It’s official:  The American Recovery and Reinvestment Act of 2009 has authorized a tax credit of up to $8,000 for qualified first-time homebuyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.  (CLICK HERE FOR A PRINTABLE VERSION.)

Q:  What’s the definition of a first-time homebuyer for the purpose of this law?
A:  The law defines a first-time homebuyer as a buyer who has not owned a principal residence during the three-year period prior to the purchase.   (The date on the HUD-1 is the determining factor.) 

For married taxpayers, the law tests the homeownership history of both the homebuyer and his/her spouse.   For example, if you have not owned a home in the past three years but your spouse did, neither of you would qualify for the tax credit.  However, if an unmarried couple jointly buys a home and one person owned a home in the past three years but the other did not, that person can designate the tax credit to the other person to claim on his/her individual tax return.  The same is true if a parent (who already owns a home) co-signed on a loan with his/her child.  The child could claim the first-time homebuyer tax credit.

Q:  If someone owns a vacation home but does not live in it as their primary residence, would they qualify for the tax credit?
A:  Yes.  Owning a vacation home, second home, or rental that is not used as a primary residence does not disqualify the buyer if he/she can prove that it has not been used as a primary residence for the previous three years.

Q:  Is a tax credit the same as a tax deduction?
A:  No.  A tax credit is a dollar-for-dollar reduction in the amount of tax the taxpayer owes.  If someone owed $8,000 in federal income taxes and received the $8,000 tax credit, he would owe nothing to the IRS for that filing period. 

Q:  How is the amount of the tax credit calculated?
A:  The tax credit is equal to 10 percent of the purchase price of the home, up to a maximum of $8,000.

Q:  Are there income limits for claiming the tax credit?
A:  Yes.  The credit is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 (filing single) and $150,000 for married taxpayers filing a joint return.  There is no tax credit for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for MAGIs between these amounts.

Q:  How do you determine your modified adjusted gross income (MAGI)?
A:  Modified adjusted gross income is your adjusted gross income (your total income for the year), minus certain deductions called “adjustments” but before itemized deductions.  (Line 37 on IRS Form 1040)

Q:  If my modified adjusted gross income (MAGI) is over the limit, can I receive any tax credit?
A:  Possibly.  It depends on your income.  Here’s where the formula gets deep.  Suppose a buyer has a modified adjusted gross income of $88,000 which exceeds the $75,000 limit by $13,000.  Dividing $13,000 by $20,000 (the formula) yields 0.65.  When you subtract 0.65 from 1.0, the result is 0.35.  If you multiply $8,000 by 0.35 means that the buyer is eligible for a partial tax credit of $2,800.

Q:  How does this 2009 homebuyer tax credit differ from the one last year?
A:  The 2009 tax credit does not have to be repaid.  The repayment requirement made the 2008 credit essentially an interest-free 15-year loan.  The new tax credit requires homeowners to live in the home for at least 3 years or face repaying the entire credit amount.  Some exceptions apply.

Q:  What types of homes qualify for the tax credit?
A:  The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000/$500,000 capital gain tax exclusion for principal residences.  These include single-family detached homes, attached housing, like condos and townhomes, manufactured/mobile homes, and houseboats.

Q:  How do I claim the tax credit?
A:  When filing your federal income tax return, complete and attach Form 5405 to determine the tax credit amount, and claim that amount on Line 69 of the 1040 form.

Q:  This tax credit is said to be “refundable.”  What does that mean?
A:  When a tax credit is refundable, the credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.  For example, if a first-time homebuyer had a tax liability of $6,000 and received a tax credit for $8,000, the taxpayer would receive a refund check for $2,000.

Between foreclosures, short sales, the lowest mortgage rates in 60 years, and the $8000 tax credit, there's never been a better time to buy!  We are real estate agents specializing in Inner Loop properties, including Rice Military, Montrose, Midtown, River Oaks, Upper Kirby, the Heights, Memorial Park and Camp Logan.

Frequently Asked Questions About the Home Buyer Tax Credit

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

   1. Who is eligible to claim the tax credit?

   2. What is the definition of a first-time home buyer?

   3. How is the amount of the tax credit determined?

   4. Are there any income limits for claiming the tax credit?

   5. What is "modified adjusted gross income"?

   6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?

   7. Can you give me an example of how the partial tax credit is determined?

   8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?

   9. How do I claim the tax credit? Do I need to complete a form or application?

  10. What types of homes will qualify for the tax credit?

  11. I read that the tax credit is "refundable." What does that mean?

  12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?

  13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?

  14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?

  15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?

