If you are thinking of buying or building a new home, now is the time with huge tax credits available for a short time.  Read a summary of the details below:

Tax Credit for First-Time Homebuyers:  If you 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 (maximum of $8,000 credit). Both single and married taxpayers may qualify for the tax credit.

Tax Credit for Present Homeowners:  If you already own a home this offers strong reasons to move to a new home. This tax credit of up to $6,500 is for qualified purchasers who have owned and occupied a primary residence for five consecutive years in the last eight years. Both single and married couples may qualify for the tax credit.

New Deadlines:  To qualify for the credit, all Purchase Agreements must be executed no later than April 30, 2010 and close/fund no later than June 30, 2010. Military personnel have special extensions on the timelines available.   This still offers you time to buy a new home, or to potentially build, if you start now!

Why Take Advantage Now:  The tax credit is a dollar-for-dollar benefit, and not just a tax deduction.  It is a dollar for dollar reduction in your tax liability.  Even better, the tax credit is refundable, if you have little or no tax liability, meaning if you qualify for the $8,000 tax credit, and you only owe $1,000, then you receive a check back for $7,000!

Higher Qualifying Income Levels:  Your income qualifying levels went up also!  Single tax filers earning up to $125,000 are eligible for the total tax credit. If you earn more, you still may qualify for part of the tax credit, up to $145,000. Married/Joint tax filers earning up to $225,000 are eligible for the total credit. If you earn more, you still may qualify for part of the tax credit, up to $245,000.

Purchase Price Limit:  If you qualify, the purchase price limit is set to a maximum sales price of $800,000.

Interest Rates:  It is important to consider the current low interest rates that are partially driven down due to the Fed’s Mortgage Backed Securities purchase program, which will most likely end on March 31, 2010. As this program slows down, it is expected that the rates will soon start rising again.

For more information on this very valuable program, visit these 2 informative sites – or call us directly at 505.299.1500 for help:

Home Buyer Tax Credit information from the National Association of Home Builders: 
http://www.federalhousingtaxcredit.com/home.html

IRS.gov’s First-Time Homebuyer Credit information:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html

We know it’s because living in Albuquerque gives you at least 310 days of sunshine each year – never mind this week’s few gloomy days! The sun will be out soon enough! Then New Mexico gives tax credits and incentives to encourage film production in Albuquerque and surrounding areas of New Mexico which brings us some nice job opportunities and helps the State’s economy!

It’s great fun for us to see movies featuring our custom Southwestern style homes and the beautiful varied landscapes that allow for such creative expression. So, who’s filming here? – Mickey Rourke & Megan Fox are filming Passion Play right now in New Mexico. And Denzel Washington was there during filming of The Book of Eli along with Jackie Chan for the film The Spy Next Door. Which ones have you seen?

Yes… we do love living in New Mexico!

A lot of talk these days is about “Green” this and “Green” that…but what truly does that mean in words and actions that we all understand?

As custom home builders in and around Albuquerque, we, at Lee Michael Homes, would like to share what we are doing to really make a difference for you, your family, and the delicate environment in which we live.

OUR EFFORTS IN LAND DESIGN AND HOME PLANNING:
• Situating homes to take advantage of optimal solar energy potential.
• Actively develop and build in a certified “Build Green NM” community.
• Minimizing impervious (solid) surfaces to allow for better water retention where needed.
• Creating an efficient design that maintains the home’s functionality & provides a comfortable lifestyle.

OUR EFFORTS IN PRESERVING RESOURCES:
• Applying advanced framing techniques to minimize lumber waste & increase insulation effectiveness.
• Using recycled products wherever possible such as carpet, padding, hard surface flooring, etc.
• Using locally available indigenous materials wherever possible.
• Initiating an on-site recycling program.

OUR EFFORTS IN ACHIEVING ENERGY EFFICIENCY FOR HOMES:
• Beefing up the insulation package to include blown-in fiberglass in ceilings.
• Sealing & insulating all HVAC ductwork, plenums and trunks in unconditioned spaces.
• Insulating cold water pipes in unconditioned spaces to prevent condensation.
• Providing a continuous air barrier between the garage and living areas including air sealing packages.
• Running conduit & insulated pipe for future roof-ready Photo-Voltaic & Solar hot water heater systems.
• Installing awnings and covered porches for controlled sun exposure where applicable.
• Strategizing the placement of windows for shade and solar gain, where appropriate.
• Installing low E glass thermal paned low-maintenance windows.
• Using energy star water-conserving appliances.
• Installing tubular solar skylights, where appropriate.
• Engineering for a high-efficiency combination HVAC system.
• Wiring all bath fans with timers for better energy use.
• Providing all recessed lights with insulated boxes.

