AVERAGE SALE PRICE OF A HOME IN LAKE COUNTY JUMPS $10,000 IN ONE MONTH. THE NUMBER OF HOMES SOLD INCREASES FROM 174 TO 215.
OVER 4 MILLION DOLLARS UNDER CONTRACT AT OUR OFFICE IN FEBRUARY
INVESTORS AND FIRST TIME BUYERS CONTINUE TO ENTER THE MARKET AS THE AVERAGE SALES PRICE SPIKES UPWARDS TO $150,824
Click here for information on how you may qualify for $8000 when you buy your first home!
DATE Monthly Sales Avg. Sales Price Average Days On Market Inventory Nov 2006 319 $244,061 97 4513 Nov 2007 188 $208,555 132 5870 Oct 2008 222 $176,283 129 5461 Nov 2008 197 $164,882 151 5462 Jan 2009 174 $140,384 133 5344 Feb 2009 215 $150,824 136 5291
We are still experiencing new buyers entering the market due to affordability.
Overall, inventory is stable with a decrease below $125,000.
First time home buyers are taking advantage of the $8000 Tax credit.
Contact me at 352-978-8551 for details.
Ray Levy
Coldwell Banker Camelot Realty
Mount Dora, FL
IT'S THAT TIME OF YEAR AGAIN FOR THE LAKE COUNTY FAIR IN EUSTIS FLORIDA. THERE WEBSITE SAY THE HAVE BEEN PROMOTING YOUTH AND AGRICULTURE FOR 87 YEARS.
WE HOPE YOU PLAN ON COMING OUT. CLICK ON THE LINK BELOW TO GET ALL THE DETAILS:
April 2 - 11, 2009
Fair Hours
Gates Open
Monday - Friday 5 PM
Saturday & Sunday 1 PM
INFORMATION PROVIDED BY:
Karen and Ray Levy
352-636-6579
VISIT www.lakecountyhomepros.com FOR A FREE HOME SEARCH OR INFORMATION ON LAKE COUNTY EVENTS.
Coldwell Banker Camelot Realty
Mount Dora, Florida 32757
Click here for information on how you may qualify for $8000 when you buy your first home!
Mount Dora Residents and Visitors will enjoy the friendly atmosphere and great value from "Daisy A Day" Florist.
They are full service offering Gift Baskets, Custom Silk Arrangements and much more.
Be sure to say hello from Ray and Karen when you stop in.
They are right on Donnellly Street in the heart of beautiful Mount Dora.
Hours
Monday thru Friday 9:00AM to 5:00PM
Saturday 8:00AM to Noon
Sunday Closed
Bridal Consulations By Appointment
Please contact us
Phone: 352 383-4200 or 800 346-2723
Fax: 352 383-4930
E-mail: daisyaday@embarqmail.com
If you are considering the purchase or sale of a home in the Mount Dora area be sure to contact the Lake County Home Pros.
Karen and Ray Levy
352-636-6579
Coldwell Banker Camelot Realty
Mount Dora, Florida 32757
Click here for information on how you may qualify for $8000 when you buy your first home!
The price is Right..The location is Perfect..and the Home is Beautiful. This lovely 4/3 w/over 2400 SF has a great floor plan.
Three bedrooms downstairs including the large master suite w/walk-in closet & private bath. The kitchen opens up to the family area so you are never far from the family and friends.
Upstairs is the fourth bedroom for guests w/their own private bath and sitting area. Located on a private cul-da-sac in a gated community w/pool, playground & clubhouse. Just minutes from shopping, dining and the community college.
Karen and Ray Levy
352-636-6579
Coldwell Banker Camelot Realty
Mount Dora, Florida 32757
Click here for information on how you may qualify for $8000 when you buy your first home!
Frequently Asked Questions
In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale.
For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009.
Tax Credits -- The Basics
•1. What's this new homebuyer tax incentive for 2009?
The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
•2. Who is eligible?
Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.
•3. How does a tax credit work?
Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual's income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 - $8000 = $1500)
•4. So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000?
This tax credit is what's called "refundable" credit. Thus, if the eligible purchaser's total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference between $8000 credit amount and the amount of tax liability. ($8000 - $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year.
•5. How does withholding affect my tax credit and my refund?
A few examples are provided at the end of this document. There are several steps in this calculation, but most income tax software programs are equipped to make that determination.
•6. Is there an income restriction?
Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.
•7. How is my "income" determined?
For most individuals, income is defined and calculated in the same manner as their Adjusted Gross Income (AGI) on their 1040 income tax return. AGI includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements. AGI is the final number that appears on the bottom line of the front page of an IRS Form 1040.