  16. I am not a U.S. citizen. Can I claim the tax credit?

  17. Is a tax credit the same as a tax deduction?

  18. I bought a home in 2008. Do I qualify for this credit?

  19. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?

  20. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?

  21. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?

   1. Who is eligible to claim the tax credit?

      First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a 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.

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   2. What is the definition of a first-time home buyer?

      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 buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

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  3. How is the amount of the tax credit determined?

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

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   4. Are there any income limits for claiming the tax credit?

      Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

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   5. What is "modified adjusted gross income"?

      Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

       To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.

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   6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?

      Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.

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   7. Can you give me an example of how the partial tax credit is determined?

      Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

       Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

       Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

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   8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?

      The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.

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   9. How do I claim the tax credit? Do I need to complete a form or application?

      Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.

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  10. What types of homes will qualify for the tax credit?

      Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

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  11. I read that the tax credit is "refundable." What does that mean?

      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 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.

       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 15th. 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).

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  12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?

      Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

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  13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?

      Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.

       In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

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  14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?

      Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.

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  15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?

      No. You can claim only one.

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  16. I am not a U.S. citizen. Can I claim the tax credit?

      Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

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  17. Is a tax credit the same as a tax deduction?

      No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

       A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

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  18. I bought a home in 2008. Do I qualify for this credit?

      No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit.

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  19. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?

      Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment.

       Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

       Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a down payment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.

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  20. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?

      Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

      Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

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  21. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?

      Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

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Apex Real Estate Group is breaking ground at 3939 Washington on a 22,800-sq-ft office & retail center, which will cater to the thriving Rice Military community in the Washington Ave area.  The development just west of Heights Blvd will offer retail space on the ground level, restaurants on each end, and office space upstairs.  (Congratulations to Apex Real Estate Group president Josh Aruh who assembled the site through negotiations with six property owners!)

In addition to more than 150 townhomes, Apex Real Estate Group was responsible for developing Benjy's at 5922 Washington as well as Cova & Catalan in the Washington Square Shopping Center.

We specialize in Rice Military real estate, Memorial Park real estate and Camp Logan real estate, including properties along the popular Washington Corridor.  For Inner Loop specialists, give us a call!  Whether you're buying, selling or leasing in Rice Military, Memorial Park or Camp Logan, we are experienced agents who know the neighborhood!

If you're interested in modern design that demonstrates how well you can live with less than 2,000 sq ft, check out Rice Design Alliance's home tour on Saturday & Sunday, March 28 & 29, from 1pm to 6pm.  For tickets, to see the houses, or for aditional information, click here.  s about green construction, environmentally friendly building practices and energy efficiency.  There are great options in Rice Military, Memorial Park, and the Heights.  Whether you are looking at existing construction or a brand-new home, we can help.  Please call us for your Inner Loop real estate needs.  We routinely represent buyers in Memorial Park, Rice Military, Camp Logan and throughout the Heights.

Woodland Heights Home Tour

March 27 to 29, 2009

Check out the Woodland Heights Home Tour Saturday & Sunday (March 28 & 29) from 1pm to 6pm and see some of the remarkable homes in one of Houston's oldest neighborhoods.  Woodland Heights Civic Association, which has staged the tour, has also published a new book, Our Front Porch: Connecting Community.  Copies of the book are available at area merchants, including Buchannan's Native Plants, Wind Water Gallery, and C&D Hardware, as well as directly through the Association.  Proceeds go to preservation efforts.

Interested in Houston Heights real estate?  We live in and routinely represent buyers and sellers throughout the Heights, including Norhill Heights, Houston Heights, Woodland Heights, Sunset Heights, the Historic Heights, and Shady Acres.  Or for nearby options at a lower price point, we'd be glad to show you Garden Oaks or Timbergrove.  We are realtors specializing in Houston's Inner Loop neighborhoods, and we know Houston Heights real estate well.  Please don't hesitate to call if we can help you with your Heights real estate needs!

Ranked among the nation's Top Three Fine Art Festivals, Houston's 12th Annual Bayou City Art Festival is being held in Memorial Park on March 27th through 29th from 10am to 6pm.  For details or to purchase tickets, visit www.bayoucityartfestival.com. 

"A Day at the Airport" by Featured Artist Larry Stephenson

The Puryear Team specializes in Inner Loop Properties and routinely represents buyers and sellers of Memorial Park real estate, Rice Military real estate and Camp Logan real estate.  If you are interested in Memorial Park properties, Rice Military properties or Camp Logan properties, or need an agent who specializes in those areas, please give us a call.  We are your Memorial Park Realtors!

