Foster Spahr Real Estate

Father’s Day Memorial Golf Tournament

dspahr — Mon, 11 Jun 2012 14:53:20 +0000

Foster Spahr Real Estate is proud to be a sponsor of the 5th Annual Father’s Day Memorial Golf Tournament held on June 15th, 2012 and benefiting the American Heart Association and the V Foundation for Cancer Research.

Every year, the tournament raises gobs of money for cancer and heart disease research and it is a special event for everyone who participates. I want to personally thank Dave and Kayla Gorman and Jonathan (“Shack”) and Laura Schacter for dedicating countless hours of their time to put on this tournament and make it a success for everyone involved.

This is our 5th year participating in the event, and we are looking forward to another record breaking event.

And if you are looking for a great excuse to spend a friday playing golf and raising many for 2 great organizations, there is still time to register! Simply drop a note to Annualfdmgt@gmail.com for more information.

Click here to check out our Corporate Sponsorship!
Foster Spahr Sponsorship

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6111 Ruatan St Berwyn Heights, MD 20740

dspahr — Fri, 04 Mar 2011 23:38:31 +0000

SOLD in 3 days!- Welcome to this beautifully renovated rambler in the heart of Berwyn Heights. This home features 4 bedrooms + 2 full baths including large rec room in basement. New kitchen with granite counters, ceramic floors and new energy star appliances. New electrical wiring upgrade, new 30yr architectural roof, new stone and tiled baths, new hot water heater, etc. Hardwood floors throughout. Ideal location close to major highways, shopping and University of Maryland.

Click here to Download Listing Sheet

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New Rules Require Rental Property Owners to Issue 1099s

dspahr — Mon, 31 Jan 2011 16:28:08 +0000

The recently enacted Small Business Jobs Act, P.L. 111-240, contained one provision that may have escaped the notice of taxpayers who own rental property, but will affect them starting in January. Under the provision, owners of property who receive rental income will be required to issue Forms 1099 to service providers for payments of $600 or more during the year.

The act subjects recipients of rental income from real estate to the same information-reporting requirements as taxpayers engaged in a trade or business. Thus, rental income recipients making payments of $600 or more to a service provider in the course of earning rental income are required to provide an information return (typically, Form 1099-MISC, Miscellaneous Income) to the IRS and to the service provider. This provision will apply to payments made after December 31, 2010, and will cover, for example, payments made to plumbers, painters or accountants in the course of earning the rental income.

While rental property owners will not actually issue the required 1099s until early 2012, they need to start keeping adequate records of payments starting January 1, 2011, so they will be prepared to issue correct 1099s. They will also need to obtain the name, address and taxpayer identification number of the service provider, using Form W-9 or a similar form.

Exceptions
The law provides an exception for individuals who can show that the requirement will create a hardship for them. The IRS is directed to issue regulations on this, but has not done so yet, so there is currently no guidance on what constitutes sufficient hardship to qualify for the exception or how a taxpayer would demonstrate that hardship.

The law also contains an exception for individuals who receive rental income of “not more than a minimal amount.” Again, the IRS is directed to issue regulations to determine what constitutes “not more than a minimal amount” but has not done so yet.

If such guidance is not forthcoming before January 1, all individuals who receive rental income should start keeping records of payments to service providers so they are prepared to issue 1099s in 2012.

The law also contains an exception for members of the military or employees of the intelligence community if substantially all their rental income comes from renting their principal residence on a temporary basis.

Information Return Penalties
Taxpayers should also be aware that in addition to creating a new reporting requirement, the act increases the penalties for failure to file a correct information return. The first-tier penalty increases from $15 to $30; the second-tier penalty increases from $30 to $60; and the third-tier penalty increases from $50 to $100. For small business filers (with average annual gross receipts under $5 million), the calendar-year maximum increases from $25,000 to $75,000 for the first-tier penalty; from $50,000 to $200,000 for the second-tier penalty; and from $100,000 to $500,000 for the third-tier penalty. The minimum penalty for each failure due to intentional disregard increases from $100 to $250.

The increased penalties apply to information returns required to be filed on or after January 1, 2011.

Expanded 1099 Reporting After 2011
Currently, payments to corporations are excepted from the 1099 information reporting requirements, but starting for payments after December 31, 2011, businesses (including, now, individuals who receive rental income) will be required to file an information return for all payments aggregating $600 or more in a calendar year to a single payee, including corporations (other than a payee that is a tax-exempt corporation). This change was made by the Patient Protection and Affordable Care Act, P.L. 111-148, which was enacted in March. That act also expanded the information reporting requirements to include gross proceeds paid in consideration for property.

