If you have considered purchasing a home, but are waiting for that “perfect time to buy” take note… The Buyer incentive tax credit will not be renewed for a third time. According to industry leaders and lawmakers, the provision that puts up to $8,000 in buyers’ pockets will soon come to an end.
In a recent Los Angeles Times article, the end of the program was explained. Home buyers hoping to take advantage of a new or extended tax credit should not procrastinate: This third bite at the apple will be the last.
Legislative advocates of the $8,000 credit for first-time buyers and the $6,500 credit for move-up buyers made it clear during the debate on Capitol Hill that the benefits would not be renewed when they expire. This fact was confirmed by a lobbyist for the National Association of Realtors at the organization’s annual convention last month.
So what does that mean for potential buyers? If buyers meet the income eligibility requirements, they have until midnight April 30, 2010 to be in contract and must close escrow by midnight June 30th to qualify.
A Brief History of the Buyer Credit Programs -
The original buyer credit, part of the Housing and Economic Recovery Act of 2008, was not as effective as anticipated by legislators. There were relatively few takers, due to the fact that the credit took the form of a no-interest loan rather than a true credit, requiring the purchaser to “pay back” the credit.
In the American Recovery and Reinvestment Act of 2009, lawmakers made the incentive to purchase more appealing by increasing the credit to a maximum of $8,000 for new buyers who closed before December 1st. The only requirement imposed for the program to be a true credit for the buyer – the taxpayer must not move out of the property for a three-year period following the purchase.
This second attempt at stimulating sales and removing standing inventory was extremely successful, so much so that that the housing lobby implored Congress to help keep the momentum going. Lawmakers extended the deadline for first-timers and even added a “long-term resident” tax credit for repeat buyers who owned their current home for at least five consecutive years out of the last eight.
An excellent summary of the current program can be found here.
Alas, all good things must eventually come to an end, and so it seems that the significant tax credit for purchasing a home in today’s market will soon run its course.
So if you have been considering making a purchase at Gables End, now is the perfect time to buy in order to take advantage of this great opportunity!
Lucky in Mountain View?
Spread the word…
The local buzz is all about a winning California Lottery MEGA Millions ticket worth $156,458! The ticket, from the November 24th lottery drawing, still remains unclaimed a month after it was purchased at a Mountain View gas station, the Unocal station located at 101 E. El Camino Real.
Winning lottery tickets must be claimed within 180 days of the drawing. The winning numbers were 37, 35, 50, 10, and 11. Only the Mega number, 12, did not match on the ticket, according to lottery officials.
Let’s hope 2010 is a lucky year for one of our local neigbors – fingers crossed!
Getting ready to celebrate the New Year in style? Need a few tips on what bubbly to select for the celebration? This local event at our downtown Artisan Wine Depot is sure to tempt your tastes and leave you feeling knowledgeable, warm and fuzzy.
Join Artisan Wine Depot on Wednesday, December 30th for a wonderful year-end Champagne and Sparkling Wine Tasting Event, “The Ultimate in Rare Bubbly Tasting”. There truly is no better way to usher in 2010 than a fine glass of champagne.
The hosts will be pouring a wonderful selection:
* Roland Champion Brut Blanc de Blancs Chouilly Grand Cru N.V. (Champagne, France)
* Roland Champion “Special Club” Chouilly Grand Cru 2004 (Champagne, France)
* Paul Laurent Cuvee du Fondateur Champagne (Champagne, France)
* Trouillard Brut Extra Selection Champagne N.V. (Champagne, France)
* Bollinger Special Cuvee Champagne (Champagne, France)
* Il Calepino Brut Classico 2004 (Lombardia, Italy)
* Domaine J. Laurens Cremant de Limoux Brut (Languedoc-Roussillon, France)
* Gruet Methode Champenoise Blanc de Blancs 2004 (New Mexico)
* Rebuli Prosecco di Valdobbiadene Extra Dry N.V. (Prosecco di Valdobbiadene, Italy)
* Poggio Delle Robinie Spumante Brut Prosecco N.V. (Prosecco, Valdobbiadene, Italy)
* Domaine des Varinelles Cremant de Loire Brut N.V. (Saumur Champigny [Loire Valley], France)
* Toso Moscato 2008 (Piedmonte, Italy)
* Pol Clement Rose (France)
* Bruscus San Valentino Lambrusco 2007 (Reggio Emilia, Italy)
Expert Insight - Artisan Depot’s certified sommelier, Christine Tran, brings a wealth of experience and insight from the wine industry.
This is a walk-around tasting event. Feel free to stop by anytime between 4:00 PM and 7:00 PM. ”The Ultimate in Rare Bubbly Tasting” at Artisan Wine Depot – 400 A Villa Street in Mountain View.
More ticket and event information can be found here.
Looking for a great way to usher in the holiday season? How about an evening carriage ride in Downtown Los Altos? Enjoy a horse-drawn carriage ride through the Downtown area on a magical trip during this special time of year.
Holiday Carriage Rides are available on Friday, Saturday and Sunday from 5:00 p.m. to 9:00 p.m., starting December 11 and running through December 27 (excluding Christmas Day) . Each carriage ride lasts 25 minutes and can accommodate up to 4 adults and 2 children….perfect for a family ride. And all this fun is just minutes from Gables End!