Saturday March 28, 2009, at 8:30pm CST is EARTH HOUR.

Show your support for saving our planet, fighting global warming, and living sustainable lifestyles - Simply turn off your lights for one hour beginning at 8:30pm on Saturday March 28.  Entire cities are participating.  Please join in, and tell your friends!  realtor green real estate green

If you are concerned about energy efficiency, sustainable living, eco-friendly construction or "green" construction, please give us a call.  We have received advanced training and NAR's Green designation to better enable us to counsel buyers, sellers, builders & developers on these issues.  Whether you are considering remodelling to make your home more energy efficient, or if you are a seller who is trying to evaluate the green standards of a home, we're here to help.  Builders who are pursuing LEED certification or other energy-efficient ratings, we are eager to work with you.  Houston is ready for green construction!

Congratulations to the newest homeowner inside The Royalton at River Oaks:  Gina Patterson. 

Old World charm and refinement define the Royalton at River Oaks. Impeccable elegance, rich architectural detail, luxurious amenities and superior service can all be found here. Already a Houston landmark with its majestic steel crown, the 33-story condominium towers over Houston's skyline and is strategically situated on 2.7 acres one mile west of downtown at 3333 Allen Parkway.

Check out current homes for sale at The Royalton HERE.

The City of Houston acquired Elizabeth Baldwin Park in 1905.  It consists of 4.88 acres on Elgin Street, between Crawford and Chenevert Streets, in a proud old neighborhood facing revitalization in the Twenty-first Century in the form of renovated houses and newly built townhouses and businesses.

Across the street is Will Jones Elementary School.  Nearby is the central campus of Houston Community College in the former San Jacinto High School building, and locations in Downtown, Midtown, the Third Ward, and Montrose are all close by.

• Baldwin Park Rededication, Nov. 13, 2006

Little more than a lawn for picnics in its early days, Baldwin Park was fitted out in 1912 with a stone fountain dedicated to the wife of Houston's founder, Charlotte Allen. The park was upgraded through a bond initiative in 1930 and 1931, and was a popular tennis center for years.  The most recent improvements have resulted from the 2003 bond sale by the Midtown Tax Increment Reinvestment Zone and the plans of the Midtown Management District.

New trees have been planted to supplement the hundred-year-old specimens dating from the park's birth, and an irrigation system has been put into place.  A crushed granite jogging trail has been installed, as have new picnic tables, chess tables, and sidewalks.  The Vietnamese Heritage Plaza greets visitors in a variety of languages and honors the Vietnamese community that flourishes in Midtown.  The old park has been reborn as a monument to civic pride and the efforts of the area's Twenty-first Century citizens.      

A serene atmosphere surrounds the 1912 stone fountain.  Standing in Elizabeth Baldwin Park, one would never know that its history involves a wife's double-dealing and the contesting and forging of wills, her husband's murder, and the founding of one of America's premiere institutions of higher learning.  It is Houston history at its most fascinating.  Click here to read more about this saga! 

GIRLS JUST WANNA HAVE FUN! 

Catch these three at play on the webcams,
enjoying their status as Dogs of the Year!

First, Roger Jones poured a dollop of “swimming pool chemical” into the tin can. Next came a dash of “automotive fluid.” Then Jones, manager of the city’s environmental service centers, stepped back as a plume of menacing white smoke rocketed skyward.

“I don’t want to say precisely what I’m mixing,” Jones cautioned, “because we don’t want to give anyone the idea to try it themselves.”

But his point was clear: Even the most seemingly innocuous household chemicals can lead to disaster when carelessly handled.

Jones’ dynamic show-and-tell capped a Friday presentation in which Houston solid waste officials urged spring cleaners to discard old batteries, fluorescent light tubes, motor oil, paint, cleaners and other dangerous household items at designated hazardous waste collection sites.

Doing anything else, they insisted, can lead to fires or injuries.

In August, said solid waste director Harry Hayes, a city garbage truck valued at $200,000 was destroyed by fire after chemicals discarded with the regular trash mixed in the truck’s compaction chamber and spontaneously ignited.

At least two other recent truck fires have been attributed to the same cause, Hayes said.

On another occasion, Jones said, trash collectors were sickened after containers of muriatic acid were ruptured by a heavy trash truck’s mechanical collection arm.

Noting that hazardous chemicals sometimes corrode their containers, Jones suggested such items be placed in plastic freezer bags before transporting them to disposal centers.

“We get pesticides that have been banned by the Environmental Protection Agency, DDT in powder and liquid,” Jones said. “We get mercury when people change out their thermometers. You might not think that’s much mercury, but it stays in the environment.”

