Las Vegas Real Estate Blog

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It's a dilema...or political game?

Thousands of homeowners are on the brink of disaster.  Yes, because of risky/aggressive lending practices of the past few years many of these people are one or two payments from a mess.  One jump in the Prime rate or other indexes and these people are out of luck.

Perfect timing for the political season.  On the right, President Bush has said it is not the Government's job to bail out homeowners who got in over their head.  On the left, Hillary Clinton said the Government SHOULD step into help these people.

Either way, we as American tax payers are the one taking it on the chin.  If the Government does not help, we pay. If the Government helps, we pay.

Who should take it on the chin?  

6 commentsArina S. Hanciulescu • August 20 2007 04:37AM

Notes of a return to... Dracula's country!!!

This summer I went to visit my country place... It was virtually strange and very new to me, as I left that place when I was only 6 years old, and hardly remember anything (including the language)... All I heard from my parents was about the beauty, uniquness of traditions, majesty of the mountains, wisdom and deep spirituality of the land and people... So my interest grow big and temptation to see the world, I only saw in my dreams, (when my mother would wisper to me while falling asleep) become absolite. 

The Bran CastleI first arrived at Otopeni Airport in Bucharest. I came over for a weekend trip to do the normal tourist route of seeing Bran castle in Transylvania. This is the place where my father came from... he was born 1 mile away in Brasov. It was an emotional and strange experience for me to see, with my own eyes, the place where dreams and fantesy created the Dracula's legend... I sat and wondered at how magic this land is. The rural areas have some of the most scenic landscapes I have seen, the mountains in the summer time are very spectacular.

I found staying in Brasov a very enjoyable and also travelling up the mountains in the cable car exciting. In the winter this is a very popular skiing resort... One of the popular place in Europe. Don't remember to well but I know, from the hundreds of slides taken by my parents, how magic this place could be under the blanket of snow... Here I got my first sky lessons when I was only 3 yeas old! and saw many people enjoying the slopes and having a great time.

Romania is emerging into a strong stable place to invest in I have invested in property there and its part of my dream to live there and watch my investments in Romania grow. Romania is quickly becoming the hidden jewel of Eastern Europe.

Bucharest has many tree lined boulevards and is considered as the Paris of the East.

Picture of Ceausescu Palace (Romania): Palace of Parliament towering above its surroundingsAs for Bucharest, my home town, I could not find the house I was born in, the kindregarden, church, and my childhood neighborhood for the reason that all dissapeared, were destroyed to make way for the Civic centre known as the Ceausima.

At its centre looms the infamous Palatul Parliamentului, the Palace of Parliament, the third biggest building on earth after the Pentagon and the Tibetan Potala.

That was very disapoitning to me and I felt betraid as this building is sitting in top of my childhood play ground and my family's home... bearing underneath all my memories!

Picture of Ceausescu Palace (Romania): Palace of Parliament: corridor

Picture of Ceausescu Palace: Corridor in the Palace of Parliament

Picture of Ceausescu Palace: Mosaic decoration in the Palace of Parliament

4 commentsArina S. Hanciulescu • August 20 2007 01:08AM

Las Vegas home prices take dive

Las Vegas housing market fits the definition of a recession, but how long it lasts is the great unknown.

However, Las Vegas is unique. It has a booming hotel and gaming industry that is projected to produce significant job growth over the next three to five years, maybe longer, and new jobs result in more housing demand.

1 commentArina S. Hanciulescu • August 19 2007 11:07PM

Music under the stars!...@ Mountain's Edge

 Residents and visitors of Mountain's Edge enjoy outdoor events at the community's Exploration Park.

Mountain's Edge kicks off its first fall concert series in a few weeks, inviting residents and guests to enjoy live music under the stars. The first of three concerts will be held Sept. 8 with a performance at Exploration Park by the Bobby Morris Dixieland Jazz Band.

The series of concerts will be performed by local bands in the park's amphitheater. Hot dogs, hamburgers, nachos, cotton candy, snow cones, slushies and popcorn will be available for purchase. Each concert is scheduled to begin at 7 p.m. and last one hour.

The second concert in the series at Exploration Park will be a country-western night Sept. 22. The final concert in the series will be held Oct. 13 celebrating Oktoberfest with German folk music.

The Home Search Café is located at the community's entrance on Buffalo Drive and Blue Diamond Road. It is open 10 a.m. to 6 p.m. daily. For more information call 898-5777 or visit mountainsedge.com.

1 commentArina S. Hanciulescu • August 19 2007 10:25PM

All you must know about Real Estate taxes (part1)

To deduct expenses of owning a home, you must file Form 1040 and itemize your deductions on Schedule A (Form 1040). If you itemize, you cannot take the standard deduction. See the Form 1040 instructions if you have questions about whether to itemize your deductions or claim the standard deduction.

Your house payment. If you took out a mortgage (loan) to finance the purchase of your home, you probably have to make monthly house payments. Your house payment may include several costs of owning a home. The only costs you can deduct are real estate taxes actually paid to the taxing authority and interest that qualifies as home mortgage interest.

Here are some expenses, which may be included in your house payment, that cannot be deducted.

  • Fire or homeowner's insurance premiums.
  • FHA or other mortgage insurance premiums.
  • The amount applied to reduce the principal of the mortgage.

Minister's or military housing allowance. If you are a minister or a member of the uniformed services and receive a housing allowance that is not taxable, you still can deduct your real estate taxes and your home mortgage interest. You do not have to reduce your deductions by your nontaxable allowance.

Nondeductible payments. You cannot deduct any of the following items.

  • Insurance, including fire and comprehensive coverage, and title and mortgage insurance.
  • Wages you pay for domestic help.
  • Depreciation.
  • The cost of utilities, such as gas, electricity, or water.
  • Most settlement costs. See Settlement or closing costs under Cost as Basis, later, for more information.
  • Forfeited deposits, down payments, or earnest money.

Real Estate Taxes

Most state and local governments charge an annual tax on the value of real property. This is called a real estate tax. You can deduct the tax if it is based on the assessed value of the real property and the taxing authority charges a uniform rate on all property in its jurisdiction. The tax must be for the welfare of the general public and not be a payment for a special privilege granted or service rendered to you.

Deductible Real Estate Taxes

You can deduct real estate taxes imposed on you. You must have paid them either at settlement or closing, or to a taxing authority (either directly or through an escrow account) during the year. If you own a cooperative apartment, see Special Rules for Cooperatives, later.

  • Where to deduct real estate taxes.   Enter the amount of your deductible real estate taxes on Schedule A (Form 1040), line 6.
  • Real estate taxes paid at settlement or closing. Real estate taxes are generally divided so that you and the seller each pay taxes for the part of the property tax year you owned the home. Your share of these taxes is fully deductible, if you itemize your deductions.
  • Division of real estate taxes.   For federal income tax purposes, the seller is treated as paying the property taxes up to, but not including, the date of sale. You (the buyer) are treated as paying the taxes beginning with the date of sale. This applies regardless of the lien dates under local law. Generally, this information is included on the settlement statement you get at closing.
  • You and the seller each are considered to have paid your own share of the taxes, even if one or the other paid the entire amount. You each can deduct your own share, if you itemize deductions, for the year the property is sold.

Buy the CD from National Technical Information Service (NTIS) at http://www.irs.gov/formspubs/article/0,,id=108660,00.html for $25 (no handling fee) or call 1-877-CDFORMS (1-877-233-6767) toll free to buy the CD for $25 (plus a $5 handling fee). Price is subject to change.

All you must know about Real Estate taxes >>>(part2) <<<

6 commentsArina S. Hanciulescu • August 14 2007 04:25PM