20% MB Homes Sold Eligible For Tax Credit

Never mind the asking price, thought I’d check the MLS to see how many Manhattan Beach homes actually sold for $800,000 or less, making them candidates for the first time homebuyers tax credit extension.

There were 121 condos, townhomes and single family residences that sold (MLS status of sold, pending or backup) in Manhattan Beach from September 1, 2009 through today. Of those, 24 sold for $800,000 or less – a not-too-shabby 19.8%.

The 24 tax credit candidates consisted of:
• 2 condos (1 Hill Section, 1 Lib.Village/ Heights)
• 10 townhomes (3 Manhattan Village, 2 Lib.Village/ Heights, 5 Mira Costa Section)
• 12 single family residences (1 Sand Section, 3 Tree Section, 4 Lib.Village/ Heights, 4 Mira Costa Section)

If you narrow that down to homes that actually closed escrow during that time (70), the percentage of homes which sold for $800,000 or less (14) is 20%.

So if you want to take advantage of the extension of the first time homebuyer tax credit, you can find qualifying properties in Manhattan Beach.

Homebuyer Tax Credit Extended

It's official, the $8,000 first-time homebuyer tax credit has been extended through June 2010. Since it only applies to homes priced at $800,000 and below, it won't help many buyers of Manhattan Beach homes. But there are a few available in that price range and the way the market has been going, there may be more in the future. It could help sell homes in the neighboring cities, allowing those owners to move into Manhattan Beach.

There are other new features of the homebuyer tax legislation. Read the CNN article for more information.