By ALLAN TURNER
HOUSTON CHRONICLE
March 20, 2009

Happy First Year Anniversary to Dakota Rescue!  The traditional gift for a one-year anniversary is PAPER....and what better paper gift than ... CASH! 

Dakota Rescue is hosting a celebration and fundraiser at Bohemeo's at 708 Telephone Road today, Sunday March 22nd, from 2pm to 6pm.   Now more than ever, animal rescue organizations and shelters need your support.  In today's economy, charitable donations are down significantly, and not surprisingly, the number of abandoned animals has skyrocketed.  Please show your support!

The Puryear Team is committed to animal rescue.  We own rescue dogs, we are affiliated with several of Houston's animal rescue organizations, and we make a practice of donating from our commissions to support animal rescue.  If you want realtors who are passionate about animals and providing safe, loving homes for them, you've come to the right place!  Houston real estate agents finding homes for YOU....and finding homes for THEM! 

What perfect weather for today's Tour de Houston, a bike ride beginning and ending downtown in Houston's Discovery Green, across from the George R. Brown Convention Center!  For avid cyclists, Houston is a city of opportunity:  Visit www.HoustonBikeways.org for more information about our bikeways and the steps Houston is taking to make our city cylist/pedestrian-friendly.

We are Inner Loop realtors specializing in Houston's Inner Loop neighborhoods like the Heights, Montrose, Midtown, River Oaks, Upper Kirby, Rice Military, Camp Logan and Memorial Park, but our staff of agents can assist you with property anywhere in the city and surrounding suburbs.  If you need assistance from an Inner Loop agent, give us a call!

Click anywhere on the flyer for more information.

Real estate agents specializing in Montrose and Midtown properties.  If you need a Montrose realtor or Midtown realtor, call us today.  Whether you are buying or selling in Montrose/Midtown, we are here to help.

• private gated entry
• fenced back yard
• soaring entry
• stained concrete
• separate study
• first floor guest bedroom with full bath
• pine treads
• open & bright living
• vaulted ceiling and fans
  
• kitchen with breakfast bar & white appliances, refrigerator included
• balcony off dining
• large master suite with carpet, fan, walk-in closet
• master bath with whirlpool tub, shower & dual vanities

This one is priced to sell and won't last long!  To schedule a showing, call Don at 713-302-6543 or email.

We are real estate agents specializing in Houston Inner Loop properties, specifically Montrose & Midtown properties.  We routinely represent buyers and sellers of Urban Lofts townhomes.  If you are buying or selling in Midtown, please call us for a free consultation from your Midtown Realtors! 
We are Houston realtors specializing in foreclosures and short sales at all price levels, including luxury high rises, townhomes and condos, and in all neighborhoods, including River Oaks, Montrose, the Heights, Rice Military, Midtown and the Medical Center.  If you're looking for value priced Houston real estate like foreclosures or short sales, please give us a call.  Or if you are a seller who is facing foreclosure, know that a short sale may be an option.  We can meet with you to discuss whether you would be a good candidate for a short sale. 

$$$ First-Time Home Buyer Tax Credit $$$

Good news for first-time home buyers:  Effective January 1, 2009, qualifying home buyers may be eligible for a federal tax credit of up to $8,000. 

First-Time Home buyer - has not owned a principal residence during the three-year period prior to the purchase

Amount of Credit - tax credit of 10% of the homes purchase price, up to $8,000

Limited Time - available for homes purchased between 1/1/09 and 12/1/09

No Repayment - unlike the previous tax credit, this credit does not have to be repaid, provided the buyer uses the residence as a principal residence for at least three years

Refundable - credit can be claimed even where there is little or no federal income tax liability to offset, with a refund check being issued to the taxpayer

Income Restrictions - Single taxpayers with incomes up to $75,000, and married couples with incomes up to $150,000 qualify for the full tax credit.  Taxpayers with incomes exceeding those limits may qualify for a partial credit, but they should consult their tax advisor for details.

2008 Tax Returns - Even though the property is purchased after 1/1/09, the tax credit can be applied to your 2008 federal income tax return!

Call or email today for a list of lenders or for more information on the $8,000 tax credit.  Take advantage of the $8,000 tax credit today.  Even if you have already filed your 2008 tax return, you can amend it to apply the $8,000 tax credit.  With the incrediblely low interest rates and value-priced properties (foreclosures, short sales, distressed properties) and now the $8,000 tax credit, it couldn't be a better time to buy!

Congratulations to our clients Carlos and Ann Maldonado and their new tenants, Bradley and Jason, on the lease of this home in a lovely gated community at The Park at Hollister!

