Real Estate Gazette

A Quick Note From Connie and Zane August 2009

While the market is less than picture perfect it makes it more important to hire the right people to help you with your real estate transactions. We will always work hard for you in an honest and professional manner. Sometimes people just need to be asked, so here we are, we want your business. We also want you friends and families business. We are striving in a market many are running to get out of. So please think of us when you think real estate.

Thanks,

Zane and Connie

First appeared in the August 2009 Issue of the Real Estate Gazette, Click here to read.

 

A Walk In Las Cruces’ Past: A Change in Architecture

A Change in Architecture

The railroad brought new building materials and styles to Las Cruces. When the county seat moved from Mesilla to Las Cruces, a new, two-story brick Italianate courthouse was built in 1883. (It was demolished in 1938.) New building materials arriving by train allowed for frame construction. Hip-roofed houses on broad lawns set the new neighborhood apart from the traditional one-story adobe and territorial style homes in the original town site. These new styles were most apparent in the varied architecture of the Alameda Depot Historic District. Architect Henry Trost designed some of the finer homes in the Alameda district in the early 1900s.

Las Cruces Courthouse. Built in 1883. All history thanks to the Branigan Cultural Center

First appeared in the August 2009 Issue of the Real Estate Gazette, Click here to read.

Is the Las Cruces Real Estate Market Changing?

 

Is the Las Cruces real Estate Market Changing?

La Tierra Escondida is the premiere estate subdivision in Southern New Mexico.  Like many other high-end properties, it went through a rough patch due to the national economy.  But if you are looking for signs of a changing market, look no further.  Since Connie and Zane listed this project on the first of June, closed and pending sales are up 175% over last year’s total sales.  While these numbers are still off the subdivision’s peak sales of several years ago, this might just be a sign of an upward swing of real estate prices.  These estate lots remain the very best value on the market today.  It is too soon to decide whether the overall market is going up or if this is just a good example of great marketing combined with great value. 

www.LaTierraEscondida.net

Appeared in the August 2009 issue of the Real Estate Gazette.  Read Here.

Important New Laws Began July 1, 2009

 

A couple of new laws regarding real estate transactions in the state of New Mexico took effect July 1, 2009.  Both laws were passed to protect the interests of the buyer.  These laws apply regardless of representation from a Realtor.

The first law is regards property taxes.  What the property taxes will be once the property is reassessed must now be disclosed before a contract can be written.

The second law refers to FIRTPA.  Buyers  must abide by the FIRTPA laws, or they may be responsible for paying taxes the sellers incur on the sale of the property they are purchasing.

Why take a chance? Call experts who know the laws.  Let Connie or Zane use their training and resources to protect your interests. They’ll be happy to explain everything to you.

http://www.lascrucesnmproperties.com  

This first appeared in the August 2009 Issue of the Real Estate Gazette.  Click Here to view entire newsletter.

Time’s Running out on Tax Credit

 

First time home buyers better hurry if they are going to take advantage of the $8,000 tax credit when buying a home.  The tax credit, part of the stimulus package, will end Nov. 30.  This means that closing on the house must be completed by the end of November.  That does not give home buyers very long to look, decide, negotiate… There is also growing concern that the banks may take longer to approve loans because of the increased number of buyers trying to purchase before the tax credit ends,

 If you qualify and are in a position to buy, it is highly recommended that you get started.  Many first time home buyers take longer to buy because of their unfamiliarity with the product and the process.  Some first time home buyers in Las Cruces have actually been able to buy brand new homes, but this may  no longer be an option (unless construction is already underway) to make sure the home purchase will be closed in time for the tax credit deadline. 

 

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first time home buyer.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

 

The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability. Typically this involves the government sending the taxpayer a check for a portion or even the entire amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15^th, 2010. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

For more information or to get started fulfilling your dream of home ownership, give us a call at 575.640.4374 or 575.640.7279. 

This article first appeared in the August Issue of the Real Estate Gazette.  Click here to see all of the August Issue