November 18, 2009

Mt. Diablo Beacon

Posted to Area Attractions, Kathy Mardiros

Located in Contra Costa County, Mt. Diablo is part of the state park system and encompasses approximately 20,000 acres. The main peak rises about 3,864 feet and can be seen throughout the East Bay area. On a clear day (often after a winter storm), you can see for miles and miles – from the Sierra Nevada range to the southern most part of the Cascade Range and even Mt. Lassen more than 180 miles away.

The beacon at the top is normally turned off but every year on December 7th, the beacon is illuminated from sunset until dawn memorializing the attack on Pearl Harbor with a ceremony. Visitors are invited to attend and are urged to arrive by 4 PM. Park and walk to the summit. This is one of the few opportunities where you can view the sunset from the top of Mt. Diablo which is a truly memorable experience.

Hopefully this year the weather will be clear and the light from the beacon will be seen throughout the area. Look toward Mt. Diablo and see if you are able to see the beacon – a truly amazing sight – or better yet plan to visit the park and participate in the ceremony.

Posted by:Kathy Mardiros



November 17, 2009

Organic Produce

Posted to

Audrey (one of my valued clients) referred me to the Food News website. I would like to share it with you, too.

Do you want to lower the amount of pesticides you consume?

Do you know how much pesticides you are exposed to in fruits and vegetables?

Do you want to know how you can reduce your exposure to pesticides by almost 80%?

Visit: http://foodnews.org/fulllist.php for the list of fruits and vegetables and the amounts of pesticides each contains.

Eating well is our best defense to a long, happy and healthy life.

Bon Apetit!

It’s a good life!

Posted by:Kay Korbel



November 16, 2009

Spare the Air in the San Francisco Bay Area

Posted to Kathy Mardiros

The colder weather is now upon us and many are thinking about having a nice cozy fire in the evening. Did you know there are days in the Bay Area where it is illegal to burn wood, pellets or the manufactured fire logs? So far this year no Spare the Air Alerts have been issued but the season runs from November 1, 2009 through February 28, 2010.

The program was established to educate residents about air pollution and how burning wood has the greatest impact on air quality during the winter months.

You can learn more about Spare the Air at www.sparetheair.org . This year they are going to try to issue the Alerts a day before the Spare the Air day to allow people time to receive the notification. Local media will make announcements, you can check the web site before burning or you can sign up for email or phone alerts on the web site.

Posted by:Kathy Mardiros



November 11, 2009

Don’t Wait – Buy Now in San Francisco's East Bay Area

Posted to Kathy Mardiros

Just last week a new Homebuyers Tax Credit was signed into law. The new law extends the first time homebuyer tax credit but also provides an opportunity for current homeowners to receive a credit when purchasing a new home. See the recent post by Kay Korbel on the blog regarding the rules for the tax credit.

To qualify for the tax credit a property must be in escrow by May 1, 2010 and close escrow on or before June 30, 2010. Right now in the San Francisco East Bay short sale transactions are taking an average of 4 – 6 months to close escrow. We are also seeing properties selling with multiple offers and often over the asking price. Additionally inventory is low in most communities. Taking these factors into account now is the time to begin looking for a property to purchase as it might take some time to 1/ locate a property and 2/ be able to get your offer accepted and 3/ in the case of a short sale get the sale approved by the current lender.

As always when considering how the Homebuyers Tax Credit will affect you, consult with your tax professional.

If you are looking to purchase in the San Francisco East Bay, visit the Legacy web site at www.legacyrealestateassociates.com and sign up for Listing Alert so you will be notified when properties meeting your parameters go on the market or give me a call and I would be happy to refer you to one of our sales associates. If you are looking outside the East Bay, let me know and I would be happy to refer you to a real estate broker in your area of interest.

Posted by:Kathy Mardiros



November 10, 2009

First-Time Homebuyer Credit

Posted to

First-Time Homebuyers
First-time homebuyers (those who have not owned a home within the last three years) may be eligible for the tax credit. The credit is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners
This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Qualification Deadline
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Tax Credit
It’s important to remember that the benefit of a tax credit is that it’s a dollar-for-dollar tax reduction. The tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability.

Income Cap
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000.

Term of Ownership
Buyers must live in the purchased property for a minimum of 3 years after closing escrow.

Visit www.irs.gov for specific details.

It’s a good life!

Kay

OH BY THE WAY….My goal is to provide the very best counsel, advice and service possible fo your real estate needs. If I may ever be of help to you, a relative, friend or co-worker please call me with their name and number. Thank you for your trust.

Posted by:Kay Korbel



November 10, 2009

Castro Valley

Posted to Kathy Mardiros

If you are looking for a community within the San Francisco Bay Area that offers a country feel but hometown atmosphere, consider Castro Valley. An unincorporated community in Alameda County, Castro Valley is bordered by San Leandro to the west and Hayward to the South but most find it defined by the oak covered hillsides and beautiful canyons where horse ranches and cattle grazing can still be found. Castro Valley does boast many popular amenities such as an 18 hole golf course, 315 acre lake, swimming lagoon, a BART station and brand new library. Schools test well and are served by the Castro Valley Unified School District. Eden Medical Center offers top notch medical care and has a campus right in Castro Valley.

Cull Canyon Regional Park is one of the most popular in the area. Swimming in the 1.5 acre lagoon, fishing in the 19 acre reservoir, picnicking in one of the tree shaded areas or hiking on one of many trails, this park attracts residents and visitors alike.

