Changing the 1st time Home Buyer Tax Credti

Legislation introduced in Congress Wednesday would expand the tax credit now limited to first-time homebuyers to any purchaser of a home and increase the maximum available to $15,000.

The tax credit passed earlier this year is limited to $8,000 and has income caps.

U.S. Sen. Johnny Isakson, a Georgia Republican, introduced the legislation, and Senate Banking Committee Chair Christopher Dodd, a Connecticut Democrat, quickly stepped up to co-sponsor.

The National Association of REALTORS® and the National Association of Home Builders have said they would like to see the tax credit improved.

Source: The Wall Street Journal, Jessica Holzer (06/10/2009)

NEW HOMEBUYER TAX CREDIT FAQ'S

FAQs: First Time Home Buyer's Tax Credit

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Now is the perfect time to buy a new home. If you are a first time home buyer, WAIT no longer. This may very well be the best time in history to take the plunge.

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Whats on your side Now...

*Affordability is better than ever*Plenty of Homes to chose*Sellers are more willing to bargin*Historically low interest rates*$8,000 first time homebuyers tax credit*


What is the Tax Credit?

It is a credit for up to 10% of the cost your new home or a maximum of $8,000. Any home purchasesd for $80,000 or more qualifies for the credit.


Who qualifies for the credit?

Only first time homebuyers. You're considered a first time homebuyer if you have not owned a home for 3 of the last five years.


Are there income restrictions?

Yes, individuals are eligible for the credit if their income is no more than $75,000. For married couples the limit is $150,000.


What if I make more?

You could still get a portion. Individuals who earn up to $95,000 and couple that earn up to $170,000 can still get a tax credit, based on a sliding scale.


Are there financing restrictions?

Most financing arrangements are acceptable.


Do I have to repay the credit?

No, unlike the 2008 credit, there is no repayment requirements.


How do I apply?

There is no pre-purchase authorization. You simply claim the credit on your 08 or 09 tax return, on the IRS form 5405. If you buy a home before April 15,2009, you claim the credit on your 2008 taxes. If you purchase after that, claim it on your 2009 return.


What is the deadline?

You must buy and close on your home before December 1, 2009 to be eligible.
Feel free to contact me for more details and explainations on how you should start your search for you new home today!

Live "Streets of Buckhead" Construction Cam

Want to see all the action as it happens? Well check this out Now you can check out the construction progress on this amazing redevelopement project as it unfolds. See the exciting mixed use development come to life. LIVE STREETS OF BUCKHEAD WEBCAM

Eclipse 1/1 Motivated Seller $245,000

Eclipse 2/2 Penthouse unit $479,900

Midtown 1/1 $190,000 Motivated seller

Just Listed 1/1 Shows like a Model Midtown

High Lite Listing of the Week!

Eclipse Buckhead FMLS # 3508439 Unit 1816 1/1 PRIME BUCKHEAD LOCATION, DRAMATIC DOWNTOWN SKYLINE VIEWS FROM EVERY ROOM, LARGEST 1BR FLOOR PLAN, FLOOR 2 CEILING GLASS EXTERIOR WALLS, GORGEOUS HARDWOODS THROUGHOUT, GRANITE IN KITCHEN & BATH, STAINLESS STEEL APPLIANCES, SURROUND SYSTEM PRE-WIRED, WALK-IN CLOSET, 10' EXPOSED CONCRETE CEILINGS, LARGE ON-SITE STORAGE UNIT IS INCLUDED IN SELL. BRING AN OFFER!!!

My House Is Worth What? Appearances Scheduled

My House Is Worth What?

Wednesdays 10:30pm e/p

My House Is Worth What? gives you the lowdown on the high stakes of home ownership. Go behind closed doors each week as three homeowners in three different parts of the country strategize on maximizing their homes' value. After a professional assessment and evaluation from local market experts, they'll get the bottom line on how well their efforts will pay off, with big surprises often awaiting the homeowner in the final number.

Over the summer I had a chance to work with HGTV on the hit show "My House is Worth What?" I will be appearing as the local Real Estate expert assisting people in find out the true value of their renovations and helping to establish a general price range for listing. "My House is Worth What?" is the number 2 rated show on HGTV after only one year and reaches an audience over 1 million.

Ward/Davis Episode airs Dec. 12th @ 10P.M.
Wise/Davis Episode airs Dec. 26th @ 10P.M.
3rd Episode to be announced

Going Green Atlanta's Future w/ Street Cars

The future of Peachtree Street includes Street Cars...Going Green and saving the enviroment for generations to come. Are youon board? Go to AtlantaStreetcar.org and cast your vote for this project.

