Beautiful light and bright Ladera Ranch home offering 3 bedrooms plus bonus room, 2.5 bathrooms, and 2 car garage.  As you enter the home you will discover a quaint living room as well as the entrance to the upstairs and a large open family room and kitchen.  The open kitchen offers granite counters, an island, recessed lighting, dining area, a sliding glass door to the backyard, and tons of storage.  The kitchen directly adjoins the family room that features a fireplace, plantation shutters, a door to the side yard with a fountain, built-in shelving, and room for a flat screen television.  Upstairs you will discover the master bedroom with plantation shutters, dual sinks, shower, bathtub, and walk-in closet.  The two other bedrooms, bonus room, and laundry room are upstairs.  The home is within walking distance of Ladera Ranch Elementary and Middle School, Founders Park, and Avendale Clubhouse.  Residents also enjoy access to all other community parks, pools, trails, and clubhouses.

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The extension of the first-time homebuyer tax credit worth $8,000 has been approved by the Senate and now just awaits President Obama's signature.  This credit only applies to those individuals who went into contract by April 30, 2010 but have yet to close their transaction, which primarily applies to those pursuing short-sales.  The prior credit required that all transactions close by June 30, 2010, but now pushes the extension out and will protect nearly 200,000 buyers currently under contract. 

If you have yet to enter into contract and are looking to buy in one of the Orange County communities , you may qualify for the $10,000 tax credit that that state of California  currently has for first-time buyers, which was a top of one of our previous blogs.

 As of May 1, 2010 First-Time Homebuyers, which includes those who have not owned a home in the past three years, can take advantage of up to $10,000 in California tax credits if they enter into contract between May 1, 2010 and December 31, 2010*.  Here are the the highlights and rules of the bill AB 183:

• The California tax credit is limited to $10,000 or 5% of the purchase price, whichever is less.
• The purchase must be on a principal residence that you intend to occupy and does not qualify for investment properties.
• The principal residence can be either a new home or a resale home
• To be considered a first-time homebuyer, you must not have owned in the previous three years prior to entering into contract or never before.
• The $10,000 tax credit is spread over three years of equal amounts up to $3,333 per year.
• You must occupy your principal residence for the following two years after purchase of the home or the tax credits will be forfeited and recaptured.
• The credit must be reserved with the California Franchise Tax Board  by submitting a signed form during escrow by both buyer and seller that they have entered into contract on or before May 1, 2010 and no later than December 31, 2010.
• Within two weeks after close of escrow, buyer must submit their settlement statement and either a disclosure from the seller saying the home has never been occupied for new homes or the buyer certifying that they are a first-time homebuyer on resale homes.

Should you have any further questions or would like to take advantage of the tax credit for your Orange County real estate  purchase, please feel free to contact  the OC Living Consultants.

* Should be independently discussed with a tax professional