Blog entries

Houston Chronicle's Nancy Sarnoff Says Houston's Economy Strong

Cheryl Boe — Thu, 03 May 2012 15:43:48 +0100

Reprinted from this week's

Prime Property
Blogging Houston real estate with Nancy Sarnoff

With Houston’s economy outperforming much of the rest of the country, it’s no wonder we’ve been ranked one of America’s fastest growing cities of 2012, according to a new report from Forbes.

It’s not just Houston. Dallas made the list and so did Austin, which ranked no. 1.

What’s with the Texas boom? The housing market, for one. Austin’s real estate is reviving and Houston’s has been on the upswing too.

The Houston metropolitan area is expected to have an growth rate of 6.1 percent a year through 2016.

Forbes built the list by ranking the 100 largest metropolitan statistical areas according to projections of economic and population growth from Moody’s. Median income, unemployment rates and employment growth were also factored in.

What to Avoid Before Closing on a New Home

Cheryl Boe — Mon, 13 Feb 2012 17:42:01 +0100

Buying a new home is a very exciting time, especially when a buyer can see the construction process and how his or her home is built. The mortgage loan has been approved and now it’s just waiting on the closing and to move in. While most people can breathe a sigh of relief once they’ve been approved, they must keep in mind that after a few months, a mortgage lender will again look at a potential borrower’s financial situation to make sure there haven’t been any dramatic changes since the initial approval. And, this is what often gets new-home buyers into trouble.

Those who are in the process of buying a home should remember that even though they have already gone through the pre-qualification and approval process, they will be subject to having their credit information reviewed once again prior to closing.

While waiting for closing, here are a few things to avoid:

• Major purchases - this includes a car, major appliances, furniture, a vacation, etc. - anything that will create or increase debt on your credit report. This not an unusual problem for home buyers, in fact, in many cases, would-be home buyers found that because of making a major purchase before closing, they could no longer qualify to purchase their home. If at all possible, wait until after the closing and even move-in to consider making any kind of major purchase.

• Moving around money. Lenders will review your loan information for approval and one of the things they consider is the source of the funds for your down payment and closing costs (if applicable). Checking accounts, savings accounts, stock statements, mutual funds and even company retirement funds can be reviewed. Often, lenders will require the last two or three months of activity regarding assets. By keeping things simple and streamline, the closing and time leading up to it will be simple and hopefully less time consuming on both sides of the table.

• If possible, do not change banks once financial information has been submitted to a lender and the loan has been approved. Again, this will help prevent delays before closing.

• Changing jobs can also have an impact on home-buying if it is something that is avoidable. For example, if a person has changed the way he or she is paid or makes a dramatic change in their respective field, this could have an impact on the way lenders view the loan package.

• For those who are considering self-employment, remember that lenders require a minimum of two years of financial information.

The bottom line is, if you don’t have to make any major changes then don’t until after closing. If you have concerns, questions or a situation you think may impact your closing; contact your mortgage lender with questions.

Homeowner Associations Provide Benefits to Residents, Communities

Cheryl Boe — Mon, 13 Feb 2012 17:41:07 +0100

Home owners associations (HOAs), also sometimes referred to as community associations, are a part of community life in Texas.

Most planned communities have a homeowners association or HOA that is created to preserve the integrity of a community and help to maintain its long-term value.

A homeowners association allows the developer to exit financial and legal responsibility of the community, typically by transferring ownership of the association to the homeowners after selling a predetermined number of lots. The goal of the HOA is to protect and maintain the aesthetic appeal and integrity of a community from the time it opens to long after residents have moved in.

What many homeowners may not be aware of is that one of their homeownership responsibilities is to pay annual HOA dues. These dues, which are disclosed to homeowners at closing, are dedicated help to fund things like the maintenance of common areas and amenities such as pools and parks. Sometimes they are even used to sponsor community wide events, but primarily, are utilized to maintain the uniformity and overall appeal of a community.

Homeowners Association dues vary by community, depending on the community’s size and amount of amenities.

Some of the many responsibilities of the homeowners association include enforcing deed restrictions that are also provided to residents at the time of their home purchase.

These deed restrictions help make the community appealing long term and hold homeowners accountable for the on-going maintenance of their property. In other words, it would prevent a homeowner to paint their house a strange color, or a color that is not already approved by the HOA, or making sure that trash cans did not constantly remain in front of a house.