With easy access to both neighborhood and regional parks, residents find Castro Valley a place to truly call home. If you are considering purchasing a home in the San Francisco East Bay and would like to see what is available in Castro Valley, visit our web site at www.legacyrealestateassociates.com and sign up for the listing alert or give me a call and I will put you in touch with one of our sales associates 925-287-0550.

Posted by:Kathy Mardiros



November 09, 2009

Adopt an Angel

Posted to Kathy Mardiros

The Adopt an Angel program in Alameda County Child Protective Services and Terra Firma provides Christmas gifts for children in shelters, group homes, foster care and low income situations. Often the gifts provided by Adopt an Angel are the only gifts these children receive.

The children in the program range in age from birth to 18. At 18, the children are starting life on their own and they often request things that will help them such as pots and pans, dishes, and bedding. Younger children ask for bicycles, dolls, and games. As funding for the program has declined in recent years, children often ask for clothing, shoes and other day to day necessities.

Georgia Butterfield of Legacy Real Estate & Associates has chaired the program for Alameda County for the last thirteen years. Legacy further participates in assembling bicycles, sponsoring an Angel, wrapping presents, and donating space to collect the gifts.

If you would like to Adopt an Angel, stop by the Legacy office at 41111 Mission Blvd. (corner of Driscoll) in Fremont. You will pick out a tag with the name of a child and a list of three gifts desired, you then purchase the gifts and return them unwrapped with the tag to the Legacy office. The goal this year is to provide gifts for approximately 900 children so your help and participation is appreciated.


Posted by:Kathy Mardiros



November 08, 2009

Robocall Bans and the Do Not Call Registry

Posted to

The FTC (Federal Trade Commission) has banned many types of pre recorded solicitation calls AKA Robocalls. In the past, consumers have had to join a do not call list to stop these annoying phone calls. As of Sept. 1, telemarketers need written permission from each customer in order to make a call. Rule breakers face up to a $16K penalty per each call.

Here is a list of Robocall exemptions:

Flight cancellations
Debt collectors
Delivery notices
Politicians
Charities
Banks
Insurers
Phone companies
Surveys

Live calls are still allowed UNLESS you register your phone number with the National Do Not Call Registry. You can register on line at www.donotcall.gov or by calling toll free 877-382-4357.

Posted by:Kay Korbel



November 06, 2009

Get a Free Ride with Tipsy Tow

Posted to

AAA has a new FREE promo this holiday season. It’s called Tipsy Tow. Free to members and non members on Thanksgiving Day and Christmas for drinking drivers and their cars. If you find yourself enjoying the holidays a little too much, call (800) AAA-HELP to get up to a five mile tow and a ride home FREE. This FREE service begins on November 26th at 6pm to November 27th to 6am and December 24th at 6pm until December 25th until 6am.

Posted by:Kay Korbel



November 05, 2009

Possible tax ramifications on Short Sale or Foreclosure transactions

Posted to Kathy Mardiros

Every day the newspaper is filled with stories about homeowners and investors losing property to foreclosure or participating in a short sale transaction. What is often left out of the article is that there could be tax ramifications to the homeowner down the road in this type of transaction.

The only cancellation of debt that has no tax ramifications is a gift or bequest. There are exceptions for primary residence, if insolvent or if the debt is discharged in bankruptcy.

The rules for a primary residence are different from an investment or second home transaction. A primary residence is defined as the place where the person lives most often, what is shown on a driver’s license or voter registration, what is shown on a health insurance card or on the tax return. The person must live in the primary residence for 2 of the last 5 years.

For a primary residence you are exempt except for any cash you took out of the property – for example by refinancing. So if you purchase a property for $400,000 which is then the basis for tax purposes but refinance and now have a loan of $450,000 and the property is sold on a short sale or goes into foreclosure, there may be debt cancellation or forgiveness on the amount owed. If you have receipts for capital improvements to the property, that amount will get added to the basis before determining any tax due. If the money taken out of the property was used for personal expenses, etc. the basis will remain at $400,000 and that which is not capital improvements will be taxed as ordinary income. The lender will most likely issue a 1099C for whatever amount if forgiven. The homeowner will need to file a Form 982 to support capital improvements, etc. This form is also used if the lender forgives a portion of the amount owed changing the basis on the property.

On a primary home the tax payer/homeowner can never show a loss. A loss can be shown for tax purposes on a second home or investment property.

Other rules apply as to whether the loan is a recourse or non-recourse loan. Before considering a short sale or foreclosure action it is best to consult with your tax advisor.

Posted by:Kathy Mardiros



November 05, 2009

H1N1...Human Swine Influenza Virus

Posted to

The center for disease control www.cdc.gov advises:

  • Get more sleep
  • Be vigilant about hand washing. Use soap and warm water or use hand sanitizer.
  • Use the crook of your arm to help contain a cough or a sneeze
  • If you are un-well; please stay home and keep your germs to yourself
  • Visit www.who.int for more info
  • For travel notices and advisories visit www.usembassy.gov
  • Go see your health care provider if you have flu like symptoms

    Posted by:Kay Korbel


November 02, 2009

Michaels Arts & Crafts Store Handmade Holiday

Posted to

Jonathan, my 9 year old entered Michaels Handmade Holiday contest. His entry is for the bookmarks he has been selling at The Triton Museum of Art in Santa Clara, CA and at The Print Café in Fremont, CA.

Click this link to go to the gallery.

Be sure to add your rating and share the link with friends. Those with the highest ratings have the better chance at being selected as a winner!

There will be two grand prize winners plus two weekly winners. There is no purchase necessary and only one entry for each person. For more info visit: www.Michaels.com

Posted by:Kay Korbel