Lof t project in the historic district around the corner from 4th and Plum. 304 McFarland street.
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McFarland Lofts – Walkable Living in the Downtown Cincinnati West 4th Street Historic District
in Cincinnati Real Estate Development, Cincinnati Real Estate News, Ohio Real Estate Development News
Downtown Cincinnati condo project announces sellout
in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development, Cincinnati Real Estate Development News, Cincinnati Real Estate News, Ohio Real Estate Development News, Press Releases
Denise Guiducci of RE/MAX CityWide announced that the Le Brittany Condominiums in the downtown Cincinnati business district has sold out, giving another indication that the city’s urban core has strong demand for condominiums in the 180k – 230k price range.
RE/MAX CityWide has announced the complete sellout of Le Brittany Condominiums at 9th and Race in Cincinnati’s central business district. The 18 unit project has a mix of 2 bedroom 1.5 bath units and 1 bedroom 1.5 bath units, with selling prices between 179k and 240k. The project was originally an apartment building which was fully converted to condominiums.
Guiducci was recently selected by Cranewoods Development to list the McFArland Lofts project in the downtown Cincinnati West Fourth Street historic district.
“The McFarland Lofts is an exciting project for us. It has the advantage of being in the price-point ‘sweet spot’, and combines great location with inside garage parking, private balconies and 2 bedroom 2 bath contemporary floor plans”.
Contract in hand, more time to settle
in Cincinnati Real Estate News, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Ohio Real Estate Development News, Real Estate Market News
The Senate passed an amendment that extends the first-time home buyers $8,000 tax credit by three months IF you already have a contract in hand.
The U.S. Senate voted on Wednesday to give homebuyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market.
The amendment also includes the $6,500 credit for existing home owners looking to change their primary residence. This is an extension for closing on existing contracts, not for any new contracts that came after the earlier deadline of April 30th. The new deadline for closings is September 30th and is welcome by buyers and banks who have been caught in the logjam of so many closings trying to come in under the previous deadline.
Read more about it here.
Cincinnati Real Estate: Buyer’s and Tenant’s Market
in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development, Cincinnati Real Estate News, Ohio Real Estate Development News, Real Estate Market News
With the continuing housing slump and overall low growth economic conditions, commercial real estate nationwide isn’t expected to begin to turn prices around until 2011 but the local conditions in Cincinnati may have a brighter outlook.
According to a recent article in the Kentucky Post:
“If the market hasn’t bottomed out [in Cincinnati], it’s very near bottom,” said CB Richard Ellis managing partner Ken Murawski, adding that the first half of 2010 will show marginal growth. Then, he says, things will start to get better in the second half of the year.”
Uniquely Cincinnati
Beyond the effects of the national situation, Cincinnati’s circumstances may also be effected by staff consolidations from various spaces in the Central Business District as businesses, particularly American Financial, begin their long planned move into the new Queen City Square office tower. The glut of available office space has caused many landlords to lower rates and negotiate new long term leases before current leases expire.
Buyer’s and Tenant’s Market
All that means, it is a good time for forward thinkers to get into the market for investment and new leased spaces at historically low prices compared to long term trends.
“I think now is an ideal time for real estate investors to begin acquiring properties,” said Keith Yearout, also in the CBRE Investment Properties Private Client Group. He said smart investors will selectively acquire assets now, instead of waiting for the heard to come back to the market at some point in 2011.
“I think investors have to take a hard look at where market rents are, strength of tenants, length of lease terms, but for the deals that pass the little more stringent underwriting criteria, I think there are attractive values out there,” Yearout added.
There are also some cautions pointed out in the article so read the whole thing.
Cincinnati Makes List Of Top 10 Cities For Real Estate Steals
in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development, Cincinnati Real Estate Development News, Cincinnati Real Estate News, Ohio Real Estate Development News, Real Estate Development, Real Estate Market News
Cincinnati Ohio Real Estate has been recognized by U.S. News & World Report as one of the top ten markets for healthy real estate development investment and even potential “steals” (USNews).
In an article from February 12, 2010 entitled “10 Cities for Real Estate Steals”, U.S. News surveyed information primarily compiled by Moody’s Economy.com to search out markets where price-to-income ratios are most in line with their historical averages despite the challenging economic environment.
Cincinnati Real Estate Developers And Buyers
Certainly the news does not come as a surprise to the Greater Cincinnati real estate development community who have witnessed the near 30% downturn nation-wide and yet experienced very little of the trend locally. In fact, buyers and investors see, despite some near term fluctuation, that many properties in the market are actually undervalued compared to the long term trends.
“10 Cities for Real Estate Steals”
Concerning the Greater Cincinnati real estate development market, the U.S. News reporter, Luke Mullins, states:
“Home prices in Cincinnati have remained relatively affordable throughout the nation’s recent boom-and-bust cycle. The area’s price-to-income ratio actually increased from 2006 to the third quarter of 2009. Its most recent reading of 1.41 is slightly below the 1.46 average ratio of the 15 years before 2003. Although home price declines have moderated in recent months, Moody’s Economy.com believes further drops may be in store as additional houses go into foreclosure. Home prices in Cincinnati are expected to bottom out this year before creeping higher.”
