If you haven't had the pleasure of taking a stroll down Purchase St. In Rye NY you may want to save the dates of December 3rd and 10th.  The town and Chamber of Commerce are sponsoring an evening stroll through the quaint shops that make many flock to Rye.  Most stores will be open until 10pm and there will be wine, cheese, and good music!  Some stores will host special trunk shows on these nights.

Visit this link to find out everything you need and want to know about Rye....
http://www.city-data.com/city/Rye-New-York.html

If you haven't had the pleasure of taking a stroll down Purchase St. In Rye NY you may want to save the dates of December 3rd and 10th.  The town and Chamber of Commerce are sponsoring an evening stroll through the quaint shops that make many flock to Rye.  Most stores will be open until 10pm and there will be wine, cheese, and good music!  Some stores will host special trunk shows on these nights.

Visit this link to find out everything you need and want to know about Rye....
http://www.city-data.com/city/Rye-New-York.html

If you haven't had the pleasure of taking a stroll down Purchase St. In Rye NY you may want to save the dates of December 3rd and 10th.  The town and Chamber of Commerce are sponsoring an evening stroll through the quaint shops that make many flock to Rye.  Most stores will be open until 10pm and there will be wine, cheese, and good music!  Some stores will host special trunk shows on these nights.

Visit this link to find out everything you need and want to know about Rye....
http://www.city-data.com/city/Rye-New-York.html

When the time for a final walkthrough inspection of the home you're purchasing arrives, most will welcome assistance!  This inspection should not be confused with an engineer home inspection which is conducted right after offer acceptance.  Below is a checklist of items to be checked by you and your Westchester County Buyers Agent.

General

1) Have all agreed upon repairs been completed?
2) Have the sellers removed any items that are supposed to stay in the home?
3) Is the home clean and/or broom swept?
4) Are there any signs of new damage to walls, floors, etc?
5) Do all light fixtures work?
6) If an agreed upon fixture was removed is there at least a "contractor grade" replacement?
7) Does every outlet have power?
8) Are there any leaking pipes, faucets, or toilets?
9) Do all The toilets flush?
10) Does the garage door opener work?
11) Do the locks work?
12) Do all the appliances work?
13) If new construction, are all the agreed upon finishing touches in?

HVAC

1) Test the furnace and air conditioning system...please note that a central air compressor cannot be tested in the freezing cold weather. Please consult an HVAC expert for more info.
2) Check to make sure vents aren't blocked?

The final walkthrough process is a fairly casual one and should be conducted the night before or hours before the closing.  If there are any issues that need to be addressed your Buyers Agent can approach the Listing Agent and arrange to have the items either credited or negotiated.  In my experience everything can be worked out as long as both parties are open minded.  Now enjoy the Real Estate you have purchased and will now call home!

Tax Credit for Homebuyers

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Tax Credit Versus Tax Deduction

It's important to remember that the tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to  $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

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Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call or email me today.

In addition, you may be able to benefit from additional housing related provisions, including the following:

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Tax Incentives to Spur Energy Savings and Green Jobs

This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings

This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing

This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

The highest property tax bills in the country are in New York and New Jersey, according to the Tax Foundation's analysis of data from the U.S. Census Bureau.

The Tax Foundation analyzes counties and includes taxes levied by school districts and other taxing authorities. The national median property tax is $1,854.

The counties with the highest median property tax for owner-occupied properties are:

1. Westchester County, N.Y., $8,404
2. Hunterdon County, N.J., $8,347
3. Nassau County, N.Y., $8,306
4. Bergen County, N.J., $7,997
5. Rockland County, N.Y., $7,798
6. Essex County, N.J., $7,676 (tie)
6. Somerset County, N.J., $7,676 (tie)
8. Morris County, N.J., $7,310
9. Passaic County, N.J., $7,095
10. Union County, N.J., $7,058

While the area's residential real estate market has struggled in recessionary mode all year long, there has nevertheless been a steady improvement in the sales rate over the past nine months. Realtor participants of the Westchester-Putnam Multiple Listing Service, Inc. reported a total of 1,898 closings of Westchester residential real estate transactions in July through September, a level that was 9.7% less than last year's third quarter closings, but that was considerably improved over the second and first quarter sales volumes which were off by 30.7% and 36.6%, respectively, from the prior year.

On a seasonally adjusted basis1, the third quarter Westchester closings were equivalent to an annual sales rate of 6,170 units, an increase of 30.7% over the prior quarter, constituting a very large bounce-back from the barely 4,000-unit level posted in the first three months of the year.

