Crofton Maryland Real Estate and Community Information by Margaret Woda

Curb Appeal Important to Crofton Real Estate Values

August 26th, 2008 Categories: Crofton Real Estate

Earlier this month I posted a blog on Localism.com announcing “If your Crofton home is pictured in this video about Curb Appeal, you have just won a $25 gift card to Homestead Gardens in Davidsonville.” Unfortunately, none of the featured homeowners contacted me, so I wasn’t able to give away any of those gift cards.

If you recognize one of these homes, be sure to congratulate the owners for their home’s curb appeal. Whenever they’re ready to sell their homes, their curb appeal will go a long way toward helping them attract a buyer and top dollar. That’s why I selected them for this 1-minute tutorial for home sellers:

This video is based on the presentation I made to Crofton Village Garden Club in May. If your club or organization is looking for a speaker on any real estate topic, be sure to contact me.

Enjoy!

Tags: Crofton+Curb+Appeal, Crofton+Maryland+Real+Estate, Crofton+Real+Estate+Values

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Back to School for Anne Arundel County

August 24th, 2008 Categories: Crofton News

School bus w kids If you have children in school, you’re already well-aware that school starts in Anne Arundel County tomorrow, August 25. You’ve either been counting the days or dreading it, depending on your own situation. ‘Perhaps a little of both.

Empty-nesters probably aren’t as attuned to the start of school, and won’t realize until they’re on the road tomorrow morning, that they should have left a few minutes earlier. After a long summer, we become accustomed to the lighter traffic and forget that school crossing guards, car back-ups at the school entrances, and even bus traffic will add at least a few minutes to anywhere we go between 7–9 a.m. and 3–5 p.m.

You know the Boy Scout motto – “Be Prepared.” Allow a little more time for getting to work in the morning so you’re not running late and getting upset at the bus drivers and kids. After a week or two, you’ll adjust and not think anything of it!

P.S. Remember, the new Nantucket Elementary School will be opening two days later, August 27.

Back to School for Anne Arundel County
Copyright 2008. Margaret Woda. All rights reserved.

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Tags: Crofton+Maryland+Schools, Anne+Arundel+County+Real+Estate, Crofton+Schools, Nantucket+Elementary+School+Opening

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This Change in Law May Affect Crofton Homeowners

August 22nd, 2008 Categories: Crofton Real Estate

When my Crofton clients need legal advice about a real estate matter, I refer them to Andy Levy, a partner in Goldstein & Levy, P.A, in Crofton. I received a legal bulletin from Andy earlier this week about a change in law affecting exclusion of gain on the sale of a Primary Residence. Since it may affect some Crofton homeowners, I asked for and obtained his permission to share this information with you:

In a largely ignored provision tucked away in The Housing Assistance Tax Act of 2008, Congress has tightened and closed, to some extent, what some believe was a “loophole” in the existing law that permits exclusion of gain ($500,000 for married taxpayers filing jointly and $250,000 for single taxpayers) on the sale of a primary residence.

The prior law provides that to be eligible for the full exclusion a taxpayer must have owned the home, and lived in it as his/her/their principal residence for at least two of the five years prior to the sale. Because of the “principal residence” requirement, vacation or second homes normally don’t qualify for the exclusion.

In what some saw as a “loophole”, the prior law permitted taxpayers to convert their second or vacation homes to their principal residence, live in it for two years, and then sell it and take the full $250,000/$500,000 exclusion available for the sale of their principal residence, even though portions of their gains were attributable to periods when the property was used as a vacation or second home and not as a principal residence.

The new law closes that “loophole” by requiring homeowners to pay taxes on gains made from the sale of a second home to reflect the portion of time the home was not used as a principal residence (e. g. vacation or rental property). The amount taxed will be based on the portion of time that the house was used as a vacation (second) home or rented out. The rest of the gain remains eligible for the exclusion, as long as the two-out-of-five year usage and ownership tests are met.

For example, if married taxpayers owned a vacation home for 10 years but lived in it as a principal residence only for the final two years prior to the sale, the maximum allowable exclusion ($500,000 for a married taxpayers) would be reduced by four-fifths (80%). Accordingly, a $400,000 gain on the sale that would be eligible for the full exclusion under the pre-Act law would be reduced by 80% to $80,000, rendering $320,000 of the gain subject to taxation.

Fortunately, the new law is not retroactive and the new restrictions apply only to sales after 2008. In addition, any periods of personal or rental use before 2009 are ignored in applying this new provision and the changes do not affect the rule that allows the homeowners to take advantage of the home sale exclusion every two years.