Here is the recent view of one local Cincinnati real estate developer, “It’s challenging to get deals done out there, but there are spots around town that are very well positioned.” via
The Real Estate Development trend in Greater Cincinnati Ohio
Mortgage rates have recently dropped to 4.93 and added federal incentives continue for first time and current homeowners looking to buy so expect the current short term fluctuation in the greater Cincinnati real estate market to begin to get back to its historical trend by the end of 2010.
Tax Credits working for Homeowners, First Time Buyers and the Economy
in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development News, Cincinnati Real Estate News, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Ohio Real Estate Development News, Real Estate Loans, Real Estate Market News, Real Estate Taxes
A recent study and market analysis show the extension of the first-time home buyer tax credit and the addition of credit for existing homeowners is working for our economy. But the credits are set to expire in April and interest rates are beginning to rise from their near historic lows so the time to buy is now.
“Twenty percent of homeowners are more likely to consider purchasing a home than they were six months ago, thanks to the revised $6,500 federal tax credit, according to the survey.”
Coldwell Banker conducted the survey of over a thousand homeowners and found that the vast majority planned to use the money on “smart spending” that pays off existing debts, goes to home improvements, savings and household expenses. All of which aid our economy by increasing consumer confidence. That’s good news for existing homeowners.
“This may mean the move-up buyer is back in the marketplace,” said Jim Gillespie, chief executive officer of Coldwell Banker. “We’ve got a strong market for the first-time buyer and a strong market for investors. The move-up buyer has been sitting on the fence but hopefully the $6,500 tax credit will stir him to contact a realtor.”
Prices to bottom, rates to raise but still a Buyer’s Market
in Cincinnati Real Estate Development, Cincinnati Real Estate Development News, Florida Real Estate Development, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Ohio Real Estate Development News, Real Estate Loans, Real Estate Market News
Real Estate is seeing historically low prices, especially in the luxury and near luxury market. Prices are at or extremely near the lowest they will ever be but mortgage rates are beginning to rise and aren’t expected to return to the low rates we’ve seen over the last few years. Here is a very good article about what’s going on nationally in the real estate market that also addresses some regional variations. There are a number of good points for potential buyers and many that directly effect Florida buyers.
Read the whole thing but this is a very important point on the overall trend of the buyer’s market:
“You don’t need to have a sense of urgency, but understand that as time progresses the balance of power as we get into 2010 is going to slowly but surely shift away from [buyers],” Larson says. “It is not going to be a strong seller’s market, but it will be more evenly distributed as the year goes on.” Data from the real estate firm Zillow show that home buyers are already losing the leverage they once enjoyed.
Combine this information with the first-time and homeowner tax benefits that will be expiring in June, 2010 and you can see it’s still a buyers market but the window is closing.
$8,000 First Time Homebuyer Tax Credit Explained
in Cincinnati Real Estate Development, Cincinnati Real Estate Development News, Cincinnati Real Estate News, Florida Real Estate, Florida Real Estate Development, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Ohio Real Estate Development News, Real Estate Loans, Real Estate Taxes
The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.
For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.
The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.
Q. How much is the credit?
A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more.
Q. Which home purchases qualify for the first-time homebuyer credit?
A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before Dec. 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home. Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.
Q. Can I apply for the credit if I bought a vacation home or rental property?
A. No. Vacation homes and rental property do not qualify for this credit.
Q. Who is considered to be a first-time homebuyer?
A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase.
Q. How do I apply for the credit? Read more →
Investing in Real Estate through 1031 Exchange
in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development, Cincinnati Real Estate News, Florida Real Estate, Florida Real Estate Development, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Jacksonville Real Estate, Ohio Real Estate Development News, Real Estate Consulting, Real Estate Taxes
Keeping Your Real Estate Equity In Tact During a Sale With 1031 Exchanges presents a wide variety of opportunities from taking advantage of the 1031 exchange technique provided by the real estate code.
In a 1031 tax free exchange a real estate investor can sell an appreciated property and invest the sale proceeds in a like kind property. By investing the real estate profits in a new property purchase, the taxes on the gain are deferred. A financial institution that is knowledgeable in 131 tax free exchanges should handle the transaction to make certain that all regulations are complied with. This is a valuable tool for the preservation of cash and equity in the appreciated real estate.
Real estate investors will find oceanfront condos, downtown lofts, apartment projects, apartment conversion candidates and office buildings, all worthy of considering for the reinvestment of 1031 proceeds.
Condos provide supply and demand upsides and a wide variety of potential future buyers including homeowners, vacation homeowners and investors.
Downtown lofts offer unique loft designs, proximity to downtown business districts and lively downtown neighborhoods.
Apartment buildings and offices, particularly in high demand areas like historic districts, present the opportunity for positive cash flow and future equity appreciation.
When zoned CRO, which allows a building to be used for residential, commercial or office purposes, apartment building have the additional value of being able to be converted to offices. Small apartment buildings zoned CRO in historic neighborhoods are prime candidates and highly sought after by real estate investors looking for 1031 exchanges.
A 1031 exchange can save a real estate investor a great deal of cash.