Rick Schwartz: High Definition Real Estate

There was a grand opening ceremony this morning to commemorate the long awaited completion of the extension of Super 7 from the Southern end of Brookfield, CT to the Southern end of New Milford. 

State Representative David Scribner of the 107th District, serving Bethel and Brookfield put out the following statemtent at 2:30 PM today.

Dear Neighbors, We did it! After many years, a few set backs, and a lot of hard work, the Route 7 Brookfield Bypass is officially open for motorists. I was honored to join Governor Rell and Senator Andrew Roraback for the official grand opening this morning, and am excited that this critical project has finally been completed.

This extension of Route 7 will help alleviate traffic congestion in Brookfield. This is not only a boon to motorists tired of hitting the brake pedal on their way to and from work, it is an important step forward for the business community in Brookfield and making our town more attractive to those who want to open or expand a business here. As the Ranking Member of the General Assembly’s Transportation Committee, as well as a member of the Finance, Revenue, and Bonding Committee, I have made the Route 7 Bypass a priority during my time in the Legislature. I have been extremely fortunate to be joined in that fight by Senator Roraback, as well as Brookfield’s own Governor Rell. This project will certainly be among the most important legacies of her Administration. Working as a team, we were able to ensure the funding was made available, negotiate obstacles, and see the project through.

As for me I'm on my way out to my Honda Civic to test it out before any potholes develop.

From a Real Estate persepctive this opens up many new opportunities for folks commute to the west or South of Danbury to purchase affordable housing in Brookfield and New Milford.

Darryl Gregory

One of the reasons that I admire Darryl Gregory I think, is because I'm a little bit envious.  Most of you who know me well, know that although I am very passionate about my own business - helping people through the muck and mire of the housing market - my first love has always been music.  Darryl has managed to capture the best of both worlds in that his love of music is also his livelihood.  

For his "day job", Darryl is a Middle School Music Teacher.  You gotta love teachers - especially music teachers. They not only pass their own musical knowledge to the next generation, they also somehow have learned to deal with the squeaks and toots of young musicians and not go absolutely nuts from it.

When not at School, you can usually find Darryl in his home-based studio -- BLUE CAVE STUDIOS in Sandy Hook, CT.  He could be working on any number of projects. Blue Cave is a project studio that caters to just about anyone who wants to record anything.  Singer-songwriters who want to produce a marketable CD of their music,  Songwriters who need demos, Voice over tracks and Background music for films and web projects just to name a few examples.

The cool thing about working with Darryl is that he doesn't just "rent time" - he works closely with clients providing whatever level of technical expertise and personal support they may need to produce the best possible project.

It's not just musicians who need recording assistance, though.  Keeping pace with today's businesses, another of Darryl's projects is  EASY BUSINESS PODCAST.  Here Darryl helps bloggers and Internet business folks with the creation, production and implementation of podcasts to help them get their own messages into cyberspace.

Speaking of podcasts, as an avid supporter of the Indie music scene, Darryl produces his own series of podcasted interviews he does with a wide array of independent musicians from around the world.  He hosts these on the website UNSIGNED UNDERGROUND.  the 26th Episode was just added this past week - an interview with Singer/Songwriter John Batdorf. 

For a little peek into Darryl's thoughts on things, check out his Blog SLOW DRIP FROM AN EMPTY HEAD.  You can also follow him on Twitter @darrylgregory which is actually where he and I first met.  For the ultimate experience of all things Darryl though, you need to listen to his own music.   You can find the hub at DarrylGregory.com

For live performances check his site and you'll find a list of local gigs and you'll have a link to his CDs.    In addition Darryl is available for House Concerts - a venue that has been growing in popularity throughout the indie music world.  It's a great way to hear some wonderful music and share it with your friends.

Check him out - it's worth the time.

The new expanded portion of the Tax Credit for Homer buyers is being referred to a Move-up plan.

You can also downsize.

As long as you meet the other requirements such as the income limits and having lived in your current home for 5 years you can get the up-to $6500 credit even if you are downsizing.

The credit is not dependent on your new house being higher priced than your current home.

You don't even have to sell your current home.

• If, for example your current home is on the market but it doesn't sell for one reason or another, you can still get the tax credit.
• If, for example you want to keep your current home and rent it out and move to a new home, you can still get the tax credit.

In both of those cases the new home must become your primary residence. You cannot buy something as an investment.

Standard Disclaimer - talk to your accountant about your specific eligibility.

NEW AREA CODES WILL CHANGE OUR DIALING HABITS

It's been coming for some time - and it's finally here.   Both Area Codes in Connecticut are having babies in a few days.

• Area Code 203 will give birth to Area Code 475
  
• Area Code 860 will give birth to Area Code 959

The upshot of this for all of us is that we will have to dial 10 digits (area code plus the number) for every call that we make even if you are calling your next door neighbor.  

We should be used to this kind of thing by now.  Some of us may remember when you could call people in your own exchange with just the last 4 digits. (Did I just admit that I remember that???)

Even if 4-digit dialing goes back to your ancestors, the new Area Code syndrome has been going on since the 1970s.   At first we'll be confused and annoyed, then it will just become habit.

Also remember that, just as now, you'll  have to dial a "1" BEFORE the Area Code if you're calling someone outside your local calling area.

Things always seem to come down to the last minute. 

The $8000 First-Time Home Buyer's Tax Credit, set to expire on November 30, 2009 has been extended.   1st Time buyers now have until April 30, 2010 to sign contracts on their new home and have 60 days beyond that to close the transaction.

BUT WAIT, THERE'S MORE

In addition to the extension, the program has now been expanded to include "move-up" buyers.  As long as you have occupied your current home for 5 of the last 8 years, you are also eligbile to apply for a tax credit. It's a little less, capped at $6,500 instead of $8,000 but hey - it's nothing to sneeze at.  The following is a summary put out today by the National Association of Realtors.   If you want to explore this further, speak with your lender.

BUT WAIT, THERE'S EVEN MORE!

Yup - one more thing.   In a separate measure Congress has also passed an extension  - through 12/2010 of the new higher limits on conforming loans. 

You can read the definition of Conforming Loans and Jumbo Loans for more detail, but the bottom line of it is that better interest rates are typically available on conforming loans than on jumbo.  By raising the limit for conforming loans, it enable more folks to get better interest rates on larger loans.  This is good!

THE DEBATE!

There's been a lot of discussion in the Real Estate community as to whether extending and expanding these programs is good for the economy in the long term.

There are those who feel that it will provide a "false" feeling of improvement if people buy up houses over the next several months for the tax break. The feeling is that when it ends, we could move back to a very slow market.

Those in favor of it feel that getting people moving into new homes could very well be the impetus needed to jump start the economy. When people move, there is a lot of cash pushed into the economy in the form of moving costs, renovations, furniturepurchases , hiring of contractors - etc. So it may be that things will be better BECAUSE of the temporary burst in home sales that is expected.

Whichever side you fall intellectually on is moot at this point. The extension is here and if you've been thinkikng about buying a house - buy one, while the program is on. This is one more low-pressure system in the Perfect Storm for Home Buyers.