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Archives

November 2006


Interesting Tidbits

Posted at 8:30 PM, Nov. 13, 2006

    KEEPING FIREPLACES SAFE  With winter closing fast, more of your buyers will want to enjoy their fireplaces. But before they warm to the glow, make sure they know how to make their fireplace safe. (Source: HPBA) Fireplace safety . . .
    QUESTIONS FOR A HOME INSPECTON  What should your clients ask when hiring a home inspector? They can start with these ten questions.(Source: HUD) Ask an inspector . . .
    A MOVABLE GUIDE TO MOVING  Anyone buying a new home is probably moving from an old one. But no matter how many times you move, it never hurts to go over the basics of planning. Here's a quick guide that's a great place to start. (Source: Moving.com) Moving tips . . .
    GET A BIRD'S EYE VIEW  The TerraServer-USA website is one of the world's largest online databases, providing free public access to a vast data store of maps and aerial photographs of the United States. TerraServer . . . is designed to work with commonly available computer systems and Web browsers over slow speed communications links. (Source: Terraserver-USA)
    PROPER CLEANUP AFTER STORMS CAN MINAMIZE WATER DAMAGE  If recent rain has caused leaks or flooding around a home or business, the Institute for Business & Home Safety says proper cleanup will help minimize the potential damage water can cause. This link includes the steps to take. By taking immediate action, damage can be kept limited and the chance of salvaging material can be increased.  Levels of rust, rot, mold and mildew that may develop can be reduced, along with the likelihood that the water will lead to structural problems. (Source:IBHS) Storm clean up . . .
    LAWN CARE TIP  Winter might be on its way, but here's a link to save for spring. (Source: American -Lawns.com) Lawn tips . . .

    REBAC newsletter 10/10/06

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Ivanpah Valley Airport

Posted at 9:26 PM, Nov. 12, 2006

From Wikipedia....

Ivanpah Valley Airport is the planned relief airport for McCarran International Airport. Since there is only limited space left for expansion at McCarran, a new airport is the only alternative to increase capacity by a significant amount.

To allow for growth in air travel to Las Vegas, Clark County, Nevada is buying 6,500 acres (26 km²) of land in the Ivanpah Valley from the Bureau of Land Management about 30 miles (50 km) southwest of McCarran International Airport for the Ivanpah Airport. This location is between Jean and Primm.

HISTORY

Legislation was signed on October 28, 2000[1] allowing Clark County to purchase land for a new commercial airport. This is the only new commercial airport currently being planned in the United States.

CONSTRUCTION

All dates for construction and availability are fluid at this time. However the official Clark County Department of Aviation statements point to starting construction in 2010 with an opening date of 2017. These dates were based on McCarran reaching 90% (49.5 million passengers) of its projected capacity of 55 million passengers in 2017. Currently McCarran is expected to be at 55 million passengers in 2011. [2]

Currently the project is working to meet the lengthy environmental studies required for major projects. On October 8, 2005, the engineering consultant firm Vanasse Hangen Brustlin, Inc. (VHB) was chosen as the firm to produce the Environmental Impact Statement (EIS) for the airport. [3]

ACCESS

The airport is sited on the proposed California-Nevada Interstate Maglev line connecting Las Vegas with California. It is on the section that is currently funded by the US Congress for the planning phase. It is also located near the Union Pacific mainline that Amtrak has proposed to use for a high speed train to California. It is also expected to be near the proposed DesertXpress high speed rail line.

Road access to the area is via Las Vegas Boulevard and two exits from Interstate 15.

  • ^ [1] Ivanpah Valley Airport Statement by Nevada Alliance for Defense, Energy, and Business, Accessed on July 26, 2006
  • ^ = Vision2020 "Vision2020: What happens when demand at McCarran exceeds 53 million passengers?". Accessed July 27, 2006.
  • ^ [2] No longer available, tried access on July 27, 2006."
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    Mortgage Interest Deductions

    Posted at 6:09 PM, Nov. 10, 2006

    Current Law: In order to take mortgage interest deductions (MID), taxpayers must comply with the following
    rules, where applicable.