•8. What if I worked abroad for part of the year?
Some individuals have earned income and/or receive housing allowances while working outside the US. Their income will be adjusted to reflect those items to measure Modified Adjusted Gross Income (MAGI). Their eligibility for the credit will be based on their MAGI.
•9. Do individuals with incomes higher than the $75,000 or $150,000 limits lose all the benefit of the credit?
Not always. The credit phases-out between $75,000 - $95,000 for singles and $150,000 - $170,000 for married filing joint. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit. Thus, the credit will disappear after an individual's income reaches $95,000 (single return) or $170,000 (joint return).
For example, if a married couple had income of $165,000, their credit would be reduced by 75% as shown:
Couple's income $165,000
Income limit 150,000
Excess income $15,000
The excess income amount ($15,000 in this example) is used to form a fraction. The numerator of the fraction is the excess income amount ($15,000). The denominator is $20,000 (specified by the statute).
In this example, the disallowed portion of the credit is 75% of $8000, or $6000
($15,000/$20,000 = 75% x $8000 = $6000)
Stated another way, only 25% of the credit amount would be allowed.
In this example, the allowable credit would be $2000 (25% x $8000 = $2000)
•10. What's the definition of "principal residence?"
Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as "owner-occupied" housing. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Even some houseboats or manufactured homes count as principal residences.
•11. Are there restrictions on the location of the property?
Yes. The home must be located in the United States. Property located outside the US is not eligible for the credit.
•12. Are there restrictions related to the financing for the mortgage on the property?
In 2009, most financing arrangements are acceptable and will not affect eligibility for the credit. Congress eliminated the financing restriction that applied in 2008. (In 2008, purchasers were ineligible for the $7500 credit if the financing was obtained by means of mortgage revenue bonds.) Now, mortgage-revenue bond financing will not disqualify an otherwise-eligible purchaser. (Mortgage revenue bonds are tax-exempt bonds issued by a state housing agency. Proceeds from the bonds must be used for below market loans to qualified buyers.)
•13. Do I have to repay the 2009 tax credit?
NO. There is no repayment for 2009 tax credits.
•14. Do 2008 purchasers still have to repay their tax credit?
YES. The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return.
Some Practical Questions
•15. How do I apply for the credit?
There is no pre-purchase authorization, application or similar approval process. All eligible purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at www.irs.gov.
•16. So I can't use the credit amount as part of my downpayment?
No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.
•17. So there's no way to get any cash flow benefits before I file my tax return?
Yes, there is. Any first-time homebuyers who believe they are eligible for all or part of the credit can modify their income tax withholding (through their employers) or adjust their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases their withholding would decrease and their take-home pay would increase. Those who make estimated tax payments would make similar adjustments.
Some "Real World" Examples
•18. What if I purchase later this year but can't get to settlement before December 1?
The credit is available for purchases before December 1, 2009. A home is considered as "purchased" when all events have occurred that transfer the title from the seller to the new purchaser. Thus, closings must occur before December 1, 2009 for purchases to be eligible for the credit.
•19. I haven't even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit?
You'll have a helpful choice that might speed up the process. Eligible homebuyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can claim the credit on their 2008 tax return that is due on April 15, 2009. They actually have three filing options.
If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15.
Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010.
•20. I purchased my home in early 2009 before the stimulus bill was enacted. I claimed a $7500 tax credit on my 2008 return as prior law had permitted. Am I restricted to just a $7500 credit?
No, you would qualify for the $8000 credit. Eligible purchasers who have already claimed the $7500 credit on a 2008 return for a 2009 purchase may file an amended return (IRS Form 1040X) for the 2008 tax year. This amended return will enable them to obtain the additional $500 credit amount.
•21. If I claim my 2009 $8000 credit on my 2008 tax return, will I have to repay the credit just as the 2008 credits are repaid?
No. Congress anticipated this confusion and has made specific provision so that there would be no repayment of 2009 credits that are claimed on 2008 returns.
•22. I made an eligible purchase of a principal residence in May 2008 and claimed the $7500 credit on my 2008 tax return. My brother, who has never owned a home, wishes to purchase a partial interest in the home this spring and move in. Will he qualify for the $8000 credit, as well?
No. Any purchase of a principal residence (or interest in a principal residence) from a related party such as a sibling, parent, grandparent, aunt or uncle is ineligible for the tax credit. Since you and your brother are related in this way, he cannot qualify for the credit on any portion of the home that he purchases from you, even if he is a first-time homebuyer.
