Obama Signs Homebuyer Tax Credit Extension

RISMEDIA, November 9, 2009—President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.

The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

The following details apply to the homebuyer tax credit expansion:

Who is Eligible
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits
Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
-For married couples filing a joint return, the combined income limit is $225,000.
-Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
-The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.

Effective Dates
-The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

Types of Homes that Qualify
-All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

Tax Credit is Refundable
-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.

-For example:
-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit).
-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit.

For more information, visit www.nahb.org.

Gary Player's Cliffs at Mountain Park home

As custom home construction starts continue to be relatively strong amongst many of the Cliffs Communities developments across the Western Carolinas, we thought you would enjoy seeing a brief snapshot of one custom home project that is wrapping up and almost finished.

Gary Player’s new home in The Cliffs at Mountain Park is near completion. The Gary Player Group North American headquarters are based out of the Village at Mountain Park and now the most-traveled athlete in the world is about the put the wraps on his new home in the same community.

Click on the link below to see the news story along with a video of parts of the home and a picture slideshow! http://www.wyff4.com/news/21300044/detail.html

It is exciting to see such an ambassador not only of the sport of golf but also for the spirit of well-being and the wellness experience will soon be counted as one of the residences at The Cliffs at Mountain Park!

Biltmore Lake receives Association of the Year Award

Western North Carolina is flush with beautiful communities, so it comes as no surprise that one Asheville community was honored as the recipient of the Association of the Year award, which is given annually by the North Carolina Chapter of the Community Association Institute (CAI). Biltmore Lake, located minutes from downtown Asheville, received the prestigious award as a reflection of their past achievements and a look at what is to come. Biltmore Lake embraces the atmosphere of Asheville with its many outdoor amenities, including a 62-acre lake, miles of hiking trails, campsites, and athletic courts; and with its emphasis on the beautiful surrounding natural landscaping,” notes Bob Duffy, Vice President of Home Building for Biltmore Farms. “The community is home to several hundred families, and we look forward to remaining an important part of the region’s fabric in the years of come.”

Video of 2009 Fall Colors - Click PHOTO to play!

NC Mountain Realty Group participates in the Hilton Head Concours d'Elegance Festival

The Hilton Head Island Concours d'Elegance & Motoring Festival was an excellent venue for NC Mountain Realty Group to reach buyers interested in Western North Carolina during its annual event held October 30 – November 1, 2009. The Asheville Chamber of Commerce and Biltmore Farms partnered with NC Mountain Realty Group for this event and invited the participants to visit Asheville in the near future. Over 10,000 people attended the events with approximately 70% from outside of the Hilton Head /Savannah area.

For additional information regarding the Concours de http://www.hhiconcours.com/

Tiger Visits The Cliffs at High Carolina® Golf Course Planned Opening in late 2011

Tiger Woods and Jim Anthony, founder of The Cliffs, give a walking tour of the golf course being designed by Woods at The Cliffs at High Carolina near Asheville. (John Fletcher/jfletcher@citizen-times.com)

SWANNANOA — The same competitive spirit that has enabled Tiger Woods to win 14 major championships and a total of 71 times on the PGA Tour is apparent when he discusses his work as a course designer.

Woods conducted a walking tour for selected members of the media on Saturday at The Cliffs at High Carolina, his first American design. While the project is still in its infancy, several areas have been cleared where fairways will be built.

He already has redesigned the ninth hole three times to take advantage of optimum sunlight. In the end Woods wants a course that players won't forget.

“You can create something that people will remember and want to come back to; that's the whole objective as a designer — to create something fun and challenging but something where people say, ‘Hey, I want to come back and do this again,'” Woods said Saturday morning after arriving at the top of the mountain in a helicopter.

“Not all golf courses are like that, but that's something I want to be able to deliver to all of my golf courses.”

Woods also emphasized the importance of having breathtaking views, which this course won't lack. At one point during the tour Woods stood in the middle of what will be the 18th fairway and looked at distant mountains.

“I keep saying I'm from L.A. and you don't see 50-mile views,” he said.

John Nachreiner, construction superintendent of High Carolina, said the scenery is very important to Woods.

“Tiger will do everything he can to enhance those views throughout the course,” Nachreiner said.

Woods' design company has routed the course 30 times so High Carolina has southern exposure on every hole, which would allow for earlier start times after a frost.

Jim Anthony, founder of the Cliffs Communities, accompanied Woods on his walk. The two later entertained prospective buyers in a covered tent just off the18th green. Anthony said he is still holding out hope for the course to be completed in fall of 2011.

Woods said building a course similar to links courses where players don't have to worry about long carries is important to him because it will appeal to players of all skill levels.

