Newsweek published their annual edition/list of Top 500 U.S. High Schools and Irvine’s University High School ranks #8 in the country. This is quite an achievement and one worth considering if you are planning a move to South Irvine, University High School is the neighborhood school for the following villages in South Irvine, CA: Quail Hill, Rancho San Joaquin, Turtle Ridge, Turtle Rock, University Town Center and University Park.

One of the most affordable neighborhoods near University High for purchasing or renting a condo or townhome, as well as conveniently located within walking or biking distance, would be those found in the village of the University Town Center. This village offers condos/townhomes for lease or for sale in the neighborhoods of Cambridge Court, Columbia Square, Oxford Court, and Princeton Townhomes  as well as those offered by the Irvine Apartment Community (for lease only).

Past experience suggests that you should double check with the Irvine Unified School District’s enrollment map (plug in the actual address) to be absolutely certain that your residence address falls within the school of your choice, as neighborhoods may be subject to changing enrollment stats, and your new residence just may be gerrymandered out of the existing neighborhood school area.

Robin and Eric : Specializing in the University Town Center Since 1986

Robin has been representing buyers and sellers in their purchase of townhomes and condos within the University Town Center’s communities of Cambridge Court, Columbia Square, Princeton Townhomes, and Oxford Court since 1986, and would delight in assisting in any way possible your move to the community. Eric has been involved in the financial, business and investment side since 1979. Together we are proud to have raised two children, Luke and Jed,  in the local school district, including graduates of University High School. Luke went on to graduate from Harvard College and earn his Juris Doctorate at Cornell University. Jed graduated from U. C. Berkeley in the fields of Economics and Computer Science and is currently working in finance in San Francisco

If Robin or Eric can further elaborate on anything contained herein or if you have any questions regarding the University Town Center’s neighborhoods of Cambridge Court, Columbia Square, Princeton Townhomes, or Oxford Court or any of the adjoining Villages of Quail Hill, Rancho San Joaquin, Turtle Rock, or Turtle Ridge please do not hesitate to e-mail Robin. Robin and Eric Fenchel would be delighted to assist in any way possible your move to the community in and around the University of California at Irvine.

Return to The Home Page, Irvine Real Estate and Homes for Sale and Surrounding Cities at Robin4Homes.com.

Copyright ©2006-2011 Robin  and Eric Fenchel  -  All Rights Reserved.

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It is fitting that a discussion of debt relief should take place on April 15th–the date for filing ones Federal and State income taxes. Good grief, we all can use tax relief!

Well, on Monday, Governor Schwarzenegger signed SB 401 (Wolk) into law providing distressed homeowners with state tax exemption on debt forgiven in a short sale, foreclosure, or loan modification. So what does this new bill mean in plain English, and how can you, Mr./Ms. Seller take advantage of this new debt relief?

California State Tax Law is now Aligned with the Federal Tax Law

Bear in mind, that California homeowners generally were exempt from owing federal taxes on the forgiven mortgage debt, but still were required to pay California taxes on the so-called “phantom income.” For debt forgiven on a loan secured by a “qualified principal residence,” borrowers now will be exempt from both federal and state income tax consequences.

What is a Qualified Principal Residence?

“Qualified principal residence indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence, including both first and second mortgages. It also includes refinance loans to the extent the funds were used to payoff a previous loan that would have qualified under these guidelines”

What Do I Do If I’ve Already Filed My 2009 Tax Returns?

If you’ve already filed your 2009 tax returns –and if you haven’t, you have a few short hours in which to do so without penalty–(unless, you have filed for an extension),  you may amend your returns and claim the exemption by filing a Form 540X amendment. This tax relief applies to debts discharged from 2009 through 2012.

How Do I Know if I Qualify for California Tax Relief SB 401?

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) still may be exempt from paying taxes on forgiven mortgage debt under other provisions. Most notably, bankrupt taxpayers are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

To read the full story, please click here: http://bit.ly/cR2hrS

Photo courtesy of Irvine Ranch Conservancy

Join in on a docent-led mountain bike ride through the Irvine Open Space Preserve. This is a moderate-paced mountain bike tour through the picturesque hills of Bommer and Shady Canyons with a combination of ranch roads and multiple intermediate level technical singletrack trails, and many steep climbs and descents. Over 2000 feet of accumulated climbing elevation is experienced on this route. Participants should be physically fit and possess above-average mountain biking skills. Mountain bike, helmet, and 32 oz. of water (minimum) required.

Please note, this is an intermediate ride. This ride features only a few, short rest stops, steep climbs and rocky descents. It requires above average fitness, and a mountain bike with a minimum of front suspension. If you are unsure of your abilities, please call first. There are beginner rides for those who are new to the sport which are offered as well.

For Irvine Ranch Conservancy and Irvine Open Space Preserve Programs, registration for weekday programs closes at 4 p.m. on the day prior to the event. Weekend program registration closes at 4 p.m. on the Friday prior to the event. For policies of other organizations, please contact them directly using the links on the home page.

Photo courtesy of the Irvine Ranch Conservancy

Take a break and get some fresh air!  Join in on a mid week hike through Quail Hill.

