Is Your Town a “Best Places to Live” town?

How did your town rank last year? How about a town you’re thinking of buying in this year? Just type in the zip code in the “Best places to Live” section to find out.

http://www.phillymag.com/real_estate/search.html

Homebuyer tax credit explaination

The new tax credit allows nearly twice the income and many families and individuals qualify. An agreement of sale needs to be complete by April 30th and settlement must be before June 30th.

This YouTube video from Long & Foster does a good job explaining the details:

http://www.youtube.com/watch?v=5Ju2mgq-suI

Northside Villanova Rental for $4,900. Lower Merion Schools.

http://www.mainlinejohn.com/property/index.php?action=listingview&listingID=31

#1 High School in Phila Metro Area - Harriton High in Lower Merion! You won’t find a Lower Merion house this young for under 1 million. This absolute move-in condition colonial is located on a private cul-de-sac street in prestigious Northside Villanova. Dramatic two-story foyer with custom millwork. This spacious (over 4,500 square feet) four-bedroom, 3.5-bath house offers an open floor plan ideal for entertaining. The gourmet kitchen features modern appliances, hardwood flooring, and a spacious eat-in area which leads to the large outdoor deck. The family room boasts a vaulted ceiling, marble fireplace, and a wall of windows providing abundant natural light. The master suite features a tray ceiling, Berber carpet, a spacious wrap-around walk-in closet, and a luxurious bath with marble that covers the flooring, shower and whirlpool. The finished basement includes 5th bedroom with full bath, wet bar, and media room. Location is unmatched in convenience to all major highways, Center City access, & KOP shops.

Haverford Home SOLD in 5 Days for $1,122,000

This Haverford house was listed for $1,200,000 and was sold in 5 days for $1,122,000. The house has previously sold for $975,000 in 2005.

The house was professionally staged and photographed.

See the virtual tour here: http://www.Obeo.com/548023

Contact John Flanagan at Long & Foster Real Estate to learn more about how to to sell your hosue in this market. 610-256-4435. http://www.MainLineJohn.com

$8,000.00 for first-time buyers and $6,500.00 for existing homeowners!

Congress giving homebuyers a $6,500 tax break

By STEPHEN OHLEMACHER (AP) – 4 hours ago

WASHINGTON — Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include buyers who already own homes. The House could vote on the bill as early as Thursday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

“This is probably the last extension,” said Sen. Johnny Isakson, D-Ga., a former real estate executive who championed the credits.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.

“We are still in a world of economic hurt, and Congress must continue to act boldly and creatively,” said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. “With the right mix of tax breaks and investments we will get through this recession and get folks working again.”

The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.

“For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home,” Bond said. “And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place.”

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

Expanding the tax credit for money-losing companies is projected to cost $10.4 billion.

The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years.

The tax break would help industries suffering losses in 2008 or 2009, including retailers, homebuilders and newspapers. Congress included a scaled-back version of the tax break — for companies with revenues of $15 million or less — in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash.

The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies.

“It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns,” said Caroline Harris, senior tax counsel for the U.S. Chamber of Commerce.

The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018.

Custom-Built Farmhouse Near Radnor Hunt - $849,000

Click Here to View Photos and a Virtual Tour

Custom-built Pennsylvania farmhouse reproduction, featuring exceptional materials and craftsmanship. Home includes stunning stone walk-in fireplace in the family room. Ball and Ball reproduction locksets and beautiful random width hardwood floors throughout. This home is situated on a picturesque 3+ open acres, including an Amish-built two stall barn/carriage house (zoning allows horses); 2+ acres are in a pasture with easy horse—trail access to all of Radnor Hunt. Kitchen includes an island w Jenn-air cook surface, breakfast nook w/bay window and window seat, and is contiguous with family room featuring walk-in fireplace and woodstove and large picture window. Brick-floored laundry room and powder room with access to the 2-car garage is conveniently located off the kitchen. A cozy den/office, with its own exterior entrance, is adjacent to the family room. Oversized, sunny dining room with chair rail is adjacent to spacious front entry foyer with large closet and formal living room with marble-surround fireplace and real raised wood paneled wall with mantle…ideal floor plan for entertaining. Spacious 2nd floor master suite features a charming fireplace, dressing room, crown molding and ample closet space. Three additional bedrooms and a hall full bath are on the second level. On the 3rd floor there is a large bedroom and full bath kid’s private retreat. Other custom features include all plaster walls, generous use of millwork and custom built-ins. The exterior features solid masonry/stucco walls, cedar shake roofing and a well-landscaped yard with large flagstone rear patio providing great year-round country vistas. Asking price = $849,000.

