About San Antonio's Monte Vista

Texas is the second largest state in the United States, in both the area as well as the population, offering a wealth of cities and small suburbs that all contribute life and attractions to the popularity of the state. Texas is one of the largest tourism spots in the U.S. due to the massive historical influence found throughout the state, many sites offering great stories to the history of the state. The second largest city within the state, San Antonio, which is also the seventh largest in the whole U.S., also offers a great many sites, and the epicenter for tourism, with many attractions throughout the many areas of San Antonio, including the River Walk, the Alamo, Six Flags Fiesta Texas, and other great attractions, as well as events held throughout the year.

Moving to San Antonio definitely offers a wealth of choices, offering several small towns and suburbs within Bexar County to reside within. One such neighborhood is Five Points, which is one of the oldest communities still in existence within the city of San Antonio. Established in 1890, Five Points is home to historical houses such as the Hertzberg House, and architecture from the earliest 1900’s, including Folk Victorian and Classical revival type homes, as well as Texas vernacular styles, most of which are recognized as historical landmarks. Five Points remains one of the 21 historical districts found in San Antonio.

Despite the historical nature of Five Points, the median house costs are about $89,500, with homes ranging more or less, some a little more than others. The area is a working class community, offering homes that accommodate several budgets, including that of low income and working class families, as well as homes for those with a larger budget. Five Points is surrounded by both upscale neighborhoods like Monte Vista, and similar working class communities like Alta vista.

Living in Five Points is what you would expect from living in the San Antonio area, reaching all the most attractive venues within minutes, while enjoying the serenity of country living. The homes all contribute great history to the city, as well as Texas as a whole, with great growth in population in the past couple decades. There is access to the San Pedro Spring Park, as well as other great spots including the Pearl Brewery and Trinity University for students currently pursuing a college education, making this an ideal community for all types.

San Antonio Neighborhoods Series ~ Monte Vista

Monte Vista is included in the National Register of Historic Places and is the largest such historical district in the country. The area is located less than 2 miles from downtown San Antonio and borders Trinity University.

Monte Vista prospered and blossomed during San Antonio's "Gilded Age" between 1890 and 1930 when the city emerged from being just an outpost for cattle drives and became the place where many rich people, particularly cattle barons and oilmen, started having elegant homes built in which to live and raise their families. Instead of the usual Spanish style architecture, San Antonio architects designed diverse homes in the style of Queen Anne, Georgian, Victorian, Neoclassical, Moorish, and many more styles that give Monte Vista a unique flavor all its own.

Monte Vista is known as a showcase of architectural diversity with homes designed by more than two dozen architects who adapted national trends to create an interesting mix of distinctive homes built for both the wealthy and for those of lesser means. This resulted in a mix of wealthy ranchers and oilmen living in the same neighborhood as schoolteachers, but with all living in houses designed and built by talented architects and builders.

Monte Vista has never fallen into decline and is the most extensive and intact neighborhood of this historical era in Texas.

Currently, the most expensive home on the MLS is listed at $995,000. This is a 3686 sf, 4 bedroom, 4.5 bath home that was built in 1929 and set on 1.10 acres. The listing agent says it is a historically significant home, built by famed architect Adams & Adams [for] concrete baron Charles Baumberger. The home has a guest house and maid's quarters.

Below is a photo of Bonner Garden Bed & Breakfast in the Monte Vista district.

Photo courtesy Bonner Garden Bed & Breakfast

Mortgage Insurance Tax Deduction Extended

by Broderick Perkins

The same new federal law that offers relief from mortgage debt forgiveness taxes, also extends tax benefits for many more homeowners who pay mortgage insurance.

Effective January 1, 2008, according to the "Mortgage Forgiveness Debt Relief Act of 2007," for those eligible, no taxes will be owed on any mortgage debt forgiven or written off as part of a short sale, foreclosure, renegotiation, bankruptcy or other such action on a principal residence.

Before the law was passed, such forgiven debt was typically taxed as income.

The relief act came on the heels of a housing and mortgage crisis after risky subprime and non-traditional home loans blew up in the faces of many homeowners and spilled foreclosure ash over the economy.

The relief act's debt forgiveness portion protects up to $2 million of indebtedness from taxation if the debt is secured by a principal residence and if that debt stems from the acquisition, construction or substantial improvement of the principal residence. This special relief is available retroactively for eligible debt discharges from Jan. 1, 2007, through Dec. 31, 2009, for those who qualify.

While the debt relief portion of the relief act is making all the headlines, another provision that extends a mortgage-related tax deduction is likely to benefit more homeowners.

The relief act also extends federal tax relief for homeowners with low down payment mortgages who pay mortgage insurance. The extension allows eligible homeowners to continue to deduct the cost of their government or private mortgage insurance premiums for three more years. The original one-year provision was set to expire Dec. 31, 2007.

A tax deduction, by the way, reduces taxable income, leaving less income to tax.

Now, qualified borrowers will be able to take the deduction if their insured mortgage originates between 2007 and 2010, instead of just for the year of 2007. Qualified borrowers are families with an adjusted gross income of $100,000 or less. Families with incomes up to $109,000 are eligible for a partial deduction.

Lenders levy mortgage insurance to protect themselves from risk when a borrower's down payment is less than 20 percent of the purchase price and other loans are not used to make up the difference.

The homeowner pays the premium (averaging $50 to $100 a month, for the national median priced home), but the insurance protects the lender from the risk of financing more than 80 percent of the cost of a home. Studies show borrowers with smaller starter equity stakes have more problems than those who have larger equity stakes.

To protect mortgage insurance consumers, the federal "Homeowners Protection Act of 1997" gave homeowners disclosure rights and broader insurance cancellation rights they can use once they reach certain equity levels.

The mortgage insurance provision of the new relief act may be the federal law's best provision, in terms of the number of homeowners who will benefit.

Economy.com estimates that forgiven debt tax relief could apply to 750,000 homeowners, but would likely end up benefiting only 250,000.

During the first year of the mortgage insurance tax deduction, the Mortgage Insurance Companies of America (MICA) estimated 2 million families would benefit from the deduction, resulting in an average tax savings between $300 and $350.

"Continuing this tax deduction will help low- and moderate- income consumers, particularly first-time home buyers who are unable to put down 20 percent," said Kevin Schneider, MICA president.

Even with home prices declining in many areas, many families find it difficult to accumulate a 20 percent down payment. The need for insured mortgages with low down payments continues to grow and the mortgage insurance method for meeting the needs of certain borrowers, has a better track record than subprime loans.

Suzanne Hutchinson, MICA's executive vice president says, "As risky, exotic loans are no longer considered viable housing finance options, more secure loans with private mortgage insurance remain readily available for qualified borrowers."

Published: January 9, 2008