The hottest buyers housing markets are places you may find comfort in the worst housing crash since at least the Great Depression. The top 10 buyers markets listed by Housing Predictor at mid-year are markets that aren't necessarily big arts and entertainment centers, mostly found in smaller communities. Amarillo, Texas takes the first position as the nation's top buyers market in 2009 with the highest likelihood of housing inflation over the next few years. Austin, Texas and Tucson, Arizona are the largest metro areas to be named to the list possessing the highest probability of growing through the recessionary economy over the next few years. As a high-tech hub, Austin will have what it takes to not only sustain the downturn but see home values inflate. All 10 markets hold the promise of prosperity in the near future. In the current economic environment there are few areas of the country that will see appreciation this year. The markets named here represent cities that are the most likely to experience housing inflation over the next few years, despite the downward economy and are the best places forecast to buy real estate to make a profit. The financial crisis dealt a severe blow to the national economy that will take many years to overcome. Unlike any other downturn in real estate since the Great Depression, markets have seen home values decline at record levels. Times have changed as a result, and real estate inflation will take years to return in most areas. Investing for the long term, considered to be 10 years or longer is the best protection for those who choose to take the risk. Listed from highest forecast appreciation to lowest.
3 to choose from. Visit: Meadowlark Ranch or call or email me for details.
A lifetime of treasured moments await.
Meadowlark Ranch believes in the saying "Home is where the heart is." And if you've thought about what makes a home what it can be, you realize it includes a place where quiet evenings, open spaces, neighborhood gathering places and scenic vistas offer an opportunity to build treasured memories. A home complete with personal comforts, community conveniences and lasting values yours to share for a lifetime.
We invite you to discover Meadowlark Ranch
Tucked peacefully within the Gallatin Valley, Meadowlark Ranch is this place. Ideally suited to enjoying the area's many amenities, Meadowlark Ranch is conveniently located to air transportation, shopping, Bozeman's and Belgrade's business districts, medical services, dining and a diversity of recreational activities.
Connecting to your world
Utilizing highly celebrated design concepts, Meadowlark Ranch offers the region's finest master planned community. Land planning techniques used throughout the neighborhood result in a community character where connectivity creates new kinds of destination places. Offering a diversity of residential lots, each is positioned with careful consideration given to the stunning views and large open spaces abutting the streetscape. By meandering the placement of lots with deep setbacks and curving roadways, Meadowlark Ranch offers residents increased green space while maximizing privacy. Winding pathways, far from passing traffic, lead to neighborhood parks and playgrounds and provide a safe environment. A multitude of park areas complemented by children's playgrounds, picnicking areas and a special sense of belonging are yours to enjoy.
Meadowlark Ranch offers lots designed to accommodate the most popular home plans featuring two and three car garages. Carefully crafted and enforced Covenants and Restrictions ensure long-term value.
A new standard for community excellence.
Meadowlark Ranch, Gallatin Valley's newest residential community offers a setting ideally suited to simply enjoying life. A home where families grow, dreams come true, and friends unite. We invite you to discover Meadowlark Ranch. Call me for details.
Sue Frye, Sales Associate, CRS, GRI ERA Landmark Real Estate 1805 West Dickerson, Suite 1 Bozeman, MT 59715 Phone: 406-556-5056 Fax: 406-586-4946 Email: SueFrye@SueFrye.com
7/20/2009, 10:31 a.m. EDT
The Associated Press
(AP) — GREAT FALLS, Mont. - A 112-year-old Montana man has become the world's oldest living man after 113-year-old Henry Allingham of England died Saturday.
Walter Breuning was born Sept. 21, 1896. He learned to read by kerosene lantern, remembers his grandfather telling him about fighting in the Civil War, and cast his first presidential ballot for Woodrow Wilson.
Now a resident of the Rainbow Retirement Home in Great Falls, Breuning takes one aspirin and eats two meals a day. He strolls the halls daily wearing a suit and tie, and still walks the ramps to his second-floor apartment.
Breuning's longevity advice? Stay active in body and mind, don't eat too much and be good to people.
Eight months after it tumbled into bankruptcy, the posh Yellowstone Club has a new owner, and a new lease on life.
By Jonathan Weber , 7-17-09
Sam Byrne, principal at CrossHabor Capital Partners and the new owner of the Yellowstone Club.