Asheville featured in U.S. News & World Report

America's Best Affordable Places to Retire

Soon-to-be retirees are resetting their expectations for their golden years

By Emily Brandon

Posted: September 28, 2009

Much of that activity revolves around the University of Michigan, whose 40,000 undergraduate and graduate students account for about a third of Ann Arbor's population. And needless to say, the retiree population includes plenty of voluble Wolverine fans. Bill and Janet Cassebaum met in Ann Arbor in the 1950s, when he was a law student at Michigan and she was an undergrad. They married in town, then moved to eastern Pennsylvania, where Bill practiced law for 40 years. They finally returned to Ann Arbor after retiring in 1998—and still haven't had their fill of college sports. The couple regularly takes in baseball, basketball, and of course football at Michigan Stadium, which seats more than 100,000 and is known as the Carnegie Hall of sports. The games (and tailgate parties) help draw their two teenage grandsons for a visit. Their 5-year-old granddaughter prefers the local parks and the Hands-On science museum.

The Cassebaums also spend time behind the scenes helping to organize some of the local activity. Janet, 75, is active in the Ann Arbor City Club and recently ran a fundraising campaign to help renovate a historic building in town. Bill, 78, volunteers as a timer for college track meets, a pleasant reminder of his days as a high-jumper. "It's low-level," he says, "but I can still participate in athletics."

Asheville, North Carolina

America's Best Affordable Places to Retire

Nestled in a pocket of the Blue Ridge Mountains, two hours away from any major city, Asheville, N.C., might be assumed to lack culture and polish. Not so. On any given Friday night, you might stumble upon a street-corner bluegrass band, an art gallery opening, a festival (if you're lucky, the Mountain Dance and Folk Festival), and maybe even a mime. "Life is never dull here," says Sheila Murphy, who retired to Asheville in 2003 with her husband, Dennis, after moving 31 times (he worked in the oil business). "You can do things for free, for a nominal fee, or a donation, and see all kinds of plays, shows, and music should you desire."

Retirement is definitely not ho-hum for the Murphys, who hold cooking classes in their home. They teach slicing-and-dicing skills and sessions on making holiday dinners, using leftovers, and grilling. The classes are offered through the local North Carolina Center for Creative Retirement, which runs a sort of "college for seniors" in which members pay $115 for two months of unlimited classes. They're held at the center, members' homes, and on campus at the University of North Carolina-Asheville.

On Saturdays, you'll find Jan Moran—who recently came out of retirement and works as a marketing consultant—at one of Asheville's farmers' markets stocking up on veggies and grass-fed local beef. "It's the best-quality food, and it's also a social experience," says Moran, who moved to Asheville from Tucson, Ariz., more than two years ago after her husband, Paul Rollins, revealed a "secret desire to return to North Carolina," where he had grown up. (Jan was sold on the area after a visit.) The market's organic produce is often more expensive than at the local grocery, "but the meat I buy comes farm to market, and the people charge less than at the store," she says.

As visitors have discovered, a trip to Asheville's extravagant Biltmore Estate comes at an extravagant price: $55, and no senior discount. But if it's absorbing architecture you're after, the city is dotted with unique buildings, including the Art Deco city hall, the breathtaking Spanish Baroque Basilica of St. Lawrence, and the Jackson Building, a gargoyle-flanked, neo-Gothic masterpiece. Admission, of course, is gratis.

Real estate in this mountain enclave is pricier than in many cities of its size, but a drive down the winding Blue Ridge Parkway, a frozen custard at the Grove Arcade, or a lazy afternoon spent listening to drummers in Pritchard Park are reminders that everyday life in this laid-back town is easy on the wallet. The secret about Asheville may be out, with more and more retired people flocking to the city, but as retiree Fred Teach puts it, "Asheville's still a gem. It's magnificent."

Join us for Fall in the Mountains! Hotel Discounts!

NC Mountain Realty Group has partnered with Biltmore Farms Hotels to provide hotel discounts
at the new Hilton Hotel in Biltmore Park, the Doubletree Hotel in Biltmore Village, the Residence Inn, Sleep Inn and Quality Inn & Suites. These hotels offer a variety of options based on price, amenities, location and pet services. Please contact us at info@ncmountainrealtygroup.com or at 828-337-6300 for more information. The fall leaf season is predicted to be spectacular and colors will be visible from late September through late October based on different elevations. We look forward to seeing you this fall!

Open House

Saturday May 23, 2009
12:00pm to 3:00pm

If you are planning to attend the Cliffs 20th Anniversary event this weekend, we invite you to join us for our Walnut Cove OPEN HOUSE event. We are happy to answer any questions you have regarding the current real estate market or these beautiful homes.

Featured homes are:

6 Raven Cliff offered at $2,100,000
To see a virtual tour click here.

581 Walnut Valley Parkway offered at $1,250,000
To see a virtual tour click here.

6 Foxbridge Way offered at $1,499,000
To see a virtual tour click here.

18 Hidden Hills Way offered at $1,425,000
To see a virtual tour click here.

24 Running Creek Trail offered at $1,795,000
To see a virtual tour click here.

24 Village Oak Drive offered at $1,675,000

Asheville Featured in CBS Sunday morning show:

http://www.cbsnews.com/stories/2009/05/17/sunday/main5021054.shtml