Charleston SC - A Better Way of Life

HOMEBUYER TAX CREDIT EXPANDED; EXTENDED TO APRIL 2010

The deadline for buyers to take advantage of the first-time homebuyer tax credit has been extended to April 30, 2010 and new provisions have been added to include a credit for existing homeowners.

An $8,000 tax credit is available to first-time homebuyers. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years prior to purchase to meet first-time homebuyer definition.  A $6,500 credit is available to homebuyers who have owned and lived in a home for 5 consecutive years of the last 8 years.

Any single family residence (including condos, co-ops and townhouses) that will be used as the principal residence and has a purchase price of less than $800,000.

The full amount of credit is available for individuals with adjusted gross income of no more than $125,000 or joint gross income of no more than $225,000.  The credit is phased out to lower amounts for individuals and joint filers with higher gross incomes.

Tax Credit Extension FAQ's

Buyers must have a ratified contract on or before April 30, 2010 and close within 60 days of that deadline.

The previous agreement required that buyers close on their home by November 30 to qualify for the credit.  The expanded agreement gives buyers until April 30, 2010 to ratify a contract and requires that the closing take place within 60 days.

“The Charleston market has maintained a strong momentum coming out of the summer season—due in large part to the tax credit—and we cannot let this momentum lag.  This crucial expansion allows all homebuyers to make an investment in a market that is more affordable than it’s been in years” said Ralph Wetherell, President of the Charleston Trident Association of REALTORS®. 

The tax credit, in its original form, helped to establish more than one million families as new homeowners. 

“The homebuyer tax credit has been a critical component to restoring the health of the Charleston real estate market.  We’ve been showing signs of a recovering market since this summer—inventory is decreasing and prices continue to stabilize.  Extending this credit, not just in timeframe, but to a new group of homeowners will certainly support the continued re-growth of our area” said Wetherell.

UPDATE: Homebuyer Tax Credit

Latest News

Congress Passes Homebuyer Tax Credit Extension and Expansion

Yesterday the United States House of Representatives, by a vote of 430-12, joined the Senate in passing the Unemployment Insurance Bill, which contains the Homebuyer Tax Credit extension and expansion.

The bill now goes to the President for his signature, possibly today, November 6.

Honey - A Dog's View of Charleston & the Lowcountry

AHHH...the life of a dog!

Sometimes you gotta get out and enjoy the outdoors to remember why it's so great to live in the Lowcountry.  Hanging out at I'On neighborhood boat landing in Mt. Pleasant on a beautiful Fall Saturday afternoon put's in all back into perspective.  Which reminds me, my dad need to get me one of those life jackets so he can take me out in the kayak to go fishing.  You know an old dog like me, my hind legs tend to give out on me.

But that's what's life is all about around here, crisp cool mornings, sunny afternoons and comfortable evenings, makes it all worth it!

Excitement reigns as Sanford signs Boeing incentive

By Molly Parker

mparker@scbiznews.com
Published Oct. 30, 2009

Political leaders who are often at odds appeared to be the best of friends this morning as Gov. Mark Sanford signed an incentive package worth millions of dollars for Boeing Co.

“Everyone came together on this one,” Sanford said at a ceremonial signing at the Charleston Regional Development Alliance’s headquarters in North Charleston.

If the legislative leaders and economic development officials who stood behind Sanford were any more enthusiastic, they might have popped.

Boeing’s planned commitment in the region — an investment of $750 million and the creation of thousands of jobs — has stolen the record as the largest economic development deal in state history.

Bigger than BMW.

Bigger than Google.

So big, in fact, that jaws remain stuck in the dropped position.

“I got up this morning and pinched myself to see if it was really real,” said Hugh Leatherman, the Republican senator from Florence who has been named the key power broker in this deal.

Leatherman, who is chairman of the Senate Finance Committee, brushed off the notion that he might well be the most powerful man in state government.

“I’m just one member of the South Carolina Legislature,” he said.

Senate President Pro Tempore Glenn McConnell called the General Assembly’s quick passage of the incentive package on Wednesday a “historic day.” He acknowledged that political relationships are often intense — a difference in opinions and personalities has been known to bring the legislative process to a screeching halt. But a deal as big as Boeing bridged the divide.

“We are flexible enough to move when we have to move,” McConnell said.

