Historic Homes New York Times
Gary was quoted in today’s New York Times article on historic homes in the Homes Section.
See article.
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Archive for the ‘Historic Home’ Category
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News From The Greater Washington Economic Conference
Dr. Steve Fuller, Economist at George Mason University says “The payroll job loss as likely to go deeper and longer – perhaps 18-20 months. There are currently 13 million unemployed, and many of these people will stay unemployed because the new jobs will have different qualifications than those for the people getting laid off. He predicted oil will still be below $80 per bbl in 2011. Normally there are 5 million house sales per year (it got up to 7 million a few years ago), and we are currently around 4.5 million now. Consumer spending will be a negative 1% in 2009 vs the normal 2.5% growth per year. The Washington economy will have a 1.5% growth in GDP vs the negative nationally due the presence of the federal government. Where Detroit has autos; LA, films; Houston, oil; a third of our economy is directly tied into the feds, and that component is rising. Federal spending here will total some $135 billion in 2009. Federal procurement dollars have tripled over the last 10 years with much of the corresponding job growth going to Northern VA. Job growth has averaged 46,500 per year since 1991 with some recent years as follows: 2003 – 56,000 He thinks our economy will begin to rebound the second half of 2009 with a total net new job growth of 230,300 for the region over the next 5 years as follows: 2009 – 23,700 Needless to say, we are very fortunate to be living and working in this area for a number of reasons. Let us hope we can take advantage of the opportunities that may be more evident and attainable here than in many other markets. If you enjoyed this post, make sure you subscribe to my RSS feed!
2004 – 71,000
2005 – 63,000
2007 – 29,000
2008 – With one more month’s numbers to come in, he thinks it will net out at 25,000
Washington is double the national job growth rate in professional and business services which have an annual salary of $75,000. Due to the region’s wealth, our retail trade job growth is 3 times the national average, and other services (such as daycare, etc.) twice. Steve sees the spread between our unemployment rate and the national rate (now 3%) perhaps growing to a 4% spread.
2010 – 36,500
2011 – 42,400
2012 – 48,100
2013 – 54,000
Of these new jobs, Northern VA will have 125,900 and Suburban MD, 66,000.
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New Blog Features - Text Alerts & PDA
NEW!
In the side bar, at the bottom, you can now subscribe to our new “Homes For Sale Alert” via text messaging. When we list an extraordinary historic home and post it on our Blog, you will receive a short text message with the great news.
NEW!
Historic Home Blog is now “PDA Friendly”, so if you have a PDA, Blackberry, or a cell phone with an internet browser - you can immediately check out the new listing, with photos & description.
Life is good…
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A New Year and a New Look!
Happy New Year to all!
Welcome to my new and improved blog. I have adopted a new light and airy look for 2009 and have completed a re-design of its information layout.
I now have a section for blogging my “2bits” on historic homes and “Treading More Gently” (living “green”), and a separate section for historic homes for sale. The homes section will included our Long & Foster - Historic Home Team listings from MD, VA, PA & (soon) DC, as well as, our “Historic Partners USA” listings from around the nation (and beyond). Plese feel free to comment and share.
Best wishes for a happy & prosperous 2009.
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Tax Credits for Energy Efficient Home Improvements
BREAKING NEWS! President Bush has signed into law new consumer tax credits for energy efficiency home improvements, as well as purchases of plug-in hybrid vehicles. These provisions were included in H.R. 1424, the Emergency Economic Stabilization Act of 2008, which the president signed on October 3, 2008. The homeowner tax credits are largely the same - but not identical - to those that expired at the end of 2007, and begin again on January 1, 2009.
Taxpayers who claimed some but not all of the $500 federal income tax credit for energy efficiency home improvements that was in effect in tax years 2006 and 2007 may utilize the unused portion in 2009, the IRS has informed the Alliance to Save Energy. Please consult your tax advisor for details.
What is a tax credit?
You don’t receive an income tax credit when you buy the product, like an instant rebate. You claim the credit on your federal income tax form at the end of the year. The credit then increases the tax refund you receive or decreases the amount you have to pay.
What is the difference between a tax credit and a tax deduction?
In general, a tax credit is more valuable than a similar tax deduction. A tax credit reduces the tax you pay, dollar-for-dollar. Tax deductions - such as those for home mortgages and charitable giving - lower your taxable income. If you are in the highest 35-percent tax bracket, the income tax you pay is reduced by 35 percent of the value of a tax deduction. But a tax credit reduces your federal income tax by 100 percent of the amount of the credit.
Taxpayers who claimed some but not all of the $500 federal income tax credit for energy efficiency home improvements that was in effect in tax years 2006 and 2007 may utilize the unused portion in 2009, the IRS has informed the Alliance to Save Energy. Please consult your tax advisor for details.
You can get a one-time income tax credit of up to $500 in total for installing efficient new windows, insulation, doors, roofs, and heating and cooling equipment in your home.
Who gets it?
Individuals who install specific energy-efficient home improvements.
What energy-efficient home improvements are eligible?
The overall $500 cap can be reached in several ways with the purchase and installation of energy-efficient products:
- Exterior windows: 10 percent of the total cost, up to $200. Includes skylights and storm windows.
