Otis & Ahearn Downtown Weekly Report YTD 3/26/10 

By Kevin Ahearn 

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$8,000 First-time Home Buyer Tax Credit at a Glance 

By National Association of Home Builders www.federalhousingtaxcredit.com/glance.php

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

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$8,000 First Time Buyer Credit Extended and Expanded! 

By RIchard Drinkwater, Member National Association Of Realtors 

November 6, 2009

Today I received the following message from The National Association Of Realtors:

Dear Richard,

We did it. We've succeeded in achieving a huge victory for real estate. Congress heard us on the need to both extend and expand the homebuyer tax credit to continue stimulating the housing sector of the economy. The Senate voted 98-0 on Wednesday and yesterday the House voted 403-12 on legislation that includes the extension and expansion of the credit. The President is expected to sign the legislation, perhaps as early as today.

Thank you for participating in making this victory happen. Your letters in response to our Call for Action made a very big difference, as did the thousands of REALTOR® phone calls, visits by Federal Political Coordinators—all members of NAR—in getting this legislation passed. This is a great victory for the economy, for homebuyers, and for all of you in real estate.  You made your case to Congress. We deeply appreciate your commitment and involvement on this issue and trust your continued support will follow in the weeks ahead on all our future Calls for Action.

More information on the tax credit and what it means to you:

 Changes to the Homebuyer Tax Credit Law
http://www.realtoractioncenter.com/realtor-party/documents/2009-NAR-Issue-Brief-Homebuyer-Tax-Credit-Changes-1104-1107.pdf

 Frequently Asked Questions About the New Bill
http://www.realtoractioncenter.com/realtor-party/documents/2009-NAR-FAQ-Tax-Credit-Changes-1105-1236.pdf

 See How the House Voted
http://www.govtrack.us/congress/vote.xpd?vote=h2009-859

 In Depth: 2009 First-Time Homebuyer Tax Credit
http://www.realtor.org/government_affairs/gapublic/homebuyer_tax_credit

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About Kevin Youkilis Hits for Kids 

Kevin Youkilis Hits for Kids teams up with existing community-based children's charities throughout New England that advocate for the health and well-being of children. Kevin Youkilis Hits for Kids partners with these organizations to raise money and awareness for children in need. 

 

A primary partner of Kevin Youkilis Hits for Kids is Christopher's Haven, whose mission is to make a tangible difference in the day-to-day lives of children and the families who bring them to the Massachusetts General Hospital for Children for cancer treatment. Christopher's Haven provides comfortable housing and a supportive community at no cost for these families who have no other choice of treatment and who cannot afford the high cost of temporary housing. Over the past three years Christopher's Haven, starting with one rental apartment in Charles River Park now has an entire floor in Emerson Place adjacent to MGH. Rents are paid with funds received through Christopher's Haven and Kevin Youkilis Hits for Kids

 

Kevin Youkilis Hits for Kids together with Christopher's Haven and its other partners has made a huge impact in the community over the last two years.  Over 1,000 area children through various events and programs have received: tickets to Red Sox games, autographs and meet-and-greet events with Kevin and other Red Sox players, the donation of a state-of-the-art computer lab to Nativity Preparatory School, holiday parties that included a tree lighting ceremony in Harvard Square and a Hanukah party hosted by Jewish Big Brother Big Sister, a large-scale bowling and pizza party with homeless children from Birthday Wishes, holiday presents and gift-cards for children at the Italian Home, sponsoring a trip to overnight camp for 20 boys and girls from the West Suburban YMCA, and supporting children's literacy by establishing a reading group for kids of all ages at the New England Mobile Book Fair.  

 

Kevin Youkilis Hits for Kids also held a Batting for Books program this summer that raised over 100,000 needed books for Boston Public School libraries.  Kevin and Enza, his wife, are very present in the community, as Kevin went trick-or-treating at a local children's hospital during Halloween, had pizza dinners with children from his kids' reading group, and spent Christmas day at an area children's hospital. 

 

Kevin Youkilis Hits for Kids works to help one child at a time.  Whether it's through donations received or events, everything happens knowing that a child in need will benefit. 

 

For more information or to make a donation to this most extraordinary effort, please visit www.youkskids.org or call 781.444.9685.

 

 

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Christopher's Haven: A refuge for children with cancer - and thier families 

By Nancy Kurkura www.ChristophersHaven.org

It's the stuff of science fiction – a radiation therapy machine that can zap the cancer cells and save the good tissue – but it's real. And one of the three such machines currently in use in the United States performs its magic the Massachusetts General Hospital Francis H. Burr Proton Therapy Center, at the venerable medical facility that shares its riverside neighborhood with Charles River Park.

But when children are the patients at MassGeneral Hospital for Children there are complications beyond the medical issues. For while the medical staff works tirelessly to repair the body, the child's family is also part of the picture. Often one or both parents must come from afar – sometimes for several months -- to be with their child and often there are siblings as well.

