View an easy to read list of all homes currently available for sale in the Grapevine, Texas, MLS (Multiple Listing Service), as of 6/27/2009. Click here to view a complete list of the 201 homes available for sale in Grapevine, Texas, MLS.

Narrow your search, click the price ranges below to view smaller groups of available Grapevine, TX homes.

Brenda Magness, Brenda Blaser & Pam Yoakum Realty Group serves buyers and sellers of real estate in North Texas, including the cities of Grapevine, Southlake, Colleyville, Westlake and Keller.

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Questions and Answers about the Home Buyer Tax Credit

1. Who is eligible to claim the tax credit?
   First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
   
2. What is the definition of a first-time home buyer?
   The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.

   For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

3. How is the amount of the tax credit determined?
   The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4. Are there any income limits for claiming the tax credit?
   Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
5. What is “modified adjusted gross income”?
   Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine “adjusted gross income” or AGI. AGI is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

   To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.

6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
   Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
7. Can you give me an example of how the partial tax credit is determined?
   Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

   Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

   Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
   The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous “credit” was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
9. How do I claim the tax credit? Do I need to complete a form or application?
   Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.
10. What types of homes will qualify for the tax credit?
    Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
11. I read that the tax credit is “refundable.” What does that mean?
    The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

    For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
    Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
    Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.

    In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
    Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.
15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
    No. You can claim only one.
16. I am not a U.S. citizen. Can I claim the tax credit?
    Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519.
17. Is a tax credit the same as a tax deduction?
    No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

    A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

18. I bought a home in 2008. Do I qualify for this credit?
    No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.
19. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
    Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

    Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

    Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.

    The National Council of State Housing Agencies (NCSHA) has compiled list of such programs, which can be found here.

20. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
    Yes. The law allows taxpayers to choose (”elect”) to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

    Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

21. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
    Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

View an easy to read list of all homes currently available for sale in the Southlake, Texas, MLS (Multiple Listing Service), as of 6/2/2009. Click here to view a complete list of the 399 homes available for sale in Southlake, Texas, MLS.

Narrow your search, click the price ranges below to view smaller groups of available Southlake, TX homes.

Brenda Magness, Brenda Blaser & Pam Yoakum Realty Group serves buyers and sellers of real estate in North Texas, including the cities of Grapevine, Southlake, Colleyville, Westlake and Keller.

There was good news for our local market, according to Zillow, home values in Fort Worth increased 14% in the first quarter of 2009, compared to the first quarter of 2008.  Other local highlights, Colleyville, Texas with a +15.5% year-over-year gain, Keller, Texas +14.4% (YoY),  and North Richland Hills +15.8% (YoY).

Click cities below for a complete listing of homes available for sale in the MLS.
Southlake
Colleyville
Grapevine
Keller

Note, first quarter results for the cities of Southlake and Grapevine were not provided by Zillow.

