Delicious Real Estate

1st Time Home Buyer Cheats – The IRS is on to you

October 22nd, 2009 Categories: Real Estate, buyers

The last couple days I've been in German Village and it's been beautiful

The WSJ reported yesterday that the Internal Revenue Service is, “examining more than 100,000 suspicious claims for the first-time home-buyer tax break.”

About 4-5 weeks ago I had heard around 3,000 cases had been opened but potential fraud on this kind of scale makes me think that Congress would be even less likely to approve an extension of the $8,000 tax credit for Columbus 1st time home buyers, let alone open the tax credit program up to all home buyers.

My favorite quote from that WSJ article, “A spokesman for the National Association of Realtors, Lucien Salvant, said, “Any time there is a lot of money around, there is going to be people attracted to it with evil intent.”

This morning, NPR had a good story on Morning Edition along the same lines. In a recent audit, The Inspector General’s office highlighted nearly $500 million in homebuyer tax credits claimed by people who don’t appear to qualify.

At the House Ways and Means Committee hearing Thursday, Russell George, the inspector in charge of watching over this, “is expected to release another, more damning report. His biggest complaint — and something he’s been talking about for months — is that the IRS doesn’t require people applying for the credit to prove they’ve purchased a house.”

Personally, I’ve talked to potential home buyers this year who wanted to get creative about claiming the credit by putting it in a spouse’s name or “claiming” to live in a rental property or some such thing. Of course I steer clear of commenting in such conversations and always refer people to their accountant for clarification on what’s allowed.

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Can Downtown Columbus Rebound from City Center’s Fall & will Buyers continue to Move Downtown?

Written by: Joe Peffer

October 21st, 2009 Categories: Real Estate

I’ve always been a fan of City Center. Everything everyone has ever pointed out about its faults, chiefly that it should have opened up to the streets surrounding it, has been true but it held a special place in the downtown retail fabric. I’m a buy-local guy and not a fan of big box retailers, malls or shopping itself but City Center was always close and always convenient. Parking was cheap and easy and chances are if our family had some kind of a retail need, we could fill it at City Center.

With the Annex in River South Condos literally just down the street finishing construction and Neighborhood Launch a stones throw away, will downtown Columbus condo buyers continue to consider living in the Center City now that City Center is gone?

Yes, they will. While the city of Columbus is touting a park to spring up from the ashes of the demolished mall, that is not the long term answer anyone wants to see in that prime spot. The City is talking to developers right now who are willing to put down their own money to build on the location. I’ve heard rumors of more condos, more apartments, major grocery, convenience and other retail stores in conjunction with class A office space. It’ll happen. Will we ever see another Macy’s type store downtown? Probably not. But maybe we could see some other fantastic possibilities.

Of possible interest from this and other sites regarding downtown retail and living…..

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Home Buyer tax credit extended — For Overseas Troops

Written by: Joe Peffer

October 16th, 2009 Categories: Real Estate

As the battle lingers regarding the rest of the home buying population, recently Congress voted to pass a bill that will extend the $8000 tax credit until November 30, 2010 for any members of the service who has served overseas at least 90 days during 2009 and who are otherwise eligible. The credit will also be extended for Foreign Service and intelligence personnel who have been deployed overseas this year.

One nice touch is that the bill would also prohibit the IRS from “recapturing” the $8,000 credit when service members are forced to sell or rent out their houses because they are ordered to deploy to a different duty station, overseas or inside the country.

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Olde Worthington Fall Festival

Written by: Joe Peffer

October 9th, 2009 Categories: Worthington

I like most parts of Worthington and I like Olde Worthington the most. Well, I’m a sucker for Rush Creek too but since they’re neighbors, I’ll just put them in the same category. You can live in what many would consider a ’suburb’ with a fantastic school system and have a great stretch of shops and restaurants to walk to on High Street in addition to parks and festivals.

2nd Annual

Olde Worthington

Fall Festival

October 10, 2008 9:00 AM 4:00 PM
Worthington, Ohio
Held outdoors, in historic Olde Worthington
on its picturesque Village Green.

An exciting new event, located in a highly populated, metropolitan area
at the intersection Rt. 161 and High Street (Rt. 23) on the south greens
in downtown Worthington Presented by the Olde Worthington Business Association

Activities will get underway at 9:00 am and wrap up at
4:00 pm. This is a family event that is chocked full of fun for adults and children. There will be pumpkin painting, face painting, popcorn, cider and arts and crafts vendors displaying handmade items with fall and Halloween themes.

This Festival coincides with the weekly Worthington Farmers Market that will be stocked with pumpkins, gourds, fall produce and plants available for both old and new customers.

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