No Payments For The Rest Of Your Life

What do a "Reverse Mortgage" and a "Paid up Life Insurance Policy" have in common? According to agent Bonnie Peabody, "You don't have to make payments on either for the rest of your life (if your are 62 or better)."

Bonnie offers Janet and Tom as an example. Both are 74 and they want to purchase another home after they sell the old family home up north. They agree on a sales price of $300,000 and want to keep some of the proceeds of the sale on their home in the bank. They do a reverse mortgage for $197,711. and put the remaining cash, $102,289, into their new home.

The couple now have NO monthly payments as long as they live in the house. This is without credit or income qualifications.

For further details you can contact Bonnie by visiting her website.

Windermere Agent Appointed To Commission

The Desert Sun announced today that Windermere agent Leslie Munger has been appointed to the Planning Commission. Leslie will fill an unexpired term that ends in June 2010. To contact Leslie, visit her website.

Buyer’s Federal Tax Credit Program Ends November 30th

First time homebuyers need to move quickly before the government sponsored tax credit goes away. This credit only applies to purchases closing before November 30, 2009.

The federal tax credit has been a great program for those seeking their first home. It can be used in many ways. To help first time homebuyers with down-payments and closing costs, the government will allow buyers who finance their purchases with a federal insured loan to apply their anticipated credit immediately toward the transaction. Others may choose to wait until they file their 2009 taxes for the refund. Still others may apply the tax credit via an amended return for 2008 taxes. Buyers with specific questions should always consult a tax professional.

In order to Close by November 30th?
Buyers should consider the following timeline. They must look for a house (10-20 days minimum), write the offer, wait for the acceptance (up to 4 days although see special note below regarding short sales), secure financing (7 days), do inspections (7-14 days), request the seller correct major or safety defects (2 days) wait for seller’s response (5-7 days). The escrow begins when there is communication of acceptance and approval. With the new requirements from the federal government and mortgage lenders, a traditional escrow now takes at least 30 days and more closely 45-60 days.

Special note regarding short sales: When buying a short sale, the full acceptance and approval process is currently taking 3-6 months plus the normal 30-45 days in escrow.

A buyer should be prepared to complete a simple transaction in 2-3 months. The buyer should also be prepared for minor delays to resolve issues that might arise and which might delay a closing. The buyer should also consider that November is really the shortest month of the real estate calendar. The Thanksgiving holidays at the end of the month mean there are fewer days to record and close escrows. The bottom line, buyers who want to receive the federal tax credit need to act now, or they will loose out on a great opportunity.

Who qualifies for the federal tax credit?
A first time homebuyer is defined as anyone who has not owned a principal residence in the last three years. If a married couple purchases a home, neither of the parties could have owned a primary residence in the last three years, in order to claim the credit on their joint return. Non-married joint owners who qualify may proportion or divide the credit on their taxes as long as it does not exceed the credit due for the purchase property.

What kind of property qualifies for a federal tax credit?
Only principal residences, new or re-sales are acceptable properties for the tax credit. The primary residence may be a condo, townhouse, single family dwelling, mobile or modular home, or even a house-boat. Vacation homes, second homes, and investment properties do not qualify for the tax credit.

How is the federal tax credit calculated?
The maximum credit is equal to 10% of the purchase price up to $8,000. Income is a factor in the final amount of the actual tax credit.

For a single taxpayer: With an income below $75,000 the credit is equal to 10% of the purchase price up to $8,000; With an income between $75,000 and $95,000 the tax credit is reduced on a sliding scale; With an income greater than $95,000 no credit is given.

For a married couple filing jointly: With an income below $150,000 the credit is equal to 10% of the purchase price up to $8,000; With an income between $150,000 and $175,000 the tax credit is reduced on a sliding scale; With an income greater than $175,000 no credit is given.

Conditions if you take the tax credit?
A home purchased during the specified time period cannot be resold within a year of purchase if the tax credit is taken. After that year, there are no conditions for the re-sale.

