Home-Buyer Tax Credits Extended

The temporary tax credit for first time home-buyers has been extended. The $8,000 tax credit will continue, but contracts must be in place before May 1, 2010 and close before July 1, 2010.

Income limits are more generous. The credits for single filers now phase out between $125,000 and $145,000 and for married couples between $225,000 and $245,000 modified adjusted gross income.

However, no credit will be given on any home costing more than $800,000.

The credit can be used for single family residences, condos, co-op apartments, and attached or semi-attached townhouses.

You should consult a tax advisor or accountant for full details.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Lake @ Walnut Is Now Over 51% Sold

Lake @ Walnut is now over 51% sold. That is the magical tipping point for property sales because after that point, lenders will come in and fund loans for the new condos. It means that people who are purchasing the property for FHA or for second homes can now come in and buy.

Lake @ Walnut is built by Standard Pacific and is one of the best new consturction condo complexes in Pasadena right now. It comes fully loaded with window coverings, refrigerator, and an washer & dryer.

I'll be happy to give anyone a tour or answer any questions that people may have on the project.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Belleme Price Reductions

Belleme Terrace has reduced it's prices. Although the project is over 2/3 sold, we have reduced the pricing in an attempt to sell our final 5 units.

Pricing on these beautiful Pasadena new townhomes starts at just $639,000 for the 3 bedrooms. We are still open Sundays from 1-5 pm so please stop by and take a look for yourself.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Breathaking Toy Factory Loft

Stunning Toy Factory condo is the ultimate in loft living. This spacious and bright corner unit boasts amazing downtown views and overlooks a striking succulent garden. This roomy loft was originally designed as two separate units and is zoned for live/work.

This gem boasts soaring exposed ceilings, five original oversized dual paned windows with remote control shades, refinished concrete floors, inside laundry, dual zoned AC and amazing three parking spaces! The gourmet kitchen boasts designer finishes and stainless appliances. The bathrooms feature a deep soaking tub and a frameless shower. Double doors lead to a classic balcony. This unit combines the raw energy of a loft with the refined living that you would expect from the very best downtown has to offer. The property is a short sale listed at $575,000.

Toy Factory Lofts are located in the Arts District and features 24 hour security, roof top pool, cabanas, sundeck, firepit, barbeque, and community succulent garden.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Classic Craftsman In Madison Heights!

This stunning Craftsman classic lies in the heart of Madison Heights and exemplifies the best that Pasadena has to offer. Through an oversized wood door, enter this breathtaking, stand alone, open floor plan townhouse, which features soaring ceilings with double crown molding, recessed lighting, and lustrous wood floors. Spacous living and family rooms center around majestic wood mantle fireplaces. Luxuries like surround sound speakers and plantation shutters are just the beginning. The stunning gourmet kitchen shimmers with elegant granite countertops, stainless appliances, and custom wood cabinetry. Feast in the magnificent dining room with wood beamed ceilings, convenient breakfast counter, or peaceful breakfast area.

Graceful double doors open to an extraordinary master suite boasting a spacious custom walk-in closet, luxurious spa tub, and spectacular fireplace. Also, a roomy bonus room has a built-in desk and plentiful storage closets.

This is your chance to get the deal of Madison Heights. This six year old stand alone townhouse feels like an estate home without the estate pricetag.

For more information, please visit http://www.591southmadison.com/.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

$8,000 Refundable Tax Credit for First Time Home Buyers

President Obama signed the economic stimulus package which includes a gift for first time homebuyers– $8,000 (or 10% of the home’s value, whichever is less) on their 2009 taxes.

This is applicable for all properties, not just condos and townhomes. As a real estate agent, I think that this is going to be great for first time home buyers for entry level condos and single family homes. The income restriction will limit the higher end condos and homes in Pasadena.

* Refundable: The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year- was less than that amount.

* Purchase Date: To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as “first time” buyer. They must also live in the house as their primary residence for at least three years, or they will be obligated to pay back the credit.

* Paperwork: Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.

* Income Restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)

Once again, you should always consult an accountant about the details.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

State Tax Credit - Up to $10,000 Buyers Who Purchase New Construction Condos in 2009!

Senate Bill 15 was approved by the Governor on February 20, 2009, and provides for a tax credit against the net tax for a taxpayer who purchases a qualified principal residence on or after March 1, 2009, and before March 1, 2010. The maximum amount of credits available to allocate is $100,000,000.00 (one hundred million dollars) and are available on a first come first serve basis.

The following qualifications and limitations apply:

Ø The qualified principal residence is a single family residence, whether detached or attached, that has never been occupied

Ø Allowed for the purchase of one qualified principal residence per taxpayer

Ø Must be occupied for at least two years immediately after the purchase and is eligible for the homeowners property tax exemption

Ø The credit is the lesser of 5% of the purchase price of the qualified principal residence or $10,000.00 (ten thousand dollars). The credit must be claimed in equal amounts over three consecutive tax years beginning with the tax year the purchase is made

Ø The seller must provide a certification to the taxpayer and the Franchise Tax Board within one week of the sale that the qualified principal residence has never been occupied. Upon certification, the Franchise Tax Board will allocate the credit to the taxpayer on a first come, first serve basis.

Ø To claim the credit, the taxpayer will submit with each tax return the certification by the seller.

This will definitely help people who are thinking about buying new condos and townhouses since this $10,000 tax credit is a fantastic incentive.

Of course you should always consult an accountant for more information.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Happy Chinese New Year - Thanks for your Support!

We truly thank you for making 2008 one of our best years even in this challenging real estate market.

We take pride in our ability to counsel clients through some of the most important financial decisions of their lives. That is why over 90% of our business originates from repeat clients and their referrals.

Our high level of client satisfaction enabled us to complete over $18 million worth of real estate transactions last year. This not only continued our standing in the prestigious Prudential Real Estate President’s Circle, it also ranked us as one of the top agents in our office.

So, if you know anyone who might benefit from our counsel, please let us know. We promise to take good care of them. You can count on us!

Liquidation Sale At City View Gardens

Our Liquidation Sale for City View Gardens kicks off Sunday, January 25 from 1-4 pm.

Units start at just $275,000 for brand new 2 bedroom 950 sq ft condos.

We are 106 luxury townhouses and condos at 3711 Baldwin St in Los Angeles. Units are selling briskly with only 10 remaining. However, there are choice 2, 3, and 4 bedroom units still available.

Through an exclusive gated entry emerges a stunning new collection of townhomes and condos. These fantastic new units offer a bright and open floor plan, generous master suites, fireplaces, private patios, and gourmet kitchens with granite countertops and stainless Frigidaire appliances. Breathtaking views of Los Angeles on select units.

Garden enjoys many amenities sought by the discerning buyer including in-unit laundry facilities, guest parking, and community pool and spa. Located just moments away from downtown, Los Feliz, Eagle Rock, Pasadena and more. This hidden gem is truly one of the best values in Los Angeles!

Visit us online at http://www.cityviewgardens.com/ for pictures, floor plans, etc.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Happy New Year

We wanted to wish all of you a happy new year. If you would like a copy of a small Chinese New Year calendar, please e-mail us and we'll send one off to you. The Chinese New Year calendar is imprinted with an image for good luck. Please remember that Chinese New Year is on Monday, January 26 this year.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.