Buyers Who Wait May Lose a Lot

Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.

Other factors that should spur buyers:

• Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

• Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

Source: Money Magazine, Beth Braverman (03/02/2010

Celebritiy Real Estate News....

Actor Charlie Sheen
2549 N Catalina St
Los Angeles CA 90027
4 Bedroom
4.5 Bath
4,179 sq. ft.
For sale: $3,197,000
Original list price: $3,697,000

Alex Rodriquez - Baseball Star
181 E Sunrise Ave
Coral Gables, FL 33133
6 Bedroom
6.5 Bath
8,310 sq. ft.
For sale: $9,999,999
Original list price: $14,876,000

Jennifer Lopez & Marc Anthony
487 St Pierre Rd
Los Angeles, CA 90077
4 Bedroom
5 Bath
Recently sold: $6,200,000
Original list price: $8.5 million

Kimora Lee Simmons
101 Fox Hedge Rd
Saddle River, NJ 07458
10 Bedrooms
35,000 sq. ft (yes, 35,000!)
For sale: $16.5 million
Original list price: $23 million



Know someone interested in these homes? Let me know and I can assist with finding the right agent in any part of the country.  http://www.kenarscott.com/ .

First Time and Repeat Buyer Tax Credits - Deadlines approaching Soon

In November 2009, congress made the decision to continue the tax credit program for First Time Home buyers.  This program gives a First time Home buyer an $8,000 tax credit.  Congress also added terms to now include a repeat buyer as well (providing you have owned your current home for at least five years). Repeat buyers are given a $6500 tax credit for purchasing a home.  These are great programs that should be taken advantage of in today's market.  No one knows if this program will be extended or ever available again.  The current program requirements expire on April 30, 2010.  To take advantage of this great program, you MUST be under contract on a home by April 30, 2010, and the property MUST settle by June 30, 2010. 

• Definition of First Time Home Buyer:  Someone who has NOT owned a home in the last three years.
• Definition of Repeat Home Buyer:  Someone who has lived in and owned the same home for the five out of the last eight years. 
• First Time Home Buyer Credit:  $8,000
• Repeat Home Buyer Credit:  $6,500
• Deadline: Must be under contract by April 30, 2010.  Must settle by June 30, 2010.
• Income Limits:  $125,000 for single person; $225,000 for married couple
• Maximum home purchase amount:  $800,000
• Eligible Properties:  Single Family Homes, Condominiums, Town Homes that will be used as your PRIMARY residence.  Can also apply  on a 1-4 unit rental building, provided that you will be living in one of the units as your primary residence. 
• Properties NOT eligible:  Properties being purchased from a spouse, parent, grand-parent, child or grand-child.  You can however purchase from siblings, nieces, nephews, etc. and still be eligible.
• Married couples are not eligible to claim the first time home buyer credit if either of the spouses has owned a home in the last three years.  They can qualify for the repeat credit if they meet those guidelines however. 
•  Repayment of Credit -  The credit will not have to be repaid to the government, UNLESS you sell the home or the home no longer becomes your primary residence within three years of purchasing the home. 
• You must submit a copy of the HUD-1 closing statement and IRS form 5405 with your tax returns to claim the credit(s). 

Of course if you or someone you know if looking to buy in the DC metro area, I would be happy to help out as your Realtor.  Please give me a call (703-346-7060) or email (soldsign@aol.com )and let me know.

Most Beautiful Cities in the World....

Choosing the world’s most beautiful cities is a subjective enterprise. To identify urban areas where the architecture and the locale are both stunning, Forbes magazine turned to world-renowned architects. Here are their top choices:

Paris

Vancouver, Canada

Sydney, Australia

Florence, Italy

Cape Town, South Africa

San Francisco

Chicago

New York City

London

Cambridge, England

Tokyo



Source: Forbes, Tim Kiladze (01/22/2010)

The Happiest Cities in the U.S.

Congratulations to our DC metro area for being #9 of the Happiest areas in the United States.  While we may not be on the top of the list, being number 9 is not bad at all.  I think it is one of the happiest cities in the U.S. also!



