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Wednesdays With Wendy - Sept. Newsletter # 2 September 17, 2008 Hey everyone! I hope you are having a great week so far and are ready for another Wednesdays With Wendy NEWSLETTER! As my friend/client, I value your opinion! So, please let me know what you think! All comments and constructive criticisms are welcome! You can also find this great information and much more if you check out my BLOG at http://wilmingtonncinfo.blogspot.com/ This week's newsletter features the "2008 Best Performing Cities" (cities with the top economic performance) from the Milken Institute (Wilmington is #6!!!), Wendy's Featured Listing of the week, First Time Home Buyer Federal Tax Credit info. and information about the Cartus Relocation Network!  I hope you enjoy and please feel free to contact me if you have any information or topics you would like featured in an upcoming newsletter! 2008 Best Performing Cities - The Milken Institute/Greenstreet Real Estate Partners Best Performing Cities Index ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth.  The components include job, wage and salary and technology growth.  The full report can be downloaded here. The Best Performing Cities ranking depicts those U.S. metropolitan areas that are recording the top economic performance. Best Performing Cities 1 - 25 2008 Rank 2007 Rank Metropolitan Area 1 8 Provo-Orem, UT MSA   2 10 Raleigh-Cary, NC MSA   3 18 Salt Lake City, UT MSA   4 20 Austin-Round Rock, TX MSA   5 16 Huntsville, AL MSA   6 2 Wilmington, NC MSA   7 7 McAllen-Edinburg-Mission, TX MSA   8 50 Tacoma, WA MD   9 37 Olympia, WA* MSA   10 12 Charleston-North Charleston-Summerville, SC MSA   11 5 Orlando-Kissimmee, FL MSA   12 17 Bakersfield, CA MSA   13 33 Killeen-Temple-Fort Hood, TX MSA   14 24 Lafayette, LA MSA   15 43 San Antonio, TX MSA   16 32 Houston-Sugar Land-Baytown, TX MSA   17 77 Seattle-Bellevue-Everett, WA MD   18 42 Ogden-Clearfield, UT MSA   19 11 Myrtle Beach-North Myrtle Beach-Conway, SC MSA   20 29 Greeley, CO MSA   21 74 Durham, NC MSA   22 61 Nashville-Davidson--Murfreesboro--Franklin, TN MSA   23 59 Dallas-Plano-Irving, TX MD   24 34 Savannah, GA MSA   25 58 Des Moines-West Des Moines, IA MSA   To see the full list of the 2008 Best Performing Cities, please visit the Milken Institute website by clicking here. Wendy's Featured Listing- 4224 Ashley Park Dr. Wilmington, 28412 This is a beautiful 2 bedroom, 2 bathroom town house in the desirable Ashley Park at Georgetown neighborhood. This home is one-level and is in like-new condition. It is very clean and well maintained, with a 1 car garage. It also has new paint and is ready to move into! The kitchen and dining room combination, as well as the open kitchen, make this a great space for entertaining guests. Appliances included are; refrigerator, built-in microwave and range. The townhome also has an extra room with a skylight and closet, which could be used as a library, office or 3rd bedroom. The home also has a great fenced in back patio area which would be great for a small cookout! Included in the Home Owners Association fees is use of the community pool, exterior building maintenance, tennis courts, and yard maintenance. The landscaping on this property is gorgeous and very well taken care of. This neighborhood is located near the Monkey Junction area and is approx. 10 miles to Carolina Beach. Bedrooms:             2 Bathrooms:           2 Square Feet:         1,335 # Fireplaces:         1 Year Built:             2001 MLS Number:        422649 For more information on this property and other featured listings, email me wendy@seacoastrealty.com or visit my website First Time Home Buyer Federal Tax Credit -  As part of the “Housing and Economic Recovery Act of 2008” that was recently signed into law, Congress has created a new, temporary federal income tax credit to provide an incentive for first-time homebuyers. The highlights of this federal tax credit are as follows: •    The amount of the federal tax credit is for 10% of the cost of the home, up to a maximum credit of $7,500. In essence, this is an interest-free loan that enables consumers to receive a tax credit on a dollar-for-dollar basis on their personal income tax return in the calendar year following the year of closing on their home. They begin paying the tax credit back the year after that and make equal installments during the next 15 years. If the homeowner sells the home at any point during the 15-year payback period, then the remaining amount is recaptured, unless they sell the home at a loss, at which point the balance is forgiven. o    e.g., If a home costs $65,000, the allowable credit would be $6,500. If a home costs $120,000, then the allowable credit would be $7,500. •    Eligibility is for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the past three years, but who may have done so previously.  Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single. •    Individuals whose Form 1040 filing status is single (or head of household) are eligible for the tax credit if their income is no more than $75,000. Individuals who file a joint return may have no more than $150,000 in income. •    Individuals with incomes between $75,001 and 94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit. •    Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit. •    The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home between April 9, 2008 through July 1, 2009. Individuals should consult a professional tax advisor for exact tax calculations. o    e.g., If an individual’s actual tax liability was $5,000, then after the tax credit is applied the purchaser would receive a total refund of $2,500. The refundable amount is the difference between the $7,500 tax credit and the amount of one’s tax liability. o    e.g., If an individual’s actual tax refund was $2,000, then after the tax credit is applied the purchaser would receive a total refund of $9,500. •    This tax credit is required to be repaid without interest in equal installments of 6.67% of the total credit each year for 15 years beginning the year after the tax credit is claimed. o    e.g., If a homebuyer claims the $7,500 credit in 2009 on their federal income tax return for a closing that occurred in 2008, then the credit is received in 2009, so repayment begins in 2010 with an annual repayment amount of approximately $500 a year. For more information on Mortgage Rates and to see if you qualify, Please contact Kendee Blake with Alpha Mortgage at kendee.blake@alphamortgage.com or Office-(910) 686-0886, Mobile-(910) 612-0531 CARTUS RELOCATION - Referral Network   Did you know that I can help your family and friends buy or sell real estate anywhere in the United States!   Since Coldwell Banker Sea Coast Realty is affiliated with CARTUS- the world's largest relocation network -   I can connect your loved ones with a relocation expert ANYWHERE in the country!   So, the next time you know someone thinking of buying or selling, CALL ME!   I'll make sure they receive the same courteous and professional service I provide for my clients! I hope you have enjoyed this newsletter! Have a FUN and SAFE weekend! As always, if I can help with any of your real estate needs, please don't hesitate to call or email! Cell - (910) 279-3983 Office - (910) 202-3627 Fax - (910) 795-4268 Wendy@SeaCoastRealty.com WendyInWilmington.com