Putnam County's performance, though not as vigorous as Westchester's, also showed improvement in the third quarter. The 186 posted closings were 18.1% fewer than last year's, whereas the first quarter closings were down by 30.5%.

Third quarter single family median2 sales prices, $630,000 in Westchester and $330,000 in Putnam, were below last year's levels by 11% and 12% respectively, constituting a modest recovery from the second quarter when median prices were running 16% and 19% below last year's levels. Most of the price decrease since the start of the recession has been attributable to across-the-board market depreciation from lack of demand but part of it also results from a pronounced fall-off in high-end sales.

In 2008 and earlier, million-dollar-plus sales accounted for as much as 25% or more of all transactions. That percentage abruptly fell to 13% in the first quarter of 2009; it increased to 17% in the second quarter and to 20% in the third quarter but still falls short of its former high levels.

The condominium and cooperative sectors fared better as to prices. The $362,000 median sale price of a Westchester condominium was 8.6% less than last year's. The co-op median of $170,500 was 9.2% lower than last year's. The median sale price of Multi-family (2-4 unit) houses was $399,500, retaking its place from condominiums in the second quarter as the second most expensive housing type in Westchester.

Notwithstanding the continuing sluggish pace of sales in the region, there has been no buildup of actively marketed inventory. The end-of-quarter supply of single family houses in Westchester barely changed at all from the third quarter of 2008 to 2009. Total inventory of all property types actually decreased by 5.4%.

In Putnam County the total inventory decreased by 7.6%. The number of units now on the market is not much different than in 2007 before the looming recession became truly apparent.

The third quarter closings in Westchester and Putnam Counties largely followed upon marketing activity that occurred in the late spring and summer months, a period that produced mostly positive economic indicators favorable to real estate. Mortgage interest rates, which had reached a short-term peak of about 6% on 30-year conventional loans in mid-June, subsided thereafter to a range of 5.6-5.8%.

Except for a brief dip in early July, the equity markets exhibited sustained growth from May through August; the Dow Jones Industrial Average crossed the 9,000 mark in late July. The most serious negative indicator during this period was, and remains, a Westchester and regional unemployment rate around 7.5%. Conservative lending practices also continue to put a brake on the market.

On a nine-month basis, Westchester County's sales volume of 3,975 units was 24.1% less than in 2008, and a hurtful 43.3% less than in 2007. The second and especially the third quarter results, however, are trending to a steady improvement in sales volumes. Further, there is a slight suggestion in the data that overall prices are at or close to bottom, and that the high-end segment of the market is inching its way back to a larger market share though probably not its former prominence.

These factors, together with the restrained local inventory, suggest that there exists pent-up demand to complement pent up desire to sell - a real estate market in the remaking if only the larger economic environment would cooperate.

Please join myself and fellow Rotarians at our annual pancake breakfast.  This year we will be hosting at the Mt Kisco Holiday Inn Saturday November 7, 2009 from 8:30am-11:30am.  All proceeds will benefit the Mt Kisco Boys & Girls Club and Mt Kisco Rotary. 

Ticketprices are as follow: Adults $7.00, Senior $5.00, And Child $3.50.

Rotarys "Service Above Self" motto allows us to think of others first and raise money for various local charities, events, and scholarships.  If you would like to know more specifics about what we do or would like to join a local chapter please contact me so we can talk.

Hope to see you at the breakfast!

Chris

Fall is upon us and the foliage is one of the things I enjoy most about the season.  Below are five trailways worth traveling if you enjoy it as much as I do!

1) Rockwood Hall, Sleepy Hollow NY  - This spot is absolutely beautiful, peaceful, and scenic.  It is accessible by public transportation (off Route 9).  One of the highlights is the amazing views of the Palisades.

2) North County Trailway, Croton NY - This site offers the only view over the Croton Reservoir and is accessible by bike.  Go south on route 118 out to the railroad brodge over the Croton Reservoir ( which is handicapped accessible).  You can also pick up the trail from Route 134.

3) Lakeside Trail At Teatown Reservation, Ossining NY - This site offers many scenic views on the trail over the lake.

4) Camp Smith Trail, Peekskill NY - These views are billed as the best in Westchester County.  It is also very romantic, many couples have gotten engaged here!  It is accessible from the Toll House Visitors Center on Route 6/202.  Or you can reach it by the Appalachian Trail just north of the Bear Mountain Bridge.

5) Silver Lake Preserves White Trail, Harrison NY - This is a little park that was once the site of American Revolutionary War activity.