The 10 happiest cities are:
1. Boulder, CO

2. Holland-Grand Haven, MI

3. Honolulu, HI

4. Provo-Orem, UT

5. Santa Rosa-Petaluma, CA

6. Santa Barbara-Santa Maria-Goleta, CA

7. San Jose-Sunnyvale-Santa Clara, CA

8. Washington-Arlington-Alexandria, DC-VA-MD-WV

9. Ogden-Clearfield, UT

10. Oxnard-Thousand Oaks-Ventura, CA



... and the 10 unhappiest cities are:
153. Pensacola-Ferry Pass-Brent, FL

154. Hickory-Lenoir-Morganton, NC

155. Shreveport-Bossier City, LA

156. Evansville, IN-KY

157. Kingsport-Bristol, TN-VA

158. Youngstown-Warren-Boardman, OH-PA

159. Flint, MI

160. Charleston, WV

161. Modesto, CA

162. Huntington-Ashland, WV-KY-OH


(Source: The Gallup-Healthways Well-Being Index)

Tom Hanks buys $26 Million House and other stories....

Tom Hanks
Actor Tom Hanks has purchased a contemporary Pacific Palisades home of  producers Kathleen Kennedyand Frank Marshall.  The sales price was listed at slightly more than $26 million.  Property records show that the 14,513-square-foot house, built in 1996, has four bedrooms and five bathrooms.

Conan O'Brien
A Manhattan penthouse belonging to Conan O’Brien hits the market for $35 million. Mr. O’Brien and his wife, Liza, combined a 17th-floor apartment with the 18th-floor penthouse, which they bought in 2007 for $10 million.  The building, on the former site of the Majestic Hotel, once housed mobsters including Mafia boss Frank Costello, who suffered only minor wounds when he was shot in the lobby during a failed assassination attempt in 1957.

Vince Clarke
English pop musician Vince Clarke, a founding member of Depeche Mode, Yaz and Erasure, lists his home in Surrey, England, for just under $3.1 million. The circular, terraced glass-and-concrete home was built around 1990 on 5.6 acres.  It has three bedrooms, spiral glass staircases, windows that tint at a touch and a recording studio. It also has a lower ground floor with an indoor pool. 

 Bernie Madoff
 Bernard Madoff’s Manhattan penthouse has gone into contract for an undisclosed price. It was originally listed for $9.9 million in September and later was cut to $8.9 million. The buyer, whose identity has not been disclosed, will get a 4,000 square foot duplex cooperative apartment on the 11th and 12th floors of 133 E. 64th Street. The three bedrooms are on the lower floor, and the living room, kitchen and a wraparound terrace are above.

15 Best Cities to Retire In.........

Boomers are willing to move farther than previous generations when they retire, and they are choosing places unlike stereotypical retirement hotspots, says Tom Brokaw in his report on Boomer retirement, airing on CNBC, Thursday, March 4 at 9 p.m. ET.




The top places listed by AARP and explored on the show are:



Loveland/Fort Collins, Colo.

Las Cruces, N.M

Rehoboth Beach, Del.

Portland, Ore.

Greenville, S.C.

Sarasota, Florida

Ann Arbor, Mich.

Tucson, Ariz.

Montpelier, Vt.

Honolulu

Santa Fe, N.M

Atlanta

Charleston, S.C

Northampton, Mass.

San Diego, Calif.

Home for Sale - Scarlett Johansson lists home for $4.59M

Scarlett Johansson bought this Hollywood Hills villa in 2007, about nine years after the "The Horse Whisperer" launched her career. At the time, she paid $7 million, according to data from Zillow. Now the 1931 home is priced to go at $4.59 million.

The 4 bedroom Spanish-style home recently underwent an "extraordinary renovation," including upgrades to solar power. The rooms on the first floor open to a center atrium through "romantic loggia" complete with period tile.

The gourmet period-style kitchen opens to pool area and is equipped with "Big Chill" appliances. There is also a full size dining room, as well as a living room with exposed roof beams and a fireplace

The bathrooms have his-and-hers sinks and porthole mirrors.

The gated property features landscaped terraces, patios and cascading gardens.

 

(cnn.com )

Home for Sale - Ashley Olson lists home for $1.399M

Actress Ashley Olsen (of the Olsen twins) is expecting to take a loss on her 2,332 sq. ft. home  in Los Angeles, having just placed it on the market Wednesday for $1,399,000.

Built in 1926, the house has been part of Olsen’s empire since her Isabella Missoni Revocable Trust in November 2007 paid $1,575,000 for it. The home has three baths, new central air and heat, new tiled bathrooms, a new driveway, and living room with a wood-beamed ceiling, a large picture window, a fireplace and French doors, according to listing information. Other features include a large arched doorway between the living room and the formal dining room, a kitchen with stainless steel appliances, a second-floor balcony with wooden balustrades, and an authentic period tiled staircase.  The house sits on a 0.18-acre lot.