Homeowners associations require residents to pay their dues just once a year, typically at the beginning of the year, so it is a good idea to have that amount budgeted when they are due.
For more information on an HOA and annual dues, visit any new-home sales office.

Energy Saving Features an Important Part of New Home Amenities

Cheryl Boe — Mon, 13 Feb 2012 17:37:07 +0100

The Houston housing market is impressive, with homes across all price ranges offering impressive included features, architectural drama and a lot of space for a great price.

Complimenting today’s new homes is outstanding energy saving features that enable buyers to enjoy soaring ceilings, walls of windows and open living areas while maintaining a year-round comfort level and affordable utility costs.

New-home buyers in Texas are very aware of the importance of an energy efficient home with our extended summers and tropical climate. New-home builders have done a good job of conveying the importance of an energy efficient home, the costs savings on utility bills and the value it can add.

Although most consumers are aware of the elements that create an energy efficient home, many still have questions on what certain features mean and how they help create a more comfortable place to call home.

Energy Star has become a nationally known program that has re defined the standards of energy efficiency in everything from new homes to appliances and electronics.

An Energy Star labeled home means the home is certified to be energy efficient, and will have tight ducts, high performance windows, good ventilation, maximum insulation levels, air tight construction and energy efficient heating and cooling systems. The combination of these items results in reduced utility bills, healthy indoor air, and lower overall maintenance. Throughout the construction process, the homes must pass rigorous inspections and diagnostic tests that are performed by accredited home energy raters. This is why consumers will often hear of homes passing the Home Energy Rating or HERs test.

SEER or Seasonal Energy Efficiency Rating is another term commonly repeated to home shoppers. The SEER rating is the unit of cooling output in Btu (British thermal unit) during a typical cooling season divided by the total electric energy input in watt hours during the same period. Simplified - the higher the unit’s SEER, the more energy efficient it is.

Industry experts recommend that new-home buyers look for a minimum of 12 SEER.

Insulation R values are also heavily promoted in energy efficient new homes.

An R-value indicates insulation’s resistance to heat flow, so the higher the R-value, the greater the insulation effectiveness. The US Department of Energy has recommended R-values for given areas of the USA based on the general local energy costs for heating and cooling, as well as the climate of an area. There are four types of insulation: rolls and batts, loose-fill, rigid foam, and foam-in-place. MHI for example uses R-38 ceiling insulation because the barrier between the outdoor and indoor temperature provides some of the greatest energy savings in a home. And, the R-38 exceeds the minimum standards set by the Energy Star Program.

More information on the Energy Star program is available at www.energystar.gov.

For more information on energy efficiency programs and features, visit a new-home sales office in any Trailwood community.

Simple Tips Can Help Preserve Long-Term Function and Value of a Home

Cheryl Boe — Fri, 29 Apr 2011 17:41:51 +0100

When the weekend and/or a well deserved day off arrives, it’s easy to plan a fun day of golf, tennis or even watching television but keeping your home in good shape is important. Your home may be the biggest investment you will ever make. Taking good care of it with regular maintenance is necessary to maintain its value and ensure it will provide a comfortable, safe shelter for you and your family for a long time.

Here is a home maintenance quiz that will test your maintenance knowledge. While this quiz does not address every home maintenance project, it does provide helpful tips and reminders for chores you may have overlooked.

How often do forced-air furnace filters need to be changed?
At least every three months during the heating season.
What part of the faucet usually needs to be replaced when you have a water leak?
The washer.
Should you run hot or cold water through your garbage disposal?
Cold water.
How often should the moving parts of garage doors be oiled?
Every three months.
What tools can you use to unclog your drains?
A plunger and a plumber’s snake.
What tool can be used to unclog a toilet?
Coil spring-steel auger.
What faucet part needs to be cleaned every three to four months?
Aerator—the screen inside the end of the faucet.
Where should the fire in your fireplace be built?
On the andirons or grate, never on the fireplace floor.
What will prevent soot and add color to the fire in your fireplace?
Throw in a handful of salt.
Where should your firewood be stored?
Outside, away from your house and not directly on the ground.
When can you clean hardwood floors with water?
When the floors have a polyurethane finish.
Do hardwood floors need to be waxed?
Hardwood floors that do not have a polyurethane finish probably will need to be waxed periodically. Use liquid or paste “spirit” wax.
What is the best polish for vinyl floors?
Water emulsion wax.
What should be regularly checked on your security system?
The alarms and circuit breakers should be checked to make sure they are in working order and the sensors should be inspected one by one.
To ensure your safety, what household equipment uses batteries that must be checked regularly to make sure they are operable?
Smoke and carbon monoxide detectors.
What is the white powdery substance that develops on masonry walls?
Efflorescence sometimes appears on masonry walls. It is crystallized soluble salts that can be removed by scrubbing with water and a stiff brush.
At what temperature should your water heater be set?
120 degrees Fahrenheit
What is a simple solution you can use to wash extremely dirty exterior windows?
A solution of equal parts vinegar and water or 3 tablespoons of denatured alcohol per quart of warm water. Use a piece of crumpled newspaper to wash the glass to avoid lint left behind by papertowls.