Thus was born the plan for Christopher's Haven, a temporary home where children with cancer and their families can stay for the duration of the treatment. It is the dream of Dan Olsen, a local singer/songwriter who himself has endured three bouts of cancer.

After his most recent ordeal, in July 2001, Dan decided he wanted to do something to help alleviate the emotional and financial burden families experience when they are dealing with childhood cancer treatment. He knew about such housing facilities, including the Ronald McDonald House and the Cam Neely House, and he also knew that these places are usually fully occupied.

So Dan decided that creating Christopher's Haven would be his way of continuing the healing process for himself and, even more importantly, for children afflicted with cancer.

Dan and several friends created a non-profit organization dedicated to building Christopher's Haven, and currently they are smack in the middle of the fund raising process. They have growing support among the Greater Boston business community with Jordan's Furniture pledging to provide furniture, and other businesses offering pro-bono services.

They also have organized a series of fundraising events and they actively solicit donations from the public.

According to Dan, The house will have eight to ten efficiency apartments, where families can stay during treatment, plus a common area where families can meet and share experiences with each other. Accommodations will be made available on a first come, first served basis to families at no or very low cost.

The group is currently looking for a location in the Boston area, with easy access to MGH. It will be a pleasant place to stay, a place to sleep, eat, do laundry, watch television, and relax.

In a brochure describing Christopher's Haven, Peter L. Slavin, MD, President of Massachusetts General Hospital and Howard Weinstein, MD, Chief of Pediatric Hematology/Oncology at MassGeneral Hospital for Children wrote, "Providing temporary housing and life's basic necessities will remove the burden for many families who must travel great distances and pay significant sums of money to stay at nearby hotels during their child's treatment. It also will allow families to get away from the medical environment, be together, and get support from other families who are experiencing similar situations."

Dan also noted that the name Christopher's Haven does not refer to a specific child, but comes from a song he wrote about a child who has cancer – and is based on the many real children Dan me while undergoing his own treatment.

Fundraising sidebar

The Mission Bar and Grill, 724 Huntington Ave., Boston, recently hosted a capital fundraising event for Christopher's Haven to kick off the "brick by brick" campaign, where donors are invited to purchase a brick for a $25 contribution. This will be an on-going campaign. To secure a brick, call 508- 358-7353 or go to the Website at www.christophershaven.org

There will be a reception and silent auction at the historic Algonquin Club at 217 Commonwealth Avenue, Boston. For more information or for tickets, please call the Christopher's Haven office at 508-358-7353.

Donations may be sent at any time to …

Christopher's Haven Fund, Inc.

c/o Middlesex Savings Bank

150 Commonwealth Road

Wayland, MA 01778

The group's Web site is www.christophershaven.org.

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Could this be the Beginning? 7/28/09 

CaseShiller Home Price Index Up 0.5%m/m

• The overall index for May was up 0.5%m/m, the first rise since July 2006.
• 15 of the 20 metro areas measured rose.
• Four of the decliners were, not surprisingly, bubble areas: Miami (-0.03%), Las Vegas (-0.03%), Phoenix (-0.02%), LA (-0.02%). Seattle prices also fell (-0.01%).
• The major increases were in San Fran (+0.12%), Boston (+0.08%), Dallas (0.08), DC (0.07), Chicago (0.07) and Cleveland (0.07).
• Big Picture: \"The Bottom\" has been made! Rejoice! Prices have reached a point that the market is beginning to clear, as evidenced by upside surprises in both existing and new home sales. But just like the Miracle on the Hudson, there's no reason to expect \"take off\" anytime soon. Much inventory has yet to be absorbed, and many ARM loans still need to be refinanced from banks that are still undercapitalized, and unemployment is still rising.
  

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West End & Charles River Park Feature New Luxury Apartments – Gone in a Hurry! 

By Richard Drinkwater 

It didn't take long for the ground up new construction luxury condos to be rented in Boston's West End/Charles River Park. In the three months since VESTA's opening, all but 10 of the 112 apartments remain available in VESTA the first phase of the new rental West End/Charles River Park rental buildings. You can see floor plans and pricing for VESTA rental apartments in the West End/Charles River Park at www.CRPBoston.com Click RENTALS on the home page.
 
Rental prices in VESTA started at $2,300 and topped off at $9,900 a month. One of the those rented was a 14^th floor two bedroom Penthouse at $9,900. Interestingly, it was rented by a family that simply wanted a place to stay when they visit Boston – it is not their primary residence.

 

CRPBoston.com is offering Cash Back to renters arranging their appointments and leases through CRPBoston.com. Check out the program at www.CRPBoston.com – click RENTALS then CASH BACK. This Cash Back offer is good Longfellow Place, Emerson Place, VESTA and the newest building, The VILLAS, all of which are located in Boston's West End/Charles River Park. There are no fees associated with renting through CRPBoston.com in any of these West End/Charles River Park properties.

