by Roberta Murphy
Yesterday afternoon, I was introducing various La Costa and Carlsbad area neighborhoods to a young relocating physician with a four year old son. The move won’t occur until this summer, but it’s not to early to become familiar with schools–and the homes available around them.
We drove through Aviara, all of La Costa, Rancho Carrillo–and San Elijo Hills, where builders are still building. The prices there were very competitive at just over $200 per square foot with landscaping and air conditioning included.
What may help tip the scale for this first-time home buyer is the $8000 tax credit being offered until August, 2009 by our federal government–as well as the newly-enacted SB15XX which as of March 1, 2009 allows for a California state income tax credit of up to $10,000, or 5 percent of the purchase price, whichever is less–for a newly-copnstructed and previously unoccupied home.
- This $100 million California Homebuyer Tax Credit fund will be available until March 2010, or earlier if funds run out. It’s a first-come, first-serve proposition to be offered by the California State Franchise Board.
- This California tax credit will be paid out over three tax years in equal amounts. For example, a $9000 total tax credit would be paid out at $3000 per year.
- There is no first time home buyer requirement, nor are there any income limitations. There is also no repayment requirement, as long as the home is occupied by the owner and tax credit recipient for at least two years.
For additional information, read the California Building Industry Association release. Members of the CBIA are meeting with the Tax Franchise Board to iron out administrative details.
Finally, if you are interested in looking at new homes in the San Diego area, please feel free to give Mike (760-402-9102) or me (760-402-9101) a call and we’ll make arrangements to do so–and will have a more complete update on the tax credit. Other powerful and negotiating new home specialists with San Diego Previews include:
Scott Murphy 760-613-6190
Dione Lamm 760-271-1162
Eve Sieminski 760-518-2264