May 28, 2009 This summer Grapevine is bursting with family fun for everyone.  Enjoy a summer jam-packed with cool events, from dazzling Friday fireworks to great shopping and wine trails to poolside relaxation at one of Grapevine’s hotels, there’s something for everyone to have a blast all summer long.  So spend less time and money traveling and spend more time having fun close to home this summer with a staycation in Grapevine! SummerBlast Through September 4 Stay close to home this summer for a Grapevine Staycation! SAVE on Grapevine’s great summer rates! Spectacular summer family fun including: • Free Fireworks every Friday night at 9:30 p.m. along the shores of Lake Grapevine. • Unique hotels and resorts with great summer packages and rates along with special events all summer. • Attractions for everyone such as the Grapevine Vintage Railroad, Duck Riders tours, Grapevine Wine Trail, Grapevine Public Art Trail, Lake Grapevine, and more. • Great events throughout the summer including Monty Python Madness, Summer Nights, USTA Women’s Pro Circuit Tennis Tournament, Summer National Fencing Championship, and more. • Shopping and dining for everyone in Historic Downtown Grapevine and at Grapevine Mills mall. First Friday Film Series Thoroughly Modern Millie June 5 7:30 p.m. “Thoroughly Modern Millie” is the Oscar-winning Hollywood version of the Tony Award-Winning Broadway sensation about a innocent country girl (Julie Andrews) who comes to the city in search of a husband. Sounds corny but it is delightful. For the First Friday Film Series Summer Movies at the Palace (June 5 is “Thoroughly Modern Millie, July 3 is “E.T.: The Extraterrestrial” and August 7 is “Jailhouse Rock”) we are offering a two-fer promotion. Two admissions for the price of one regular $7.50 admission. What a deal! The Grapevine Market Thursdays & Saturdays Through October 17 9:30 a.m. - 2 p.m. Liberty Park Come experience open air European-style shopping in Historic Downtown Grapevine, featuring the finest in handmade jewelery, home decor, antiques and a whole lot more. Remember to get your fresh produce from the Farmers Market at the Gazebo on Main Street.  Thursdays & Saturdays 8 a.m. to sell-out. The Sound of Texas Music Series and Live Variety Shows at the Palace Arts Center Edith’s Follies III June 12 7:30 p.m. Join Dr. Edith Pewitt & the Grapevine Heritage Foundation for the 3rd Annual Edith’s Follies as we go “Back to Broadway”  at the Palace Theatre for a live variety show with amazing local talent! The Palace Arts Center is located at 300 S. Main St. in Historic Downtown Grapevine. Flag Day June 14 2 p.m. Gazebo in Historic Downtown Grapevine Join us June 14 as we pay tribute and salute “Old Glory” at the annual Grapevine Flag Day Celebration.  The Daughters of the American Revolution will be joined by Boy Scout Troop 700 and other civic organizations with a memorable ceremony commemorating our nation’s flag.  Refreshments will be served. Grapevine Opry - At the Palace Theatre Saturday, June 6 7:30 p.m Just Duet - Soloists team up for incredible renditions of some of country music’s most memorable duets, with a few trios slipped in. Saturday, June 13 7:30 p.m. Country Music Showcase Saturday, June 20 * 7:30 p.m. Elvis:  The ’68 Comeback Special - Elvis regained his position as the American icon of Rock ‘n’ Roll with an intimate concert.  Join the Grapevine Opry as they recreate this groundbreaking event, featuring Nathan Belt. Tickets for this show are $20. Friday, June 26 7:30 p.m. Gospel Country Showcase Saturday, June 27 7:30 p.m. Life is Grape - Featuring the Grapettes & the Grapetones, two in-house groups, a totally entertaining evening of musical variety. One of the premier live country music shows in the nation, the Grapevine Opry has established a tradition of excellence seldom equaled for this type show in the country music industry. With one of the most acclaimed house bands in the Southwest, the high energy, spontaneous format of every show perfectly compliments the truly great music for which the venue is known.  Unless otherwise noted, tickets are $15 for adults, $10 for children 12 & under, senior citizen discounts available, all seats reserved, reservations are recommended. *Discounts are unavailable for special theme shows. Grapevine Vintage Railroad Father’s Day Train June 21 1 p.m. Bring your father to ride the train for free on Father’s Day. Or, for the perfect Father’s Day gift give him a cab ride on any regular Grapevine/Stockyards run for a special Father’s Day rate of $49! This special rate is available through June 21, 2009. Contact 817-410-3557 for more information. The Grapevine Vintage Railroad runs Thursday, Friday, Saturday and Sunday at 1 p.m. along the historic Cotton Belt Route between Grapevine and the Fort Worth Stockyards. Enjoy riding in authentic 1920s and 1930s Victorian-style coaches.  Passengers take a step back in time when they experience train travel as it was in the glory days of the expanding West. Pull into the Fort Worth Stockyards Station and you’ll be right in the middle of the Stockyards National Historic District where the Old West comes alive. Tickets are $20 for adults, $10 for children and $18 for seniors. The Grapevine Depot is located at 705 S. Main St. in Historic Downtown Grapevine. Grapevine Convention Center Texas Coin Show Friday, June 19 - 2 p.m. - 6 p.m. Saturday, June 20 - 9 a.m. - 6 p.m. Sunday, June 21 - 9 a.m. - 3 p.m. Admission: $2 There will be free parking, three Gold Door Prizes, Numismatic Supplies and 24-Hour Police Security AKS Gem Show Friday, June 26 - 10 a.m. - 6 p.m. Saturday, June 27 - 10 a.m. - 6 p.m. Sunday, June 28 - 10 a.m. - 4 p.m. A great line up of exhibitors selling estate jewelry, fine jewelry, fashion jewelry, including jewelry manufacturers, and more beads and supplies than you’ll ever see.  This show is open to the public. Buyers will not find better deals anywhere. Beading classes, Cab cutting and demonstrations by Jurassic Jewelry. Admission is $5 at the door.  Buyers who join the AKS Gem Show mailing list receive discount coupons to every AKS show. The Grapevine Convention Center is located at 1209 S. Main St.  Prices for shows vary, be sure to visit GrapevineConventionCenter.com for the most up-to-date information. Fridays, May 22 - Sept. 4 SummerBlast Fireworks Show July 4 Fireworks Extragavanza over Lake Grapevine July 10, 17, 24 & 31 Summer Nights July 16, 17, 18, 24, 25, 26, 30 & 31 Monty Python Madness September 17, 18, 19 & 20 GrapeFest October 10 Nash Farm Fall Round-Up October 17 Butterfly Flutterby November and December Christmas Capital of Texas Follow GrapevineGurl on: Become a Fan of Grapevine: GrapevineTexasUSA.com |   1-800-457-6338 © Grapevine Convention & Visitors Bureau