Why you should Chose Re/Max

A Brief Respite! In the Mortgage industry

A Brief Respite!

As I come to you each week with an update about the machinations that have become the credit markets within our grand nation…..and around the world…..I sometimes can’t help but be somewhat dismayed. Last week the tension in the mortgage industry was palpable. On Friday of last week we reached a crescendo. Lenders, loan officers, processors and underwriters were forced to make decisions about loans that would have made no sense just 90 days ago. The pendulum had swung all the way to the other side of unreasonable.

However, on Monday things started to change. The Fed’s move to lower the Discount Window Rate, the rate which banks borrower from the government for up to 30 days, was lowered by .5%. While this move in and of itself was seen by many economists as a gesture to the credit markets, it was not seen as a complete solution. What the naysayer failed to recognize was that the Fed did something else. This time they allowed banks to collateralize the loans with Mortgage Backed Security Pools. Essentially the Fed said they were so confident in our banking system that they would buy the pools until banks could sell them on the open market for a fair price. At the writing of this email, Bank of America, Citi, JP Morgan and Wachovia have all visited the Window of the Fed and have borrowed as much as $2 billion. Whew! Let’s all breathe a sigh of relief.

The markets have regained some confidence and that should give us all a few moments to breath. Some reasonableness should begin to reenter the underwriting vernacular and hopefully we will see loan approvals that don’t ask our clients to provide details about the length, in centimeters, of the big toe on their right foot! LOL!

Even with news today that Accredited Home Mortgage will close, that Lehman Brothers has closed BNC (their subprime division) and that Delta Funding will layoff 20% of its workforce, I can’t help but be optimistic. During tough times my father used to use an analogy of pushing a boulder up a mountain. When you get close to the peak you begin to tire and going that few extra yards seems impossible. However, if you can get to the pinnacle and push the boulder over the top, then you’ve won. I truly feel we’ve reached the pinnacle and with one more push we’ll see the boulder begin to roll down the other side. It will be slow at first, but it will gather steam and beginning in 2008 we will all be back on track.

For now, let’s all take a breath…..a short break if you will. Then next week we can all stand in unison and make one more big push. As always, Dividend America will be here for you. We are closing loans and we have the wide variety of lending channels and resources to make the lending process successful for your clients. I hope you’ll give me a call if you have any questions, concerns or opportunities. I will continue to bring you these weekly updates until you all scream STOP! Until then, I hope that the information I try to boil down to layman’s terms is helpful to you and your clients. Thanks for reading and stay positive! J

Sincerely,
Michael D. Gross
President
Dividend America |Mortgage
770-350-7373
404-819-4511 (cell)
www.dividendamerica.com

New Film Out 8/24 A must see!

This new film is a must see in my book, if you are in any way concerned about our future. The film is a real life look in to what we need to do and react to change in the global climate issues.

Mortgage Market Update from Michael Gross

Countrywide’s Slide:

Countrywide’s stock is down by 21% since last Wednesday. The company reported “unprecedented disruptions” in the mortgage backed securities market “could have an adverse impact” on its earnings and financial condition. Merrill Lynch’s Kenneth Bruce wrote: “If enough financial pressure is placed on Countrywide or if the market loses confidence in its ability to function properly, then the model can break, leading to an effective insolvency. If liquidations occur in the capital markets, then it is possible for Countrywide to go bankrupt.”

First Magnus, Last Place?:
First Magnus announced today that it will no longer fund mortgage loans. Is this the last of the nations top 20 lenders to fold, or will there be more to come?

Thornburg’s Demise:
In a piece of positive news, Thornburg mortgage announced that the report of their demise was unfounded. They are solvent and continue to fund loans.

My Thoughts:
As we traverse the rocky roads of this current market downturn I can’t help but be encouraged. The mortgage industry is experiencing its equivalent of the (dot)Com implosion of the 90’s. By all economic indicators, the overall economy is strong. Nation wide home values have dropped less than 1.5% with starter homes taking the largest hit. The actual pool of sub-prime loans as compared to all mortgages is approximately 15% and only 10% of those loans are expected to go into foreclosure. That number reflects less than 2/10ths of 1% of GDP. In my opinion, the markets are simply correcting and the mortgage industry is being washed out of all the failed and flawed business models. When the dust settles, the companies that remain will be those that have profit driven business models that balance consumer needs with investor needs…..profit. The American economy will be stronger in the end and we will all be better off.