Buying New Homes Offers Advantages to Buyers

Cheryl Boe — Fri, 29 Apr 2011 17:39:55 +0100

Homeownership has so many advantages – from the benefits received at income tax time to the joy and pride that comes with home ownership. In Houston, new homes are among the most appealing and affordable in the nation which is why Houston is an industry leader in new home sales and construction.

A new home offers so many more advantages than most home shoppers even realize. Here are just a few to consider:

· Everything in the new home is new, so there are no worries about expensive repairs such as the roof, foundation, etc. New homes include a builder warranty, and there are also usually warranties for new appliances and systems (such as air conditioning).

· Most homebuilders can help buyers offer assistance or incentives with down payments and closing costs and in some cases, options.

· Today’s new homes have the latest energy-saving features, including insulation, double-paned windows and high-efficiency air conditioners. They use much less energy than older homes, and that can mean big savings on utility bills for your new home in Houston, Texas.

· A new home offers buyers the opportunity to personalize or make the home a reflection of his or her tastes and style. New-home buyers can make choices on their elevation and inside, in areas that include flooring, countertops, cabinets, and pain color. Builders also offer an impressive list of options that enable buyers to further personalize their home as their budget permits. These options can vary from design and decorator options to changes to the floor plan, such as adding optional rooms.

· Upgrades or options added to a new home can often be included in the mortgage loan, saving the buyer a lot of up front out of pocket expenses.

· New homes offer floor plans that reflect what buyers of today want- such as energy efficiency, open living areas, spacious kitchens, large closets, abundant storage, etc.

· Today’s experienced builders and developers will build in communities that are regulated by strict deed restrictions, offering new-home buyers the peace of mind that their home and community will maintain their integrity for years into the future.

What You Need to Know About Obtaining Your Free Credit Report

Cheryl Boe — Fri, 29 Apr 2011 17:38:45 +0100

Just about everyone wants to know about his or her credit score, or even get a look at a current credit report. The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide consumers with a free copy of their credit report at their request every 12 months.

A credit report includes information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

The Federal Trade Commission offers consumers a wealth of free advice on credit, debt collection and obtaining copies of credit reports. You can order your free annual credit report online at annualcreditreport.com, by calling 1-877-322-8228, or by completing the Annual Credit Report Request Form <http://www.ftc.gov/bcp/edu/resources/forms/requestformfinal.pdf> and mailing it to:

Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

When you order, you need to provide your name, address, Social Security number, and date of birth. To verify your identity, you may need to provide some information that only you would know, like the amount of your monthly mortgage payment.

The FTC also warns consumers about “imposter” sites offering free credit reports. The government agency advises consumers who order their free annual credit reports online to be sure to correctly spell annualcreditreport.com, or link to it from the FTC's website to avoid being misdirected to other websites that offer supposedly free reports,but only with the purchase of other products. While consumers may be offered additional products or services while on the authorized website, they are not required to make a purchase to receive their free annual credit reports.

What to Buy After Buying a Home

Cheryl Boe — Fri, 29 Apr 2011 17:36:52 +0100

Buying a new home is always exciting – especially when it’s your first home. We give lots of advice on preparing for your home purchase and the costs to expect when you buy a home, i.e. monthly utility bills, home maintenance, etc., but most people are not sure of the most important things to purchase prior to or moving into their new home.

First, consider the outside of your home – now you have a yard. As wonderful as that is, your are still responsible for taking care of that yard and unless you have budgeted to pay someone to mow it regularly, you need to consider investing in a lawnmower. Now is a great time of year to comparison shop for lawn equipment, as retailers prepare for the busy spring season. Other gardening supplies to have on hand include a sprinkler, push broom and weed whacker.