The sale of the Yellowstone Club to Boston-based CrossHarbor Capital Partners was formally completed Friday, ending the main chapter of an extraordinarily tumultuous bankruptcy proceeding and paving the way for the revitalization of the luxurious private ski resort.
CrossHarbor, led by real estate investor Sam Byrne, paid $115 million for the 13,600 acre club near Big Sky, Montana, and has committed additional money to fund operations and assure payment of trade creditors. CrossHarbor will operate the club in partnership with Discovery Land Co., and plans to invest in additional ski terrain and re-orient future real estate development away from the steep hillsides and toward the base area.
The high-end resort real estate market is moribund, and it’s not clear how quickly the sale of multi-million-dollar lots and condos and $300,000 memberships might resume. But the sale assures that the club will remain open and employees will keep their jobs, and the many tradesmen in Bozeman and Big Sky will receive the money that they are owed and have at least the hope of future work at the club.
“I am very happy that the Yellowstone Club has today successfully emerged from bankruptcy as a well capitalized enterprise that will have a bright future for its members, employees and the community,” Byrne said. “This reorganization is not only a great result for the club, but also for the local vendors and trades people in the greater Big Sky community who will, after a long wait, be paid the monies due to them.”
Tom Beckett, lead attorney for the club’s creditors, said hundreds of trade claims had already been approved for payment by the key parties, and money would likely be forthcoming within the next few weeks.
The Yellowstone Club, founded just ten years ago, features extraordinary private skiing, a championship golf course, and an exceptional natural setting in the high mountains north of Yellowstone National Park. But the club was forced to file for bankruptcy protection last November in the wake of the divorce of club founder Tim Blixseth, the collapse of the real estate market, and years of reckless spending. Blixseth engineered a $375 million loan from a Credit Suisse-led lender group in 2005, and he and his then-wife Edra spent much of the money on personal luxuries, and on exotic vacation properties around the world that were supposed to be part of the ill-fated Yellowstone Club World.
Byrne, who had invested heavily in a condo project and other property at the club, had tried to buy the club from Blixseth in early 2008 for more than $400 million, but that deal fell apart. In the bankruptcy proceedings, Credit Suisse and Blixseth attempted to blame the mess on a supposed plot by Byrne and Edra Blixseth to get the club on the cheap. Those arguments ultimately went nowhere, but not before they precipitated a bankruptcy court battle that Judge Ralph B. Kirscher, in a ruling this week, said was “of a magnitude never seen before in this court.”
The court fight was settled in June after a scathing ruling from Judge Kirscher stripped the Credit Suisse lender group of its priority claims. Kirscher ruled that the bank had acted with “naked greed” in making a loan that was based on bogus appraisals and was far too large for the business to support. Blixseth was also accused of breaching his fiduciary duties to the club, and a trial on those charges will resume in bankruptcy court in the fall.
Blixseth has appealed the ruling approving the bankruptcy reorganization plan and the accompanying sale to CrossHarbor. But Judge Kirscher earlier this week refused to stay the sale pending the appeal, stating the the appeal was very unlikely to succeed.
Meanwhile, Edra Blixseth is herself in personal bankruptcy, and that case has been very tumultuous as well, with Tim Blixseth and some creditors alleging a range of misconduct by Edra. She received ownership of the club last August as part of the couple’s divorce settlement, and Tim Blixseth has aimed to cast the club’s bankruptcy as her fault. But the evidence suggests that bankruptcy was all but inevitable by the time she took control.
Credit Suisse, Edra and others may yet attempt to recover assets from Tim Blixseth, notably properties in Mexico and Turks and Caicos that were acquired at least in part with proceeds from the Credit Suisse loans. Those deals were not in violation of the loan agreements, but the assets could nonetheless be subject to clawback in the wake of the bankruptcy.
The club currently has 320 members - a few of them celebrities, including Bill Gates. But the bulk of the members are low-profile rich folks and they were generally supportive of the CrossHarbor deal. A number of club members have co-invested in the club with CrossHarbor, as has Discovery Land Co., operator of more than a dozen high-end private clubs around the world.
HUD Action Allows Home Buyers To Use $8,000 Tax Credit For Downpayments On FHA-Insured Loans
May 13, 2009 - HUD Secretary Shaun Donovan's decision to allow consumers to use the $8,000 first-time home buyer tax credit to help cover their downpayment and closing costs on FHA-insured mortgages will be a big boost to the housing market, according to the National Association of Home Builders (NAHB).
