Homebuyer Tax Credit Closer To Getting A New Life And A Tax Credit For Current Owners

We are getting closer.

clipped from www.realtor.org Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years. Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program. Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09

BREAKING NEWS: Body Found Near Goodale Park

clipped from www.abc6onyourside.com BREAKING NEWS: Body Found Near Goodale Park Columbus, Ohio -- Columbus Homicide detectives are trying to figure out what caused the death of a person found near Goodale Park. The body was found on the porch of a home on West First Avenue Police are saying there isn't obvious trauma to the body. There is no word on whether or not this is even a suspicious death.

Buckeye Hall of Fame to be Replaced with Hotel

clipped from www.columbusunderground.com The writing has been on the wall for the Buckeye Hall of Fame Cafe ever since they went into receivership back in March, but the future of the site may have been determined last night. City Council approved a 10-year tax break for a developer who is proposing to tear down the restaurant and build a six-story 134-room hotel in its place. The owners of the Hall of Fame have stated that they are looking for a new smaller space to relocate the restaurant to. Anyone have any ideas on where might be a good fit?

Breaking News: Update on an extension for the $8,000 First Time Homebuyer Tax Credit.

The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd-Lieberman-Isakson Amendment to extend and expand the $8,000 First Time Homebuyer Tax Credit.

The Extended and Expanded Tax Credit will contain the following provisions:

Amount: $8,000

Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)

Income Limits: $125,000 for single filers/$225,000 for joint filers

Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010

*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required to be in their current home for three year period.

NAR (National Association of Realtors) will be monitoring the progress and any potential changes to the bill. NAR will send out a notice when the legislation is voted on tonight--regardless of how late into the night or early into the morning the debate continues.


This is a good first step. We need to see the version from the House of Representatives.

Real Living Named "Best Residential Real Estate Agency"

This is one of the reasons why I am proud to be a Real Living HER Agent!

Columbus, Ohio (October 2009) – Real Living is currently featured as central Ohio’s “Best Residential Real Estate Agency” in the November issue of Columbus C.E.O. magazine’s “Best of Business 2009” section. Other “Best of Business” categories include everything from “Best Credit Union” to “Best HVAC Company”. Winners were determined by nominations from Columbus C.E.O. readers.

“We are so excited to receive such incredible recognition from a publication like Columbus C.E.O.,” said Chris Derrow, executive vice president of Real Living. “We work hard to maintain our leadership position in Central Ohio and we’re happy our customers recognize our efforts.”

Currently, Real Living’s market share is about 20% - one of every five real estate transactions in Central Ohio is completed by a Real Living HER agent.

About Real Living
With 2,200 associates and 100 offices coast to coast, Real Living offers a full suite of home and lifestyle services. Real Living was named one of the best new franchises by Entrepreneur magazine, winner of the Inman Innovator Award and the Most Promising New National Real Estate Brand by the Swanepoel TRENDS Report. For more information, visit RealLiving.com or my site, www.terrypenrod.com

Columbus home sales increase seen for the first time in over two years! Highest number of home sales seen in September in three years.

clipped from columbusrealtors.com September 2009 Home Sales Statistics Home sales increased over ten percent in September compared with last year. The 2,012 homes sold was 10.3 percent higher than September of last year and marks the first year over year increase in sales central Ohio has seen in over two years according to the Columbus Board of REALTORS®. “Not only did home sales last month increase for the first time since July of 2007, that’s the highest number of sales we’ve seen in September since 2006.” said Gary Parsons, president of the Columbus Board of REALTORS®.   “This is likely due to the urgency felt by first time home buyers to take advantage of the $8,000 tax credit that expires November 30 of this year.”   The number of homes for sale in central Ohio continues to decrease. With 14,204 listings, inventory levels are down 2.4 percent from the month before and down 14.4 percent from September of 2008. This is the lowest level of inventory the area has seen this time of year since 2004.

Dine Originals Columbus Discount Certificates On Sale TONIGHT Between 7-8pm

This is a note from DineOriginalsColumbus.com

Last month we launched the new and improved DineOriginalsColumbus.com. On the evening of Thursday, October 22nd, we will launch the next generation of our discount Gift Certificate software at the following address:

www.eatlikealocal.com/columbus

We'll have certificates for your favorite local restaurants available at discounts of 30% off.

Normally, our gift certificates go online early in the morning. We’re going to try something new this sale. The gift certificates will go online later in the day, sometime between 7pm and 8pm.

Local restaurants are a vital part of the community. Thanks for supporting Dine Originals Columbus and our city's best local restaurants. If you have any questions, feel free to contact support@eatlikealocal.com.

Thanks!

