First-Time Home Buyer's Tax Credit Extension

In my work with real estate clients at NT Callaway, both buyers and sellers, there have been many questions on the extension of the first-time Home Buyer Tax Credit. With the extension to April 30, 2010, the credit is still an attractive factor in making a move in today's tough real estate market. I found this article on a Wall Street Journal blog that gives a good summary of how it works. Some key points to highlight are:

- buyers may be under contract by April 30 and still qualify so long as the closing is within 60 days.
- the credit phases out for home buyers with incomes above $125,000 for single filers and $225,000 for married couples.
- homes that cost more than $800,000 are not eligible for the credit.

Local Princeton Artisan "Upcycles" Cedar Wood

What would  you think if an artist sculptor came to you and unloaded a bunch of wood you wanted off site?  Well that is exactly what Jonathan Shor did in Princeton!  Now if you saw what he did with it you might just rethink letting this reclaimed wood go.  Jonathan Shor did another "upcycle" move.  He took old cedar wood from a tear down in Princeton. The color has a depth and I love the width of the boards for this application. It  was still stunning and he turned it horizontal to make a true design element that gives purpose,  privacy, style and a richness that we all love in cedar.

Think of taking every artful opportunity your property has to offer.   It will give you lasting pleasure and add value.  I want to soften the fence just  a bit with some ground cover epidmedium or esarum wild european ginger or maybe even a climbing hydrandea. He already has some lovely old azaleas along some of this fence.

Thoughts for Buyers in the New Year

Some market analysts believe home prices are going to stabilize by the end of 2009 indicating that it may be time to act for buyers who have been waiting to catch the bottom. In my experience as a realtor, the challenge for many buyers right now is rationalizing how to sell their existing property for less than they might want to and making the leap to try to trade up. The opportunity now is to buy real value. Every situation is unique, but the timing of buying at this low point in the market along with fixing a low mortgage rate and taking advantage of the $8000 home owner's tax credit makes a compelling case for buying in the new year.

Moody's has published a number of notable articles with forecasts that 2010 will begin to show recovery in housing prices, housing starts and also a decline in first mortgage defaults. This chart of Moody's data on USA Today is a great snapshot of some of these key indicators. 

The NY Times ran an article on 12/29/09 referencing the blogging community's concept of "house arrest", the state of being trapped in one's current home ownership and unable to sell because what is owed on the mortgage exceeds what the house could sell for.  If you were considering trading up to another property, one cannot deny that now is the time.    I would be pleased to share comparables and sales in your area to help you make that ever important decision.

Steps to Being Green

I really wish I had taken a picture of the old, crumbling concrete steps before I had the crew I work with in garden design come and build something much more organic. My idea was to use truly local materials (almost everything is from within 2 miles) that both supports local businesses, reduces my carbon footprint by not using petroleum derived products, improves permeability of water to the earth, and creates a lovely natural, green path up to the house. This fall I transplanted some different types of local mosses that are now dormant within the cracks. I have also planted many bulbs in the surrounding flower beds that I look forward to seeing in the spring.

The stone steps bring back some charm to this old carriage house and beg for more perennials next year. Sometimes just taking the risk to do something very different upticks your real estate property quite a lot and makes your dwelling that much more memorable to others, especially with its sustainable approach to design. I love that the stone is sourced locally from Hopewell, literally just a stone's throw away!

A Cupola and a Mermaid

As I mentioned in At Home in Hopewell, our renovated carriage house does not have a garage. Instead, I purchased a classic cedar shake shed to hold all of my gardening tools, bikes and other outdoor toys. The cupola on top is made complete and distinguished with a swimming copper mermaid.  Of course, it has a bit of whimsy because where are mermaids really to be found in Hopewell Valley? I also added a complementary accent on the carriage house itself by gracing the chimney with a custom copper cap found on old homes and farmhouses. It is lovely to collaborate with an artisan who still works with copper.

I have found that with a little piece of real estate, it is so important to get the details right. A garden, a bird bottle, a sun dial or a chimney cap all bring eye-catching accents together to make a house a home in our most charming village of Hopewell boro.

At Home in Hopewell

I recently bought a carriage house built in 1890 in the historic district of the borough of Hopewell that backs up to Hopewell's preserved open space. I learned first hand how knowing one's needs and moving swiftly were the keys to finding home!


When I was considering a move in spring of 2009, I concluded that it was definitely the time to buy. Prices are within reach in a way we have not seen in years. I decided to take the plunge myself and move from a more transit centered environment to the walkable village of Hopewell Boro.


Some of the considerations that made it an easy transition was knowing that the schools in Hopewell Valley are very solid and that the village is an easy walkable community.  Its roots feel bit like Vermont. Many small town community events such as films at the historic train station  and farmers market give it a down to earth vibe.


Then what to buy?  I knew that I wanted something that I could manage on my own and a property that would lend to all of the charm of this sweet little village.  Hence, I found something that had been on the market quite a while which had not adjusted in price for the new world order. I went to look at it along with about three other properties in the Boro. What I liked about this property at first glance might have been easy for others to overlook without a clear vision. There is no garage. That is solved with a lovely cedar shake shed charmed with a window box to boot.  Many projects were left undone when I found this property. An old fence was in need of repair and a new fence had not yet been painted to match the house. Appliances needed updating and a water softener would need to be added. A beautiful old brick patio needed to be pulled up and pitched properly away from the house and relaid. The yard is extremely small but will be transformed into a perennial garden with many native plants to flourish.


While I studied all of this I also looked at the comps and prepared my first offer. I knew what had to be done with this house and I knew where to stop with my final offer. This is where I had to be a professional even to myself. I knew the number that this house should sell for and I had to be prepared to walk if I had an unreasonable seller.


I would say one of the most important things to start with in this process is a clear vision of what you need and want. I needed a solid and not overly large house. I needed the backup of great public schools and I needed to be close to the equestrian life that is so important to my daughter and close to her friends.


I knew that I could handle some amount of renovations that I would be pleased to make on my own instead of paying for someone else to have made those decisions on my behalf.


I knew that I would enjoy the 50 acre parcel of open space behind this house that is easily accessible to anyone living in the Boro.


After I was clear about my needs, I made a swift offer with a 30 day closing.


We are enjoying the process of making it our own and folding into an old community vibrant with new life and proud to hold to its village character. Come visit sometime!