If you're looking for a home to lease or need us to help you find a qualified tenant, please give us a call at 713-906-3781 or email us today! 

3015 Patience Avenue is a nice two-story townhome located in a small community in Spring.  Built in 2006, the home features: 

• Neutral carpet throughout.
  
• Spacious living/dining combo with ceiling fan.
• Kitchen has tile flooring.
• Half bath on first floor.
  
• Large master bedroom with ceiling fan and large walk-in closet.
  
• Fenced backyard.

This home is available for lease at $995 monthly.  Click for more information. To schedule a showing, please call Cindy at 713-906-3781 or email.  

We are Houston realtors specializing in foreclosures and short sales at all price levels, including luxury high rises, townhomes and condos, and in all neighborhoods, including River Oaks, Montrose, the Heights, Rice Military, Midtown and the Medical Center.  If you're looking for value priced Houston real estate like foreclosures or short sales, please give us a call.  Or if you are a seller who is facing foreclosure, know that a short sale may be an option.  We can meet with you to discuss whether you would be a good candidate for a short sale. 

Homeowners struggling under the weight of unbearable monthly mortgage payments may find help through www.MakingHomeAffordable.gov.  The Government wants folks struggling to make payments to view the website as a starting point to work out affordable solutions.

You may be elegible for a mortgage modification if your answer to the following five questions is YES:

1. Is your home your primary residence?

2. Is the amount you owe on your first motgage $729,750 or less?

3. Are you having difficulty paying your mortgage?

4. Did you obtain your mortgage prior to January 1, 2009?

5. Is your payment on your first mortgage -- including principal, interest, taxes, insurance and applicable homeowners association dues -- more than 31% of your gross income?

If you answered YES to all five questions, go to the Government website to find out what assistance is available. 

We are Houston realtors specializing in foreclosures and short sales at all price levels, including luxury high rises, townhomes and condos, and in all neighborhoods, including River Oaks, Montrose, the Heights, Rice Military, Midtown and the Medical Center.  If you're looking for value priced Houston real estate like foreclosures or short sales, please give us a call.  Or if you are a seller who is facing foreclosure, know that a short sale may be an option.  We can meet with you to discuss whether you would be a good candidate for a short sale. 

Don Puryear and Jeanna Nelson hold the National Association of Realtors’ Green designation and would welcome the opportunity to work with new-home buyers who are interested in eco-friendly construction practices and the energy efficiency available through today’s technology.  Many of Houston’s top builders have committed to the Greater Houston Builders Association Green Building Initiative requirements related to energy efficiency and conservation, including the following:

Bayer Homes	Beazer Homes LP	Black Diamond Builders	Builders Academy	Burghli Homes	Chesmar Homes
City Homes of Houston	Cooper-Welch	Dakota Blue	David Powers Homes Inc.	David Weekley Homes	Design Tech Homes
D.R. Horton - Houston North	Fedro Custom Homes	Frankel Building Group	GreenHaus Builders Inc.	Hann Builders	HHN Homes, L.P.
Highland Homes	Houston Habitat for Humanity	Huntington Homes	John Allan Custom Builders	JPS Custom Homes	KB Home
Key Fortress, LP	Kimball Hill Homes	KW Custom Homes	Lennar Homes	McGuyer Homebuilders, Inc.	Mealy Company Builders
Meritage Homes	Millis Development & Construction, Inc.	Morrison Homes	Newmark Homes	Northgate Custom Homes	Olympia Builders
Parkstone Estate Homes	Partners in Building	Perry Homes	Pulte Homes	Ronney Carroll Homes	Ryland Homes
Sandcastle Homes Inc.	Scott Frasier Homes LC	Solutions 4 Living - Solution Builders	Tilson Home Corporation	Trademark Quality Homes	Trendmaker Homes
	Vacation Home Builders	Village Builders	W.E. Gilbert Co.	Wilshire Homes

With its wonderful location in the heart of Midtown, this Urban Loft townhome is a no-brainer choice for our Foreclosure of the Week! This two bedroom, two full bath townhome has one bedroom on the first floor with a full bath and study. The second floor features a wonderfully open floorplan that is well suited for casual entertaining. The master suite is privately located on the third floor and features a full bath with his and hers closets.

List price: $189,900
Square Feet: 1840
Price per Square Foot: $103.21

Don't miss this STEAL of a deal! For more information and to schedule a showing, call Don at 713-302-6543 or email.

