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| March 14, 2006 | |
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Please join us at the
Annual PGCAR Awards Luncheon
this Thursday, March 16 Tickets: $50 for PGCAR Members/$65 for Non-members
NEW MEMBER ORIENTATION Our next New Member Orientation is Wednesday, April 26, from 11:30 a.m. to 4 p.m. at La Fontaine Bleu. Affiliates: If you would like an exhibit table, please RSVP to pgcar@mris.com no later than Friday, April 21. VOTER REGISTRATION Make your voice heard-Register to vote! Read the instructions and download an application (formulario y instrucciones disponibles también en Español). Register by August 22 to vote in the Gubernatorial primary election to be held on September 12. NAR MIDYEAR MEETINGS: REGISTRATION OPEN Register and make hotel reservations for the REALTORS® Midyear Legislative Meetings & Trade Expo, May 15-20, in Washington, DC, online now. Hurry--reservations for hotels near the conference sell out quickly. To view preliminary schedule, click here. Remember: Registration is FREE for all REALTORS®. GOOD NEIGHBOR AWARD DONATIONS INCREASED TO $10,000
February 2006 Market Report Full details may be found by clicking here. It's official. 2005 was the best year in real estate in Prince George's County. In all, $4.64 billion and 15,067 existing homes were sold. The total dollar volume bested 2004's record tally by $1.01 million, even though the number of units sold slipped by only 170. Single-Family homes are bouncing back from a lull. After dropping to a 41 percent absorption rate in December, the absorption rose to 54 percent and 50 percent in January and February, respectively. This rate is usually better in the robust spring market, which will begin soon. Prices are stable, although as you see the average & median prices decreased by about $4,000. The number of units sold surprisingly equaled January's amount and was only off January 2005's rate by 30. Slow down?-What slow down? Prince George's County's condo market is still strong. Although inventory is up, absorption is 95 percent---the highest rate since August 2005. Prices are up by roughly 5 percent. New contracts are up. Units sold are up. National Harbor Touts Bookings Advance booking for rooms and convention facilities at Gaylord Hotels' $850 million National Harbor development in Prince George's County, which is scheduled to open in 2008, have surpassed pre-construction contracts signed at its other locations, the company said yesterday. Large groups and conventions have reserved 547,000 room-nights at the hotel, which anchors the National Harbor development on the Potomac River. Viewed consecutively, all of those nights -- booked over the next several years -- translate to 9 1/2 months of business with the hotel filled to capacity. Because conventions are typically booked three to four years in advance and a financial commitment is required to hold a date, the company said it is confident the bookings will hold up. -The Washington Post TAX TIP: Thinking about getting rid of that SUV? Over the last few years, many REALTORS® took advantage of a law that allowed a self employed individual to purchase an SUV over 6,000 lbs and deduct up to $100,000.00 as a business expense. A multitude of individuals saved tens of thousands of dollars in taxes in a very short period of time. Now, with the rising cost of gasoline and diesel fuel in the United States, many of those new SUV's are being traded in for smaller, more fuel efficient vehicles in an effort to cut the costs of running a vehicle. What most people do not know is that by giving up those SUV's, which they expensed all at once on their tax return, they are creating a "major, costly, taxable event." The IRS has ruled that if you dispose of your SUV before the 5 year holding period expires you must add back potentially a large portion of the cost you expensed on your return as income and pay the government not only income tax on the added back amount, but also self employment tax as well. This has been catching many REALTORS® by surprise. However, you can avoid some or all of the tax on this disposition of the SUV by performing a "like kind exchange" of your SUV for a smaller automobile. The IRS has ruled that SUV's and automobiles are considered like-kind property and therefore may be exchanged for one another. The process is a bit involved and before making the move to exchange your SUV you should consult with your tax advisor. For more information on this process or any other tax questions please contact Linda de Marlor, President of Tax-Masters, Inc. at 301.230.0200 x303 - tax@tax-masters.com or Mike Fine, Director of Operations for Tax-Masters, Inc at 301-230-0200 x319 - Mike@tax-masters.com.
Registration fee for REALTORS® is only $25 for 3 hours of credit and $15 for 1.5 hours of credit. Above classes are limited to the first 45 registrants. For reservations made less than 3 days prior to a class, please add $15 to the Tuition Fee. ABSOLUTELY NO WALK-INS. For more information call Scott Miller, Education Director, at the association office 301-306-7961 or visit our website at www.pgcar.com for the latest schedule.
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