Nov. 22, 2006 - Raleigh NC Real Estate >>Downtown Residential Developments

As I mentioned in a previous blog downtown Raleigh is finally awakening from its slumber.  Now that the renovation of Fayettville Street is complete and the new Convention Center is under construction young singles and professionals are starting to flock to the downtown area.  A lot of residents are transplants from big cities like Boston, Chicago, and New York.  They want a big city feel atmosphere and the downtown area is well on its way to becoming a top urban location. 

The map below depicts current and planned developments in the downtown area.  If you would like additional information

on any of the properties listed below please send me an email at Tracy@TracySantrock.com

Nov. 21, 2006 - Raleigh NC Real Estate >>Existing Homes Sales Decline in the Triangle in October

In October existing home sales declined in the Triangle for the first time in four years. 

Nov. 19, 2006 - Tax Advice to Maximize Deductions, Minimize Pain for Seniors

Earlier this year I received my Seniors designation.  One of the most important issues facing seniors is wealth preservation and planning optimal tax strategies.  It's getting close to that time of year again so I thought I'd write about tax issues facing seniors and how to maximize tax deductions while minimizing the old IRS pain.  It's not to early during the holiday season to remember the taxman-Mr. IRS-and make plans to minimize your tax hit when April 15th rolls around.  A few smart moves before the end of the year could save you a bundle in the spring.  Qualifying for many tax benefits depends on individual circumstances, so it's always wise to consult a CPA/qualified tax preparer.  Here are some isues to ponder while you're preparing your 2006 taxes:

1.  Early mortgage and property tax payments

Pay your January, 2007 mortgage in December, 2006 and the mortgage intereste for that Juanuary payment can be deducted on your 2006 taxes.  Check with you local government to see if it's possible to pre-pay property taxes and claim that deduction on your 2006 tax return.

2.  Energy-efficient renovations

If you've modified your home with energy efficient products, such as solar panels, windows, and geothermal heat pumps, you may be eligible for a tax credit.  The maximum credit is $500.  Be aware that the rule has a few wrinkles. For instance, only $200 of that $500 can be taken for windows. 

3. Investment property

Tally up the receipts associated with your investment proeprty.  Repairs-things to keep in the property in good working condition-are deductible during the year you pay them.  More significant investments, such as a kitchen or bathroom or a major renovation,  get depreciated over 27.5 years for residentail real estate.  Major improvements on non-residential investment properties are depreciated over 31.5 years.

4.  Points and refinancing mortgages

If you paid points when you refinanced a home mortgage, points are deductible in full in the year paid, if the proceeds of the loan were used to improve your residence.  If they were used for something else (new car, vacation, etc.) they're deductible, but only over the life of the loan.  If this is a second refinance, and the taxpayer was amortizing previous points over the life of the loan, the remaining points not previously deducted are allowed in full, but only if the new loan is with a different lender. 

5.  1031 Exchanges

Profits on the sale of rental property are treated as a capital gain and you'll have to settle up with Uncle Sam.  One option to defer paying that tax is to re-invest the proceeds in a like-kind exchange.  To the extent that the proceeds are reinvested, the gain is deferred until the replacement property is sold. 

6.  Vacation Property

Carefully track how much time you spent at a vacation property.  When you own and rent out vacation home, expenses are generally allocated between rental use and personal used, based on the number of days of each use.  If you use the home for 14 days or less, or less than 10% of the time it is available for rent, the expenses are all allocated to, and deducted rom the rental income.  If you meet this limited-use test, the vacation home is not considered used as a personal residence.  Use by family members is counted as personal use by the owner, unliess family memebers pay fair market rent.

7.  Tax-free gifts

If you're looking to reduce your taxable estate for hiers, one option is to gift money to children, grandchildren and others.  Individuals can gift up to $12,000 (or $24,000 per couple) per year to anyone without tax consequences.  Another option is to gift appreciated assets, such as a piece of real estate worth $12,000.  "If I give a piece of real estate, it could be worth $15,000 in a few years and $30,000 down the road.  It's a way to legally give more than that $12,000 per year to someone. 

8.  Parental dependant care

If you're supporting a parent and provide over half of his or her support, such as nursing home and medical expenses, you may be able to claim him or her as a dependent.  Rules are stringent, so check with your CPA to determine whether your parent meets the dependency requirements.

9.  Charitable donactions

Those 701/2 or older can designate up to $100,000 of their IRA directly to a charity.  It's a neat tool for Seniors who might have a lot of montey and are worried about estate tax issues.  It's a great way to give to their charity of choice and save some estate tax down the road for their heirs. 

10.  Tax advisors

Find a good tax advisor and tax retun preparer.   Get recommendations for referrals from trusted friends, bankers and attorneys.  Seek out someone with expertise in estate planning and Senior issues, so the person can offer long-term tax strategies versues just focusing on annual tax preperation.

Nov. 16, 2006 - NEW Dog Park In Cary

A wonderful new dog park in the Triangle area has opened.  This dog park is located at 2050 North West Marynard near the corner of Chapel Hill Road and Maynard.  The town of Cary’s first dog park will provide a place for dog owners to let their pets run free safely and legally without a leash.  The park is approximately 1 acre in size.  Pet owners can purchase memberships or day passes at any Cary, NC community centers. An electronic gate will allow members/day guests through.  Please see the fee schedule below.

Background
In 2002, a group of dog owners approached the Town about providing a safe place where dogs could play and get exercise while not on a leash. In December 2004, more than 60 residents attended a meeting that the Town arranged for public input. The Cary Dog Park Club has hosted several “Dog Park for a Day” events that the Town sponsored. Club members have held the events to demonstrate how a dog park would work and to help raise money for one. Get details on the operations plan, fees, budget, buffer vegetation, etc.

Have fun with your pets!!

Nov. 8, 2006 - Cary NC Real Estate - All about Cary

COMMUNITY PROFILE: Technology Town

With its quiet, tree-lined streets, well-groomed subdivisions and growing economy, Cary has repeatedly ranked among the top places in the country to live, to work, to find a home, to start a business, to raise a family or retire. Named Best Place To Live in the East by Money magazine in 2004, Cary is noted as the Technology Town of North Carolina, due to the large number of residents with computer and Internet access. With more than fourteen major universities within an hour’s drive and famed Research Triangle Park just down the road, that’s no surprise.

More than 43 percent of Cary residents are employed in professional specialty jobs and executive, administrative, and managerial positions. A highly educated labor pool – more than two thirds of adults hold a college degree -- and low unemployment rate make for a thriving economy. Cary ranked the fifth safest of 350 large cities nationally and the safest in the South during 2003. Housing choices range from a suburban neighborhood overlooking a small lake to country estates. Homes are priced from $120,000 in Park Village to the $250,000-to-$750,000 range in Lochmere.

Cary Fact: Cary has one of the highest median income levels in North Carolina and claims the highest percentage of Ph.D.s in the country for towns with more than 75,000 people.

Nov. 7, 2006 - Raleigh NC Real Estate >>Does Raleigh REALLY have a downtown area? What's new?

Nov. 6, 2006 - Raleigh NC Real Estate >>Prices Continue To Rise in the Triangle Real Estate Market