    1. Debt on a principal residence and a second home, combined, may not exceed $1 million. (If mortgage debt exceeds $1 million, interest on the increment above $1 million is not deductible.)
    2. Debt on home equity loans (or lines of credit) may not exceed $100,000.
    3. All debt (mortgage debt and home equity debt) must be secured by the principal residence or the second home for which the deduction is claimed.
    4. Only debt used to acquire, construct or substantially improve a residence qualifies for a deduction. (This debt
    is referred to as acquisition indebtedness.)
    5. MID on refinancings is allowed only to the extent that the amount of debt on the refinancing does not exceed the amount of outstanding debt that is refinanced.
    6. Points (or prepaid interest) on refinanced debt is not deductible but must be amortized over the term of the loan.
    7. Interest on acquisition debt is deductible for purposes of computing both the regular income tax and the alternative minimum tax (AMT). Interest on home equity debt, however, is not deductible in computing the AMT.

    Take a look at number 5 above.

    Do you know anyone who refinanced their home in the last few years...not for improvements, but just to pull
    out cash at favorable interest rates, taking advantage of the appreciation in the market? If you know anyone
    who falls into this situation, and there are many who do, are they taking a mortgage interest deduction in an amount that they are not entitled to take?
    Interest deductions on loan amounts exceeding the acquisition loan payoff plus $100,000 are not allowable.

    Example:

    Buy a house for $200,000 and finance $150,000. Loan paid down to 125,000.
    Appreciation and low interest rates allows owner of this property torefinance and new loan amount is $350,000.
    Interest on what amount of the $350,000 loan is tax deductible?

    Answer: $225,000

    I know that there are many who are taking interest deductions they are not entitled to take.

    Saul Klein (Internet Crusade)
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    Las Vegas Listings

    Posted at 6:38 AM, Nov. 9, 2006

    One of the ways I market my listings is on the web.  There are many places to do this marketing - from my own websites (www.MaryW.com and www.MaryWarren.com)  to Realtor.com to Craigslist, and even sometimes on e-bay!   According to the National Association of REALTORS®, 77% of home buyers start their search on the internet, so advertising there only makes sense.  But I not only advertise on the internet I also purchase each of my listings their own domain name.  This gives each listing their very own web site.  This also makes it easy for prospective buyers to find.  Example are:
    I put a sign rider on the "For Sale" sign in front of your house with that particular domain name.  Buyers driving buy never have to get out of the car to pick up a flyer (flyer boxes on my listings are full 99% of the time).  I also put it in all my print and internet advertising.

    A couple of good reasons to go with the best!  Feel free to call direct (702-360-8165) or e-mail me
    to hear about some of my other unique marketing plans.
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    Greenspan and the Housing Market

    Posted at 7:07 PM, Nov. 8, 2006

    "It looks as though the worst is behind us" in terms of the effect of the housing slump on economic growth, he told financial advisers at a conference in Washington organized by Schwab Institutional, a division of Charles Schwab & Co.

    "We're obviously going through a significant slowing period, which as best as I can judge is quite likely to be temporary," said Greenspan, 80, who retired in January after more than 18 years leading the world's most influential central bank and whose words are still closely monitored in financial markets.

    U.S. economic growth slowed sharply, to a sluggish 1.6 percent annual rate, in the July through September period, largely because of a steep drop in home construction. Home sales and prices have also fallen recently in many markets.

    Greenspan, a private consultant, said the housing downturn has "a way to go" before it hits bottom, but its effect on the rest of the economy should abate in the months ahead.

    Other U.S. industries are enjoying healthy profits, consumer spending has remained solid and "the global economy is in extraordinarily good shape," he said. "Things don't look bad."


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