Call John Flanagan at 610-256-4435
Long & Foster Real Estate

Click Here to View Photos and a Virtual Tour

Blue Bell Townhouse Listing - Like Model Home - $569,000

Click Here to View Photos and a Virtual Tour

Better than new and shows like model home! Over 100K of luxurious upgrades in this 3 bed, 3.5 bath end-unit carriage home in the gated community of Foxcroft of Blue Bell. Dramatic foyer entrance with marble flooring leading to the kitchen, detailed wainscoting, and oak staircase. No carpet in the house; upgraded hardwood flooring or tile in all rooms on both levels. Elegant millwork, bull-nose (rounded) corner edges and recessed lighting are found throughout the house. Custom designed gourmet kitchen boasts cherry cabinets, black granite, breakfast area, slate tile floor and backsplash. Spacious family room with gas marble fireplace with wall-mounted 50-inch HDTV, built in surround speakers, and access to private stucco patio. Elegant dining room with coffered ceiling, crown molding, and chair rail. The master bedroom features a volume ceiling, large walk-in closet, sitting room/office with frosted doors, and a luxury master bath with all-marble flooring, Jacuzzi, and shower stall. The second and third bedrooms both have private full baths. Daylight basement with roughed in plumbing.

Click Here to View Photos and a Virtual Tour

Call John Flanagan at 610-256-4435
Long & Foster Real Estate

Gladwyne Real Estate - New Listing - $2,150,000

Click Here to View Photos and a Virtual Tour

This fine colonial home is located on one of the most desirable streets in Lower Merion, a short walk to the heart of Gladwyne. Built in 2001, this 8,000 square foot, handsome, traditionally styled home sits on .72 professionally landscaped and manicured acres. The two-story volume foyer with gallery staircase introduces the detailed yet elegant millwork found throughout the home. The open layout is ideal for both entertaining and everyday living. The main level includes a spacious formal living room with fireplace, elegant dining room, gourmet kitchen open to breakfast room, gracious family room with wall of windows, and handsome study. The master suite highlights the upper level, with a tray ceiling, luxurious walk-in closet, and recently renovated master bath with custom tile and vanities. Four generously sized bedrooms, an extra wide hallway, and the laundry room complete the upper level. Everyone will enjoy the walk out lower level which boasts a state-of-the-art home theater, exercise room, fully equipped kitchenette/bar area, sixth bedroom/au pair suite, play/art room and full bath with washer-dryer hook up. The private backyard with extraordinary gardens offers alfresco dining on the mahogany board covered patio, specimen flowering trees, a large level play area, flagstone patio, and a beautiful rectangular london gray swimming pool.

Click Here to View Photos and a Virtual Tour

Great new Northside Villanova Listing on cul-de-sac street

Nine years young. This absolute move-in condition colonial is located on a private cul-de-sac street in prestigious Northside Villanova. $849,000.

http://www.postlets.com/rem/1877155

You won’t find a Lower Merion house this young for this price. Dramatic two-story foyer with custom millwork. This spacious (over 4,500 square feet) four-bedroom, 3.5-bath house offers an open floor plan ideal for entertaining. The gourmet kitchen features modern appliances, hardwood flooring, and a spacious eat-in area which leads to the large outdoor deck. The family room boasts a vaulted ceiling, marble fireplace, and a wall of windows providing abundant natural light. The master suite features a tray ceiling, Berber carpet, a spacious wrap-around walk-in closet, and a luxurious bath with marble that covers the flooring, shower and whirlpool. The finished basement includes 5th bedroom with full bath, wet bar, and media room. The location is unmatched in convenience to all major highways, Center City access, and premier shopping. Call John Flanagan at 610-256-4435 today to see it in person. Long & Foster Real Estate, Wayne, PA 610-975-3500

http://www.postlets.com/rem/1877155

Villanova Real Estate: Number of Houses Sold Down 33% in 2008

There were one-third less homes sold in Villanova in 2008. 88 sales were recorded in 2007 vs. 59 in 2008. The total sales volume was down a whopping 39%, from over 101 million in 2007 to $62,486,764 in 2008.

The average sales price in Villanova decreased 8% last year, from $1,154,886 in 2007 to $1,059,098 in 2008.

The average price differential (the average difference between seller final asking price vs. settled price) changed from 92.5% in 2007 to 89.6% in 2008.

It took on average 80 days to sell a house in Villanova in 2007 and 85 days in 2008.