Insulation, exterior doors, or roofs: 10 percent of the cost of the product (but not the installation), up to $500. Includes seals to limit air infiltration, such as caulk, weather stripping, and foam sealants, as well as storm doors. - Central air conditioner, heat pump, water heater, or bio gas (e.g. corn) stove: up to $300 towards the full purchase price, including installation costs. Starting in 2009, geothermal heat pumps are instead eligible for a separate tax credit for 30 percent of the cost up to a maximum credit of $2,000-see Section 5 below.
- Furnace or boiler: up to $150 towards the full purchase price, and/or $50 for an efficient air-circulating fan in a furnace, including installation cost.
In addition, to be eligible for the federal tax credits:
- Windows, doors, and insulation must meet the requirements for your region of the 2001 or 2004 International Energy Conservation Code, a model energy code for buildings. All ENERGY STAR windows qualify.
- Roofs must be metal with pigmented coatings or asphalt with cooling granules that meet ENERGY STAR requirements.
- Heating and cooling equipment must meet stringent efficiency requirements - not even all ENERGY STAR products will qualify.
Also, windows, doors, insulation, and roofs must be expected to last at least five years (a two-year warranty is sufficient to demonstrate this). Manufacturers can certify (in packaging or on the company’s web site) which of their products qualify for the tax credit. All the improvements must be installed in or on the taxpayer’s principal residence in the United States. Condo and co-op improvements are apportioned to the owners. The credit cannot be taken against the Alternative Minimum Tax (AMT).
When are they available?
The home improvement tax credits apply for improvements “placed in service” from January 1, 2009, through December 31, 2009. They are not available in 2008, but mostly were available in 2006 and 2007. The IRS defines “placed in service” as when the products or materials are ready and available for use - this would generally refer to the installation, not the purchase.
What do I need to do to get the tax credit?
You will need to file IRS Form 5695 with your taxes. In addition, you will need to keep at least receipts proving that you purchased the improvements and a copy of the manufacturer’s certification (or the ENERGY STAR label for windows).
Ask your accountant or tax advisor for further guidance.
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New Historic Home Marketing Plan For 2009
The interest in historic home ownership continues to be robust. If we can get the lending institutions to cooperate, I expect 2009 to be a good year for hsitoric home sales, despite the predictions for the rest of the real estate market and the economy in general.
Though I have focused my Historic Home Team real estate business in the geographic areas in which I am licensed as a Realtor - Maryland, Virginia, Pennsylvania, and soon Washington, DC, I have received hundreds of communications from frustrated historic home owners from all over America requesting the specialized “niche” historic home marketing that we have developed. In places like Florida, Ohio & Illinois, these historic home owners know that their prospective buyer is not likely to be local and even less likely to be attracted by the traditional passive marketing that sells the townhouses and modern mcmansions nearby. We have designed an expert marketing system that can be partnered with the services of a local Realtor or utilized as standalone marketing for the historic home owner who wishes to go it alone.
As home values have declined, many home owners find they do not have enough equity in their homes to sell in a traditional way (with fees and commissions) and since traditional MLS real estate marketing does not necessarily enhance the prospects of a historic home sale, these home sellers are looking for an alternative. One that will allow them to price more competetively, increasing the prospects for success. It is here and the details can be reviewed at - HistoricPartnersUSA.com or jump to the details page. This is a Professional Historic Home Marketing Solution for historic home sellers nationwide.
It includes prominent placement on our high ranking HistoricHomeTeam.com website as well as:
Professional Historic Home Marketing Solution
These are powerful marketing tools designed to share the virtues and benefits of a historic home to those 6 out of 1,000 qualified buyers nationwide who may be considering a historic home purchase. For the cost of painting a living room or running a series of local classified ads, a historic home owner can have an effective professional marketing campaign.
I fell into my selling mode. I am sorry. I guess it goes with the territory. Please visit us at HistoricHomeTeam.com or HistoricParntersUSA.com to see who is selling their historic homes in America.
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Historic home appraisals - the end of an era
There was a time when the unique “one of a kind” nature of a historic home would add value to its appraisal, now I am afraid that era appears to be passing. Though historic homes are rarely subject to distress sales and people traditionally have purchased historic homes as long term residences, not short-term investments, the market for the later in this area may have finally brought the appraisal values of these vintage beauties down. In a real estate market battered by a year of short sales, foreclosures and forced sales - following 3 years of price deterioration, the credit strapped banks are not only scrutinizing customers more carefully, they are increasingly critical of the property to be purchased. Until recently, there were enough truly unique homes sold that, in my experience, a case for comparables could be made when a willing seller and a qualified buyer agreed on a sales price. Mortgage lenders never liked the term “unique” when applied to a home they were contemplating lending money to purchase and appraisers usually struggled with comparables, but in my 6 years of specializing in historic home sales, I have never had a home not appraise, until now.
Mortgage lenders must now use “fire sale” home values to support the sale price of a rarely traded historic home. This has worked against contemporary home sales for quite a while, finally, in my opinion unfairly, the problem has caught up to the historic home market. Historic homes have always occupied their own market with only a passing nod to their youthful neighbors and subject to a very special and knowledgeable clientele. The irony is that a seller and knowledgeable buyer can agree on the value of one of these unique homes, but a hyper-risk weary mortgage lender will ultimately decide the deal.
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