New Home Sales Jump Nationally; Mahogany In San Marcos Sells Three Last Weekend

March 30, 2009 - PRLog -- – New home sales jumped 4.7 percent nationwide last month, and the trend appears to be continuing at Old Creek Ranch in San Marcos. Three homes sold last weekend at the Mahogany neighborhood of single-family homes, according to builder Brookfield Homes.

“As our sales last weekend at Mahogany indicate, the smart buyer understands the economy and sees that the value and quality and satisfaction of buying a new home right now is a great opportunity,” said Lora Heramb, vice president of sales and marketing for Brookfield Homes.

According to a recent story in The Washington Post, Commerce Department data show sales were down in February in the Northeast and Midwest, but surged 9.7 percent in the South and 6.6 percent in the West. Brookfield’s Heramb attributes some of the spike here to the state and federal tax credit incentives.

“All three of our buyers last weekend loved the floor plans at Mahogany, the convenience and privacy of the location and especially the tax credits associated with buying a new house right now,” Heramb said, noting potential tax credits of up to $18,000 for eligible buyers.

A California tax credit of $10,000 was announced recently for the purchase of a new home in the state. Available for a limited time, the tax credit is available only to new-home purchasers, who must live in the home for at least two years. There are no income limitations for the purchaser and no “first time buyer” restrictions. Also, there is no repayment requirement (unless the purchaser sells or rents out the home before two years have past from the close of escrow).

In addition, first-time homebuyers may qualify for an $8,000 federal tax credit announced as part of American Recovery and Reinvestment act. If a buyer qualifies for both, their total tax credit for buying a newly constructed home would be $18,000. (*Please note disclaimer below.)

The two-story homes at Mahogany range from 3,090 to 3,875 square feet and have four to five bedrooms, 3.5 to 4.5 bathrooms and two-car-plus garage spaces. Current prices range from the low $600,000s. For more information, call 760-752-3001 or visit the sales office at 1756 Burbury Way, San Marcos.

Mahogany at Old Creek Ranch is located in the picturesque hilltops of San Marcos, near community parks and amenities, including an extensive network of hiking trails. Just east of Rancho Santa Fe Road and south of San Elijo Road, the area has an abundance of retail shopping, conveniences and restaurants.

Brookfield San Diego Builders, Inc. builds homes throughout San Diego and Riverside counties. Brookfield currently is building in the master-planned communities of Windingwalk in Chula Vista, The Estates at StoneBridge east of Scripps Ranch in San Diego, Old Creek Ranch in San Marcos and Morningstar Ranch in Winchester.  For more information about Brookfield communities and to learn about the company’s signature construction differences, visit www.brookfieldsd.com.

*This is not a representation or guarantee of eligibility for a federal tax credit, state tax credit or any other tax benefits of homeownership. The $18,000 tax credit is a combination of an $8,000 federal tax credit and a $10,000 California tax credit. Eligibility requirements are different for each program. To qualify for the federal tax credit, homebuyers must close on their home before December 1, 2009. Federal tax credit is for first-time homebuyers or anyone who has not owned a home in the last 3 years. To qualify for the California state tax credit, homebuyers must close on their home before March 1, 2010. California tax credit applies over a three-year period against your tax obligation. For each program, additional income limitations, ownership conditions, repayment requirements, and other restrictions and requirements apply. Since individual tax and financial circumstances will vary, see your financial and tax advisors for details and information on the tax credit for each program. See sales counselor for details. Equal Housing Opportunity.

# # #

Scribe Communications is a full-service public relations firm headquartered in San Diego's prestigious La Jolla Golden Triangle business hub.