OUR EFFORTS TO INCREASE WATER EFFICIENCY AROUND HOMESITES:
• Installing hot water re-circulating pump with timer.
• Selecting native & regionally appropriate trees & vegetation for landscaping designs.
• Installing low-volume water-use irrigation systems.
• Providing low-water-use toilets and faucets in all of the homes.

OUR EFFORTS TO IMPROVE INDOOR HOUSEHOLD AIR QUALITY:
• Using a mechanical ventilation system for fresh-air make-up & circulation.
• Integrating air sealing packages to reduce infiltration.
• Installing transfer grilles in all bedrooms for improved air flow.
• Providing low VOC (Volatile organic compounds) flooring, paints and finishes wherever possible.
• Allowing for all exhaust vents to be directed to the outside for better efficiency.
• Using direct-vent sealed energy-efficient gas fireplaces to improve indoor air quality.

OUR EFFORTS TO IMPROVE HOME PERFORMANCE & TO MAKE A GLOBAL IMPACT:
• Performance of third-party blower door and duct leakage tests on every home.
• Installing a moisture resistant backer-board under tile surfaces.
• Supplying a homeowner manual to every homeowner to assist in the care & maintenance of the home.
• Suggesting a list of solid habits and actions to homeowners to optimize water and energy use.
• Encouraging and educating homeowners in recycle programs as part of a daily lifestyle decision.
• Applying universal design features in plans wherever possible.
• Enlightening the general public on sustainable living whenever possible.

Please do your part in working towards a “greener” lifestyle to provide a healthier way of living for you, your family, your home, and the future environment.

We will be showing our 2009 Parade entry next weekend – October 24 & 25 – so we are inviting all Parade of Homes participants to join us then. This newest home will be open next weekend at:

922 Camino del Rio NW
Rio Grande Estates
Albuquerque, New Mexico

2009 Parade of Homes - In Completion Stages of Building

We started the home 2 months past our schedule to start and realized that we would have to rush this custom home to complete it for the Parade. We just weren’t willing to compromise the quality and integrity of the house, so we decided to not have the home open for viewing and to have our last year’s Parade of Homes multiple award winning home open instead.

Lee Michael Homes - 2008 Award-Winning Home for Parade of Homes 2009

That custom home is located in Albuquerque at 331 Nuevo Hacienda Lane in the Village of Los Ranchos.  We are trying to direct traffic there with maps, but we are still getting a lot of traffic coming to the “still being built” 2009 Parade home. 

We will be open for the next 3 weekends at our 2008 Parade Home, and hope to see a lot of folks coming through.  We get so many people that come just to see Lee Michael Homes’ entries every year.  It feels strange not to have the new one open, and we missed being in the judging also.  We will have the new custom home open once it’s complete, and are asking Parade goer’s to e-mail us (builders@leemichaelhomes.com) their address so we can send out a special invitation to you when it is complete – which should be in just a few weeks! 

Visit Lee Michael Homes in the 2009 Homes of Enchantment Parade in Albuquerque

For more information on our 2009 Parade of Homes entry, maps and other check out: Lee Michael Homes at the 2009 Parade of Homes Event in Albuquerque

Hope to see you soon!

So… you ask, why live in Albuquerque, New Mexico? Well…because we are considered one of the top 10 best places to live and work. Don’t believe us, then check out Kiplinger’s report evaluating Albuquerque as the number 2 spot!

We are so proud! And it was no surprise to us! Most of our home building requests have come from people and families moving away from other states to come here. They have discovered that Albuquerque is a great place to settle for their business and raising their families.

Check out Kiplinger’s report in the Daily Real Estate News from this May: http://www.realtor.org/RMODaily.nsf/pages/News2009052802?OpenDocument

Please be patient as we design and develop this home-based space!

You can go home any time for more information.