Word has gotten out, although many folks are still not aware, that California has its own tax credit.
The tax credit of up to $10,000 is for the purchase of new construction homes (i.e., never been lived in) and is spread over 3 years, unlike the $8,000 Federal tax credit for first time home buyers. Home owners must live in the home for at least two years, and closing must occur on or before February 28, 2010.
Time is running out, since there is only $100 million available, and once it's gone, it's gone, unless the state extends the program. According to the website, as of 5/6/09, there have been 5668 applications received, with $54,928,875 in credit requested (this has not been verified and may include duplications or invalid applications; it also does NOT reflect the actual credit to be allocated). Quite a boon for the new home construction industry.
So would you like to get you hands on some of this tax credit money?
Here are some options for you in Carlsbad:
Homes at La Costa Ridge are still available but running out. Messina has a new release (the final) expected soon. There was 1 home available at Dolcetto. Note that prices have been reduced from the initial releases.
La Costa Greens - new homes at Trieste and Viridian, in the $700s to low $1 millions
The Bluffs - townhouse condos, some with lagoon views, ranging in size from about 1700 SF up to 2800 SF. Units are now going fast and only a handful remain.
2 brand new ocean view condos near Tamarack Beach. Spectacular, contemporary townhouse condos with all the upgrades, radiant heat in all the floors, amazing roof decks with outdoor kitchens, and of course views, and sounds, of the ocean. $1.895M (2720 SF plus terrace) and $1.995M (2980 SF plus terrace). There are 8 new detached homes in the same general area but with limited views.
Bluwater Crossing - townhouse live/work lofts, with the first phase currently being sold. 3 floor plans, starting from about $829K (Plan F) to approximately $1.03M (Plan G) with 2300 to 2700+/- SF of space.
Interested?
There are still a good number of new homes that might qualify. If you would like more information, please feel free to email or call. Some new homes are not listed on the MLS specifically.
There are also new homes in a variety of price ranges in Oceanside, Encinitas, Cardiff, San Marcos and other nearby communities.
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2009 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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Jeff
What a great opportunity for someone to obtain additional tax credit. California has a very great incentive for someone to purchase a property now from Jeff Dowler
Jeff - I hear lots of buyers are taking advantage of these tax credits, and have worked with several myself. It seems to be the prompt, and in our local market the increased competition on the lower price range, that got many buyers off the fence. Unfortunately, my cousins down in your neck of the woods weren't eligible, but they still bought seeing the opportunity in these low prices.
Tom - it has helped alot of people to make the move. And there has been a noticeable drop in availability of new homes which has slowed considerably.
Karen - I am hearing the same And there IS a lot of opportunity with the prices.
Jeff
Jeff, excellent post. I like how you tied in the information with current "opportunities". Nice. Many don't know about this new credit. I tend to meet on Thursdays with some people on my SOI and discuss these kind of little tidbits as well as getting to know each other better. I invite them for coffee and that is usually very pleasant. Only once did I hear the concern about the certainty of payment. "What if I purchase and count on the money and it will no longer be available?" That is a tough one to answer since there are no guarantees. What is the website so I can check regularly and have an answer for my concerned clients?