News

Homebuyer tax credit extended
January 1, 2010

If you haven’t already heard, the 2009 $8,000 tax credit for first-time homebuyers has been extended beyond its original deadline of November 30, 2009 to June 30, 2010. This new extension now also applies to current home owners seeking to purchase a more expensive home. Furthermore, the incentive to buy a home has been expanded to a wider range of tax payers including people who have previously owned, or even currently own, a home.

The extended program for first-time homebuyers has not changed - the credit amount is still 10% of the purchase price up to a maximum of $8,000 for those who have not owned a primary residence in the past three consecutive years. It works a little differently, though, for long-time residents who qualify.

According to a November 24, 2009 IRS press release, “The new law also provides a ‘long-time resident’ credit of up to $6,500 to others who do not qualify as ‘first-time homebuyers.’ To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.”

These provisions give many current homeowners dreaming of an upgrade, or a maybe more affordable mortgage payment, the extra push they need to move into a new home. This is a great opportunity for families that have outgrown their current residence or people just moving into the area. And first-time buyers who could not take advantage of the credit in 2009 get a second chance.

To make home ownership even more of a reality, all our new homes near Rapid City and Ellsworth Air Force Base are affordable and qualify for incredible financing packages through USDA rural development programs or the SD housing authority.

Do not wait until the last minute, though, because in order to qualify for either of the credits, you must enter into a binding contract by April 30, 2010 with a closing no later than June 30, 2010.

For more information on how to take advantage of this incentive, contact Kent Hagg today at 605-391-2205.


RCJ Article
900 New Homes May Be Coming
Estates At Cheyenne Pass:
Community of affordable homes to be built along Radar Hill Road.

By Scott Aust
Rapid City Journal Staff

October 25, 2008

Amenities
The development will be a high quality, affordable community that includes strong covenants, a community park and ponds and a playground and sheltered picnic areas. Sex-offender background checks will be performed before homes are sold.

Within 10 years, the developers of The Estates at Cheyenne Pass hope to create a community of more than 900 affordable, high-quality homes on over 200 acres south of Box Elder.

Currently, 20 lots are available in the development along Radar Hill Road, and developer Kent Hagg said about 100 should be available by the beginning of next year. “Houses will be priced in the $117,000 to $200,000 range,” Hagg said during a Friday afternoon ribbon cutting at the site.

Hagg, his brothers Brian and Rex, and Stan Scheurer are partners in the development. Hagg said he doesn’t like to use the term “affordable housing” because of the stigma that label tends to bring of lower quality building.

“Cheyenne Pass homes are anything but low quality,” Hagg said.

The houses feature engineer-certified foundations, 2-by-6 framing, hard-board, maintenance-free siding and shingles rated to withstand 110 mph gusts.

“The materials used in these homes are many of them used in million-dollar homes,” Hagg said. “Just because some of the homes are going to be ‘affordable’ doesn’t mean they’re going to be cheaply built.”

However, all of the lots and many of the homes will be eligible for South Dakota Housing Authority funding and for Rural Development funding, which cannot be used within Rapid City’s city limits. Box Elder does qualify for Rural Development funding because of its size.

“The Rural Development loan packages are just phenomenal,” Hagg said. “The homes are going to be in a price range where people can afford them and in fact, probably have a payment that’s lower than their current rent payment.”

Unlike an affordable housing development, Cheyenne Pass will not offer row upon row of “cookie-cutter” homes. Hagg said the subdivision’s covenants only allow every seventh home to be of the same model or design.

Hagg believes there is an increasing market demand for quality housing that people can afford- a demand likely to increase because of the growth taking place along Interstate 90 with Cabela’s and Rushmore Crossing.

“It’s very centrally located between the new retail areas and Ellsworth Air Force Base, which is also experiencing significant growth,” Hagg said.

Box Elder officials are excited about the development’s potential for Box Elder and the area.

Kathleen Sheets, director of the Box Elder Economic Development Corporation, said she appreciates developers who think progressively about people who aren’t always represented across the board. She said creating Cheyenne Pass has been a collaborative effort to bring affordable housing to the community.

“This will affect Box Elder very positively by allowing us to more easily establish retail, commerce and improve the quality of life for our community,” she said.

Box Elder Mayor Al Dial said he believes the development, with its focus on quality building that is still affordable, will set standards for development in the future.

“They’re great to work with, and that’s something we try real hard to do,” Dial said. “This is a great thing for us, and a positive note. I like to see the diversity that’s happening in this subdivision in the range of housing.”

The development will be a high quality, affordable community that includes strong covenants, a community park and ponds and a playground and sheltered picnic areas. Because the goal is to create a family-friendly and retiree friendly community, sex offender background checks will be performed before homes are sold.

“We have done things that are going to make that neighborhood feel upscale,” Hagg said. “We’re probably the only subdivision that I’m aware of in the state that requires an engineer’s certification of every foundation. In any homeowner’s situation, the main thing is the protection and growth of their equity.”

For more information about Cheyenne Pass, call Kent Hagg at 391-2205 or Stan Scheurer at 390-6571.

View this listing on our Residential Properties Page.



Cabelas PictMall Drive, LLC Announces a prime US Interstate 90 commercial property for sale.

Rapid City, May 30, 2008: Mall Drive, LLC announces a premier US Interstate 90 commercial property is for sale. This 39.2 acre property is located off US Interstate 90 between Cabela’s and the Black Hills Visitor Center. With 1,341 frontage feet on US Interstate 90 this is a highly visible prime commercial real estate location. The property may be subdivided. Thirty-three acres of the property are located south of East Mall Drive while six plus acres are north of East Mall Drive. All acreage is located between Cabela’s owned land and the Black Hills Visitor Center.

If you are interested in this or other prime commercial properties please contact Kent Hagg at (605) 391-2205.




Highway 16 Commercial PropertyHagg Brothers, LLC Announces a Highway 16 prime commercial property for sale.
Rapid City, May 30, 2008: Hagg Brother, LLC announced today that the property formerly slated for a new Wal-Mart on Highway 16 is for sale. This premier 42 acre property is located one mile south of the Catron Boulevard and Highway 16 intersection at the Waterslides and is just one mile north of Reptile Gardens.

This highly visible property is situated with 1,400 frontage feet on Highway 16 and is 1,214 feet deep. Is has excellent access and is planned for city water and sewer in 2009. The property is currently zoned agricultural.

If you are interested in this or other prime commercial properties please contact Kent Hagg at (605) 391-2205.



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