Mikel Springer is a full time Realtor in the Windermere Rancho Mirage Office and works in the communities from Palm Springs to La Quinta. Contact information: www.MikelSpringer.MyWindermere.com and email address mikels@windermere.com

Jedidiah Thurner Gives New Meaning To The Word "Vacation"

Indian Wells Luxury Homes Realtor, Jedidiah Thurner just returned home from his trip to Nicaragua, on a mission to help the children of the trash dumps.

Working with The Desire of All Nations or (D.O.A.N.), this is his second trip. "It's certainly not a typical vacation, but it's a lot more rewarding," says Thurner.

Jedidiah was joined by his sister Jobyna (both in top photo) to help build a community kitchen to serve food to over 300 street children living in one of the largest trash dumps in the country. The photos above capture some of the children collecting food and recyclables.

To learn more, you can contact Jedidiah at jedidiah@exclusivedeserthomes.com.

Q & A About Heritage Palms Country Club

Here are two questions that Windermere real estate agent Bonnie Peabody says she gets from almost everyone looking to buy a home in Heritage Palms.

"You told me about the 6 month rental restriction, but what if I want to have guests or family visit my home at times when I am not there, will I get into trouble?"

"No," says Bonnie, "the rule was written by the developer and full-time residents really appreciate it. Your home can host your guests for any time with or without you being present. What they will not be able to do, however, is receive your full benefits, owner rate at golf course, use of the fitness center or pool. The golf course and restaurant are open to the public, though, and will be happy to take your credit card."

"The second question that I hear most," she says, is "How do you keep your HOA so low when you own all the amenities, golf, tennis, pools, fitness center, ball room and kitchen?"

"My answer is that the HOA has hired an effective manager and he, along with our elected board of directors, have been doing a great job of tracking and forcasting costs."

If you have a question for Bonnie, or would like to know more about Heritage Palms, please visit her website.

Connecting With Carol Hochsprung - And Mother Nature

If you're looking for a golf course home, Rancho Mirage agent and golf pro, Carol Hochsprung, is available to guide you to the perfect clubs. If you're looking to escape the desert heat, she has a few suggestions too.

"When I want to 'escape' our desert heat, I take the Palm Springs Aerial Tramway to the top of the San Jacinto Mountains where it's 40-degrees cooler. At an elevation of 8,516 feet, and a brief ride of under 15 minutes, I can breath in that cool air and instantly feel terrific!" she exclaims. "The options are many. You can walk to a picnic table for lunch, walk the nature trail, relax on a nice boulder, or hit the trail and head for Round Valley, Wellman's Divide, and San Jacinto Peak at 10,400 feet."

For me, she adds "It's about serenity and connecting with Mother Earth. It's about wellness and longevity. It's about clarity and focus. It's about loving the mountains."

To contact Carol, visit her website.

Elton John Introduced Me To My First Employer In The Music Industry

“I left school to pursue a career in music publishing and freelance writing, in the 1970s, which led to an early article about Elton John. Elton introduced me to my first employer in the music industry,” says desert “Realtor to the stars,” Stephen (Steve) Love.

For over a decade, from 1973 to 1985, Steve was executive VP of ATV/Sony Music. It was at ATV Music, while in charge of worldwide music publishing development and exploitation of catalogues (most importantly, the Lennon & McCartney copyrights), that a good number of creative and administrative ideas were first developed.

Steve was one of the two primary architects of the success that led to the company being regarded as the most valuable independent music publisher of its time. Subsequently, ATV was purchased by Michael Jackson and merged with Sony Music Publishing.

Today Steve, and wife Greysha Gordon-Love, live and work in Rancho Mirage and specialize in achieving value in the buying and selling of all real estate throughout the Coachella Valley, from condos to estates.

You can contact or follow Steve and Greysh on their real estate blog.

Agent Supports Idyllwild Summer Concert Series

Rancho Mirage Realtor Dan McGeary, along with his partner, Bret Hubbard, became sponsors of the Idyllwild Summer Concerts a while back when they learned that the series was low on funding. The concerts are held every Thursday evening, through August 20th.

