Ryan Allie

The President signed the stimulus package on February 17, 2009 and in it are changes to the current Home Buyer Tax Credit. Below are some of the details of this tax credit and how it can help 1st time home buyers get into a home.

• First time home buyers purchasing any kind of home - new or resale - are eligible for the tax credit.

• 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.
  

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

• The home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
  

• The credit does not need to be repaid as long as the home buyer uses the residence as a principal residence for at least three years.
  

• The buyer will claim the credit on their federal income tax return. The fact that the credit is refundable means that the home buyers credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
  

How big of a smile will you have on your face when you receive your check from the government?

For more information about the please contact "THE REAL ESTATE SHOP" by phone or e-mail.

Ryan Allie Associate Broker

Main: 206-366-5303

Fax: 800-708-9148

Office: 253-835-4500

Office Fax: 253-835-4550

Hello Golfers....University Place, Wa is holding U.S. Open coming to Chambers Bay....

"The Lone Tree" is the signature of Chambers Bay Golf Course.

Did you see the front page of the Tacoma News Tribune this morning? Chambers Bay will be holding the 2015 U.S. Open! This is very exciting considering the PGA only has 4 major events during the year. This is also very fortunate for the South Sound region. If you look at the likelihood of have a major coming to your town, remember 2 of the majors will never be here, because they are alway committed to 2 other geographical locations. The Masters is always at Augusta National Golf Club, Augusta, GA, and The British Open is always Somewhere across the Atlantic on the British Isles.

Given the fact that there are only TWO opportunities a year to have a PGA major event in any city, we are very lucky and happy to have The U.S. Open here in Tacoma in 2015.

This is Great news for local Golf fans and the local economy. The beautiful part about majors is they bring in all of the big players.

• Tiger Woods
• Phil Mickelson
• Vijay Singh

This will also bring in more ticket sales. Having a four day event that can hold 60,000+ fans, is an extreme amount of revenue to flow into the local economy. The holder of the last year's US Open (Pennsylvania) estimated a boost of $59.7 million into the local economy.

The Tacoma News Tribune project upwards of $100 million to pour into The South Sound.

I guess from a RE Blogger's standpoint, it lbegs the question: "How will it effect the local Real Estate Market?"

Anytime you have a Major PGA event come to town, it brings in people. It also brings a certain Prestige.

Chambers Bay has won:

• Best New Course of 07 Golf Magazine

• #1 Best New Course 2007 Travel and Leisure Golf Magazine

University Place is the location of the Golf course. This has been a great corner of the South Sound area since the 1800's. It was unincorporated until it became a city in 1995 & has a reputation of breathtaking western views, with nice neighborhoods, and a friendly small town feel. Real Estate has slowed everywhere since last year. But I believe this will give the area a shot in the arm.

This creates a buzz.

1. Golfers will come try out the course before the actual event.
   
2. Smaller Golf tournaments will come to the area. (2010 USGA Amatuer Championship)
   
3. Residents will be able to boast of a great golf course.
   
4. Businesses will be developed in preparation for the event.
   
5. Transportation lines will be added to handle the amount of people coming to the events.
   
6. Revenue will start to generate in the area because of the annoucement.

This all creates a destination and that creates marketability, which we all know is good for a local Real Estate Market.

I will keep you posted as time moves forward on any and all changes in the local University Place, WA real estate scene, spurred by this notable event. For now...it's just the beginning.