The same holds true for appliances. While many new and resale homes may come with a washer, dryer and refrigerator, many do not. Again, spend some time comparing prices for all of these items or consider spending a weekend shopping at garage sales or moving sales.
Cleaning supplies are another item that should be on your list.

Make a list of the various cleaning supplies needed for your new home – the various types of flooring, carpet, countertops and other surfaces. Glass cleaning and a good floor cleaner can go a long way.

Consider changing out locks and keys. If the previous sellers were like most people, the neighbors, friends and coworkers all might have a set of keys to your house. Even new home builders give out keys to contractors. It's smart to change the locks and / or install deadbolts. Purchasing all new locks can be expensive and a more affordable alternative is to remove locks and take them to your local hardware store to re-key. You can buy all new locks, but that's expensive, or you can call a locksmith to change the locks for you.

When you are a homeowner, you will eventually find the tools that you just can’t live without. A good list to get started with and to have readily available is as follows:

Hammers: Ball & Claw
Assorted Screw drivers: Flathead & Phillips
Hacksaw
Pliers
Plumber's Wrench
Basin Wrench
Small Drill & Drill Bits
Nail Driver
Staple Gun
Tape Measure

Your new home may already have window coverings but this is often an expense – to the home buyer with uncovered windows or the one who wants to change the look of the window coverings. A wide variety of window coverings is available and includes blinds, shutters, shades, drapes, window toppers and sheers to name just a few. If this is an expense you are not quite ready to incur, you can purchase paper shades that are self adhesive which will provide privacy until you install permanent window coverings. From the outside, it’s difficult to tell these coverings are paper and some cost less than $5.

Finally, in addition to the furniture you move in with and/or plan to buy and any favorite electronics, most homeowners will stock their new home as time passes and their needs change. In addition to the basics – dishes, flatware, glassware, cookware, etc. you will eventually need to purchase floor coverings, such as rugs for the kitchen and bath and linens. Other good essentials to stock up on include batteries, flashlights, light bulbs, and air filters.

Now, enjoy your new home!

Friendswood Development Company Honored With Humanitarian of the Year Award

Cheryl Boe — Thu, 23 Sep 2010 18:43:26 +0100

Houston’s Ronald McDonald House continues to provide families of sick children from all over the world with a free place to stay as well as a strong support group and hope - all in a beautiful, welcoming setting where they have convenient access to critically needed care in the surrounding Texas Medical Center.

Supported by generous donors and volunteers, the unique facility has helped countless families get through difficult times and has been a critical home away from home for families with children undergoing treatment for cancer and other life-threatening illnesses.

For nearly four years, the associates of Friendswood Development Company have been honored to donate their time, talents and hearts to a group of very special children and their families who are confronting what is often one of the most difficult challenges they will face in their lifetimes.

Each month, Friendswood Development Company associates bring a catered lunch for the residents and staff, and coordinate a variety of activities. Every summer, Friendswood Development brings its mini carnival to Houston’s Ronald McDonald House, offering family members of all ages a fun and memorable day of activities, games and prizes; and during the holidays, associates bring gifts to the Ronald McDonald House Store, which offers sick children and their siblings the opportunity to shop for their parents and other family members.

For more information on Houston’s Ronald McDonald House, visit the website at www.rmhhouston.org.

New Elementary School to Serve Children in the Trails at Bay Colony

Cheryl Boe — Tue, 25 May 2010 22:21:11 +0100

This August, when school begins for students in the Dickinson Independent School District, a number of elementary school age students in the Trails at Bay Colony will attend the district’s newest elementary school – Calder Road Elementary School.

Located at 6511 Calder Road, the highly anticipated school will serve students in grades Pre-K through fourth. The school offers state of the art features and a plan that includes more than 102,000 square feet.

A dedication for the new school is scheduled for Tuesday, August 10 and pre-registration begins on August 11 and continues until August 13. Parent orientation is scheduled for August 16-17.

For more information on Calder Road Elementary School, attendance zones and the Dickinson Independent School District, visit www.Dickinsonisd.org.