"The biggest obstacle for first-time buyers is coming up with a downpayment," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "We commend Secretary Donovan for acting decisively to enable buyers to access the tax credit at the time of closing. This will help to stimulate home sales, stabilize housing and get the economy back on track." The measures announced by HUD would allow FHA-approved lenders; federal, state and local government agencies; and FHA-approved non-profit organizations to supply home buyers short-term or "bridge loans" up to the amount of the $8,000 first-time home buyer tax credit. Longer term loans secured by second liens can also be used by government agencies and FHA-approved non-profit organizations to facilitate home sales. Several state housing finance agencies have introduced such programs and a number of agencies are considering that possibility. More information about these programs can be found on the National Council of State Housing Agencies Web site at www.ncsha.org/section.cfm/3/34/2920. Previously, the home buyer would have been unable to access the tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS. Robson and others NAHB leaders discussed this matter and other housing-related issues with Secretary Donovan last week. "Secretary Donovan shares our view on the need for a housing and economic recovery," said Robson. "We appreciate his leadership in moving swiftly to help first-time home buyers to access the tax credit up-front at the time of closing. The timing could not have been better as we are in the midst of the crucial spring home buying season." The next step is to see how FHA-approved lenders use HUD's new guidelines to actually monetize the tax credit for first-time home buyers and structure the payback provisions of the loans. NAHB encourages lenders to act promptly to put these provisions into place. To qualify for the tax credit, first-time home buyers must actually close on their home purchase by Dec. 1, 2009. Buyers can take the credit on their 2008 or 2009 income tax return. For further information about the tax credit - including a detailed question and answer section and a number of home-buying resources for consumers - log on to NAHB's consumer Web site at www.federalhousingtaxcredit.com. A Spanish version is also available to provide detailed information on the tax credit to Spanish-speaking first-time home buyers.
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Go Skiing for Downtown Bozeman on Sunday, April 5th
Bridger Bowl will be conducting a special fundraising event on April 5th, the last regularly scheduled day of the 2008-09 season. In an effort to raise money to assist Bozeman residents and employers impacted by last month's tragic explosion, Bridger Bowl will be donating 50% of all lift ticket revenue from that day to the HRDC Downtown Relief Fund. Season Pass holders are encouraged to make a tax-deductible contribution as well. Checks should be made payable to: "HRDC-Downtown Relief Fund".
Downtown represents the heart and soul of the Bozeman community and its long-term economic vitality is very important to the whole region. As Bozeman's nonprofit community ski area, we have depended on downtown supporters for all of our 54 years of service and look forward to organizing this fundraising opportunity on behalf of our local ski community.
If you are looking for a fun way to support downtown, ski Bridger Bowl on Sunday, April 5th. Operating hours are from 9 am - 4pm. Half-day rates begin at 12:30 pm. We will have food and beverages on the deck (weather permitting) with live music at the Deer Park Chalet from noon til 3:00 pm.
Let's make this a great community day for Bozeman ... at Bridger Bowl, on Sunday April 5th!
(AP Photo/Mike Albans) NTSB investigators, local police and members of the sheriff department investigate the scene of fatal plane crash outside the Butte Airport in Butte, Mont., on Sunday, March 22, 2009. A small plane, possibly carrying children on a ski trip, crashed Sunday as it approached the Butte airport, killing 14 to 17 people aboard, according to a federal official. The single engine turboprop nose-dived into a cemetery 500 feet (150 meters) from its destination. BUTTE, Mont. (Map, News) - Investigators will examine whether a single-engine turboprop plane was overloaded when it nose-dived into a cemetery and killed 14 people on board who were heading to a retreat for the ultrarich for a ski trip, a federal official said Monday.
The plane was likely designed to carry a total of 11 people, including two pilots, Mark Rosenker, acting chairman of the National Transportation Safety Board, said at a news conference. Officials said seven adults and seven children were killed in the crash Sunday; a relative said there were two 4-year-olds and the other children were ages 1, 3, 5, 7 and 9.
"It will take us a while to understand," Rosenker said. "We have to get the weights of all the passengers, we have to get the weight of the fuel, all of the luggage."