I am optimistic about our future and I fully expect the market to stabilize in the next 90-180 days. When it does you will find that some of the most aggressive lenders in our market are no longer around and many of the know-nothing loan officers who were left over from the fast money days of the refinance boom have been washed out of the industry. Realtors, Homebuyers and Real Estate Investors can breathe a sigh of relief because the real professionals will be left and it will be easy to spot those who know the business from those who don’t.

My team and I look forward to being here for you now and into the future to meet all of your lending needs. Thanks and we’ll see you soon! J

Sincerely
Mike, Candace & Jo
Michael D. Gross
President
Dividend America |Mortgage
770-350-7373
www.dividendamerica.com

Selling a home in a Cold Market?

Selling a Home? Re/Max Around Atlanta Makes it Easy...
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The Marketing Plan ...
1) Your property will be on the FMLS & GAMLS services, crucial to provide national and local coverage to potential buyers and their agents.
2) Your listings will show the exterior of the home and up to 6 interior photos.
3) Your listing will be accessible to the Re/Max Around atlanta website as well as featured spot light ads on Google, Yahoo, and several other national search engines.
4) Further, your listing will be accessible on Re/Max web sites around the world.
5) It will be accessible from other major realty companies such as Keller Williams, Coldwell Banker, Jenny Pruit, and more.
6) I will utilize other local and national marketing media formats such as Craigslist and various free sites.
7) Utilize Open House Sundays and Agent Caravan techniques when appropriate and according to the scheduled needs of the property.
8) I will place a sign and lockbox where allowed.
9) I will obtain immediate feedback from any agent using the lockbox on your listing by accessing activity online.
10) I will provide Home Warranty information to both the Buyer & Seller.
11) Buyer Packets will be left in the listing highlighting local schools, churches, selling information and other points of interest.
12) I will provide the seller with detailed showing and sells reports on a timely manor to keep all parties on the same page and well informed at all times.

A Re/Max Agent Realtor can assist you in understanding your current market!
*Can assist you the proper pricing of your property!
*Can help you to market your home to thousands of other Realtors!
*Can assist you in the proper staging and presentation of a home!
*Can assist you in the negotiation of contract!
*Can assist you the closing process of the sell of your property!

Luxury Retail has a New home on "The Streets of Buckhead"