•23. I live in the District of Columbia. If I qualify as a first-time homebuyer, can I use both the $5000 DC credit and the $8000 credit?
No; double dipping is not allowed. You would be eligible for only the $8000 credit. This will be an advantage because of the higher credit amount, plus the eligibility requirements for the $8000 credit are somewhat more easily satisfied than the DC credit.
•24. I know there is no repayment requirement for the $8000 credit. Will I ever have to repay any of the credit back to the government?
One situation does require a recapture payment back to the government. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply. (See below, #24). Note that this same 3-year recapture rule applies, as well, to the $7500 credit available for 2008. This provision is designed as an anti-flipping rule.
•25. What if I die or get divorced or my property is ruined in a natural disaster within the 3 years?
The repayment rules are eased for many circumstances. If the homeowner who used the credit dies within the first three years of ownership, there is no recapture. Special rules make adjustments for people who sell homes as part of a divorce settlement, as well. Similarly, adjustments are made in the case of a home that is part of an involuntary conversion (property is destroyed in a natural disaster or subject to condemnation by eminent domain by an authorized agency) within the first three years.
•26. I have a home under construction. Am I eligible for the credit?
Yes, so long as you actually occupy the home before December 1, 2009.
WITHHOLDING EXAMPLES:
Note: The impact of estimated tax payments would be the same.
Situation 1: Sally plans her withholding so that her withholding is as close as possible to what she anticipates as her income tax liability for the year. When she fills out her 1040, her liability is $6000. She has had $6000 withheld from her paycheck. She also qualifies for the $8000 homebuyer credit.
Result: Sally's withholding satisfies her tax liability and reduces it to zero. She will receive a refund of the full $8000.
Situation 2: Nick and Nora file a joint return. Nick is self-employed and makes estimated payments; Nora has taxes withheld from her salary. When they compute their taxes, their combined withholding and estimated tax payments are $11,000. Their income tax liability is $9800. They also qualified as first-time homebuyers and are eligible for the $8000 refundable tax credit.
Result: Ordinarily, their combined estimated tax payments and withholding would make them eligible for a refund of $1200 ($11,000 - $9800 = $1200). Because they are eligible for the refundable tax credit as well, they will receive a refund of $9200 ($1200 income tax refund + $8000 refundable tax credit = $9200)
Situation 3: Cesar and LuzMaria both have income taxes withheld from their salaries and file a joint return. When they file their income tax return, their combined withholding is $5000. However, their total tax liability is $7200, generating an additional income tax liability of $2200 ($7200 - $5000). They also qualify for the $8000 first-time homebuyer tax credit.
Result: Cesar and LuzMaria have been under-withheld by $2200. Ordinarily, they would be required to pay the additional $2200 they owe (plus any applicable interest and penalties). Because they are eligible for the refundable homebuyer tax credit, the credit will cover the $2200 additional liability. In addition, they will receive an income tax refund of $5800 ($8000 - $2200 = $5800). If they owed penalties and/or interest, that amount would reduce the refund.
Thank You to John Matthews of Coldwell Banker Camelot Realty for compiling this information.
Ray Levy
352-978-8551
Coldwell Banker Camelot Realty
1898 Donnelly Street Mount Dora, FL 32757
Click here for information on how you may qualify for $8000 when you buy your first home!
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Local Professionals with a Global Marketing plan. Focused on the Mount Dora, Eustis, Tavares, Sorrento and Leesburg markets. We provide Hi-Tech and Hi-touch solutions for today's customers.
We care about our community. We offer a wide variety of Real Estate Services. Interested in lowering your mortgage payment? Owe more for your home than it's worth? Interested in buying or selling with a local professional team that is highly motivated and trained to give you superior consultative services. Give us a call and step up to a new standard of service and professionalism.
We are real estate professionals that understand what customers really want. You want to save the most money in the least amount of time. If you are a first time buyer who needs downpayment assistance we are connected with local and state agencies that have money available.
Luxury or move up customers will appreciate our attention to detail and the unique way we market. We spend a great deal of time attending local agency meetings to understand the future direction of real estate development in this area.
Remember: If saving Money and Time are important to you, then we are the team that understands your needs.
Our Team of Professionals
Most agents operate a one-person show - and they're probably breaking their backs trying to do a good job for their clients. Most agents couldn't really work any harder than they're already working.
We know, because we used to do it this way.
But we don't anymore because we found that our client's suffered from our good intentions. The fact is, you may be sympathetic to the fact that your agent is working as hard as humanly possible, but the quality and profitability of your home sale will suffer as a result of them trying to do everything themselves . . .