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Happy New Year

dspahr — Mon, 10 Jan 2011 15:15:05 +0000

First, Id like to take a moment to Thank all of our clients, partners, and associates for helping make 2010 a success. 2010 was our first full year operating as Foster Spahr Real Estate and we couldnt have imagined a better start to what we hope will be a long and successful journey.

We see a lot of exciting opportunites and devlopments awaiting our clients in 2011. Interest rates remain at historic lows, housing prices have begun to stabilize, and a heathly level of inventory exists throughout the greater Washington DC area providing our clients wonderful opportunities to find the home of the dreams. Our investor clients should also benefit from the steady supply of foreclosures as the system works through the large inventory created as a result of the downturn.

On the flip side, our clients looking to sell should see a more stable market than has existed in the last 2-3 years and while prices having only begun to marginally stengthen, there should be a larger pool of buyers to market to providing more opportunity to get the properties moved. Our focus for our clients will be on presentation and pricing to make sure your property stands out from the crowd. This will prove to be the best strategy for those looking to sell in 2011.

Another exciting development we would like to announce is the introduction of our REO divison. We will be aggressively working with Asset Managers and Banks to deliver a superior service in getting our clients REO properties sold with quick turnarounds while at the same time, maximizing the realized return on investment. We have put together a full turn-key package and are fully funded to provide a level of service that we hope will set us apart from the competition.
Thank you again for allowing us the opportunity to be your local real estate partner. We look forward to providing you and your referrals with the highest level of service you have come to expect from Foster Spahr Real Estate.

Best wishes for a successful 2011,
Dan Spahr
Pricipal Broker

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Happy Thanksgiving from Foster Spahr Real Estate

dspahr — Wed, 24 Nov 2010 14:50:48 +0000

Thanksgiving is the time of year that is traditionally known for giving thanks. We at Foster Spahr could not allow such an opportunity to pass without participating. Thank You!!! To all of our Clients, Partners, Friends and Family, for all of your hard work and support.

Truly we are grateful and feel blessed that you are a part of Foster Spahr’s success. Have a wonderful Thanksgiving!

Please take some time over the Holiday season to contribute to your favorite local charity or doante your time to a cause you are passionate about. Many charitable organizations have felt the strains of the recession and need our help more now than ever. If we work together, we really can make a difference.

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The Fillmore Silver Spring breaks ground!

dspahr — Fri, 24 Sep 2010 15:18:04 +0000

Montgomery County News Release
For Immediate Release: 9/2/2010

Groundbreaking Ceremony Held for Fillmore Silver Spring; Opening Set for 2011

The latest star in Silver Spring’s arts and entertainment crown was forged today when The State of Maryland, Montgomery County, Lee Development Group and Live Nation held a groundbreaking ceremony for the construction of the long-awaited new music hall, Fillmore Silver Spring. Several hundred people gathered on the construction site off of Fenton Street, behind the historic J.C. Penney façade on Colesville Road, as County Executive Ike Leggett, Maryland Lt, Governor Anthony Brown, Lee Development Group (LDG) President Bruce Lee and Live Nation’s DC President, Ted Mankin turned the first shovels of dirt to begin construction of the Silver Spring Fillmore set to open in the Fall of 2011.

“This music, entertainment, and community-use venue is the right project, in the right place, at the right time for the County and State in general and the Silver Spring community in particular,” said Leggett. “The Fillmore is an investment well worth making. It activates a vacant storefront and makes money for the County and the State from the start. This exciting venue will create jobs and stimulate more Silver Spring business activity – as well as deliver great music. That’s especially important in today’s economy.

“And, being right across the street from the American Film Institute and down the street from Discovery Communications, we are looking to create a synergy that will result in premier entertainment happening in Silver Spring rivaled by few other places,” added Leggett.

“This is a long-awaited and exciting day in Silver Spring and across Montgomery County. Governor O’Malley and I applaud the tireless efforts that were put in to making this project a reality and we are proud that the State contributed $4 million,” said Lieutenant Governor Brown. “We both look forward to joining our neighbors in Montgomery County at concerts as soon as this new venue opens. This project will help promote the arts in one of the state’s most diverse and dynamic communities. Perhaps more importantly, it will create new jobs and continue to build on the tremendous economic progress that has made Silver Spring a statewide and national model for livable, sustainable community development.”