 We are Houston realtors specializing in foreclosures and short sales at all price levels, including luxury high rises, townhomes and condos, and in all neighborhoods, including River Oaks, Montrose, the Heights, Rice Military, Midtown and the Medical Center.  If you're looking for value priced Houston real estate like foreclosures or short sales, please give us a call.  Or if you are a seller who is facing foreclosure, know that a short sale may be an option.  We can meet with you to discuss whether you would be a good candidate for a short sale. 

Reduce your energy consumption and your monthly utility bills with a few simple home fixes:

Switch the lights.  Compact fluorescent light bulbs use up to 75 percent less energy than traditional bulbs.  Change out the lights you use the most in your home.

Plug in, Turn off.  Pick up some power strips for your home office or home entertainment center.  Turn the power strip off when your electronics are not in use.  Even in standby mode, consumer electronics -- which account for 15 percent of household electricity -- use a little juice. 

Cool it.  Turn the water temperature down for your washing machine and dishwasher to 120 degrees Farenheit, which will reduce your water-heating energy consumption.

Seal it.  Search for air leaks in your attic and around windows and doors.  Seal leaks with caulk, spray foam or weather stripping, an inexpensive way to cut energy consumption by up to 10 percent.

These tips will save you money.  But also keep in mind that it's VERY common for buyers to request a year's worth of utility bills before buying a property.  An energy-efficient home is desirable, and in fact, in a national survey, over 90% of home buyers rated energy efficiency as a primary consideration in their home selection!

For other great tips and information, visit www.energystar.gov.

Houston is launching a yearlong pilot program that will allow residents to throw all recyclables — including glass — into a single, large bin, hoping to boost participation in the city’s foundering curbside program.

The pilot program, to be announced by Mayor Bill White today, will be offered to about 10,000 households in eight neighborhoods. Residents will be given wheeled 96-gallon recycling bins, similar to the city-provided plastic trash bins, in which to dump every recyclable.

Currently, households with curbside pickup must sort recyclables into two “streams”: paper goods and containers (plastic and cans).

In addition to increasing the number of households participating in Houston’s recycling program, officials hope the “single-stream” method will solve common complaints about the city’s twice-a-month recycling program: that it’s too complicated to sort the materials and haul them to the curb, that the bins are too small, that glass is not included.

The pilot neighborhoods are Riverwood Estates, Lindale Park (West and East), Meyerland, Westbury, Pine Brook, Oak Brook, Old Sixth Ward and Pineloch. If the program succeeds, it could be expanded throughout the city.

The long-term goal is to increase recycling participation. A 2008 survey from Waste News pegged Houston with a dismal 2.6 percent recycling rate.

White has said the city’s rate will approach 20 percent after the implementation of new programs. In January, the city began a wood waste recycling program for tree limbs and brush. In the spring, officials are planning to expand yard waste recycling through the use of biodegradable bags.

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Spice up your St. Patrick's Day dinner with some fun green foods!

Try grated lime zest, crushed pistachios and blended avocado for creative granishes.  Baby peas or Granny Smith apples will add a hint of green to your dinner plate.

Puree greens - Use spinach or other leafy greens and herbs to add color and flavor to mashed potatos, eggs, pizza dough and pasta.  Jalapeno's and tomatillos are perfect for a meal with a southwest flair.

Creme de Menthe will make your whipped cream, ganache and frostings green while adding a minty taste.  Don't forget pistachio ice cream or key lime pie for the perfect green desserts.   Green tea powder can be added to cupcake recipes or vanilla ice cream for a pale green sweet.

In addition to green beer, there's always fun libations on St. Patrick's Day.  Look for cocktail recipes that call for Chartreuse, a liqueur that will fit right into your green theme while adding an herbal flavor.  Enjoy an Emerald Martini!

And of course, when all else fails....there's always green Jello!

When green construction and green practices are important to you, please consider contacting agents who have received the Green designation from the National Association of Realtors.  We are committed to green practices, energy efficiency, and environmentally friendly construction and renovation.  We can help you find green construction in Houston, whether it is new construction with a green builder or a remodel by an environmentally conscious homeowner.  For your green real estate needs in Houston, we are your Green agents!

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Just something to make you smile today.

Congratulations to our client Baron Allami and his new tenants, Jason and Diana, on the lease of this beautiful contemporary townhome on Feagan in the very popular neighborhood of Rice Military. We routinely represent buyers, sellers, and renters in this fantastic neighborhood.  Rice Military is conveniently located between Memorial Park and Downtown. 

