The Real Estate Wonk: Senate suggests tax breaks for ALL homebuyers - Baltimore homes, apartments, real estate: Buying, selling, renting and housing news from reporter Jamie Smith Hopkins

The Senate's economic stimulus bill now includes a tax break for any homebuyer, not just current renters. The proposed tax credit would be worth $15,000 for anyone buying a home for $150,000 or more. (Less than that, and the credit would be worth 10 percent of the home.)

All you readers keeping track of various "please for God's sake buy something" measures will recall that right now, there's a $7,500 tax break for first-time homebuyers only.

Estimated cost for the $15,000 credit: $19 billion, the AP says.

In other housing finance news, Lorraine Mirabella reports today that Struever Bros. Eccles & Rouse -- the Baltimore developer known for revitalization projects -- is being sued by contractors and lenders alleging unpaid debts:

In a statement e-mailed yesterday, the company's chief executive and president, C. William "Bill" Struever, blamed the financial troubles, in part, on the slumping economy. But Struever declined to address reasons for missed payments on the loans or to contractors. And he did not provide details about the company's options. ...
In December, Struever Bros. put one of its trophy properties and headquarters building, the Tide Point waterfront office park in Locust Point, on the market for $102 million in hopes of generating much-needed cash. The developer is seeking a joint venture partner or outright sale of the former Procter & Gamble factory, which Struever redeveloped between 1999 and 2001 and is now 100 percent leased to sports apparel maker Under Armour and 14 other tenants.

Comments

Does anyone know the details from the tax credit? When does it have to be paid back? Can I get it in this year's taxes if I want to buy a house this summer or do I have to wait until after I buy?

Posted by: Joe | February 5, 2009 9:14 AM

I haven't seen many details yet. But most importantly, it's just a proposal so far. Things could change ... stay tuned.

Posted by: Jamie Smith Hopkins | February 5, 2009 10:23 AM

Down goes Struever, maybe now someone else can monopolize re/development in Baltimore. Good riddance.

Posted by: Jc | February 5, 2009 7:24 PM

Instead of buying an existing home can I build my own and still qualify?

Posted by: Jim | February 6, 2009 1:17 PM

Jim, here's a Wall Street Journal blog post on the subject from earlier today: http://blogs.wsj.com/developments/2009/02/06/home-buyer-tax-credits-price-tag-35-billion

The upshot is -- keeping in mind this is still a proposal -- that it would apply to new as well as existing homes. And the estimated price tag is now $35 billion.

Posted by: Jamie Smith Hopkins | February 6, 2009 2:05 PM

Can another City Realtor in town stand up here? I know you all read this.

Posted by: Dunn | February 12, 2009 4:42 PM

Why can't any other Realtor make a stand?

You guys bore me. You are scared!

Posted by: Dunn | February 12, 2009 4:52 PM

This blogger has hurt the City, environment, and a lot more...
What's going on? Do you care at all?

Posted by: Dunn | February 12, 2009 4:55 PM

It is fun for you to DIS the City , right? You grew up in Columbia and never left? Cool with me.

We aren't as bad as you make it seem.

Posted by: Dunn | February 12, 2009 5:05 PM

You are cooler than we are - Columbia. You have trashed me many times over... Good for you!