We utilize the Team Approach
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Local Information
Searching for a Great Florida Location ?
(See Video)The beauty of Lake county continues to capture the hearts and imaginations of its visitors. Lake county is unlike anywhere else in Florida; rolling hills, over 1,400 spacious lakes, picturesque golf courses, and spectacular scenery can be your everyday experience.
Only 25 miles from Orlando, Lake county's charm makes the big city seem far away.
Mount Dora is known as the New England of the South. The combination of Southern hospitality and New England charm are the main ingredients to the romantic lifestyle. It's no secret that Mount Dora has won numerous awards for being a great place to live.
The "Festival City" hosts numerous annual events including the Mount Dora Arts Festival. This event has been ranked among the top 10 arts and craft shows in the country.
Leesburg settled in 1857 rich in history and country lore continues to be a destination of new residents to Lake County.
Here you will find the beautiful Venetian Gardens (1938) and Mote-Morris House (1892). Visitors enjoy events such as: Mardi-Gras, Bike Festival and Fine Arts Festival.
Tavares has numerous plans for expansion including new Luxury Waterfront Townhomes a Marina and Water Taxi service to Mount Dora. This year Tavares will host the Dragon Boat Races, Antique Boat show and other events. The waterfront in Tavares is a great place to fish, boat or just enjoy the view.
Eustis is ideally located along the eastern shore of Lake Eustis, the 7,000 acre lake provides a picturesque background for outdoor events. Eustis continues to retain its small town charm. Some of the best lakefront real estate can be found on Lake Eustis.
Living in Lake County nearly fifty years and loving the lifestyle, we have made it our business to know everything about the area. If you are considering relocating to our area we will gladly send you a relocation package.
Featured Listings SOLD
1891 Lakeshore drive, Mount Dora, FL
This magnificent estate home built with superb quality craftsmanship has just been completed. Bring your boat, family, cars, and cat! You will want for nothing more when you own this lovely home with 5 bdrms/4.5 baths, 3 fireplaces, 3Car garage, state of the art kitchen, game room, amazing pool area with outdoor shower, and summer kitchen, private dock and boathouse. Located on prestigious Lakeshore Dr. 2007 taxes based on previous existing structure.
SOLD
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27508 Lake Jem Road, Mount Dora, FL
Feel the history when you enter this one of a kind two story Queen Anne Victorian home located directly on Lake Jem. The main house has three bdrms and two baths with more than 2800 SF of living. The apt/guest suite has over 1100 SF and rents for $975 month. The guest suite is the original 1915 Lake Jem post office and still holds the original post office boxes. The camphor tree located at the front of the property is noted as the second oldest camphor tree in the state of FL. The home has numerous original features, however, many recent updates have been made for convenience only. The original hardwood floors have been sanded & stained. Original beadboard kitchen cabinets & counters have been refinished along with all the pull out drawers. You won't want to leave the FL room when you curl up with a good book and enjoy sunny days and views of the lake. The electric & plumbing has been updated, A/C with three zones to keep electric bills low, newer roof, updated appliances, original 1920 Italian tub and pedestal sink, detached workshop are just a few of the extraordinary features of this gorgeous home. Expect to be sold when you view this home!
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Testimonials
Dear Karen & Ray
Thanks again for all you have done in helping me get the house of my dreams.
Regards Sonny Mt. Dora, FL
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I want to say "Thank You" for everything you and your team has done for our family! After two different real estate companies trying to market and sell our home, we decided to contact you. The biggest difference is that you made sure that our home was advertised not only in Real Estate books, but on the Internet. My friends told me that our home was listed everywhere! Thanks, Pete. Sorrento, FL
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"They kept us informed on a weekly basis right up until closing. The professionalism exhibited by the entire team impressed us."
Mr. and Mrs. Harry Harris
Eustis, FL
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"I can't believe we are in our new home in Mount Dora" We love it here and are enjoying decorating our new home.
Mr. and Mrs. Friberg,
Mount Dora, FL
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Karen and Ray operate on the basis of long term reward. They always put their customers needs to the forefront of every deal, and work tirelessly to meet those needs. Their team approach means always having the best skills working for you. Karen personalized, hands on approach focuses on buyers while Ray's marketing skill is focused towards sellers. This gives you the strength and expertise of specialization all wrapped up in one package! I'll never forget the customer we shared who had purchased a new home prior to selling his old one as the market weakened. This customer was fast reaching the end of his rope when Ray worked his magic and got the old home sold in a VERY challenging neighborhood with over 40 homes ! You guys are great!
Gerry
Eustis, FL
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