Steve Saggese · Associate Broker, ABRServing Ithaca and Surrounding Communities
Steve Saggese · Associate Broker, ABRThere seems to be a lot in store for Ithaca and the surrounding area for 2010. As other communities in New York State and around the country have put a hold on developing, Ithaca is still going strong. A new 50 unit low income apartment building is slated for downtown. The McGraw house is looking to expand to offer more affordable senior housing. On the other end of the spectrum - a 30 unit luxury apartment building is breaking ground by the Cayuga Street parking garage. A new hotel is hoping to start construction on the edge of the Commons. As well as a number of restaurants are making their move to Ithaca. Among them, Panera, Olive Garden and a new Commons restaurant Plantations location. To lean about these developments and more click here to read the article in the Ithaca Times.
The spring market is starting. New listings are coming on everyday. Buyers are beginning to trudge out into the cold and snow to seach for the perfect home. With the expanded Homebuyer tax credit expiring April 30th, it seems that the real estate market in Ithaca will have an earlier spring than normal. Here are a few key points to keep in mind regarding the Tax Credit.
* First time Homebuyers may be elgible for an $8,000 tax credit
* Existing home owners purchasing a new home may eligible for a $6,500 tax credit
* A written binding contract must be signed by April 30th, 2010 and closed by July 1st, 2010 to take advantage of the tax credit
* You do not have to repay the tax credit as long as you occupy the home for 3 years or more
* Income limits - $125,000 a year for a single person or $225,000 for a married couple
* Purchase price limit of $800,000
You should contact your tax professional who will be able to answer your more specific questions.
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Well, it has been approved. As of today, President Obama signed the Worker, Homeownership and Business Assistance Act into law. In a nutshell, the deadline for first time home buyers to take advantage of the $8,000 tax credit is now April 30, 2010. The current $8,000 tax credit expires on November 30, 2009 and required all transactions to be closed by that date in order to claim the credit. The new law will actually allow buyers to close as late as June 30, 2010 as long as they have a contract dated no later than April 30, 2010. This new law will help the potential log jam and nightmare that real estate industry professionals would have experienced on November 30th as everyone is pushing to close by this date.
In addition to the 1st time buyer credit the new law now will offer a $6,500 to current homeowners making a purchase as long as the house they are moving from has been their primary residence for more than 5 consecutive years. The goal on this new credit is help stimulate the market with move-up buyers. Now a 1st time buyer can purchase a home and take advantage of the $8,000 credit and then that seller can purchase their next home and take advantage of the $6,500 credit.
Now like any other tax law there are restrictions, caps and other rules and regs to follow. For more information about this new law visit Federal Housing Tax Credit. The past tax credit brought noticeable increased activity here in the Ithaca real estate market. This new one is sure to make an impact on a usually quite winter but most likely next spring. This is great news for buyers and sellers and any business that has a connection to the real estate market. The one question that remains and is looming is ..... at what cost ?
Current and future Sellers. As the market goes into the winter slumber the time is right to start preparing your house for the spring market. You will need every edge you can get to stay ahead of the competition. A few dollars and your free time ( is there still such a thing ? ) can not only make your house more presentable but also help you achieve a better dollar. Be sure to check out the Home Enhancement Guide for some tips.
Developers. Looking for a great opportunity less than one mile to Ithaca, 66 +/- acres with municipal water, sewer, cable and natural gas. Visit IthacaLandForSale.com
SS
Wow. Time sure has gone by since my last blog. I need to get used to doing this. The fall market is upon us and it seems to have transitioned very well from summer. Many feel that this is a bit of an inflated bubble due the many buyers rushing to take advantage of the $8,000 tax credit for 1st time buyers. The jury is out on that theory as it is due to sunset on November 30th of this year. The Ithaca Board of Realtors has just issued their August stats and like any other numbers you can slice and dice them to achieve various opinions. Here are the hard numbers for residential sales of you to look at and decide :
# of Closed Sales
August, 2009 - 92
August, 2008 - 118
August, 2007 - 135
August, 2006 - 145
Bit of a trend going on there. The average sale price dropped also but over the same time period trended better than the sale #.
Avg. Selling Price
August, 2009 - $192,126
August, 2008 - $207,256
August, 2007 - $203,406
August, 2006 - $193,144
Now keep in mind that the Ithaca Board of Realtors covers a large swath through the region and these stats include areas from Spencer/ Candor / Newark Valley all the way up to Moravia / Union Springs / Ovid and Lodi and some points beyond. To thoroughly understand the market conditions for your home you would need data specific to your neighborhood or community. The market can change significantly community to community. A Realtor can provide you with that information. It is a free service that most agents will provide with the hope that if and when you do decide to sell you will consider them for the job. With that said... feel free to contact me with any questions regarding the market value of your home. I can be reached via the contact page of this site or email me direct at Steve@IthacaHomeFinder.com
Looking for a well kept, low maintenance home close to Cornell, shopping and all conveniences. Click on www.NortheastLocation.com to find out more.
SS
Fall is rapidly approaching and the real estate market is still showing life. The First - Time Home Buyer Tax Credit end date is starting to loom on the horizon. December 1, 2009. Mortgage rates seem to be holding well with the national average at 5.36%. However the Federal Reserve gave our economy a vote of confidence by indicating that it is ending it's program of buying $300 billion worth of treasury bonds by the end of this October. The question will remain...how will this affect mortgage interest rates ?
For buyers, there are some fantastic buys on the market right now. With prime selling season behind and slower times ahead many sellers are ready to work out favorable terms. Be sure to have a buyer's agent that has their finger on the pulse and ear to the street. Many of these deals can be found through an agent who is out beating the street on a daily basis.
Sellers. Don't let up. Keep your property in tip top showing condition. It is easy to drop your guard after a long period of time and not care how your home presents itself. Remember the level of enthusiasm you had during the first few weeks when showings were fairly consistent ? Time to go back to that mindset. Every showing is critical and you want to be a step ahead of your competition. Looking for tips on dressing your house to sell ? Check out Coldwell Banker's Home Enhancement Guide for ideas. Be sure to keep your landscaping up with the season. Visit local shops such as Ithaca Agway, Michaleen's Florist Garden Center and Cayuga Landscape, to name a few, to get expert advice on plantings. They also have terrific sales and quality plants. Consult with your agent about pricing as we move into the Fall. There is plenty of Spring and Summer sales data to look at in order for your agent to give you competent advice.
This weekend is the Lansing Harborfest at Myers Park. Admission is free and the weather looks good....so far ! The Taughanock Falls Concert Series is starting to wind down. Grab a chair and head out on Saturday evening to see the Sim Redmond Band. Start time is 7:00 PM. For local event information be sure to bookmark VisitIthaca.com and click on Events. This site is fantastic for locals, newcomers and tourists in the Ithaca area.
Remember, Cornell and Ithaca College start soon. Be patient while driving through town. It can be very confusing to navigate the streets of Ithaca. Looking for a wonderful house in the quaint village of Dryden ? Be sure to visit www.GreatSpaceGreatHome.com .
SS
Coldwell Banker Shaw Real Estate
619 West State Street
Ithaca, New York 14850
Tel: 607 272 4777 x140