First Time Home Buyer Credit - Updated

There are great opportunities to buy Naples real estate right now. The distressed market is causing a frenzy in Naples condos and Naples homes for sale.

Congress, as part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, 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.

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

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.

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.

Buyers interested in learning more about the First Time Home Buyer Credit should contact their lender, financial advisor, accountant or, if you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

To take advantage of the First Time Home Buyers Tax credit, buyers beginning their search in the Naples Florida real estate market should start here with Naples MLS.

Information courtesy of Realtor.org, http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

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Naples Real Estate Search by Collier County Public School District Zone Maps

We created pages specifically designed for parents and guardians of students who are focusing their search based on their child’s school district. Contact us to let us know which district you prefer or mandate and we will only send you properties in that zone. Here are the Collier County Public School District Zone Maps:

·         Collier County Elementary (click) School District Zone Map - Large Map File, exercise patience while it loads!

·         Collier County Middle (click) School District Zone Map - Large Map File, exercise patience while it loads!

·         Collier County High (click) School District Zone Map - Large Map File, exercise patience while it loads!

·         Collier County Immokalee Area Elementary (click) School District Zone Map - Large Map File, exercise patience while it loads!

We have the ability to map out the area of interest, and streamline properties to you based on price, and any other criteria you wish to set.

Tim Ryan and the Naples Guru Team, Naples Real Estate (239) 963-4070

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REO on Naples Bay

An REO in Bayfront

Bayfront in Naples is a luxury condo development on Naples Bay across from Tin City. It is a mixed use development with high end shops and boutiques, as well as a café and Cabana Bar on the water. The units all face each other, but each unit has a view of Naples Bay, just east of where 41 turns from north-south to east-west, across from the popular destination Tin City. It is a short walk to 5^th Ave, and a bike ride to the beach. Slips are available for rent or purchase with direct Gulf access.

The most interesting development in Bayfront just happened the other day with the first Bayfront in Naples REO bank owned foreclosure listing in the community, 450 Bayfront Place Unit 4303 Naples. This is not a reason to sound the alarms, but it is certainly worth paying attention to. It is aggressively priced at $453,500. This is significant because the REOs are making their way into the luxury homes and condos near downtown and 5^th Ave, near the beach, bay and other areas that were once considered high-end and untouchable. This is providing an opportunity for buyers to get in at the bottom and get a piece of the Naples real estate pie.

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Saturnia Lakes - Single Family Home Bargain

Every now and then, a deal comes along that buyers must pay attention to. In the Naples real estate market, most buyers seek vacation and resort style amenities. Only recently have we seen a shift in preferences with more and more buyers seeking more Naples homes for sale, and not the typical Carriage homes. Instead, buyers like the newer communities that have recently tailored to most home buyers wants – guard gate, pool, clubhouse, fitness, tennis, activities, landscaping, safety and neighborhood feel. One community that ranks high in all these amenities is Saturnia Lakes. Located off Immokalee Rd, the community is a terrific destination for all types of home buyers. There are no condos in the development. There are many younger couples. At the same time, older retirees favor the amenities. There are activities for children, and get togethers for Moms. There are holiday parties, and everyone has their door open and lights on for Halloween. The mix gives the community a really sincere neighborhood feel.

One unit that is currently listed at $269,000, a former model home of the developer, has been totally upgraded at the time these were selling fast. It can be seen here, or if it sells by the time you are reading this, you can see the MLS listing here. The backyard is decorated with custom paver area and a built in grill. The home overlooks the lake and is great for entertaining. This is a terrific deal given no other home is listed under $300,000, and anything with 3 or more bedrooms is $329k and up. Looking at closed sale prices, here are all closings on this particular street (built in 2002):

	MLNum	List Price	Selling Price	Bedrooms	Full Baths	Half Baths	Living Area	Closed Sale Date
1	205027422	$1,050,000	$1,000,000	2+Den	2	1	2678	9/30/2005
2	205027389	$1,025,000	$985,000	3 Bed	3	0	2616	11/18/2005
3	205027381	$885,000	$835,000	3+Den	3	0	2735	10/18/2005
4	205027338	$750,000	$725,760	2+Den	2	1	2333	10/7/2005
5	205027386	$780,000	$725,000	2 Bed	2	1	2435	10/11/2005
6	205027318	$750,000	$670,000	3 Bed	2	1	2452	9/28/2005
7	205027353	$710,000	$650,000	3+Den	3	0	2440	11/28/2005
8	205027327	$650,000	$625,000	2+Den	2	0	1928	10/19/2005
9	205027294	$620,000	$595,000	3+Den	2	0	2078	9/30/2005
10	205027231	$530,000	$510,000	2+Den	2	0	1751	10/3/2005
11	209030902	$429,500	$400,000	4 Bed	2	1	2678	10/29/2009

All these sales were in 2005 with the exception of 1, which was recent, in October, sold for $400,000. This unit, listed at $269, is over $60k less than the next 3 bedroom home! (as of 12-2-09)

If your interested in single family gated communities like this one, visit our Naples single family gated community profile page.

Tim Ryan, Naples Realtor

(239) 963-4070

info@naplesguru.com

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Naples REOs Continue Trend

In the Naples real estate market, Naples Reo Bank Owned properties, or Naples foreclosures (properties that have already been foreclosed on) continue to demand offers in line with list price. Banks are aggressively pricing their listings to generate interest, and it is paying off. Although the final price is on average less than comps sell for on the resale market, they are moving. From 9-1-09 to 11-30-09 (last 3 months) there were 431 bank owned REO closed sales. On average, properties sold for 101% of list price. In other words, on average, Naples homes and Naples condos sold for at least asking price. This trend dates back prior to the last 3 months, but the numbers tell you that the trend continues. Here are the closed Naples repossessions during this period:

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