In view of tax-consequence uncertainties in buying second homes, Sunrise Co., developer of the Lakes Country Club and Palm Valley Country Club in Palm Desert, has announced that “if the Internal Revenue Code is amended on or before Dec. 31, 1986 in any way limiting the mortgage interest deduction for second homes,” the company “will repurchase the home at the buyer’s option.”
Jack M. Conlon, president of the firm, said, “We are aware of some concern on behalf of home buyers relating to tax-reform proposals. However, we are confident that if the proposed legislation is passed, it would have little or no effect on our home buyers.”
His firm is offering 8 7/8% financing for the first two years of a 30-year adjustable-rate mortgate loan with the homeowner being able to refinance at any time without a prepayment penalty.
Home buyers at the Lakes are also being given a $15,000 credit for use at the Sunrise Design Center or a $10,000 move-in allowance. Palm Valley home buyers are being given the option of a $10,000 Sunrise Design Center credit or a $7,000 move-in allowance.
The offers are available for a limited time on select homes. More details are available at the Lakes Country Club, 75-375 Country Club Drive, or Palm Valley Country Club, 76-200 Country Club Drive.