2008 and where foreclosure sales, as a percentage of total sales, are low.

Forbes magazine considers these markets as on the road to recovery:

1. Miami-Ft. Lauderdale, FL
2. Lincoln, NE
3. Colorado Springs, CO
4. Salem, OR
5. San Luis Obispo, CA
6. Bremerton, WA
7. Denver, CO
8. Redding, CA
9. Santa Barbara, CA
10. San Jose, CA

For more real estate news and information contact me at (305) 329-4929 or solovay.m@ewm.com

Google Voice for mobile allows you to make calls and send texts from your Google Voice number. You can dial your Google number then press 2 and call the number that you want to connect with and the receiver of the call will see you Google Voice number! Inexpensive  international calls are also an option…. Google has dome it all!

Click here to view the embedded video.

While less widely-known, and certainly more complex than the straightforward house and condo purchase  (through an LLC  set up by a real estate attorney… or  a purchase made directly in the buyer’s name)         THE INVESTMENT VISA is an option for some… offering the investor  a GREEN card! 

In working with international investors purchasing investment property and vacation homes in Florida (and more specifically in and around Miami) I thought it might be helpful to share some information on the subject:

A program devised to attract foreign capital into the United States…  and commonly referred to as the  “ INVESTMENT VISA” or the “EB-5“…   is an investment tool devised to create  jobs and offer employment  opportunities for  American workers.  The INVESTMENT VISA program has been in place for well over a decade, and has specific requirements.  It offers certain benefits to the investor… one of which is a GREEN CARD.

An immigration attorney would be able to provide you with specific requirements (which are precise and quite stringent)  along with  lists outlining  the  ’regional center projects’  in which an investment would qualify the foreign buyer for the GREEN CARD.  The “INVESTMENT VISA”  (more officially known as an “EB-5″)  requires an investment of anywhere between $500,000.00 to $1,000,000.00  into a United States ‘regional center project’.  Depending upon the area within the United States, these projects range from ski resorts  to urban infrastructure development…. etc.  Funds  for the investment must be lawfully obtained and must be fully documented.

Because of the specific legal nature of the investment,  the expertise of an immigration attorney and/or real estate attorney would be needed.  In the May issue of Realtor Magazine’s  www.Realtor.org/realtormag H.Ronald Klasko  (Klasko,Rulon,Stock & Seltzer LLP)  goes into more detail, offering a link to information on the investment visa through www.eb5immigration.com.

If you’d  like to buy real estate in South Florida, whether through the investment visa program, or as a vacation home or investment property, Alexandra and Vicki Restivo will be happy to provide you  with additional contact information for immigration and real estate attorneys in the Miami area.

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On May 28, 2009, Irma Marquez, one of EWM’s top Weston Town Center’s real estate agents, tweeted about checking out your property values.  I caught the tweet in my friends’ feed on Facebook.com.

I accessed my tax record on BCPA.net for both properties — my personal residence  and my investment property.  I was shocked to find how the values had declined and how the property taxes had been reduced.

Since  I escrow my taxes and insurance, I decided to write the following letter to my mortgage companies (the numbers were reflective of the properties respectively):

_____________

Date: June 10, 2009

(To Mortgage Company)

Reference: Subject Property; Subject Loan Number

As you know, you are taking $335.68 a month for taxes and insurance on the above-referenced property. The taxes were based on taxes paid last year of $4,196.02 based on the assessed value of $195,660.

Recently, Broward County has reassessed our properties since we are in a declining market.  The assessed value is now $133,040, as evidenced by the BCPA.net printout dated 6/1/2009.  As you can see, the value has decreased approximately 34%. $133,040 times the millage rate (chart #0513) of 20.8884 would put my taxes at around $2,778.99. I have also attached the millage rate chart for your perusal.

Please note these adjustments accordingly and reassess my escrow account immediately. I understand that a cushion must be maintained; however, I believe that my monthly escrow could be reduced which would reduce my monthly mortgage payment.

Please govern yourselves accordingly.

VTY – Karen Bargery Ross
Enclosures (1) BCPA Printout; (2) Millage Rate Chart; and (3) Current Statement for Reference

____________

On June 22, 2009, the subject mortgage company of my investment property advised me by letter that they were completing an escrow analysis and that I would hear from them forthwith. Shortly thereafter, I received my escrow analysis printout with a statement that I was entitled to a $1,040.99 refund from the surplus.  As an added bonus to the check that I received, my next statement reflected a reduction in my monthly payment.

I am still awaiting a response and refund from my home mortgage.  The company wrote me two letters that they were “working on it.”

Even though I would have received a surplus at year’s end, it was a nice pick-me-up to receive the refund and reduction at this time.

Thank you, Irma, for your timely tweet.  This is just one more reason that the EWM agents are on top of their game — and Irma Marquez is certainly an asset to her profession and to our Weston EWM office!

The IRS has updated its computer screening capacity in order to identify fraudulent claims. To date, the IRS has 24 criminal fraud investigations pending related to the tax credit.

On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the first-time homebuyer credit on a client’s federal tax return. Price faces the possibility of up to three years in jail, a fine of as much as $250,000, or both.

“We will vigorously pursue anyone who falsely tries to claim this or any other tax credit or deduction,” Eileen Mayer, chief of the IRS’s Criminal Investigation unit, said in a statement. “The penalties for tax fraud are steep. Taxpayers should be wary of anyone who promises to get them a big refund.”

First-time homebuyer tax credit information.

There are approximately 25,000 licensed Realtors in the Miami-Dade area.

So how do you find the right Realtor to work with?

Here are a few tips on choosing a good fit:

1. Comfort Level: You must find a Realtor who you feel at ease with.  Trust me, you will be talking with this person more than you will your own spouse at times, so you might as well go with somebody that you like and are comfortable with.
2. Local: Whether you are a buyer or a seller take a look at your potential Realtor’s current listings.  Do they have a significant amount of market share in the area that you are buying or selling in?
3. Experience: Now more than ever it is important to have someone with a tremendous amount of local experience.  Ask how many transactions they have completed in your area in the past year or two.
4. Ask for recommendations: Don’t hesitate to ask for a list of client recommendations.
5. Once Again: I believe the biggest mistake sellers and buyers make in our market is hiring someone who is not local.

A little shameless self promotion never hurt: Of course I believe that my team is best suited to help you buy or sell your next property here in Coconut Grove.  If you are curious as to the value of your home, please feel free to give me a call and we could set up a no pressure consultation.

I can be reached on my cell phone at 305.342.1623 or via email here.