Rosenker said it was possible that a very small child would be on the lap of an adult.
We are going to have to try to understand how and why there were an additional three people (over the assumed configuration) on the aircraft," Rosenker said. Some luggage was retrievable for weight and measurement analysis, he said.
"We were going on a vacation with all the grandkids," said Irving M. "Bud" Feldkamp, who lost two daughters and their families in the crash. "They were all excited about skiing."
Feldkamp leased the airplane that crashed. He said he, his wife and another daughter had driven to Montana for the vacation.
"We were at the entrance to the Yellowstone Club when I got a cell phone call" from my nephew, Feldkamp said. "He saw it on CNN. He said, 'Nobody survived.' And we knew it was our plane."
Feldkamp spoke with The Associated Press shortly after he and other relatives of the victims spent about 45 minutes at the crash site.
Feldkamp said the victims were Erin and Amy Jacobson of St. Helena, Calif., and their children, 4-year-old Taylor; 3-year-old Ava, and 1-year-old Jude; Michael and Vanessa Pullen of Lodi, Calif., and their children, 9-year-old Sydney and 7-year-old Christopher; Brent and Kristen Ching of Durham, Calif., and their children, 5-year-old Heyley and 4-year-old Caleb; and the pilot, Buddy Summerfield.
Feldkamp said Amy Jacobson and Vanessa Pullen were his daughters, and that Brent Ching was the son of club member Bob Ching.
On Monday, snow fell gently as investigators gathered before dawn at the scene of the crash in Holy Cross Cemetery.
The turboprop plane left Oroville, Calif., headed for Bozeman, Mont., but changed course to Butte, where it crashed about 500 feet short of Bert Mooney Airport. The pilot gave no indication to air traffic controllers that the aircraft was experiencing difficulty when the pilot asked to divert to an airport in Butte, Rosenker said in an e-mail earlier in the day.
Rosenker said there was "no indication of any trouble when the diversion was requested to ATC (air traffic control)."
Officials said the plane didn't have a cockpit voice recorder or flight data recorder that investigators use to help determine the cause of an accident, and the craft wasn't certified to carry commercial passengers. Like thousands of small airports across the country, the Butte airport doesn't have radar control.
It was the worst plane crash in America since a commuter plane last month fell on a house in a suburb of Buffalo, N.Y., killing all 49 passengers and a man in the home. Before the Buffalo crash there hadn't been an accident involving a commercial airliner in the U.S. in which there were fatalities in more than two years.
A witness said the plane jerked to the left before nose-diving into a cemetery.
Kenny Gulick, 14, told CBS's "The Early Show" on Monday that he thought he was watching a stunt plane because the pilot was making so many turns.
"He jerked the plane to the left too quickly and lost control of it, but that's just my guess," said Gulick. "And all of a sudden it went into a nosedive. I noticed the pilot trying to pull up but he was extremely low to the ground and he didn't pull up in time."
With no radar at the Butte airport, a pilot approaching would normally switch to a radio frequency used by aircraft coming in and out of Butte to find out if there were any other aircraft in the area. Then the pilot would use visual flight rules and follow the procedures for landing at that airport.
Steve Guidoni, of Butte, was driving by with his wife when he saw the crash. "It just went straight into the ground. I went over there to try to help. I thought maybe I would pull someone out of the fire."
Guidoni said he saw luggage and seat cushions lying around, but no bodies. He said the biggest piece of the plane was the size of a kitchen table. "You wouldn't even know a plane was there," he said.
Nick Dipasquale, 19, was working at a gas station across the street. "I heard a loud bang," he said. "It sounded like someone ran into the building."
The plane took off from Brown Field Municipal Airport in San Diego on Saturday evening and flew to Redlands, Calif., about 100 miles north, said Rachel Laing, a spokeswoman for the city of San Diego.
It then left Sunday morning for Vacaville, Calif., according to Flight Aware, a Web-based service that tracks air traffic. From there it flew to Oroville, Calif., and on to Butte.
The cause of the explosion and fire that rocked downtown Bozeman last week is expected to be released Friday morning.
Officials had planned to provide the public with the results of the investigation on Thursday, but Bozeman City Manager Chris Kukulski said that they need to get the okay from a Gallatin County District Judge.