]]> http://mbyrealty.com/real-estate-blog/grapevine/june-2009-events-in-grapevine-texas/feed/ http://mbyrealty.com/real-estate-blog/grapevine/the-oak-grove-ballfields-a-home-run-in-grapevine/ http://mbyrealty.com/real-estate-blog/grapevine/the-oak-grove-ballfields-a-home-run-in-grapevine/#comments Mon, 04 May 2009 16:21:51 +0000 MBYRealtyGroup http://mbyrealty.com/real-estate-blog/?p=68 Funded by a sales tax increase approved by the citizens of Grapevine in November, 2006, Mayor William D. Tate, and other city officials along with thousands of local area residents, home owners, and players turned out see the new complex, and opening ceremonies on Saturday morning.

The much anticipated Oak Grove Ballfield Complex opened in Grapevine, Texas this weekend, as part of the Quality of Life Project.  Unfortunately some of the games were postponed by storms that came through the area Saturday afternoon and evening, but all the teams will be ready to face off again next Saturday morning, and under the lights Saturday night.

Grapevine area residents should be proud to call Oak Grove Park Ballfield Complex, a home run!  Oak Grove Park Ballfield Complex, 2520 Oak Grove Loop South, Grapevine, Texas.

For printable driving directions to the Grapevine, Texas Oak Grove Park Ballfield Complex, from anywhere in the United States CLICK HERE.

The 12 million dollar complex features seven baseball fields ranging in size from blast-ball (3-4 year olds) to a full size Colt/Varsity field (Ages 15-18), two multipurpose softball/baseball fields, four batting cages, sixteen soft toss stations, 800,000 square feet of new turf grass, a concession area measuring five times the size of the previous concession space, mens/womens/family restrooms, a custom state-of-the-art playground, 275 new trees planted on-site, 270-1,000 watt sports lights on 49 poles, and 310 parking spaces.

The complex also includes an environmentally friendly pumping system to pump untreated water from Lake Grapevine for irrigating the fields.The park is a first in Grapevine with such a huge “green” aspect. A man-made pond has been added to the facility measuring 2.7 acres with a pond capacity of 3.5 million gallons of water. This water, pulled from lake Grapevine, will irrigate the baseball, softball, and soccer fields at Oak Grove Park saving dollars by the use of raw water versus treated water.

With Lake Grapevine as the backdrop of Oak Grove Park Ballfield Complex, this incredible facility is one of the most state-of-the-art sports complexes of its kind in North Texas. More than 500,000 people will circulate through this complex each year . Grapevine is proud to call Oak Grove Park Ballfield Complex, their newest playground.  Visit the following links for additional information about Grapevine Youth Baseball and/or Grapevine Parks and Recreation: Grapevine, Texas Youth Baseball, Grapevine Parks and Recreation.

For a complete list of homes available for sale in Grapevine, Texas contact Brenda Magness, Brenda Blaser or Pam Yoakum Realty Group at 817.247.2947, or visit www.mbyrealty.com/grapevine.php.