Looking Out for our Members August 8, 2017
International Builder Show
When we hear of a great opportunity for our members, we let them know. And the International Builder Show is a perfect example. It is the largest show for building, remodeling, product displays, and educational sessions in the country. To be held in Orlando in January, August is the perfect time to register to take advantage of the extra special deals available this month only. Members can get a complementary Expo pass, or save $100 on full registration – only in August. And join your fellow Delawareans as we are staying at the Rosen Centre Hotel, literally 5 minute walk to the Show. (our hotel block reservation at the Rosen only runs till October 30, so don’t be disappointed.)
An Expensive Transfer Tax Wrinkle
Not surprising, an apparently unintended consequence from the recent increased real estate transfer tax bill just passed by the Legislature.
A builder member contracted in mid July to build a home on their client’s lot. Certainly not an unusual circumstance. But because the contract was entered into in mid July, one would expect the transaction to be exempt from the 33% realty transfer tax increase (since the bill states it shall not apply to contracts entered into prior to August 1st). Wrong. The builder had to pay the additional 1% transfer tax in order to get the building permit. We’re looking to see if this can be reversed, it does not seem keeping with the intent of the new law. If anyone else has experienced this, please let us know by email at firstname.lastname@example.org.
Economic Study Update – Homebuilder Members
Homebuilders – be on the lookout for a survey coming from HBADE within the next few days. We will be gathering data, as the economists at NAHB develop an updated economic study of the impact of housing to the local economy, as it relates to the recent 33% increase in the real estate transfer tax enacted a month ago. The data supplied by builders – such as average sales prices, raw land values, permit fees – will be kept strictly confidential and supplied to NAHB. Our current numbers from our 2014 study are still relevant, however we will update with this study.