Interested or know someone interested? Let me know and I can connect them with a professional agent in that area.

'Jersey Shore" MTV home up for rent

Are you a fan of Jersey Shore.  Want to stay in the infamous party house?  Well, it's now up for rent on a daily basis.  The owner of the home says that since the show aired, the demand and price to rent this home has shot through the roof.  The 6 bedroom, 3 bath home is going for $3500 per night.  After May 1, the price increases to $6500 per night.  Per night!

According to the owner, the legendary duck phone is still in the house -- as well as most of the couches, beds, tables and artwork that you saw on the show.

 

Mortgage Rates Top 5%

Long-term mortgage rates climbed above 5 percent this week. According to Freddie Mac, 30-year fixed loans averaged 5.01 percent compared to 4.98 percent last week.
There is a lot of buzz in the industry that rates are expected to increase and hit the 6% mark in March sometime.  If you are looking to buy a home and keep your rates low, NOW is the time to buy and get yourself locked in before things start going up again. 

Highest Priced Sales for DC area: January 2010

January 2010 brought alot of activity to the real estate marketing in our DC metro area.  Here's a list of the most expensive homes that sold in each region for January 2010:

In DC, the most expensive home sold was 2431 Kalorama Road NW.  It was listed for 3,595,000 and sold for $3,325,000 .  The home has 7 bedrooms, with 6 full bathrooms and one half bath. 

In Virginia, the most expensive home sold was 1147 Chain Bridge Road, McLean, VA.  The home was listed at $12,500,000 and sold for $8,250,000 cash according to the record.  It's named Hickory Hill, and was Robert F. Kennedy's Home for over 50 yrs., previously owned by President and Mrs. John F. Kennedy. This 19th Centruy residence sits on almost 6 acres w/majestic trees and rolling lawns. The residence has 12 BR, 10.5 Baths, 12 FPs, a 38 ft Living Room, pool, pool house, tennis court and stables. 

In Maryland, the most expensive home was 5304 Woodlawn Avenue, Chevy Chase, Md.  The home was listed at $3,995,000, and sold for #3,500,000 . 

2431 Kalorama Rd NW, Washington DC

1147 Chain Bridge Rd, McLean VA

5304 Woodlawn Ave, Chevy Chase Md

Anderson Cooper buys a Hot Property in NY.

CNN newsman Anderson Cooper recently purchased an old Greenwich Village firehouse complete with brass fire poles that he will turn into a new home.  The century-old building on West Third Street was also requested this week for a spot on the National Register of Historic Places, something that he can use for a slew of tax breaks if his renovations maintain the firehouse's historic façade.

Construction crews have started inside the building, taking down partitions and ripping out old plumbing fixtures.  Cooper has hired architect Cary Tamarkin, known for residential conversions. The building, built in the Beaux Arts style, still has its original spiral staircases, brass fire poles, overhead beams used to dry hoses and walls covered with murals marking the fire patrol's history.

The current building is 8,240 square feet of space -- not including a two-story former stable in the rear yard.  This gives him about four times as much space as his current penthouse duplex on West 38th Street. Cooper's new home will fittingly sport a bust of Mercury, the Roman god of speed, atop the firehouse's main door. 


Cooper paid $4.3 million for this property.

Looking to Buy a Foreclosure? Here's GREAT news to help with the closing costs...

Fannie Mae (biggest provider of home fundining in the U.S.) announced on Friday that they will be helping buyers by paying there closing costs on foreclosed homes that are in their inventory.  Buyers can get up to 3.5% to use for closing costs, or for the purchase of new appliances. There are currently almost 50,000 homes in Fannie Mae's foreclosure inventory, and they are trying to reduce that inventory.  Paying 3.5% is a nice offering from them to the buyer, but this will also help our economy.  More people buying homes, means more people getting more jobs.  The list of potential jobs related to a home or home purchase can be quite large, so any boost to the housing market is a helpful boost to the economy. 
"Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president for credit portfolio management. 

On this day in History....January 28

1547 England's King Henry VIII died.

1909 The United States ended direct control over Cuba.

1915 The Coast Guard was created by an act of Congress.
1916 Louis D. Brandeis was appointed by President Woodrow Wilson to the Supreme Court, becoming its first Jewish member.

