New 1031 Exchange Guidelines for Vacation Homeowners

Realtytimes.com recently reported that the IRS has provided new guidelines regarding whether vacation homes qualify for a 1031 exchange. One of the big trends with Texas baby boomers is vacation homes. With over 70% of Horseshoe Bay property owners being second home owners, and our primary demographic catering to the 50+ crowd, this information is very timely.

According to a new IRS ruling, the property must first be held by the taxpayer for 24 months to qualify for a 1031 exchange. In addition, during each 12-month block of this holding period, the owner must have rented the vacation home for at least 14 days at a fair market rent. Also during each 12-month block, the owner is only allowed to use the property for the greater of 14 days or 10 percent of the days rented. Owners are also allowed a reasonable number of "maintenance days" to care for the unit.

Check with your accountant & the IRS if you have questions. Another local source is Hill Country 1031 Exchange, located here in Horseshoe Bay. If you're looking for someone to help manage your rental property, check with Sandy Terkelson at Horseshoe Bay Resort Rentals.

For more information about real estate in Horseshoe Bay, check my web site: http://www.JanBusse.com/

Property Owners Association Annual Meeting

The Horseshoe Bay Property Owner’s Association Annual Meeting is tomorrow, Saturday, March 15th @ 10:00 AM, at Quail Point on Red Sails in Horseshoe Bay. The agenda is on their website.

One item on the agenda is information about hazardous waste disposal. The LCRA is sponsoring hazardous waste disposal for Llano, Burnet, & San Saba counties on April 26, 2008. Residents of these three counties can bring their products to the LCRA Western District Complex, Texas Highway 29 and R.R. 1431, Llano County. Hours are from 8:30 a.m. to 12:30 p.m. Check their on line schedule.

Lawn and garden products, automotive lubricants, cleaners, paints, and solvents are found in most homes & their improper disposal can pose a threat to health & contaminate land, air, and water. LCRA's Household Hazardous Waste Collection and Education Program teaches the safe and proper management of these materials and collaborates with local governments to properly dispose of them, & to prevent contamination, especially of local water resources.

In helping local groups sponsor one-day waste collections, LCRA provides assistance with sponsorship and community fundraising, media and public awareness, school-based education, product exchanges, and collection and disposal.

For more information about real estate in Horseshoe Bay, please check my web site: http://www.janbusse.com/ .

Spicewood Vineyards Announces 2007 Cabernet Claret

Spicewood Vineyards is celebrating the release of their 2007 Cabernet Claret on Saturday, April 5 with a good old-fashioned pig roast! They will be selling tickets providing the holder with dinner, two glasses of wine of their choice, and a sampling of their brand new Cabernet Claret. Guests will enjoy live music, great atmosphere, & beautiful Springtime, hill country views.

Cabernet Claret tastings will begin at 5:30 and dinner will be available starting at 6:30. The tasting room will have extended hours providing guests with an opportunity to taste and purchase the entire selection of wines. Tickets are 20.00 each or $35.00per couple in advance. Tickets will be $25.00 at the door if available. Be amoung the first to experience Spicewood Vineyards 2007 Cabernet Claret! You can contact Spicewood Vineyards by phone: (830) 693-5328

Horseshoe Bay Marriott Now Managed by Jaffe Group

In an article by the Austin Business Journal, Horseshoe Bay Resort Marriott, previously managed by Marriott Corporation will now be run by Resort owner, The Jaffe Group. The 349-room hotel will now operate as a Marriott franchise hotel and all the former Marriott hotel employees will become part of Horseshoe Bay Resort's staff.

One benefit for customers is that they will now have one point of contact for the resort and hotel, ownership says. "This transition enables the employees of Horseshoe Bay Resort to provide seamless service for members and guests," says G. Michael Thomas, president and chief operating officer.

Plans are under way to introduce a number of new or upgraded amenities, including a 90-foot-long yacht for private events and group functions, a new restaurant at the Yacht Club, new marina facilities, a new, state of the art spa and fitness center and a completely renovated Cap Rock Clubhouse. (See posting for Jan. 21, 2008).

For more information about Horseshoe Bay Resort & real estate in the Highland Lakes, see my web site www.JanBusse.com

Services for Jerry Owens

Marta Stafford, Riverbend Gallery manager, sent word today about memorial services for Jerry. There will be services this coming Monday, Feb. 25, at 2.00 pm at The First Baptist Church of Richardson, 1001 North Central Expressway, Richardson, Texas. A memorial service has also been organized in Horseshoe Bay for Wednesday, February 27th, at 10am at the Church at Horseshoe Bay, 600 Hi Ridge Road (phone 830.596.7071).

