East Bay Real Estate News

Home Buyer Tax Credit Expected to Extend to April 2010

2009-11-06T07:40:00.001-08:00

The President has still not signed the bill, but the Senate and House have approved the same bill that will renew the tax credit for homeowners until April 30, 2010.

According to the California Association of Realtors, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Good Things Come to Those Who Wait

2009-11-05T15:47:00.000-08:00

In this real estate market, patience may be more than just a virtue...it will actually save you money. Below are recent price reductions of some bay area homes:

1400 Westview Drive, Berkeley (Claremont Hills) There is a saying among Realtors that in this market it is better to be the 2nd or 3rd listing agent for sellers with unrealistic expectations of the market value of their property. Certainly, 1400 Westview Drive is such an example. Originally listed in October 2008 at $1,495,000, it is now (and three Realtors later) listed at $1,195,000. Since it was purchased in February of 2006 for $1,395,000 it is now a short sale and the price must be approved by the bank.

7080 Kenilworth Rd., Berkeley (Claremont Heights) Originally listed in January 2009 at $4,250,000, this 5,000 square foot contemporary styled house is now listed at $3,100,000.

7268 Buckingham Blvd., Oakland (Hiller Highlands) Originally listed at $996,000 in March 2008, this 3 bedroom, 2305 square foot house is now in foreclosure and listed at $752,400.

Meet Smokey

2009-11-03T13:50:00.000-08:00

Smokey

Age: 3m

Sex: Male

Breed: American Pit Bull Terrier

Fixed: Yes

Shots: Yes

Smokey is a very special puppy. He's an outgoing and playful pup that came to the East Bay SPCA as a stray with a broken leg, and now Smokey has healed completely and is ready to find his forever home! He’s a real sweetheart!

Special Needs: Puppies need lots of training, socialization, attention, love and patience! This cutie will need to go home with a breed-experienced owner, and require a special Pit Bull puppy application process.

Lead Singer of Green Day's House is pending after just 14 days on the market

2009-11-03T08:39:00.000-08:00

Always wanted to live like a rock star? Someone will have their chance after Billie Jo Armstrong of Green Day accepted their offer on his $4,850,000 house.

The custom Mark Becker French Normandy house, located at 6076 Manchester Drive, resides on original Julia Morgan "Red Gate" Steps in the Claremont Pines neighborhood of Oakland.