Tax Credits for First-time Home Buyers May Make it Easier to Sell TAJ Homes

The article below was taken from a Zillow blog. Click here to go to the original article. Perhaps with incentives like this tax credit owners will have more success in selling their TAJ properties.

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$8000 Tax Credit Extended Through April 30, 2010

By: Diane Tuman, Zillow Content Manager | November 6, 2009

In what has been urged as a must-have by real estate professionals and builders, the $8000 tax credit for first-time home buyers (previously due to expire Nov. 30), has been extended through April 30, 2010, according to the Associated Press. Not only has it been extended, but it has also been expanded to include more buyers.

Details on Tax Credit Extension:

• $8000 tax credit for first-time homebuyers extended for buyers who sign a contract by April 30, 2010 (and who close by the end of June).
• $6500 tax credit offered to homebuyers who have lived in their current residence at least five years and who want to “trade up” (buy a new primary residence).
• Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify (up from $75,000 for individuals and $150,000 for couples).
• Tax credit not applicable for those buying homes worth more than $800,000.
• Those who sell their new home or stop using it as their main residence within three years would have to repay the credit.

Will the Tax Credit Extension Help?

According to a recent survey Zillow conducted through Harris Interactive, nearly one in five (18%) prospective first-time home buyers said extending the $8,000 tax credit would be the primary influence on their decision to buy a home before the end of 2010, potentially stimulating an additional 334,000 home sales. The caveat here is the survey asked first-time homebuyers if they would purchase a home prior to the end of 2010; this bill will only go through April 2010, not the end of 2010 and it involves a different type of buyer, as well.

The cost for the tax credit extension is estimated to be $10 billion and opinions vary on whether it will actually help the economy or not. One writer provides 5 reasons the U.S. should stop homebuyer perks.

What do you think of the tax credit extension? Good or bad? Jump into Zillow Advice and take part in discussions on the tax credit extension.

TAJ Homes for Sale

Click here to view a listing of six TAJ homes that are currently for sale, according to one internet source. Asking prices range from $75,000 (above) to $249,000 (below). Interior pictures of the units are included on the website and are very interesting to view. I think there might be some real bargains available in the neighborhood.

Unit # 1901 For Sale -- Cheap

As seen on Zillow, Unit 1 in Building 19 is for sale after having been foreclosed.  I suspect that there may be some extra assessment costs associated with the property for unpaid maintenance fees, as well as future assessments for impending refurbishment work.

Does anyone remember two years ago when the Board and most residents thought that the home prices at TAJ would reach $300,000?  It sure seemed like a good idea for the BOD to buy the under-priced homes and try to "flip" them at that time.  Now it seems like it would be a financial disaster.  

But who will buy this property and others here in TAJ?  Does anyone want to share what they know about TAJ home sales?  Let us know.

Plans for the Fashion Mall

The following article is taken from the sun-sentinel webpage, address found below:

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sun-sentinel.com/news/local/broward/sfl-1106-plantation-fashion-mal,0,133771.story

South Florida Sun-Sentinel.com

Fashion Mall in Plantation months from being resurrected

By Lisa J. Huriash

South Florida Sun-Sentinel

10:09 AM EST, November 6, 2008

PLANTATION

The Fashion Mall is now months away from being resurrected as a residential and retail project.

The City Council late Wednesday night signed off the site plan approval for the new owners of the mall - now named 321 North because of its address - to build as many as 590 residential units on site. The Council also waived a 12-story height limit to allow construction to go as high as 16 stories for two office buildings.

The project, on the west side of University Drive north of Broward Boulevard, will also feature four free-standing retail buildings. The old Macy's and Lord & Taylor buildings will be demolished to make way for the construction which could begin within months.

"You've got home, you've got work and you've got that third place you just want to be," said attorney Paul D'Arelli, who represents the mall.

The fate of the mall has been in flux for years.

The mall opened in 1988 and many have tried to make it prosperous. Built for more than $100 million by Deutsch-Ireland Properties and Melvin Simon & Associates, the mall was anchored by Macy's and Lord & Taylor. In 2002, Ashkenazy Investment Co. bought the mall from Wells Fargo Bank, which foreclosed on the previous owners, for $21 million.

Its strategy was to build a string of home decor shops. In 2003, Ashkenazy signed a letter of intent with Muvico Inc. to build a large-scale movie theater at the mall, by the beginning of 2004. But the Muvico deal fell through, and then plans for the home furnishing shops fizzled.

China-based US Capital Holdings Group bought the Fashion Mall from Ashkenazy for $41.5 million in 2004. Its selling strategy is to create a mixed-use work and live complex.

In June the mall announced Muvico was coming back. A 14-screen theater is planned and a Muvico spokesman said it plans to lease about 70,000 square feet for 20 years. The theater will have a balcony and reserved seating, restaurants, child-care facilities and valet parking, similar to the Muvico Palace 20 in Boca Raton.

The entire project, estimated in the hundreds of millions of dollars, could take as long as five years to complete. The financial commitment is so strong that Councilman Bob Levy said he was assured that the city would "not going to see a demolition and a stoppage."

TAJ Real Estate

It is not the best picture, and the information is not the most complete, but the image on the left is taken from the website Zillow and it shows some of the houses for sale in the TAJ neighborhood.  

Before anyone gets too excited about the house pictured top and center, I already called and found that to be a rental price, not a sales price.