Letters of condolence may be sent to his wife, Suzanne at PO Box 4123, Horseshoe Bay, Texas 78657. In lieu of flowers donations may be made to the church (address above) or to The Highland Lakes Society for the Prevention of Cruelty to Animals, PO Box 1275 Marble Falls, TX 78654

Our thoughts and prayers are with Suzanne & the family.

In Memoriam

As some of you know, I show my artwork at Riverbend Fine Art Gallery in Marble Falls. It's a wonderful, nuturing enviornment and I'm very honored to be included in their family of artists.

We received very sad news today that the gallery's owner Jerry Owens passed away yesterday afternoon. His wife Suzanne, his family, & friends feel the loss deeply and I know would appreciate your prayers and good wishes.

Below is a copy of the note gallery manager, Marta Stafford send to friends of the gallery. She called each artist today to personally tell us the news. It was a terrible task & I know she & Lori, her assistant would also appreciate your thoughts and prayers.

2.21.08 On Wednesday, February 21 Jerry Owens, owner of the gallery, died at home with Suzanne at his side. We feel as though we have lost a best beloved family member. He was gentleman and an art lover who could combine his intelligence with humor and sensitivity. Jerry's contribution to the community is quiet, yet deeply felt by many. He lives on in our thoughts as we wish him and his family a healing peace... This is his message for you:

Valentine's Day 2008"Home from the hospital today. What a glorious, if exhausting trip! Nine days in there seemed like at least nine years. There was going to be blood on the floor, and not mine, if they did not let me out of there. They say that time helps you to forget and I certainly hope it is true. The bottom line is, I am alive and hopefully soon back to near normal activity, and the cancer is not likely ever to come back. There is a lot of strength to recover, and some adjustments, but life should be near normal for an old dog at 74.

I owe so much to so many, I don't know where to start. I won't try to go down the list. You know who you are and it for sure includes every soul who has said a prayer in my behalf. Suzanne, of course, is my rock, and has been there every step. She is my beacon. I love you each and every one. God bless." Jerry

Mastering the ART of Real Estate

When we first came to Horseshoe Bay, I was completely enchanted with the natural beauty of the development and how well the Hurds & later, the Jaffes, had preserved it. The low water crossings that are so emblematic of the Hill Country are used frequently and I feel like a kid when I drive or walk across them. When a new client cheers as we go through the first time, I grin just as much as they do!

Horseshoe Bay neighborhoods are charming & each has it's own personality, but trying to learn your way around here is NO SMALL TASK. Roads follow the golf course or the lake's shoreline and both meander every which way. My "navigation" system was completely turned around our first few visits here. In order to help my clients decipher the spaghetti we call a road system, I'm working on printing a new map. Kelly Cauble, of Homeview.net is doing it for me & I've decided to use some my original paintings instead of photographs for the artwork. It goes along with my theme of the "Art of Real Estate." It’s also a wonderful way to get to paint & not feel guilty.

I know from teaching art and from working on location, people are intrigued by the process of painting, so I thought I'd post a few pieces as I work on them. These paintings are a combination of media: both watercolor (because it's fast) and colored pencil (for detail). I do a lot of multi-media when I'm on vacation. I usually work small, so they're very portable & I can take a bag with me that's a traveling studio.

The last photo, above, is the starting point. It's a simple pencil drawing & the blue color you see is the masking medium used to "save" the white paper underneath. It's rubbed off when the watercolor is completed. In traditional watercolors, no white paint is used. When you want a lighter color, you add more water to the pigment which makes it more transparent. Pale paint on white paper is how you get highlights in watercolor. To get the color "white" you simply don't paint on that area & let the white of the paper show through. Darker values are achieved by adding more pigment & less water.

The second photo is the "under" painting of watercolor only. By doing all the big blocks of color & establishing the lights and darks I can do a painting of this size (about 6" x 9") in about 3-4 hours. It takes about an hour (and twenty years) to do the watercolor portion.

Photo number one is the finished piece. I've added the colored pencil, which is semi-transparent. Pencil is great for detail and is applied in layers over the watercolor. They're wax based, so you can't add watercolor on top of traditional colored pencils.

The finished piece is called "Sandy Creek Spring.” I used two photos (artistic license) for references that I took last spring in the Trails of LBJ. The vantage point is at the corner of Trails Parkway & Rock 'N Robin, overlooking the Sandy Creek arm of Lake LBJ.

The maps should be completed and ready for mailing in about four to six weeks. Please e-mail or phone if I can send you one. The easiest way to contact me is on my web site. If you'd like to see more of my paintings, go to my art site & to find out more about investing in Horseshoe Bay, check out my REAL ESTATE web site www.JanBusse.com.