I recently posted some information on the tax credits available to those that are looking to buy a new home in California:
You probably heard about it already but in case you didn’t, here are the details.
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1)Â Â Â Â Â $10,000 tax credit for any NEW DEVELOPMENT purchase between March 1st 2009 and March 1st, 2010
2)Â Â Â Â Â Has to be PRIMARY RESIDENCE
3)Â Â Â Â Â Has to be NEVER BEEN OCCUPIED BEFORE
4)Â Â Â Â Â Application has to be received within ONE WEEK after close of escrow
5)Â Â Â Â Â Taxpayer has to occupy home for a minimum of TWO YEARS
6)     Be a single-family residence (attached or detached) – yes, condos count and so do house boatsÂ
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Here is the official link to the program
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml#def2
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You can also see how many people have applied already and how much is left in the tax credit (maximum of 100M allowed – $7M has already been allocated).
But the tax credit may soon be GOING, GOING, GONE!!!
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I just checked the website where you can track applications, and while the tax credit haven’t been allocated yet… buyers have already applied for OVER 25% of the amount allocated!!!
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That’s right folks…. $100,000,000 has been allocated for the tax credit, and IN JUST 1 MONTH, OVER 25% of that amount has been requested!!!
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That means that at this rate, the credit will be all used up before June is over!
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And while the state of California hasn’t started allocating the funds yet, the requests will be fulfilled on a first come first served basis.
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What does this mean to you?
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If you’re thinking about buying new construction in San Francisco, act fast!!!
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And if you need a little more information about new developments in SF (and a celebratory weekend getaway), give me a holler.
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