“We are proud to be part of this partnership and to support this important economic development and entertainment project,” said LDG’s Bruce Lee.

The Fillmore Silver Spring will have a capacity of 500 to 2,000 and will feature crystal chandeliers, hardwood floors, dark painted red walls, historic rock art posters – and the iconic barrel of complimentary apples at the door. It will be inspired by the original Fillmore in San Francisco, which launched the careers of such rock, soul and jazz legends as Jefferson Airplane, Janis Joplin, Jimi Hendrix, Santana, Miles Davis, and Otis Redding.

For additional information on The Fillmore Silver Spring project, go to http://www.montgomerycountymd.gov/fillmore

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Media contact: Montgomery County, Patrick Lacefield, 240-777-6507

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12668 Piedmont Trail Clarksburg, MD 20871

dspahr — Wed, 16 Jun 2010 20:52:23 +0000

LEASED- Meticulously cared for 3 br + 2.5 ba 3-level luxury townhome with detached 2-car garage in Clarksburg Town Center. 2600+ sq ft of living. Gourmet kitchen, office, living area, and gas FP on main lvl + private yard w/ large deck. 2 bdrooms and large living area on 2nd lvl. Super lux master suite w/ walk-in closet on 3rd lvl w/ lux master bath. Near Milestone shopping and 270 & 355.

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817 Woodside Parkway Silver Spring, MD 20910

dspahr — Wed, 16 Jun 2010 19:04:14 +0000

SOLD (Buyer Side)- Seldom available Keats Model with four finished levels! Absolutely stunning with every possible amenity and located just a short walk to metro. Delights to treat include 10ft ceilings on the 1st floor, sumptous owners retreat with sitting room, fabulous gourmet kitchen, gleaming hardwood floors, banquet size dining room with butlers pantry, truly 7 bedrooms, 5.5 baths, nanny suite, a perfect 10!

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Decipher your home loan’s Good-faith Estimate

dspahr — Thu, 03 Jun 2010 19:39:22 +0000

5 Tips for Deciphering Your Home Loan’s Good-faith Estimate

By: G. M. Filisko

A good-faith estimate is an approximation of the fees and interest rate you’ll pay on a home loan.

When you’re shopping for a mortgage loan, it’s sometimes hard to understand the jargon lenders use in the good-faith estimate explaining the costs and fees you’ll pay when taking out a mortgage.

When you apply for a mortgage, the lender has three days to give you a good-faith estimate of the fees and interest rate you’ll pay, as well as other loan terms. Here are five tips for using the new three-page form to your advantage.

1. Know which fees can increase and by how much

In the past, lenders provided an estimate of the costs involved in getting your home loan, and if those costs rose by the time you closed on your home, tough luck. The good-faith estimate shows some fees the lender can’t change, like the loan origination fee that you pay to get a certain interest rate (commonly called points) and transfer costs.

The form also lists the charges that can increase by up to 10%, like some title company fees and local government recording fees. The lender must cover any increase over that amount.

Finally, the good-faith estimate lists the fees that can change without any limit, such as daily interest charges.

2. Look for answers to basic loan questions

In the summary section, lenders explain your loan’s terms in simple language. Can your interest rate rise? If so, a lender must spell out how much the rate can jump and what your new payment would be if it does. Can the amount you owe the lender increase, even if you make your payments on time? If it can, a lender must show you the potential increase.

3. Evaluate the “tradeoffs” on a loan

In the new “tradeoff table,” you can ask lenders to provide details on the tradeoffs you can make in choosing among home loans. If you’d like the same loan with lower settlement charges, how will the interest rate change? If you’d like a lower interest rate, how much will your settlement charges increase?

4. Compare apples to apples with the shopping chart

Included on the good-faith estimate is space for you to list all the terms and fees for four different loans, so you can make side-by-side comparisons.

5. Know what’s missing from the good-faith estimate

The new form lacks some key information, such as how much you’ll reimburse the sellers for property taxes they’ve already paid on the home. It also doesn’t tell you the amount of money you’ll have to bring to the closing table. Some lenders have created supplemental forms providing that information. If yours hasn’t, ask for it.

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10 Ways to Prepare for Homeownership

dspahr — Thu, 15 Apr 2010 01:17:04 +0000

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

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