If we can help you with your real estate needs in Rice Military, please give us a call at 713-906-3781 or email us today! 

rice

We specialize in Rice Military and Memorial Park as well as other Inner Loop properties.  Whether you're buying, selling or renting in Rice Military, we can help.  Call us, your Rice Military real estate agents! military real estate rice military specialist rice military realtor rice military realtors rice military memorial park houston rice military houston rice military agent rice military real estate rice military property rice military properties

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Jeanna Nelson & Don Puryear completed the training courses in Houston and at the RE/MAX International convention in Las Vegas to earn the National Association of Realtors' Green designation.  The focus of the training is energy efficiency and the use of eco-friendly materials in construction and renovation. 

You might be surprised to learn that over 90% of buyers rate energy efficiency as a primary concern in their home selection.   There are steps sellers can take to maximize their home's energy efficiency, and some of those steps are relatively inexpensive, like changing incandescent light bulbs out with compact flourescent lamps.  Other changes may be more expensive in the short-run but worthwhile either over a period of years or in improved value upon resale.  Most folks are surprised to learn how much energy their water heater consumes, with tankless water heaters becoming a popular alternative.  Similarly, replacing outdated and underperforming appliances and HVAC systems is an expense that should not only reduce utility bills but also enhance a home's sellability.

In the coming months, we will post suggestions for saving energy and for incorporating environmentally friendly practices into your lifestyle.  Today's tip is saving "standby power."  Did you know your computer uses electricity even when you're not using it?  A recent study of a medium-sized school district revealed that the district could save over $100,000/year simply by turning off all of their computers while not in use.  A surge-protector with an off switch is a simple way to turn off the power to your computer and other electronics.  Learn more about "energy vampires" by clicking here.

Our Government's Environmental Protection Agency is a great resource  for additional information on saving energy and living a sustainable lifestyle.   

Spokespuppies Brody and Brady ask you to show your support:  On March 15, 2009, between 10am and 5pm, Happy Tails Dog Spa at 1315 Waugh will be hosting a fundraising dog wash to raise funds for Miniature Schnauzer Rescue of Houston.  Dogs that are enrolled in Happy Tails' daycare program will enjoy a "spa day," a day of daycare combined with a deluxe dog bath.  Other dogs will receive the deluxe bath, using top-of-the-line shampoos and conditioners and including nail trimming, ear flushing and teeth brushing!  All dogs must have proof of current vaccinations. 

Please show your support for MSRH in their mission to find loving homes for displaced miniature schnauzers, like littermates Brody and Brady.

Happy Tails is hosting the fundraiser in loving memory of Bailey Steinheider Mandel, a little yorkie with a BIG heart.  Bailey, affectionately nicknamed "Chick Magnet," had many friends at Happy Tails, including the MSRH fosters we've been fortunate to have as part of our playgroups over the years. 

Recently constructed townhome in small gated community at 1006 Stanford offered for $344,900, with the Seller offering up to 3% contribution towards the Buyer's closing costs.  High-end finishes throughout, including high ceilings, rounded sheetrock corners, crown moulding, and large windows with 2-inch blinds.  The first floor features a soaring foyer, travertine flooring with granite inlay, guest bedroom and full bath.  The second floor open living area features hardwood floors, a gaslog fireplace with granite surround, formal dining with an ornate chandelier, a half bath for guests, and a chef's kitchen with granite countertops & island breakfast bar, wood cabinets with undercabinet lighting, and stainless appliances.  The master suite features high ceilings, carpet, ceiling fan, crown moulding, and a separate study with builtin cabinets & shelves.  The spa-like master bath features travertine floors with granite inlay, a whirlpool tub, separate oversized shower, glassblock windows, dual vanities and a large walkin closet.  Stainless cabinet-depth Maytag refrigerator and GE Profile Harmony washer & dryer are included!  GREAT LOCATION, GREAT TOWNHOME, GREAT VALUE!  

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On Saturday March 14 from 10am to 8pm, come enjoy the street festival and free admission to celebrate the Children's Museum of Houston's new exhibits (1500 Binz).   

The seven new, bilingual exhibits include:

Cyberchase-The Chase Is On: Based on the PBS animated series, Cyberchase adventures use math concepts such as place value, algebra, geometry, fractions and probability to save the world.

FlowWorks-Kids can make a splash in the courtyard as they explore the physical properties of water and the concept of fluid dynamics

Invention Convention-A workshop filled with half-finished contraptions, bins of spare parts, drafting tables, and tools.

Matter Factory-Nanotechnology for kids, with property testing, sorting, sensory experiences and new materials, such as shape-memory alloys.

PowerPlay-Kids can track their bodies' responses to the physical challenges of climbing, jumping, dancing, racing & stretching.