Dans says, “The series brings in terrific talent with opening acts under the cool, towering pines starting at about 6:00PM. Each night attracts between 500 and 1000 people, families and all ages, who bring picnic dinners, adult and regular beverages and our dogs.”

“Most of the acts make it impossible not to dance on the cleared concrete pad in front of the stage, so dancing boots are encouraged,” adds Dan.

Dan and Brett have owned homes in Idyllwild since their first humble cabin in 1988, which they say has morphed into a new “tree house” in Fern Valley. In addition, Bret recently accepted the position of Controller at Idyllwild Arts Academy.

For additional information about the series, or if you have real estate questions, you can reach Dan directly at 760-413-2549.

Brokers Go Friday Four-Wheeling

Windermere owners Bob Bennion and Bob Deville spent last Friday at their Garner Valley Ranch with their Coachella Valley office brokers, for just a little horsing around.

“It is important to remember those that guide our agents and offices through the real estate maze. We are very fortunate to have the support we do, and we just wanted a down day to say ‘Thank you,’” says Bob Deville.

Top photo: Top row, David Cantwell (Palm Springs Main) left, Diana Weiss (Rancho Mirage), Charlie White (Indian Wells), Nathan Heibeck (Palm Springs South), Emily DiSimone (Palm Desert, Cook & Hovley). Bottom row, Don Rosignol (Palm Desert, San Pablo), Sandy Beakey (La Quinta), Bob Bennion (at the steering wheel), Bob Deville (standing).

Former Frank Sinatra Family Estate For Lease

Built by Frank Sinatra, on land originally owned by Jack Benny, the home named WONDER ESTATES has been leased to countless celebrities over the years and is now available for a 1-2 year lease.

Located on the 17th Double Fairway of Tamarisk Country Club, the home offers over 6,900 square feet, 4 Bedrooms and 6 Bathrooms. It also features a resort-style pool and spa. All you need to bring is your bathing suit and toothbrush!

$8,725 per month will buy you the good life. You must be pre-qualified. For additional information, contact Windermere agent Rebecca Pikus.

Realtor Invites Square Dancers From Around The Country To Kick Up Their Heels

Mikel Springer, a real estate agent with Windermere Real Estate in Rancho Mirage, is currently working on the committee to bring square dancers from all over the United States to Palm Springs for the Boots in Squares’ square dance festival to occur February 5-7th 2010.

This is the club’s first national event, and the response is quite positive, with a number of registrations already received. The event is named “Swing Thru The Palms” and will have nationally recognized square dance callers, Darren Galina, Mike Kellogg, Anne Uebelacker, and local caller Terri Sherrer.

Boots In Squares is Palm Springs' Gay and Lesbian square dance club. They host

Club Dances every month during "season" and dance weekly year-round at the Senior Center at Tierra del Sol in the Palm Springs, CA area. The club is over 50 members strong and welcomes dancers from all over the world to the weekly Monday night dance or the special monthly square dances. Dance levels are Mainstream, Plus, A-1 and A-2. Beginning and Advanced class are scheduled for the fall.

For updated information on the “Swing Thru The Palms” event, dance schedules, or class information please see their web site

www.bootsinsquares.com.

Mikel Springer is active in the community helping buyers and sellers with their real estate needs and is a member of Boots in Squares, local duplicate bridge groups, and the Senior Center at Tierra del Sol in Cathedral City.

See his web site, www.MikelSpringer.MyWindermere.com for more information.

Committed To Staying On The Cutting-Edge Of Real Estate Marketing

The owners of Windermere Coachella Valley Real Estate, Bob Deville (pictured above) and Bob Bennion, discussed the importance of using "Cutting-Edge Real Estate Marketing Tools" at their recent all-agent meeting in Rancho Mirage, California.

"No one is suggesting that we abandon the traditional tools used to sell real estate," says Deville, "but it's important to stay on the cutting-edge and use all of the tools and technologies that are available today, to reach the largest number of buyers possible, when marketing a home."

If you'd like to know more about the new technology tools being utilized to aid buyers in their seach for local homes, and sellers in marketing their homes, contact one of our agents.