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This bulletin is for general, informational purposes only and does not constitute advice with respect to any specific or contemplated transaction. All recipients are advised to seek the advice of a tax advisor to determine the ramifications of the referenced statutory provisions on a pending or contemplated transaction. 8.20.08

Please join me in thanking Andy Levy for this information. It’s one of those details of the Housing Assistance Tax Act of 2008 that I haven’t seen in the print media, and yet it may affect YOU.

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Tags: Crofton+Homeowners, Housing+Assistance+Tax+Act+of+2008, Crofton+Maryland+Real+Estate

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Homestead Gardens is More than a Plant Nursery

August 20th, 2008 Categories: Crofton Info

Flower Collage If you’re a new homeowner in Crofton, Gambrills, or Odenton, let me recommend one of my favorite places – Homestead Gardens. I don’t hesitate to drive right past the little plant and produce stand at the corner of Rt. 424 and 450, heading straight to Davidsonville.

In addition to the greenhouse and acres of plants including flowers, shrubs, and trees, Homestead Gardens has a Llama farm, Garden Club, Kids Club, gardening classes, and a retail center for houseplants, gardening supplies and home accents.

Their Christmas store is so amazing, it deserves a blog of its own in December. Right now, however, I’m looking forward to selecting some colorful mums for my yard – maybe after it cools off a little more.

Homestead is very much the “go-to” destination in Davidsonville for anyone living in the area. But not just for buying plants and gardening supplies… they maintain a busy schedule of activities that attract visitors year round. Here’s their schedule for September:

HOMESTEAD GARDENS ANNUAL CAR SHOW

Saturday, September 13

12–4 pm – Homestead Gardens Annual Car Show. Whether you drive a vintage Aston Martin or a classic American muscle car, you are welcome to participate in Homestead Gardens’ Annual Car Show. Live music, awards, food, and the chance to hang out with other car aficionados makes this the perfect family outing.

For more information, or to pre-register your vehicle, call 443–607–1960.

FALL FESTIVAL 2008

Saturday, September 27

11 am-4 pm – Games, Rides & fun!
12-2 pm – Live Music: Boonetown Stompers Dixieland Band
1-3 pm – Fall Vegetable Carving Demonstration, Food Network Challenge Winner James Parker

Sunday, September 28

11 am-4 pm – Games, Rides & fun!
12-2 pm – Live Music Boonetown Stompers Dixieland Band
1-3 pm – Fall Vegetable Carving Demonstration, Food Network Challenge Winner James Parker

If you’re a new resident of the area, why not use one of these events as an excuse to visit Homestead Gardens? (If you already live here, you’re probably already planning to do exactly that.)

See you there!

PHOTOS: Istockphoto and Margaret Woda

Tags: Crofton+maryland+real+estate, Davidsonville+Maryland+real+estate, Homestead+Gardens+in+Davidsonville

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Crofton Piggy-Back Townhome Could Save You Money

August 19th, 2008 Categories: Crofton Real Estate

What’s a “piggy-back” townhome, you may ask. I’ve even had people who live in one ask me that very question, so I’m sure it has crossed the mind of anyone currently looking for a home in Crofton or anywhere in Anne Arundel County, Maryland.

Make an appontment to see 1130 Wickford Court Think Crofton Mews, Meadowcroft, Bancroft, Cedar Grove, Wellfleet Mews, Sycamore Mews and Nantucket Mews in Crofton. In these Crofton communities, you’ve probably noticed there is a one-level apartment-style condo on the ground level, with two adjacent two-story units above it. The area behind the two units is typically divided into three back yards to allow the ground-level home to have a fenced area, as well as the upper townhomes.

This style has been popular in Crofton, Maryland, since the 70’s when they were first introduced by the Richards Group, who’s been building them here ever since. This style is more generally affordable than a three-level townhome or detached home. Not only that, they are well-designed and offer a better layout than most apartments and many condos.

Here is a breakdown of homestyles available for sale in Crofton now (8/18/08), along with their price ranges:

24 piggy-back townhomes, ranging from $199,900 to $290,000;
60 other townhomes are available, ranging from $206,000 to $465,000 (lower-priced townhomes are Habitat four-plexes); and
60 detached homes, ranging from $317,000 to $850,000.

To catch a sneak-peak of all the homes for sale in Crofton, just click on this link.

The home pictured here is located in Nantucket Mews. This community has a great location, practically a stone’s throw from the new Nantucket Elementary School – a real plus for anyone with young children. Unlike many older piggy-back towmhomes that may be in need of some major system replacements in the near future, homes in this community are less than ten years old.

If you’ve been looking for an affordable way to achieve Crofton home-ownership, let me help you get started by showing you some piggy-back townhomes soon.

PHOTO: MWoda

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