Homeowners, buyers and sellers are no doubt wondering how the tax reform legislation will affect them. The plan, which is expected to lower income tax bills next year for many households, is the most significant overhaul to the tax code since 1986, but several provisions have a direct impact on the housing market.
Standard deduction: The new law increases the standard deduction to $12,000 for single filers and $24,000 for joint filers. For many homeowners, it no longer makes sense to itemize deductions.
Mortgage interest deductions: The new law caps the limit on deductible mortgage debt at $750,000 for loans taken out after Dec. 14. Loans made before that date can continue to deduct interest on mortgage debt up to $1 million.
State and local property taxes: The new law limits the property tax deduction to $10,000.
Capital gains exclusion: Home sellers can exclude up to $500,000 for joint filers or $250,000 for single filers for capital gains when selling a primary home as long as the homeowner has lived in the residence for two of the past five years.
Here’s what’s new in new homes:
Fischer & Frichtel puts down roots in Cottleville
Since 1945, Fischer & Frichtel has been on the leading edge of growth throughout the St. Louis region – and, in mid-2013, the home builder was fortunate to acquire a large, scenic tract at the intersection of Mid Rivers Mall Drive and Ohmes Road in historic Cottleville. Fischer immediately began plans for Miralago, a unique, multi-product community that met with instant success.
Miralago Manors was followed by Miralago Cottages, both selling out in record time, and only a handful of opportunities remain to own in the final phase of Miralago Estates. This private cul-de-sac enclave offers homesites averaging one-third acre and seven designs from Fischer’s Classic Collection with prices from the $350’s to $430’s and featuring three-car garages, upscale features and considerable freedom to customize. A Durham II ranch is available for immediate move-in and sale-priced at $469,900. To learn more, call (636) 875-7416.
In 2017, continued demand for Fischer’s single-family Cottage designs led to the introduction of Katiebrook Place, off Ohmes Road directly west of Miralago. The 29-homesite neighborhood already is half-sold, and quick move-in homes are selling before they can be completed. Starting from $211,900, the charming 1.5- and two-story plans range up to 1,600-plus square feet and include three bedrooms, 2.5 baths and an attached two-car garage. Buyers in a hurry will find three Cottage homes, scheduled for delivery shortly and priced from $239,807 to $289,031. To learn more, call (314) 413-4591.
Voted 2017’s “Best in St. Charles County,” Fischer & Frichtel recently announced plans for The Woods at Cottleville Trail. Located off Hwy. N, this fashionable retreat will showcase 14 one-acre homesites. To register for advance information, and for complete details on Fischer’s Cottleville communities, visit fandfhomes.com.
Griffey enters final sales at MacArthur Park
Amid a flurry of sales activity at MacArthur Park, Griffey Homes has two homesites remaining and has begun construction of an Acadia ranch inventory home. The Acadia will offer three bedrooms and two baths, plus a three-car garage, on nearly 2,300 square feet – and is priced from the $330’s.
MacArthur Park is a single cul-de-sac of just 11 homesites, many backing to trees and conveniently located on Central School Road just off Mid Rivers Mall Drive. Home sizes range from 2,293 to 3,334 square feet. Prices start from the $340’s.
“We have been popular with young families who want to be in the Francis Howell School District and close to Cottleville,” said Griffey Homes sales manager Kim Valerio.
Valerio added that MacArthur Park also is the sales center for Griffey’s custom homes division. “We will build their plan or our plan,” she explained. “We make the whole process very simple.
“Griffey Homes is different from other builders. We welcome plan and elevation changes.”
The extensive list of standard features in every Griffey home includes a three-car garage per plan, 9-foot main-floor ceilings, 42-inch kitchen cabinets, granite or Silestone countertops and a fully sodded yard.
For more information about MacArthur Park or custom homes, call (636) 936-1923, email email@example.com or visit griffeyhomes.com. Prospective buyers are invited to visit Griffey Homes’ Facebook page for photos of recently completed homes.