"All the information gathered in the investigation is considered confidential criminal justice information, which by law we are prohibited from releasing without a court order. We are anticipating that order being signed (Friday) morning."
Kukulski said that although the city thinks it needs a court order to release the cause of the blast, that does not mean criminal charges are being filed.
Last week's explosion leveled three buildings along East Main Street, destroyed six businesses and claimed the life of Tara Bowman, 36.
A press conference to announce the investigation's findings is scheduled for 10:00 Friday morning
A CONSUMER GUIDE TO THE FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT As Modified in the American Recovery and Reinvestment Act February 2009
FEATURE
FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT:
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit
The amount of the homebuyer federal income tax credit is the lesser of 10% of the cost of the home bought or $8,000.
Eligible Property
Any single-family residence (including a condo, co-op, or townhouse) may be an eligible property under the homebuyer income tax credit, provided it will be used as the homebuyer's principal residence.
Refundable
This homebuyer income tax credit reduces income tax liability. The $8,000 tax credit is a clean refundable credit, unlike the one that was passed last summer, which required a repayment. If you qualify as a first-time buyer (i.e., haven't been a homeowner in the past 3 years), then you can claim the $8,000 to reduce your tax burden. If the $8,000 is greater than the tax you owe, then you will get a refund check for the difference. Example: you owe $2,000 in taxes on April 15, 2010. But if you bought a home before the stimulus expiration on Dec. 1, 2009, then you will get a tax refund check for $6,000 from the IRS.*
Income Limit
In order to be eligible for the homebuyer income tax credit in full, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.
First-time Homebuyer Only
The homebuyer income tax credit is designed for first-time homebuyers, which means the homebuyer (and/or the homebuyer's spouse) can not have owned a principal residence in the 3 years prior to purchase of the eligible property.
Revenue Bond Financing
A homebuyer who utilizes revenue bond financing may be eligible for the homebuyer income tax credit.
Repayment
There is no repayment of the homebuyer income tax credit by the homebuyer.
Recapture
However, if the eligible property is resold within three years of purchase, the entire amount of homebuyer income tax credit is recaptured on the sale.
Effective Date
The First-Time Homebuyer Federal Income Tax Credit is effective for purchases on or after January 1, 2009 and before December 1, 2009. This guide reflects a modification from the First-Time Homebuyer Federal Income Tax Credit, which remains in effect for homes purchased by eligible homebuyers between April 9, 2008 and Dec. 31, 2008.
* Seek advice from a professional tax advisor for specific tax calculations and timing for claiming the tax credit.
I'm sure you've heard the good news about the new tax credit:
The new legislation bumps up the maximum credit amount from $7,500 to $8,000 for homes purchased on or after January 1, 2009. The new law also extends the credit through the end of November 2009. The credit ONLY has to be repaid if the house is sold within three years of purchase.
BUT, there are some major changes coming up starting March 9th that are going to HURT some clients. Any conventional loan that needs mortgage insurance (anything above 80% LTV--buyers with less than 20% down)
Minimum 680 credit score for all loans
No more:
Second Homes
Cash-Out Refinance (Note: FHA still allows cash out, but requires 2 appraisals)
Maximum 41% DTI (debt-to-income) Ratio for all loan--currently allows up to 55%
Minimum of 2 months reserves required on all transactions--this is liquid assets left in the bank after they pay their down payment and closing costs
Rate/Term Refinance:
Loan proceeds may not be used to pay off subordinate financing--if the have a current second mortgage they want to pay off, the transaction will be considered "cash out", and will thereby be limited to 80% of the value of the property
Existing secondary financing may be resubordinated provided it meets all guidelines, including maximum LTV/CLTV
Condominiums:
Maximum 95% LTV/CLTV in non-restricted markets
The good news is that this does not apply to FHA, VA or RD, so those options may still be available to those of you affected by the above changes.
The bottom line is, if you have buyers who are "pre-approved", make sure they get the approval updated to make sure they still qualify. For example, a mortgage broker has a client whose price range will drop by $75,000 when these guidelines go into effect. If that's not a reason to jump off the fence and buy, I don't know what is. Mortgage insurance certificates have to be ordered by this date--transactions don't have to close by then--but they do have to have a property address and have their loan in the process.
Sue Frye Era Landmark Real Estate Phone: 406-556-5056 Email: suefrye@suefrye.com Website: http://www.suefrye.com
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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