Headwaters at Banner Elk

With six community parks, two lakes, miles of professionally built trails and a mountaintop clubhouse unequaled elsewhere, it is understandable why The Headwaters continues to set the standard by which other communities in Banner Elk, North Carolina are compared. All the amenities and infrastructure are in place along with more than two dozen custom homes, condominium villas and cottages. These North Carolina mountain properties are reasonably priced as well, which probably explains why The Headwaters is the top selling planned community in Banner Elk.

At The Headwaters, you will find a broad range of property offerings. You are certain to find something in your style and price point. Of course with any property purchase, owners have full access to all of the wonderful amenities at Headwaters as well.

Types of NC mountain properties:

· If you wish to build your dream home, we have many unique home sites ranging from just over one acre to four acres and average around two acres. They are priced from $159,000 to the low $300’s with an average price in the low $200’s. Most of the homesites have a south/southwest orientation.

· The Woodlake Cottages feature three floor plans from 1,300 s.f. to 1,920 s.f. on home sites ranging from .8 to 2.1 acres. These are “turn key” homes featuring two and three bedroom floor plans. These are perfect for those who simply want a “cabin in the woods” for a weekend getaway. They are priced from the low $300’s to low $500’s.

· Headwaters Condominium Villas are unlike any other in the entire market. Two things separate these properties from the competition—the high level of quality features and privacy. When you look out from your deck, you aren’t looking at another building or parking lot, but rather a beautiful view. Inside you will find exceptionally high quality finishes, appliances and luxurious baths. These range from 1,476 s.f. to over 2,400 s.f. and are priced from the upper $300’s.

For more information on this community please contact us at NC mountain homes directly and one of our representatives will be happy to answer all of your questions.

The Preserve at Little Pine

The 4th Annual Fall Celebration "Save the Date"It’s official! Mark your calendar! The 4th Annual Fall Celebration will be held at The Preserve at Little Pine on Saturday, October 17th. There will be food, live music, and plenty of activities for the entire family. While you are here, tour the DIY Network Blog Cabin and our newly completed amenities, including the Grassland Mountain Lodge and Observatory, or the Little Pine Equestrian Center.

Comprised of almost 1800 acres of pristine NC mountain land, yet located just 35 minutes from Asheville, N.C., The Preserve at Little Pine provides a peaceful atmosphere where residents can become carefree and revel in the natural surroundings. With almost 80 percent of the mountain land protected through conservation efforts, residents feel as though they live in their own national park. You can explore the old-growth forest and high mountain meadows on miles of guided nature hikes, saddle up a horse from Little Pine’s state-of-the-art Equestrian Center and traverse the property or pack a lunch for a quiet picnic in designated areas, all nestled within this private, gated community that’s only 35 minutes away from Asheville, NC.

The Preserve at Little Pine contains some of the finest amenities and majestic North Carolina mountain land that Asheville, NC has to offer including the almost completed Grassland Mountain Lodge. Here, perched atop Grassland Mountain at 4,200 feet, residents will be able to gather for a picnic on the expansive deck, curl up in front of the massive stone fireplace and enjoy life in the Blue Ridge Mountains. Adjacent to the lodge is an observatory featuring an electric roll-off roof and a warming room. Just down the road is a community pavilion and trout pond area complete with a Viking outdoor kitchen, a private campground, an organic community garden and an orchard. Reciprocated amenities are available at French Broad Crossing, a sister property located on the French Broad River, just a short drive away.

All cottages, cabins or estate homes built at The Preserve at Little Pine are enveloped by acres of pristine Blue Ridge Mountain wilderness. And – because a majority of the NC mountain land at The Preserve at Little Pine is held in an eternal land trust – homeowners are guaranteed the land will remain undisturbed. Your backyard will be a peaceful mountain wonderland for you and future generations to enjoy, with the thriving culture and infrastructure of Asheville, NC only a short drive away.

Lake James Real Estate

Crescent Communities is inviting guests to spend one of the last weekends of summer at Camp Lake James. On Saturday, August 15, bring family and friends and join us for our outdoor movie and campout.