Follow @dineoriginals on Twitter

Rosendale’s Closes All Three Short North Restaurants

Sad news

clipped from www.columbusunderground.com By Walker | October 18, 2009 9:45pm | Filed under Dining | Comments Effective immediately, Rosendale’s has closed up all three of their Short North restaurants at 793 North High Street: Rosendales Modern Bistro, Upstairs at Rosendales and Details. A press release issued tonight cited “a significant decline in weekly sales since Chef Rosendale’s departure” as their main reason for closing the businesses. “We want to thank all of Columbus and the many patrons from across central Ohio for the last several years, and to the outstanding staff for all their hard work and dedication,” said Chef Richard Rosendale.

Senator Brown Announces Support For New Bill Extending Tax Credit For First-Time Homebuyers

clipped from ohio.realestaterama.com clipped from ohio.realestaterama.com October 14, 2009 by Senator Brown Category: News || Laws & Taxes | No Comments clipped from ohio.realestaterama.com WASHINGTON, D.C. - October 14, 2009 - (RealEstateRama) — A tax credit that has helped more than 48,000 Ohio families purchase their first homes will expire on Dec. 1 unless Congress passes an extension. U.S. Sen. Sherrod Brown (D-OH) announced his support today for S. 1678, a new bill that would extend the first-time homebuyer tax credit through May 31, 2010. “The first-time homebuyer tax credit is critical to getting our economy back on track,” Brown said. “Not only does the tax credit make home ownership accessible to more Ohioans, it pumps money into our state’s economy. This creates jobs, helps stabilize home prices, and shores up property tax bases in our communities.” It provides a refundable tax credit - equal to up to ten percent of the purchase price of the home not exceeding $8,000 - for qualified buyers who have never owned a home or have not owned one in the past three years.

NPR: Would Extending Home Buyer Credit Be Worth It?

Two stories from NPR. Click in the links to read or listen to the stories.

clipped from www.npr.org by Chris Arnold Many first-time home buyers are scrambling to pick a house and close the deal by Nov. 30, the deadline for an $8,000 tax credit for first-time homeowners. A lot of real estate agents think the tax-credit program has been a huge success and are urging Congress to extend it. But not every economist is convinced it's a great idea. RENEE MONTAGNE, host: It's MORNING EDITION from NPR News. I'm Renee Montagne. STEVE INSKEEP, host: And I'm Steve Inskeep. Now that the Federal government's fiscal year has ended, we can have a look at the bill. The deficit hit $1.4 trillion in the year ending in September. That number shatters all records.

Debate Over Homebuyer Tax Credit Heats Up

clipped from www.npr.org But not if lawmakers like Sen. Johnny Isakson (R-GA) can help it. Isakson — a former real estate executive himself — wants to extend the tax credit, increase its size and make it more widely available. The National Association of Realtors is backing that idea. "We'd like to see it extended through 2010. In fact, we'd like to see it expanded to all buyers — not investors, not people buying second homes. But to people buying a home to live in," says NAR spokesman Walter Molony. "Certainly there's a cost to the Treasury in offering this. But the economic benefit — it gives you a pretty good bang for the buck." "Four out of 5 of the buyers were given $8,000 for doing something they were going to do anyway," says Andrew Jakabovics, associate director of housing and economics at the Center for American Progress, a Washington think tank closely aligned with the Obama administration. "While there are stimulative effects, it's a very costly credit."

New York Times: Obama Pledges Again to End ‘Don’t Ask, Don’t Tell’ (I am quoted)

Click on the link to read the entire article.

clipped from www.nytimes.com WASHINGTON — President Obama on Saturday renewed his vow to allow gay men and lesbians to serve openly in the military, but failed to offer a timetable for doing so — an omission likely to inflame critics who say he is not fighting aggressively enough for gay rights. “I will end ‘don’t ask, don’t tell,’ ” Mr. Obama told an audience of nearly 3,000 people at a fund-raising dinner for the Human Rights Campaign, the nation’s largest gay advocacy group. “That is my commitment to you.” Even inside the room, reaction was mixed. Terry Penrod, a real estate agent from Columbus, Ohio, said some gay rights advocates were being impatient with the president, while Raj Malthotra, 29, a management consultant from Washington, said he thought the speech was a rehash of Mr. Obama’s past promises.

The IRS explains the First-Time Homebuyer Credit

This confirms what we have been saying for months.

The Olde North is new again (It's NOT North Campus!)

Click on the link to read the entire article.

clipped from www.dispatch.com You've probably heard of Clintonville, German Village and the Short North. How about Olde North Columbus? The name usually elicits blank stares, but advocates hope that will soon change. Yesterday, two arches were erected on N. High Street to mark the neighborhood -- between Ohio State University and the North Side neighborhood of Clintonville. One arch is just south of North Street, the other just north of Lane Avenue. "You see what (improvements) did for the Short North," said Tom Wildman, director of the Olde North Columbus Preservation Society and a representative of the University Area Commission. "It's going to give an identity back to the neighborhood." " /> The arches, which are to be lighted before Christmas with funding from the preservation society, are similar to 17 in the Short North. It was the site of a Civil War camp. Soldiers settled there, and a prosperous mill operated on the Olentangy River at North Street.