Sanford, asked whether this deal might reshape his tattered image, said he wasn’t worried about his long-term legacy.

“That’s missing the broader point of outcome,” said the governor, whose extramarital affair with an Argentine woman has been about the only thing for which South Carolina has been making national headlines — that is, until Boeing swooped in.

Commerce Secretary Joe Taylor said Boeing will have a huge spin-off impact across the state as suppliers move to town. He also suspects other corporate CEOs will take a closer look at the region that managed to lure the only U.S.-headquartered airplane manufacturer.

The impact will show up immediately, Taylor said. Boeing is expected to break ground next month, and the construction project could mean hundreds of new jobs.

Another side effect of the deal, Taylor said, is the collective spirit that has been lifted from the recessionary blues. “I bet the real estate market in Charleston got a jolt.”

$8,000 first-time homebuyer tax credit is set to be extended

October 30, 2009

The $8,000 first-time homebuyer tax credit is set to be extended until April 30, 2010. The Obama Administration has urged Congress to pass legislation to extend the program from its original December 1, 2009 deadline. In addition, legislation may provide a tax credit for some current homeowners. NAMB will continue to monitor legislation and will inform members when the extension is formally enacted.

Honey - A Dog's View of Charleston & the Lowcountry

Halloween in the Hood

I'On celebrated the annual 'Halloween in the Hood" for neighborhood children, adults and dogs.

Children came dressed in a various assortment of pirates, princesses, action heros and mythical creatures.  I came dressed as my alter-ego, Superdog!   

Pumpkin Carving:

The adults get into the action with the annual pumpkin carving  contest.  The entries this year were all very creative, including, Baby Boo! (complete with messy pumpkin diaper), Sweet Olive's entry of pumpkin center pieces, Boy in a Box, (think current events) Accupumpture, (this year's winner) and my owner's pumpkin (which really should have won) Eye-On Halloween.

Happy Halloween!

Honey

ECEW Flags of Freedom - Gives Back to Mt. Pleasant Community

Honey - A Dog's View of Charleston & the Lowcountry

Trying to Stay Cool in October

It seems like Fall weather refused to arrive in the Lowcountry.  The past week has felt just as hot and humid and the middle of July.  I had to go get my fur coat trimmed again.  ( I tried out Planet Bark off of Johnnie Dodds and really like it, you should check it out!)

So what's a dog to do about staying cool?

Go to the beach!  I couple of weeks ago I blogged about pet friendly beaches around Charleston.  My favorite is Sunday morning at Sullivan's Island.  All my friends come out and run up and down the beach and jump in the waves.  It's a great way to cool off and then sleep the rest of the day away!

Ahh.....

Military Alert - Tax Credit to be Extended for First Time Military Home Buyers

Share this blog with military friends and family:

The U.S. House has unanimously passed a bill that extends and enhances the $8,000 first-time home buyer tax credit for military families. Foreign service officers and members of the military as well as the intelligence community serving away from home in 2009 would have an additional year, to December 2010, to take advantage of the incentive. The measure, which has not yet moved through the Senate, also waives the repayment requirements for service members who are required to move or sell their homes because of government orders.

Still needs to pass the senate, but this is certainly great news for Military families.  Hopefully, the same will ring true for the continuation of the existing first time homebuyer tax credit as well. 

 

Re-post from: Daniel Island Mortgage proudly supports our US Military with our VA funding programs, generous discounts, and charitable contributions to Homes for Our Troops.

Honey - A Dog's View of Charleston & the Lowcountry

Where the Locals Go.....

Ahh...the fabulous days of Fall in the Lowcountry.  Cool in the mornings when I go for my walk and not quite as hot as summer, so I'm not shedding all the time. 

Where's a dog to go and enjoy these wonderful days of Fall??? Check out the Pitt Street Bridge park located in the Old Village at the end of Pitt St.  

The old-timers tell me, that Pitt Street used to to be the Main Street of Mount Pleasant. It also connected the town to Sullivan's Island by the Pitt St. bridge.  Remains of the bridge are still visible and is now a fishing pier.  The city renovated the bridge remains by creating a pedestrian greenway with sodded grass and palmetto trees. The bridge extends to roughly 1/2 of the original length, giving visitors a nice view of the surrounding intracoastal waterway. Locals walk, jog, fish, and crab along the bridge and of course bring along their four-legged companion!