Come early, pitch your tent, take a short kayak float, play horseshoes or enjoy an evening dip in the pool watching the sun set over the lake. You can enjoy dinner at The Camp canteen and swap stories around the fire pit. At about 8:30 p.m., we'll watch, The Land Before Time, on a giant, inflatable outdoor movie screen.
After the movie, roll out your sleeping bag and take in a night under the stars in The Camp meadow. When you wake up Sunday morning, head to the social hall for a bagel breakfast or the expedition center for a lakeside morning yoga class. Or, if you prefer, start off your day with a relaxing morning swim in beautiful Lake James. After that, the day is yours to explore the Lake James region.

Event Details:
Date: Saturday, August 15Time: 8:30 – 10 p.m. (Movie)
Cost: $7 per person
Pre-registration required by: August 12

To learn more about real estate opportunities with crescent communities please contact us through the available link.

$8,000 Tax Credit FAQ

This should be helpful for those of you looking for information on the American Recovery and Reinvestment Act of 2009 which allows for a tax credit of up to $8,000 for first time home buyers. It’s worthwhile to look into this as the term “first time home buyer” is perhaps more loosely defined than one might think. Many of the relocating families that we speak with actually qualify for this credit. If you are looking to retire to the South and are considering the purchase of mountain property in North Carolina, you might be able to take advantage of this offer.

The following can be found online at http://www.federalhousingtaxcredit.com/2009/faq.php.


The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

1. Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

2. What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

4. Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5. What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.

6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.

7. Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.

9. How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.

10. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.It is important to note that you cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse. Please consult with your tax advisor for more information. Also see IRS Form 5405.

11. I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.

15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.

16. I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

17. Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

18. I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.

19. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 14 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.

20. The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean?
It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.Under the guidelines announced by HUD, non-profits and FHA-approved lenders will be allowed to give home buyers short-term loans of up to $8,000.The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement.In addition, approved FHA lenders will also be able to purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.

21. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

22. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

Southcliff

Southcliff is a gated community, located in Asheville, North Carolina, and just a few minutes’ drive to downtown Asheville. Rising to elevations as high as 3,945 feet on the south face of Cedar Cliff Mountain, panoramic views of Mt. Mitchell, Little and Big Pisgah, Hickory Nut Gap and Bearwallow Mountain come into focus.

The community will encompass over 400 acres of unspoiled forest for 10 neighborhoods, composed of 200 single-family homesites and 100 luxury Townhome Lodges. A system of hiking trails winds its way through green spaces, park areas and a canopy of forest.

About the developer:
The Carolina Group was founded in 1984 in Charlotte, North Carolina. Since then, the firm has become a staple in the real estate industry, nationally recognized for their expertise in the areas of design, development, leasing and management.

Historically, the firm has focused on the development and leasing of specialty retail centers. The principals of The Carolina Group have developed more than 17 million square feet of retail space in 23 states with a concentration in North and South Carolina.

The Carolina Group's background in land and site selection, combined with their experience in the business, allows them to continue to provide the highest quality real estate services in the market.
The result is a portfolio of distinct real estate environments that exceed clients' expectations in form, function and value.

Home and Land Packages:
Longmeadow Homes and Biltmore Farms Homes are the featured builders for Southcliff, charged with integrating the “Nature at your doorstep” philosophy into each home design. These builders were chosen for their unique and exquisitely built homes and for their vast experience in the Asheville area.

Longmeadow will be building 50 homes in the East Owl Creek neighborhood of Southcliff. A masterful combination of innovation and intuition, these homes are designed for lifelong comfort inside and out. Exterior styles, ranging from French Country, Craftsman to Farmhouse, perfectly complement this family neighborhood that rests within a mature forest of large pines, sprawling rhododendrons, and gently rolling landscape. The homes will range in size from 2,100 – 3,200 sq. feet and will be priced in the $400s.

A Biltmore FarmsSM Company, Biltmore Farms Homes insists on craftsmanship and elegance in everything from a home’s foundations to its front door. The company will present twelve plans and 30 exterior facades for Southcliff's Laurel Haven Neighborhood, with sizes ranging from 1,800 – 3,300 sq. feet. Prices for these 30 homes and lot packages start in the high $300s, with plenty of options for the buyer to customize to specific tastes.