1959 Vince Lombardi was named head coach of the NFL's Green Bay Packers.

1973 A cease-fire officially went into effect in the Vietnam War.
1999 Missouri Gov. Mel Carnahan, honoring a personal request for mercy from Pope John Paul II, spared a triple murderer from execution.

2003 President George W. Bush said in his State of the Union address that Iraqi leader Saddam Hussein had sought uranium from Africa. (The claim was later disputed by former ambassador Joseph Wilson, who had been asked by the CIA to investigate.)

2003 President George W. Bush called for a sharp increase in U.S. funds dedicated to the global battle against AIDS, to $15 billion over the next five years.

2009 In a swift victory for President Barack Obama, the Democratic-controlled House approved a huge $819 billion stimulus bill 244-188, with Republicans unanimous in opposition.

Smallest NY Apt - 175 Sq. Ft for$150,000!!

Have you heard about this?  A small New York City apartment recently sold for $150,000.  The interesting part though, is that the condo is only 175 square feet.  It measures 14.9 ft long x 10 ft wide.  Plus the bathroom is about three feet wide.  Sounds like it is about the size of a small prison cell.  It's actually about the width of a subway car. The home is located on 110th Street in Upper Manhatten.  From the lobby of the building, you take the elevator to the 15th floor, and then you have to walk up a small set of stairs to get to the unit.  It is believed that it might actually have been an old maids quarter at one time.  The co-op board didnt know what to do with the oversized closet room, so they decided to put it up for sale and see what happens. 

Zaarath and Christopher Prokop snapped this one up for $150,000.  They are both accountants and on the run alot.  They dont cook, so there is no stove in the unit.  They had the condo remodeled to meet there needs.  Probably took about a day for the total rennovation, woudlnt you guess? There is a Queen sized bed, and that takes up one third of the home.  The t.v. is a flat screen on the wall, and there is a storage bench and a shelf/wine rack.  Since they dont cook, the kitchen cabinets are used to store clothes.  Their other clothes are stored at various dry cleaners throughout the city.  They both jog to work, and stop at various dry cleaners to pick up their work clothes for the day.    Thats about it.  Oh, except the TWO cats that live there also.  So, Two people, Two cats, and 175sq ft. of living space with a monthly maintenance fee of $700. 

The couple expect their home mortgage to be paid off in about two years, and at that time they plan on doing a major rennovation to install a Murphy bed, and  a couple of larger windows.  City Living!

DC area among top 10 cities where it is smarter to buy now! Prices in the US expected to increase among the most in DC area in next five years!

For people who want to own a home, the premium to buy (the spread between what they’d spend to rent and what they’d pay for a mortgage) is much lower than the 15-year average in many cities. To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.




Here are the top 10 cities the magazine chose as the best places to buy right now.



1. Boston-Cambridge-Quincy, Mass.

2. Charlotte-Gastonia-Concord, N.C.-S.C.

3. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.

4. Cincinnati-Middletown, Ohio-Ky.-Ind.

5. Denver-Aurora-Broomfield, Colo.

6. Minneapolis-St. Paul-Bloomington, Minn.-Wis.

7. Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

8. Portland-Vancouver-Beaverton, Ore.-Wash.

9. San Francisco-Oakland-Fremont, Calif.

10. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.



Source: Forbes, Francesca Levy (01/21/2010)

This Day in History....January 24

1848  James W. Marshall discovered a gold nugget at Sutter's Mill in northern California, sparking the gold rush of '49.

1943  President Franklin D. Roosevelt and British Prime Minister Winston Churchill concluded a wartime conference in Casablanca, Morocco.
1972  The Supreme Court struck down laws that denied welfare benefits to people who had resided in a state for less than a year
1986  The Voyager 2 space probe swept past Uranus, coming within 50,679 miles of the seventh planet from the sun.
1987 Gunmen in Lebanon kidnapped educators Alann Steen, Jesse Turner, Robert Polhill and Mitheleshwar Singh. All were later released
1989  Confessed serial killer Ted Bundy was put to death in Florida's electric chair for the 1978 kidnap-murder of 12-year-old Kimberly Leach.
1993  Retired Supreme Court Justice Thurgood Marshall died at age 84.
1995  The prosecution gave its opening statement in the O.J. Simpson murder trial.
2003  The new federal Department of Homeland Security officially opened as Tom Ridge was sworn in as secretary.
2004  NASA's Opportunity rover landed on Mars three weeks after its identical twin, Spirit
2008  French bank Societe Generale announced it had uncovered a $7.14 billion fraud by a single futures trader.