Cliff's Notes…on Real Estate

House passes bill to extend tax credit deadline

The U.S. House of Representatives passed a stand-alone bill yesterday extending the closing deadline for the federal home buyer tax credit to Sept. 30, 2010. Backers of the House measure said the 90-day extension would permit tens of thousands of home buyers whose paperwork didn’t clear by June 30 to still receive the credit. Estimates from NAR show as many as 17,700 home buyers in California may not receive the tax credit if the deadline is not extended. The bill now must pass the Senate.

If you have not already enter into an escrow on your home before April 30, 2010 you still will not be allowed you to use this federal home buyer tax credit. I hope you were able to take advantage of this opportunity. This really helps home buyers who purchased a REO or Short Sale home purchase and the banks didn’t have approval to the home buyers by the April deadline date.

Tags: buyer, credit, escrow, extended, federal home buyer tax credit, home, House, savings, Senate, tax

Is it me or is the Sun more brutal on your skin than in the past?

Is the ozone layer depleting faster?

Tags: Sun ozone brutal skin ?

Redwood City, CA, So what! What does that mean to me? What the hay how can these interest rates benefit me?

Well let’s take a lovely townhouse in Burlingame just 1.5 from Burlingame Avenueat 119 Primrose Road unit #6. Without going into all the great things about this home what is the money figures on this home, if I invest in it?

119 Primrose Road in Burlingame is currently listed for sale for $619,950. Average rents in Burlingame for 2 bedrooms, 2.5 bathrooms is currently at $2600/month

As a non-owner occupied property the bank will require you to put a down
payment of 30% or $185,985. With current 30 year, fixed rate interest rates being at a historical low 4.375% your monthly principal and interest amount will be $2,166.72! If you add
Property Taxes, HOA dues, and Inside insurance it brings your monthly payment up to $3136. This give a differential of <$536.00>.

However, your depreciation would be approximately $1,315/month plus you get to write off the property taxes just like you do on your own personal resident. So at years end you may be in the positive.

Additional positive aspects would be appreciation and increase in rents over the long haul.

This might just be a good investment you might want to give serious consideration. It could be the
way to pay for your children/grandchildren’s college education in future years.

Obviously, interest rates are not going to stay at these low levels for a long length of time. Act today before this opportunity get away from you. Do it now.

Tags: Burlingame CA, investment, investment property, monthly costs of home ownership, non owner occupied, redwood city ca homes, rental

Burlingame, CA, On June 27th I will be bringing a 2 bedrooms, 2.5 bathrooms, English Cottage style, townhouse on the market for sale. This lovely home is a desirable end unit and has updated; painting, flooring, kitchen, bathrooms, and slate entry way.

It is going to be staged and ready to sell immediately. The seller is very motivated because she is getting married and needs to move to her new home with her husband in San Francisco. This is NOT an R.E.O., Short Sale, or Distressed home for sale.

All the amenities of Burlingame are close at hand with this lovely home. A wonderful Public Park is two blocks away. World famous Burlingame Avenue is only 1.5 blocks away with all of its boutique shops and restaurants. A new shopping complex with a Safeway grocery store and a Walgreen pharmacy is only one half a block away. Want to walk to Burlingame’s Public Library? Just walk 3 blocks, and across the street from the library is Burlingame City Hall.

To top it off you will be deeded two parking spaces in the underground parking garage for the whole 6 unit complex. And best of all the pricing on this home will be affordable! It will fall within FHA guidelines for financing making it the prime option for a first time buyer.

If you would like to have me send you the time and place of this home please email your request to cliff@SFBayHomes.com. Do today and take advantage of this once in a lifetime offer. You will be glad you did.

Tags: affordable, burlingame, buy a home, CA, first time buyer, good value, opportunity, townhouse

How about this. First time at bat in the Major League and the very first pitch you see, fastball down the pipe, you hit the ball and it goes over the right field fence into the pitcher’s dugout and you have a grand slam homerun! That’s what my neighbor’s grandson, Daniel Nava did in the game against the Phillies last Saturday. Daniel was called up to the “big show” by the Boston Red Socks from their Minor League club on Friday.

Daniel was the fourth guy in Major League history to hit a grandslam homerun the first time at bat and only the second in history to do it on the first pitch. Congratulations Daniel Nava, your whole family and community are proud of you.

I can remember every morning before school or church Daniel would do a few hundred reps of hitting the ball on the rope below my bedroom window. It use to drive me crazy because it was 6:00am and I wasn’t ready to get up. At this point I don’t think it matters because of the results I saw on Saturday.

As a side note, Daniel’s brother David, graduated from Santa Clara University on Saturday and when Daniel got called up, the Red Socks sent Daniel’s parents plane ticket to watch the first game their son was going to play in the major league. David being a stand up guy that he is, told his parent to go and support his older brother and miss his gradulation ceremonies. I call that giving one for the team…atta boy David.

Want to see the grand slam homerun click here.

Tags: Boston Red Socks, Daniel Nava, First pitch, First time at bat, Grand Slam Homerun, Major League Baseball, MLB, Redwood City