Estate Homesites allow you the room to roam within any of the five enchanting neighborhoods. Many of these NC mountain homesites boast long-range views and the tranquil sounds of mountain creeks nearby. A grove of towering poplars will provide a dramatic backdrop, almost 100 acres, for each of the custom homes in this neighborhood.

The elevations may be high (from 2,675’ to 3,950’), but the topography here is surprisingly gentle and builder-friendly. Lots range from 3/5 of an acre up to four acres in size. Magnificent, southern-facing views take in the Scenic Byway 74A view shed. Pricing from the upper $100s.

Mountain Air

Atop the placid Blue Ridge Mountains, just 35 minutes from Asheville – "North Carolina's most vibrant and charming city" – resides a community that embodies the soaring spirit of the mountain beneath its feet and the divine beauty of the forests that surround it.
Mountain Air reflects the sensitive development acumen of the Banks and Young families, longtime Burnsville residents who own the Mountain Air property plus 2,000 acres in its surrounds. Since the community’s inception in the early 1990's, their collective aim has been the creation of a mountaintop retreat unmatched in its physical beauty and unaffected in its charm.
Undertaking one of the country’s most challenging residential development projects, the Banks and Young families brought to bear their expertise in lumbering and heavy construction in conquering Slickrock Mountain’s 4,919 feet of elevation and sheer outcroppings of granite. The end result is as much a testament to the families’ perseverance and vision as to the ingenuity of modern engineering.
There’s mountain living – and then there's life on a mountaintop. At Mountain Air – a private residential community and club – you’ll notice the difference everywhere you look. Here, at 4,919 feet above sea level, you can enjoy the serene majesty of the Blue Ridge Mountains while you experience an active, natural lifestyle.
Mountain Air offers a stirring fusion of scenic mountain beauty and an activity-centered lifestyle. From championship golf and tennis to hiking, camping and a complete children’s program, there’s something here for everyone.
Mountain Air’s residential choices are as diverse and distinctive as the majestic trees that surround them. Here, you’re certain to find a home amongst the single family homes, mountain villas or home sites that suits your style and your desires. This exclusive gated community offers homes, luxury condominiums and custom homesites from $189,000 to over $1.5 million.
Learn More about this community by contacting a real estate broker in western North Carolina.

Asheville Luxury Home Broker

Along with providing news and updates on events in the destination real estate world of western North Carolina, this blog attempts to offer a wide variety of services for those seeking property in the Blue Ridge Mountains. In my career I have come in contact with a number of industry professionals who exemplify service, and it is my goal to occasionally profile them here. Today’s post represents the first profile in that series.

Brian Etheridge
Owner/Broker-Carolina Mountain Sales

Brian began his real estate career with Centex Destination Properties near Cashiers, NC at Bear Lake Reserve. While there, he established himself garnering the “Top Sales Executive Award” two straight years along with the 2004 Divisional Champion Award for highest customer satisfaction scores. Becoming Director of Sales at Bear Lake Reserve, he led a team of 20 agents, the marketing department and administrative staff. While at Bear Lake Reserve, Brian generated over 100 transactions and $50million in sales volume.

Brian has since been a member of several teams selling destination properties and now is Owner/Broker at Carolina Mountain Sales along with his wife Allyson. Carolina Mountain Sales is real estate company with Keller Williams Realty offering one-stop residential real estate shopping services to customers who are looking in Western North Carolina for a home site, retirement home, second home, primary home or investment property.

Aside from his experience with destination community sales, Brian has been an assistant golf professional at TPC Sawgrass in Ponte Verda Beach, FL as well as Ameila Island Plantation. Currently he is an active member of the Asheville Chamber of Commerce, the Asheville Board of Realtors, the North Carolina Association of Realtors, and the National Association of Realtors. He and Allyson live in Asheville, NC with their two sons, Reynolds and Hayes, and their golden retriever, Sabal.

Contact Brian at http://www.discoverwnc.com/