New Homes Offer Numerous Advantages to Buyers

Cheryl Boe — Tue, 25 May 2010 22:20:00 +0100

A new home offers so many more advantages than most home shoppers even realize. Here are just a few to consider:

Everything in the new home is new, so there are no worries about expensive repairs such as the roof, foundation, etc. New homes include a builder warranty, and there are also usually warranties for new appliances and systems (such as air conditioning).
Most home builders can help buyers offer assistance or incentives with down payments and closing costs and in some cases, options.
Today’s new homes have the latest energy-saving features, including insulation, double-paned windows and high-efficiency air conditioners. They use much less energy than older homes, and that can mean big savings on utility bills for your new home in Houston, Texas.
A new home offers buyers the opportunity to personalize or make the home a reflection of his or her tastes and style. New-home buyers can make choices on their elevation and inside, in areas that include flooring, countertops, cabinets, and pain color. Builders also offer an impressive list of options that enable buyers to further personalize their home as their budget permits. These options can vary from design and decorator options to changes to the floor plan, such as adding optional rooms.
Upgrades or options added to a new home can often be included in the mortgage loan, saving the buyer a lot of up front out of pocket expenses.
New homes offer floor plans that reflect what buyers of today want- such as energy efficiency, open living areas, spacious kitchens, large closets, abundant storage, etc.
Today’s experienced builders and developers will build in communities that are regulated by strict deed restrictions, offering new-home buyers the peace of mind that their home and community will maintain their integrity for years into the future.

What to Buy for a First New Home

Cheryl Boe — Tue, 25 May 2010 22:18:13 +0100

Buying a new home is always exciting – especially when it’s your first home. After all of the preparation, financing and moving plans, the next step is deciding what to purchase for your new home.

Cleaning supplies are another item that should be on your list. Make a list of the various cleaning supplies needed for your new home – the various types of flooring, carpet, countertops and other surfaces. Glass cleaning and a good floor cleaner can go a long way.

When you are a homeowner, you will eventually find the tools that you just can’t live without. A good list to get started with and to have readily available is as follows:

Hammers: Ball & Claw
Assorted Screw drivers: Flathead & Phillips
Hacksaw
Pliers
Plumber's Wrench
Basin Wrench
Small Drill & Drill Bits
Nail Driver
Staple Gun
Tape Measure

Homeowner Associations Provide Benefits to Residents, Communities

Cheryl Boe — Tue, 25 May 2010 22:17:05 +0100

Moving into a planned community by an experienced developer offers many advantages to residents. Among those benefits are Home Owner Associations or Community Associations, commonly referred to as HOAs or CAs. These organizations are an important a part of community life in Texas.

Most planned communities have a homeowners association or HOA that is created to preserve the integrity of a community and help to maintain its long-term value.

A homeowners' association a legal entity created by a real estate developer for the purpose of developing, managing and selling a development of homes. It allows the developer to exit financial and legal responsibility of the community, typically by transferring ownership of the association to the homeowners after selling a predetermined number of lots.

Some of the many responsibilities of the homeowners association include enforcing deed restrictions that are also provided to residents at the time of their home purchase. These deed restrictions help make the community appealing long term and hold homeowners accountable for the ongoing maintenance of their property. In other words, it would prevent a homeowner to paint their house a strange color, or a color that is not already approved by the HOA, or making sure that trash cans did not constantly remain in front of a house.

Homeowners associations require residents to pay their dues just once a year, typically at the beginning of the year, so it is a good idea to have that amount budgeted when they are due.

Legend Home Corp. Joins Lennar in Clearview Village

Cheryl Boe — Tue, 02 Feb 2010 02:04:20 +0100

Legend Home Corp. is now building in Clearview Village, locates just one mile from Interstate 45 south and Beltway 8. A Trailwood community by Friendswood Development Company, Clearview Village is known for its accessible location offering easy access to downtown, the Texas Medical Center and the NASA/Clear Lake area, Clearview Village also features new homes by Legend priced from the $120,000s.

Legend Home Corp.’s opening in Clearview Village comes at an ideal time, when home buyers can take advantage of the first-time buyer tax credit that offers them up to $8,000. The tax credit has been extended until April. New-home buyers taking advantage of the tax credit must purchase their new home by the end of April and close by June 30, 2010.

Within Clearview Village, Legend is offering its Traditional Series of designs that range in size from 1,263 to 2,253 square feet and priced from the mid $120,000s.

Within the homes, buyers will be impressed with the attention to detail and included features offered to them in this affordable price range.

Children in the community attend schools in the Pasadena Independent School District, with all schools just minutes from home.