 

The newest rental buildings in the West End/Charles River Park are called The Villa's The Villa's are three 3 story red brick townhouses that replicate the antiquity of Beacon Hill but provide all the amenities of luxury apartment rental living in a landscaped urban environment. CRPBostno.com is pleased to offer our Cash Back Program to renters of Villa units who arrange to see them and sign leases through CRPBoston.com

 

To visit VESTA, Villa's, Longfellow Place, Emerson Place, Whittier Place, Hawthorne Place rentals in Boston's West End/Charles River Park contact eomara@otisahearn.com
 

 

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So you think you’re ready to start your search for a new home? 

By Richard Drinkwater 

Consider these tips before you head out

By Richard Drinkwater 

Often buyers begin their search by visiting open houses and that is a very good way to begin the process. But, don't waste time visiting properties that are priced out of your budget. Not only will you spend time looking at a home you can't afford but you'll start feeling there's nothing you like in your price range. Instead, start by looking at properties priced BELOW what you can afford and work your way up the price ladder. You be surprised to find just what you're looking for at a price you can afford.
With the tightening of the mortgage market, lenders have become much more careful about the borrower's ability to pay the monthly mortgage. Gone are the days of \"Sure you can afford it - it's only going to go up\" and \"We're happy to lend you the money!. In the reality of today's marketplace, lenders are much more diligent about how they lend and to whom.
With this in mind, tip # 1 is:
SPEAK WITH A MORTGAGE BROKER OR A REPUTABLE LENDER before staring your search to learn based on your personal financial dynamics, exactly what you can afford. Armed with this information, you'll not waste your time looking at properties you'll never be able to buy.
An extremely valuable tool in this regard is Chase Manhattan's \"Passport To Purchase Program\" offered by Otis & Ahearn. Chase will provide you with a pre-approval letter (no commitment to borrow from them is required) and will lock your mortgage rate for 90 days. If the rate you've locked goes down, so does your rate.
Tip number #2 is:
GET A PRE-APPROVAL LETTER for the amount your lender says you can afford. There's a big difference between a Pre-qualification letter and a Pre-approval letter. Pre-qualification means that you've spoken with a lender and they feel that because you're still breathing and are employed you should have no problem qualifying for a loan. Pre-approval means that you have actually taken the time to apply for a mortgage with a lender and that lender has agreed to lend you a certain amount of money provided specific conditions are met. For example you still have to be alive at the closing, still employed and there can be no significant changes in your credit since you were Pre-approved. There may be more contingencies to the lender giving you the loan but you get the point.
Tip #3 is:
KNOW WHERE YOU STAND. Knowledge equals power. Knowing how much of a loan you can get, at what rate of interest and what your monthly payments will be and having the Pre-approval arrow in your quiver, you are now in a position to know in what price range you can search for your home. That knowledge helps you and/or your Broker help you find the right property and puts you in the position of being able to tell a Seller \"Yes, I can get the money for this property!\" It also eliminates the frustration of falling in love with a property only to discover there's no way you can get a mortgage to buy it.
Tip #4 is:
Know what's happening in the price range and neighborhoods in which you have interest. I provide my clients with three year historical sales information in their neighborhoods of choice. This data lets you see what is actually happening, good or bad, in any area of the city, no matter what the press is saying.  

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DOs and DONTs: How to get the most for your home 

IThe first step is understanding that over 85% of all real estate sales occur between two brokers—the one who lists your property for sale and the one who brings the buyer. Therefore, it is critical to involve the entire broker community in the sale of your property if you want to get the most for it. Here's some do's and don'ts.

DO interview three brokers and have them compete for your business. Ask them each to give you a written Marketing Plan, have them sign it—and then hold them to it.

DO be certain that the broker you select is committed to accommodating other brokers who want to show the property; not returning broker phone calls quickly is unprofessional and unacceptable.

DOmake sure that your broker agrees to give you the names of the brokers to whom the property was shown. Doing so on a weekly basis will confirm that your broker is—or is not—involving the broker community.

DO NOT allow your broker to delay posting your listing in LINK and MLS—not for even one minute! Your listing should be seen by all brokers and their buyers immediately upon being listed for sale. Not doing so may give your broker the chance to keep all the commission, but it limits the number of brokers and buyers who know about your listing, which could have a serious impact on the price you get.

DO NOT give your listing to any broker who is not going to list it in MLS. Some brokers who concentrate their business in small areas will tell you that listing in MLS is unnecessary. They may be right that the property can be sold without an MLS listing, but how will you know if you get the best price unless everyone on MLS knows it is for sale? If your broker is not a member of MLS, find one who is!

DO NOT focus on the commission.You get what you pay for. Pay a little, get a little—in both performance and in price. When the sale is complete, a good broker will have made you happy to pay the commission that he or she has earned.

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