More information can be found here.
Great Prices, Record-low Mortage Rates + Tax Credits, Now Is The Time To Buy a New Home at Gables End
If you are in the market to purchase a new home, you couldn’t pick a better time to buy. With 30-year interest rates at a 38-year low and tax incentives (for qualified 1st time buyers and current homeowners) available, now is an excellent time to buy a residence at Gables End in Mountain View. The rate, published by Freddie Mac, is the lowest since the mortgage finance company began tracking the data in 1971.
Don’t just take our word for it. SFGate just ran a compelling article regarding this unique buying opportunity. You can read the entire article here.
Don’t delay! Stop by our sales center to see what living at Gables End is all about.
We’re all in search of that perfect spot. Something that feels like home, our home away from home. A venue for cultural exchange, conversation and relaxation. Well, we are all very lucky to have such a place right here in Mountain View.
Red Rock is all that and much, much more.
Built on it’s three core values: CAFFEINE, CULTURE and COMMUNITY, Red Rock is an oasis where you can escape to unwind, relax and “recharge your battery”.
Red Rock was born when a group of people came together and wanted to create a place of genuine community. Not just a great place to meet and hang out, but a place that truly gave back and supported the community that supports it.
Standing venues include Open Mic and Kid’s Story Hour. Open Mic happens every Monday from 7-10pm. Everyone gets 10 minutes, enough time for 2 songs, or 3-4 poems, or a stand-up routine. All forms of creative expression are welcome; anything you think would be fun for everybody. Kid’s Story Hour happens the 1st and 3rd Wednesdays of every month at 10:00AM. Bring your children for an hour of songs and picture books, supplied by BookBuyers.
The music is great, the coffee is hot and the staff is friendly. It doesn’t get much better than that. For a complete listing of events and more information, check out the Red Rock website.
Gables End is located in the center of Silicon Valley in the City of Mountain View. This high-efficiency metropolis is extraordinarily civic-minded providing its citizens with a wealth of engaging amenities and progressive services (MV was one of the 1st to offer free Wi-Fi to its citizens). That is why when we recently stumbled across this gem of a blog posting about local Mountain View amenities, we knew we just had to share. If you haven’t visited the Mountain View Chamber of Commerce site blog written by Heidi Chen – ilovemv.org then you need to have a look. What a great resource for all things Mountain View!
“I Love Mountain View” covers a variety of topics regarding life in our exciting community. It’s rare to find a site that addresses multiple age groups and a variety of topics.
Heidi includes something for every member of the family:
- Date Night
- Family Activities
- Grown Up Activities
- Interesting People
- Shop Local
- Teen Activities
The blog is relatively new (less than a year old) and already has some excellent resources. We look forward to future posts focusing on living the good life in Mountain View. Thanks Heidi!
The economy is having its effect on local Mountain View and Peninsula Businesses that we frequent, but certain retailers and cafes report an up-tick in traffic. The Palo Alto Daily News Staff Writer, Jessica Bernstein-Wax recently cited ways in which local self-employed, recently unemployed and independent contractors are contributing to a thriving local economy. Laptops and business meetings have become commonplace at Red Rock Coffee, customers have almost filled the Dana Street Roasting Company mid-afternoon and you will find the self-employed at the gym more often. “Local coffee shops, museums and gyms have reported modest increases in visitors over the past year despite, or perhaps because of, the bum economy. Movie theaters say sales have stayed about the same.”*
Residents of the Peninsula are well-educated and highly diverse, often finding creative ways of overcoming economic instability. Entrepreneurs by nature, the unemployed often become self-employed, begin networking groups or try their hand at that start-up that they’ve been mapping out for the last 11 months. Despite the poor economy local residents continue to re-invent themselves, take advantage of the moment to enjoy a little culture, recharge and get fit for new opportunities, all while supporting small business owners! We wouldn’t expect anything less, after all we live in the Silicon Valley, right?
Read the story here
*Excerpt from Article by Palo Alto Daily News Staff Writer, Jessica Bernstein-Wax
The Peninsula has a host of local businesses that make our life in Mountain View more convenient.
We’d like to introduce you to “Peninsula Shops” – a merchant supported online community portal helping to strengthen and unify local livelihood on the Peninsula. Peninsula Shops was founded on the idea that the Peninsula is our livelihood. Founder, Jason Sutherland does a great job of connecting local residents to local business, all in one spot. In fact, Peninsula Shops was just featured in the San Francisco Examiner- “Twitter Treasure Hunt Promotes Local Shopping” read it here.
The Peninsula Shops site has menus for:
- Members Directory/Map
- Specials of The Day
- Events Calendar
- Peninsula Twitter Hunt
Recently Peninsula Shops introduced the TownSquare/Blog Forums, which allows the community to share their thoughts on just about everything. It is a great place to share local tips on the Peninsula’s best spots and what business provide great service. This forum is also broken down into convenient categories:
- Arts & Entertainment
- Wine & Dine
- Local News & Politics
- New Media & Technology
- Retail & Services
What a great local resource! Thank you Jason. We wish you well on this exciting venture.
Follow Peninsula Shops on Twitter www.twitter.com/peninsulashops.
You can also find the Peninsula Shops as one of Gables End’s Favorites on our Facebook Page. Become a fan of both Gables End and Peninsula Shops!