St Paul Condo Guide

The full $8,000 Tax Credit is for first-time-home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. Ownership of vacation property or rental property does not disqualify home buyers from this program.

• The maximum credit is $8,000 or 10% of the home purchase, whichever is less.
• The credit is available for homes purchased on or after November 6, 2009 and before June 30, 2010. However contracts must be fully ratified before May 1, 2010.
• To qualify for the full tax credit, married couples’ modified adjusted gross income (MAGI) should be under $225,000 (up from $150,000) and single filers’ MAGI should be less than $125,000 (up from $75,000). Partial tax credits may be available for married couples with MAGI incomes of over $225,000 but under $245,000 and single filers with incomes over $125,000 but under $145,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.
• There is no recapture or repayment clause IF the home is owned for at least 36 months.
• Current Homeowner: An individual (and, if married, an individual’s spouse) who has owned and used the same residence as a principal residence for any 5-consecutive-year period during the 8 year period ending on the date of the purchase of a new principal home will be eligible for a $6,500 tax credit ($3,250 married filing separate).
• The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.
• Home purchase cap of $800,000 (no cap in previous version).
• Special exemptions and extensions for military, members of the Foreign Service of the United States, and employees of the intelligence community: If such individual serves on official extended duty outside of the United States for at least 90 days between December 31, 2008 and May 1, 2010 the deadline for entering into a binding contract to purchase a home will be extended to April 30, 2011. Closing must be before July 1, 2011.
• Credit is only available to purchasers who are at least 18 years old.
• This version now requires that the home purchaser attach a properly executed copy of the settlement statement used to complete the purchase to the tax return.

If you purchased a home between January 1, 2009 and November 6, 2009 you will fall under the original tax credit guidelines.

In your search for the perfect loft or condo, you’ve assessed everything from the view to the school district to the association fees. But have you thought of finding the walkability of your location?

WalkScore.com provides a simple tool that will figure for you just how much you will have to rely on a car in your new location. The site utilizes an algorithm to churn proximity to grocery stores, coffee shops, walking paths, restaurants and the essentials of life and spit out a numerical value of just how walker friendly your address really is.

The process is as simple as plugging in your desired address at the site, finding its score and nearby amenities.

For instance: 245 6th St E, St Paul (River Park Lofts’ address) renders a walk score of 98 out of 100 for its close proximity to grocery stores, hot restaurants like the Bulldog, fitness centers like the YMCA and the greater downtown St Paul area.

240 Spring St, St Paul (Mississippi Flats), on the other hand, renders a score of 82 out of 100. While having river proximity, it is farther removed from many necessities and the excitement of urban life.

While the site self admittedly cannot account for walking conditions or a spread of variables in your daily walk, it can at least great estimate of your day to day reliance on cars in your new home.

St Paul, Minn.

Big for the St Paul Tech industry and downtown St Paul real estate, Seattle-based supercomputer maker Cray, Inc. is moving headquarters to the Galtier Plaza downtown.

Minnesota Public Radio reports that the big move will probably come near November and occupy more than 51,000 sq. feet of the Galtier in a lease signed for 10 and a half years.

The St Paul Tech Industry welcomes the addition, and the downtown business and real estate communities are excited for a potential boost in the relocation of 225 Cray employees.

Fourth of July in the Cities

Fourth of July Rodeo in St Paul - The 74th Annual St Paul Rodeo returns this year with everything from Professional Bull-Riding to a BBQ Cook-Off to Carnivals and Youth Rides. For More informations, See stpaulrodeo.com

The Taste of Minnesota in St Paul runs from July 2-5, located at Harriet Island. The festival features a fireworks show each night, and while the event costs $10 to get in, the show can be seen from accross the river.

View great fireworks the Red, White and Boom event in Minneapolis. Fireworks at 10 on the Minneapolis Riverfront cap off a night of entertainment on the 4th.

If you’re more indoor-inclined, the Walker Art Center is not only open on the 4th of July, but it offers free admission.

Firework shows can be seen in almost every subburb surrounding the city. Most begin at 10 pm, but check city sites for more information.

Take advantage of the beautiful summer weather; walk the 90-minute tour of the beautiful and famous neighborhood surrounding Summit Avenue in St Paul.
Tours will run weekends through the summer (11 am and 2 pm Saturdays, 2 pm Sundays) and will discuss the architecture, history and preservation of the area.
For more informations or reservations, call 651-297-2555.

Recently, the Ramsey County Regional Rail Authority finalized an $8.2 million deal to make Union Depot a regional, multi-modal transportation hub for the light rail system.
The move is great news for residents and potential residents of the Union Depot Condominiums, approximately 33 units located in the Depot, which is already home to the likes of Christos Restaurant. JAS Apartments anticipates an upswing in unit sales as it has seen a sharp increase in showings since news of the deal.

Not only will the hub provide direct service for the Union Depot residents, but also for condo residents in nearby projects, such as the River Park Lofts.

An annual mainstay of a St. Paul summer, Grand Old Day is coming up this weekend, June 7, 2009. With races, parades, and scrimmages by local sports teams, you don’t want to miss this.

For more details and a schedule of events, see: http://www.grandave.com/grandoldday/