Tot*Spot-Designed to develop critical thinking, problem solving & motor skills for tots 3 and younger.

Kidtropolis-Kidsized city with a bank, city hall, diner, news department, market, mercantile center, municipal building, and VetSmart!

Take advantage of the wonderful opportunities available through Houston's world-class museums!

Congratulations to Nat Adkins & Cynthia Barratt who are new owners of a spectacular River Oaks area pied-a-terre, perfect for their jaunts into town to see a show in Houston's world-famous Theater District!   Houston high-rise living offers so many benefits, including the million-dollar downtown view Nat & Cynthia will enjoy from their living room, master bedroom, and balcony! 

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It's an economic role-reversal: The economy, driven down by the collapse of the housing bubble, is causing the housing crisis to spread.

Figures released Thursday show that nearly 12 percent of all Americans with a mortgage — a record 5.4 million homeowners — were at least one month late or in foreclosure at the end of last year.

That's up from 10 percent at the end of the third quarter, and up from 8 percent at the end of 2007. In addition, the numbers now include many once-qualified borrowers who took out fixed-rate loans.

Data from the Mortgage Bankers Association also showed that a stunning 48 percent of homeowners who have subprime, adjustable-rate mortgages are behind on their payments or in foreclosure.

The reckless lending and borrowing practices in states like Florida, California and Nevada that were the epicenter of the problem are no longer driving up the nation's delinquency rate.

Instead, foreclosures are being fueled by a spike in defaults in places such as Louisiana, New York, Georgia and Texas, where the economy is rapidly deteriorating and unemployment is climbing.

"It's jobs. People are losing their jobs left and right," said Houston real estate agent Michael Weaster.

On Thursday, the Labor Department said new unemployment claims last week totaled 639,000, lower than expected, but still at elevated levels.

That trend highlights one of the biggest challenges confronting the Obama administration's mortgage-relief plan launched this week. While the $75 billion plan could help change the loan terms or refinance up to 9 million homeowners, unemployed borrowers will have a hard time qualifying.

The key to the housing market is what kind of workers are losing their jobs. Unemployment for people with college degrees, some college education or technical training — those most likely to own homes and have prime fixed-rate loans — has nearly doubled over the past six months, according to the bankers association.

To give debt-burdened homeowners a little more muscle to negotiate with their lenders, the House on Thursday was expected to pass legislation to give bankruptcy courts the power to reduce mortgage payments.

The legislation would give bankruptcy judges — who now can modify loans for cars and student loans but not for primary residences — new power to cut the interest rate and principle on a home mortgage.

The Senate is expected to take up the measure in a couple of weeks.

The only bright spot in the foreclosure report was that the devastation wrought by subprime ARMs is waning. Their 30-day delinquency rate continues to fall and is at the lowest point since the first quarter of 2007. Most of those types of loans have made their way through the system as lenders stopped originating them in the first half of 2007.

That offers little comfort to Florida, where 60 percent of homeowners who have a subprime ARM are at least one payment behind and 1 in 5 of all mortgage holders are not current on their loans.

And while the worst is not over for Florida, the problems appear to be just beginning in once-healthy markets like Houston and New York.

The number of unsold homes in Houston skyrocketed to a 17-month supply in February from eight months in January because homeowners fear they will be in financial straits soon or already are, said Weaster, of Century 21.

And in the New York area, where the financial industry is handing out pink slips like ticker tape, homeowners who once had good credit are defaulting at an increasing clip.

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Site Selection Magazine, the magazine of corporate real estate strategy and area economic development, named Houston the #1 metro area for corporate location and expansion activity, with Dallas coming in second and Chicago coming in third.

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1.  Remember to reset your clocks on March 8^th  for Daylight Savings – Spring forward one hour!  It’s also a GREAT time to change the batteries in your smoke alarms.

2.  The rodeo is in full force.  Check it out at www.HoustonRodeo.com.

3.  We are hosting a fundraising dog wash on March 15^th from 10am to 5pm at Happy Tails Dog Spa, 1315 Waugh, for Miniature Schnauzer Rescue of Houston (www.msrh.org).  All dogs must have proof of current vaccinations.  Please bring your dog for a deluxe bath or spa day, and support a wonderful cause.  Details are available under the Pet Resources section of our website, www.NoPlaceLikeHouston.com.  Happy Tails daycare clients can use their “spa day” (daycare plus bath) ANY day the preceding week.

4.  Whether you’re in the market to buy, sell or rent, or even if you just need information on property values or contractors, we’re here for your real estate needs.

5.  Please pass this on to your friends!