First-time home buyers and move-up buyers have another great reason to get off the fence, pre-approved and on the road to purchasing a home! The benefit to first-time homebuyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500. But this opportunity ends in April.

• Between November 7, 2009 and April 30, 2010, homebuyers that have a signed binding contract to purchase a home may be eligible for the tax credit. The transaction must close no more than 60 days after April 30, 2010.
• First-time homebuyers may receive a credit of 10 percent of the purchase price, up to the $8,000 tax credit amount. If you have never owned a home before or have not owned a principal residence in the last three years, you are considered a first-time homebuyer.
• For home-owners, a tax credit of $6,500 is available for homeowners who have lived in their current residence for at least five of the past eight years. Homebuyers can also receive a 10 percent credit up to $6,500 when they contract to purchase a home between now and April 30, 2010, provided they close no more than 60 days after this deadline.

The tax credit does not have to be repaid provided you live in the new home for a minimum of three years. Military families are exempt from this stipulation.

For an exhaustive and detailed Q & A by Sonia M. Younglove, Esq., see the latest California Association of Realtors extensive article on this subject.

Turtle Rock, Bonita Canyon, Canyon View and Alderwood Basics Plus Elementary Schools ranked #2, #5 ,#6, and #7 respectively, and Rancho San Joaquin Middle School ranked #9.

Turtle Rock elementary is the district school for the part of Turtle Rock village located in the 92612 zip code as well as the University Town Center. Bonita Canyon elementary encompasses homes located in Turtle Rock within the 92603 zip code.

Canyon View elementary is located in a newer part of Northwood villlage in the 92620 zip code.

Alderwood Basics Plus elementary, located in Quail Hill, serves Quail Hill and the Spectrum area residents.

Rancho San Joaquin Middle School is the district school for the villages of Quail Hill, Turtle Rock, Turtle Ridge, Rancho San Joaquin, University Park and University Town Center.

To ensure that the desired school falls within your neighborhood, please look up the street address at: http://www.iusd.org/asp-bin/whichschool

To see how your schools rank among all of Orange County, go to:

http://school.hiwhy.com/orange-county

First published yesterday in http://robin4homes.activerain.com

1. Who is a First-Time Buyer? The bill defines a first time home buyer as anyone who has not owned a property/home/real estate for the past three (3) years.

2. How does the Tax Credit Work? The tax credit is received when you file your taxes the year after your home/real estate purchase. In other words, the first time home buyer does not receive any cash at the time escrow closes, nor does the 1st time home buyer receive any assistance with closing costs through the escrow. Instead it is added to any refund you would be due on your taxes in the year following your home purchase.

3. Can I Receive theTax Credit of $8,000 Even If I Owe No Taxes?: You, as a first-time home buyer, can still qualify even if you own little or no taxes.

4. Do I Have to Pay Back the $8,000 Tax Credit?: In a previously conceived bill, the first time homebuyer had to repay the $8,000 tax credit. In the current Stimulus Bill, the 1st time home buyer need not repay the $8,000 tax credit as long as the home buyer resides in the property for at least three (3) years.

5. Are There Time Limitations Attached to the $8,000 Tax Credit?: The $8,000 Tax Credit is available to buyers who purchase a property/home/condo/residence between January 1, 2009 and December 31, 2009.

6. Are There Income Limitations Attached to the $8,000 Tax Credit? If you are single, first time home buyers must make less than $75,000 Adjusted Gross Income; if you are married, first time home buyers must earn less than $150,000 combined Adjusted Gross Income. If you earn more than this amount, then the total tax credit is reduced.

In sum, if you are a first time homebuyer and are considering purchasing a home, you may want to take advantage of this tax credit. Home values have declined on average between 25% and 40% from the highs, interest rates are extremely low (hovering around 5%), and the government is giving you an $8,000 tax credit to purchase a home.

Here is A First Time Home Buyer Fact Sheet on the major changes that have occurred as of January 1, 2009.

Here is the IRS Form you will need to complete in order for you to receive the first time homebuyer credit.

Here are frequently asked questions regarding the $8,000 Tax Credit:

Here are some tips from the IRS on First-Time Homebuyer options in order to maximize the new tax credit

The second component offers homeowners a way to modify their existing mortages into a housing payment that would enable the borrower to stay in their home/condo and avoid possible mortgage default and/or foreclosure.

Beware of Foreclosure Rescue Scams–Help is Free! Let me preface by saying there are many scams out there that prey on troubled homeowners. There are people who purport to be experts in loan modifications and ask homeowners to pay for their services when you can obtain all the information and help you need for free.

This is one reason why I prefer to pass along the real source of information, so that you, the consumer, can determine after reviewing the eligibility requirements of each of these government sponsored programs whether you are a candidate for either one or the another.

The following web site explains in detail each of the programs–the Home Affordable Refinancing and Home Affordable Modification–eligibility requirements and the information you will need to gather before you contact your mortgage/loan servicer.

Go to: http://www.makinghomeaffordable.gov/

If you would like to read the detailed report released by the U.S. Department of the Treasury on March 4, 2009:

See: http://www.ustreas.gov/press/releases/reports/housing_fact_sheet.pdf