In addition to Legend Homes, Clearview Village features new homes by Lennar, which offers two collections of designs – the Colonial Collection priced from the $120,000s and the Republic Collection priced from the $150,000s.

Visitors to Clearview Village can preview designs and visit sales offices and model homes by each builder open daily.

Friendswood Development Donates to LAMAR CISD

Tue, 29 Dec 2009 16:24:33 +0100

FRIENDSWOOD DEVELOPMENT DONATES MORE THAN $28,000 TO LAMAR CISD EDUCATION FOUNDATION

Friendswood Development Company, developers of outstanding master-planned communities in Houston since 1962, donated $28,873 to the Lamar Educational Awards Foundation. Two Friendswood Development Company communities – Lakemont and Walnut Creek – are located in the Lamar CISD. The recent donation is equal to a nickel per square foot of property Lamar Consolidated Independent School District purchased in the Walnut Creek subdivision that will be the location for Cora Thomas Elementary, LCISD’s 20th elementary campus.“The work of the foundation is extremely important in helping the district and the teachers provide an outstanding education for the students” said John Hammond, president of Friendswood Development Company. “We’re very proud to be a part of the district’s growth and achievements.”

“Hopefully, this donation will make a real impact on the students and in the classrooms,” said Javier Martinez, community development manager for Walnut Creek. “Schools are such important factor for many people when they are considering a move and we’re confident that Lamar CISD offers an excellent academic experience, helping prepare students for a bright future.”

“L.E.A.F. is appreciative of this wonderful donation from Friendswood Development.,” said L.E.A.F. board president Vincent Morales. “We also thank the LCISD school board for their assistance in securing this gift.”

L.E.A.F. was created to encourage teachers to develop creative instructional strategies in the classroom. District teachers are given the opportunity to make their creative ideas a reality, while positively impacting student learning. L.E.A.F. awarded more than $161,000 during the 2007 funding period and has awarded more than $732,000 in eight years.

First Time Buyer's Tax Credit

Tue, 29 Dec 2009 16:16:28 +0100

NEW LEGISLATION OFFERS OPPORTUNITIES TO FIRST-TIME HOME BUYERS

Houston has remained a city known for its healthy economy and solid housing market and now with new legislation designed to stimulate the national housing market, there’s no better time for those considering the purchase of their first home than right now.

Now, first-time buyers have more reasons than ever to purchase a home in Houston with the opportunities for tax credits, a wide variety of new homes and communities from which to choose, and some of the most affordable housing prices in a city that’s been considered the most livable in the country.

Thanks to newly passed legislation includes the following benefits and requirements (information provided by the National Association of Home Builders):

The $7,500 tax credit is available for first-time home buyers only.
The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits

Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their adjusted gross income (AGI) is less than $75,000.
For married couples filing a joint return, the income limit doubles to $150,000.
Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
The credit is not available for single taxpayers whose AGI is greater than $95,000 and married couples with an AGI that exceeds $170,000.

Effective Dates for the Tax Credit

First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.

Tax Credit is Refundable

A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.
For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.
If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,750 ($1,000 plus $7,500 from the home buyer tax credit).
Buyers can take the tax credit in their 2008 or 2009 tax return.
If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.

Types of Homes that Qualify for the Tax Credit All homes, whether single-family, town homes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a home in the prior three years. This also includes newly-constructed homes.

Payback Provisions

The tax credit essentially serves as an interest-free loan to be repaid over 15 years.
For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. However, the buyer doesn’t have to start repaying the credit until two years after the tax year in which the credit is claimed.
If the home owner sold the home, then the remaining credit would be due from the profit of the home sale.
If there was insufficient profit, then the remaining credit payback would be forgiven.

For more details on the tax credit, go to www.federalhousingtaxcredit.com

Oakcrest Updates

Tue, 29 Dec 2009 16:11:45 +0100

LENNAR UNVEILS NEW MODELS IN OAKCREST

Two new Lennar models and three collections of home designs, offering a wide variety of floorplans, are now open by Lennar in Oakcrest.

The Tomball area’s newest community which is less than five miles from SH 249 and six miles from US 290; Oakcrest is close to major employment, medical and retail centers and features new homes by Lennar affordably priced from the $140,000s.

The Harmony, Republic and Signature Collections are now available in Oakcrest, where residents will enjoy a wide range of amenities and a convenient location in the Tomball Independent School District.

