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For California home buyers wanting new construction…
Published March 4th, 2009 in Mortgage/Finance, Buyers. by Marian Bennett, Coldwell Banker Tags: tax credit.Another tax credit for California. This one applies to purchases between MARCH 1, 2009 - FEBRUARY 28, 2010 - for homes that HAVE NEVER BEEN OCCUPIED - only $100,000 allocated - first come, first served. The Coastside doesn’t have large home developments, but we do have spec homes that are built by individual local builders. Pacifica has a new home development (some lots with ocean views) that I’ve previewed called Connemara.
The State of California Franchise Tax Board’s website outlines details.
Here’s new construction listings on the Half Moon Bay Coastside that may qualify:
Thanks to colleagues Arn Cenedella, just “over the hill from us” on the San Francisco Peninsula and Kappy Mann of Truckee and Lake Tahoe’s north and west shores, for also sharing information about this and bringing this to my attention.
4 Responses to “For California home buyers wanting new construction...”
- 1 Pingback on Mar 4th, 2009 at 9:09 pm
- 2 Pingback on Jun 12th, 2009 at 12:46 pm
way to bring it all home Marian. I hope that more people down there can take advantage of this program. Not too many up here but I’m looking. Showing us real instances where this credit may apply is very helpful.
This is a nice tax credit, but it’s a lot more useful inland (Sacramento, Tracy). Most new homes here are significantly overpriced making this tax credit insignificant. Plus new homes will have to compete with foreclosures.
For example Ocean Colony had four new expensive pre-foreclosures in the last two months:
2330 Burning Tree Rd
2340 Burning Tree Rd
289 Eagle Trace Dr
340 Fairway Dr
Once they are bank-owned (sometime in the next six months), just these four properties will make up at least a month worth of sales.