Luxury’s New Address Lies Along Atlanta’s “The Streets of Buckhead”
Groundbreaking, Welcoming of Signed Retailers and Restaurants Mark
Beginning of Buckhead Village’s Transformation into Mixed-Use
Streetscape
ATLANTA (August 3, 2007) – A new era for the former Buckhead Village begins
today, as commercial real estate development company Ben Carter Properties,
LLC breaks ground on its $1.2 billion The Streets of Buckhead project. With
plans to feature premier retail, office, residential, hotel and restaurant space, the
redevelopment represents a new vision for this historic area. The Grand
Opening of the first phase of The Streets of Buckhead is planned for fall 2009.
The Streets of Buckhead will fashion a charming, pedestrian-oriented
streetscape similar in nature to those found in other great American cities; among
these are Beverly Hills’ Rodeo Drive, Boston’s Newbury Street, and New York’s
Madison Avenue. Included in plans are more than 500,000 square feet of
boutique retail and restaurant space, much of which will be dedicated to
internationally popular, upscale retail brands; four hotels, two of them Five-Star,
including a 175-room full service hotel and a 100-room boutique hotel; up to
1,000 luxurious residential units; and Class A office space.
Illustrating the upscale nature of The Streets of Buckhead’s retail and restaurant
offerings, seven have already signed on for the project, of which six are opening
their first freestanding locations in Atlanta - and will be exclusive to The Streets of
Buckhead. They include:
• AG Adriano Goldschmied, a men’s and women’s boutique featuring
vintage-inspired designer denim and apparel, opening its second location
in the Southeast U.S. at The Streets of Buckhead.
• Bottega del Vino, a white tablecloth dining establishment featuring
northern Italian cuisine and an extensive international wine list.
-moreRetailers/
Page Two of Two
The restaurant’s extraordinary atmosphere and authentic dishes can also
be enjoyed at its historic original location in Verona, Italy, as well as in
New York.
• Domenico Vacca, a destination for classic Italian styling, this retailer
features custom tailored suits, dress shirts and accessories for men and
women. Popular Domenico Vacca boutiques can also be found in New
York, Miami, Palm Beach and Beverly Hills.
• Hermes, the French luxury line popular around the world, boasts fine
leather goods and accessories, handbags and men’s and women’s
sportswear. The Streets of Buckhead location will take many design and
merchandising cues from Hermes’ Madison Avenue location.
• La Goulue, an intimate, quintessential Parisian-style bistro and sidewalk
café, will bring to Atlanta what New Yorkers have enjoyed since 1972 –
extraordinary food and wine in a casual yet elegant setting. La Goulue
recently opened a popular outpost in Miami.
• Etro, based in Milan, is a creatively fashion-forward product
line with style and sophistication. Etro has established boutiques in
New York, Los Angeles, Miami and Las Vegas, as well as throughout
Europe and Asia. Etro customers will find men's and women's apparel
collections, accessories, leather goods, perfumes, and eyewear.
• Bottega Veneta, one of the world's leading luxury boutiques,
will showcase leather goods, men's and women's ready to wear and
exclusive home items. As head designer for Bottega Veneta since 2001,
Tomas Maier creates pieces that possess modern yet traditional style.
Bottega Veneta is an international retail brand with U.S. locations in
New York, Los Angeles, Miami, Houston, and other major cities.
“Buckhead represents the finest Atlanta has to offer – in shopping, dining,
residential neighborhoods and even corporate addresses,” said Ben Carter,
Founder and Chairman of Ben Carter Properties, LLC. “The Streets of Buckhead
will make the area even more of a premier destination by offering luxurious shops
and restaurants, world-class hotels, premier residences and Class A office, all
within walking distance in a dynamic streetscape setting.” Ben Carter Properties
will develop, lease and manage The Streets of Buckhead
Founded in 1993, Ben Carter Properties is an Atlanta-based, full-service
commercial real estate firm, which specializes in retail, office and mixed-use
projects throughout the Southeast. Over its history, the company has developed
over $1 billion in real estate projects. Currently the company has $2 billion in
new projects in development, with planned openings by 2010. The Ben Carter
Properties team of experts focuses on four distinct areas of real estate services:
development, asset management, leasing and brokerage. For information on the
company, please visit www.bencarterproperties.com.
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1010 Midtown New Development

1010 Midtown New Development
www.1010midtown.com

Coming soon to the Midtown Area is a new 35 story mixed-use highrise featuring 443 units. Situated at the corner of 11 & 12 on Midtown's Peachtree Street. Occupancy is expected for late 2008, featuring 1,2, and 3 bedroom floor plans with dramatic city views and amenities...Visit the offical website at http://www.1010midtown.com to see full details and watch the live tower cam to see the buildings progress.

Buckhead Avenues Rename "The Streets of Buckhead"

The new mixed use development re-dubbed "The Streets Of Buckhead" will open in Fall 2009 will feature...

80+ Retail Shops & Restaurants
200-room Full-Service Hotel
100-room Boutique Hotel
200 Multi-Family Units
Class A Office (300,000 square feet)


Buckhead Avenues!!! this project has been re-dubbed "The Streets of Buckhead." The name change was the reaction of a legal complaint filed in February by Atlanta-based Cousins Properties Inc. They claimed the Buckhead Avenues name would cause confusion with its "The Avenue" retail concept. Carter recently reached a settlement with Cousins on usage of "Buckhead Avenues," but still decided to change the project's name because he believes the new name better represents his vision.

A lavish Groundbreaking took place on Friday Aug. 3,2007 ending with the demolition of the former C.J.'s Landing to mark the new beginings. "The Streets of Buckhead" completion date is scheduled for 2009...

Coming soon to the old Buckhead Village location...3 Hotel/condo towers, 80 Boutiques and new office space...Ben Carter Development will be over seeing the 800,000 sq. foot mixed use development coming to Buckhead.

This high profile transformation will stretch 8 acres formally known as the Buckhead Village. And The developer, Ben Carter, has stated there will be a high-end boutique every 30 to 40 feet and that the Buckhead Avenues will rival Rodeo Dr and Madison Ave.

Fourth W Hotel Announced for Buckhead

Fourth W Hotel Announced for Buckhead

A new fourth W Hotel is announced for 3377 Peachtree Rd. in Buckhead. The site is currently home to Crowne Plaza, but is slatted to recieve a $100 million renovation. Designer Thom-Filicia from the hit show Queer Eye for the Straight Guy is to design the interior of the new location, Expected to be completed in 2009.