The Harmony Collection is priced from the $140,000s. The one- and two-story homes in this collection range in size from 1,449 to 2,209 square feet. Homes in the Republic Collection are priced from the $140,000s and range in size from 1,511 to more than 2,300 square feet. The Signature Collection designs start from the $170,000s and span in size from 2,044 to over 2,999 square feet.

The two-story Travis II and the one-story Tyler are the newly opened and decorated models and represent the Signature and Republic collections respectively.

With 2,649 square feet, the Travis II offers four bedrooms and 3 ½ baths. A gallery entry is highlighted by plant shelves and a bridge, which also overlooks the two-story family room. Located off the foyer is the formal dining room, which is showcased by a large arched doorway. The kitchen and breakfast room are open to the family room, which has two-story windows viewing the back yard. A bar from the kitchen provides additional seating in the family room.

The master suite, which also has a sitting area, is located off the family room and designed for privacy. Upstairs, the Travis II features a split design with a gameroom, bedroom and full bath on one side of the second floor, and two bedrooms and another full bath on the other side, accessible via a bridge overlooking the first floor.

Featuring a stone elevation, the Tyler model from the Republic Collection has an open, flexible floorplan with a front formal dining room and central kitchen with a pass-through bar open to the breakfast room and family room. The master suite is in it’s own wing of the home, which also includes two additional bedrooms and a full bath on the opposite side. The Tyler includes a total of 1,828 square feet of living space.

Visitors to Oakcrest can also preview a number of new homes in various stages of construction.

New Models Now Open In Hidden Creek

Tue, 29 Dec 2009 15:55:29 +0100

NEW MODELS NOW OPEN IN HIDDEN CREEK

Lennar has opened two new models in Conroe’s newest community – Hidden Creek. Conveniently located close to Interstate 45, Loop 336 and FM 1314, Hidden Creek features easy access to major roadways, retail, schools and employment areas.

The new models represent each of Lennar’s design collections in Hidden Creek -- the Colonial Collection, priced from $115,990, and the Harmony Collection, priced from the low $130,000s.

The Terrance from the Harmony Collection and the La Vista from the Colonial Collection are the new models that are open daily.

Featuring classic brick elevations, the new models each offer something different and memorable.

The two-story Terrance from the Harmony Collection includes four bedrooms, all of which are upstairs, 2 ½ baths and a covered back porch. The La Vista has three bedrooms, two baths and a large central living area.

Six different floorplans ranging in size from 1,164 to 2,200 square feet are included in the Colonial Collection, and five designs which range size from 1,449 to 2,209 square feet, are featured in the Harmony Collection.

Complimenting Lennar’s appealing prices is an impressive features package valued at thousands of dollars and included at no extra cost, such as ceramic tile flooring, one-inch aluminum blinds, a General Electric black finish appliance package, full sod in the front and back yards, and a garage door opener.

The small-town charm and the accessibility of Conroe area have made it one of the Houston area’s fastest growing new-home markets. Served by the Conroe Independent School District, Hidden Creek is also surrounded by a growing number of medical and retail centers within Conroe and along I-45.

For more information, visit the Lennar model homes and sales office or visit the website at www.lennar.com.

Trailwood Communities

Tue, 29 Dec 2009 15:44:14 +0100

Friendswood Development Company Launches New Division: Trailwood Communities

Known for creating large-scale master-planned communities throughout the Houston area for 45 years, Friendswood Development Company is expanding its development operations with the introduction of Trailwood Communities.

Trailwood Communities benefit from the long-term development experience that Friendswood Development Company brings to residential projects, but are smaller enclave developments featuring new homes with average starting prices ranging from the low $100,000s.

“These communities reflect the same high standards of development for which our master-planned communities are known, with the same team of engineers and community development managers,” said Tim Fitzpatrick, Community Development Manager for Friendswood Development Company. “However, Trailwood Communities are smaller in size and offer slightly smaller homesites, with amenities that compliment each location’s size and style.

The communities range in size from 100 to 300 acres and include homesites averaging 40, 50 and 60 feet in width. Each location also benefits from strict deed restrictions and a homeowners association.

Like Friendswood Development Company’s master-planned communities, Trailwood Communities have familiar entry monumentation that distinguish them as a Trailwood Community. Each location also has a planned amenities program that will include parks and a pool and a blend of new homes that offer a selection of builders complimenting one another in style and price.