30 days and counting: Homebuyer tax credit expires

30 days and counting: Homebuyer tax credit expires
By Les Christie, staff writerMarch 30, 2010: 5:51 AM ET


NEW YORK (CNNMoney.com) -- Attention shoppers: You have barely a month left before the homebuyer tax credit expires. But depending on where you live, you might not want to rush out to buy.

First-time homebuyers may qualify for up to $8,000, while those who are trading up could get as much as $6,500. But either way, buyers have to ink sales contracts by the end of April and close before July 1 to see the refund.
And this is absolutely, positively your last chance to claim the credit. (Probably.) So don't wait, thinking the credit will be extended for a third time.

There is little sentiment for continuing this program, especially because many consider the latest iteration's results to be disappointing. Even the Senate's biggest proponent of the homebuyer tax credit, Johnny Isakson, R-Ga., is ready to let it end.

"He has no plans to introduce legislation to extend the credit," said Isakson's spokeswoman. "Part of the benefit of the tax credit was the urgency its sun-setting generated."

That urgency was less pronounced after the latest extension, which was enacted last fall. While the first version, which just covered first-time homebuyers, netted huge sales jumps, the real estate market slumped over the winter and early spring.

That may be because some people believed that Congress would just keep adding time to the game clock, according to Nicolas Retsinas, director of Harvard's Joint Center for Housing Study. That could have kept them home by the fireside instead of out house hunting.

Expect long delays in getting your $8,000 tax credit
"The credit's influence and impact has waned considerably," said Retsinas.

"You got a lot more bang for the buck on the first go round," added Mike Larson, a real estate analyst with Weiss Research. "Most people acted on the presumption that the credit was going away."

Should you rush?
Any house hunter considering whether to hurry a purchase to take advantage of the credit should consider where they live. There are many places where home values are projected to fall steeply over the next few months, including Los Angeles, Phoenix, Minneapolis, Washington, D.C., and most of Florida.

Take someone shopping for a typical single-family home in the Miami metropolitan area. The median price there is about $215,000 and a qualified first-time homebuyer would pay about $207,000 after the credit is factored in.

But prices in Miami are likely to fall 22.5% this year, according to projections by Fiserv and Moody's Economy.com. So by waiting a few months you could nail a $48,000 price cut -- a much better deal than the tax credit..

On the other hand, some cities are expected to post record price gains this year, including Eugene, Ore.; Napa, Calif.; Charleston, S.C.; and Cheyenne, Wyo. Buyers in those markets would receive a double benefit by making their purchases happen this month.

Of course, there's no guarantee that the forecasts will be accurate, but they're certainly something consumers should consider.

Who's eligible
Not every buyer qualifies for the credit. Here are some guidelines:

Homebuyers who have not owned a home for the past three years may earn up to $8,000 or 10% of the purchase price, whichever is lower.
Buyers who have owned a home for five consecutive years of the past eight qualify for up to $6,500 in credits.
There are income limits of $125,000 for single taxpayers and $225,000 for couples.
Anyone paying more than $800,000 for the home cannot claim the credit.
There's a prohibition on claiming the first-time homebuyer credit if either member of a couple owned a home within the three-year period. They can claim the existing homebuyer credit.

Homebuyers who are under 18 or are listed as dependents on the tax returns of others don't qualify. The home must be kept at least three years.

The credit may be claimed on 2009 taxes, even if the return was already filed. Just submit an amended return.

Note that buyers get the full amount of the credit they're due even if that exceeds the amount of taxes they owe. If you're a first-time buyer and your total tax bill for the year is $6,000, you get all that back plus another $2,000.

Talisker Purchases Waldorf Astoria Hotel at the base of the Canyons Resort, Park City UT (Formerly Dakota Mountain Lodge)

Press Release from Talisker - March 29, 2010:

TALISKER EXPANDS WITH PURCHASE OF THE WALDORF ASTORIA HOTEL AT THE CANYONS

Toronto – Talisker announced today its purchase of Park City’s newest luxury hotel, The Waldorf Astoria, Park City, located at The Canyons.

The Waldorf Astoria, Park City, opened last summer at the foot of Talisker’s ski resort, The Canyons. The hotel includes 170 rooms and condominium units, dining at Spruce, as well as the Golden Door Spa which offers an exquisite menu of services available to hotel guests and the community alike.

“We are proud to add this wonderful and complementary asset to the Talisker and Canyons properties in Park City”, said Jack Bistricer Chairman and CEO of Talisker. “The Waldorf Astoria, integrated into The Canyons Resort, will expand The Canyons’ offerings and Talisker’s Definitive Alpine Living experience.”

Talisker is developing real estate in several Park City area communities, including The Canyons ski resort, Empire Pass at Deer Valley Resort, Tuhaye golf course community, and others comprising more than 13,000 acres throughout the area. As the creator of the remarkable Talisker Club, Talisker has been recognized by the Robb Report as the Best of the Best of Mountain Resorts, and by Travel + Leisure Golf’s America’s Top 100 Golf Communities.

Park City Ranks 4th on Barron's top ten list of "Best Places for Second Homes"

The 10 Best Places for Second Homes
By STEVEN M. SEARS
MONDAY MARCH 8, 2010
Prices of luxury real estate are finally starting to rise, as bargain hunters swoop in. Some of the best deals are in second homes with prices off as much as 40%.
AT LONG LAST, THE MARKET FOR LUXURY REAL ESTATE IS COMING BACK TO LIFE
Prices for primary residences, which plunged at least 20% from the peak in 2007, appear to have bottomed.
In some of the snappiest locations, scattered bidding wars are breaking out and prices are turning upward.
In Greenwich, Conn., realty brokers say, the final months of 2009 were almost record-setters for sales volume, as two years of pent-up demand was unleashed. Even the megadeal is back. In Beverly Hills, film producer
Jeffrey Katzenberg just plunked down $35 million for an 8,700-square-foot home on six acres.
There's nothing like a stabilized economy and a huge rebound in stocks
to send folks looking for the perfect manse.
The return of hefty Wall Street bonuses hasn't hurt, either.

With all that in mind, and with summer just around the corner, Barron's sized up the market for upscale second homes, one of the greatest luxuries of all. We scoped out dozens of deluxe enclaves across the country,
speaking with brokers, homeowners and others. Our conclusion: Now could be an excellent time to buy.
Prices are way down -- 40% off the peak in some locations. Seemingly at or near bottom, they are starting to attract the first wave of bargain hunters -- and not just families in need of R&R. Hard-nosed investors also are on the prowl,
says Jan Reuter, head of residential real estate at U.S. Trust Bank of America Private Wealth Management:
"We've seen an uptick in buying in just the last couple of months."

To help you in the hunt, Barron's has selected the 10 best places in America for second homes. These alluring
locales have it all: gorgeous houses, spectacular views, world-class golf, fishing and skiing, fine dining and
great shopping. You'll find the complete range of lifestyles, from peaceful and easy to vigorously social.
Some warnings: 1) Our selections are every bit as subjective as tastes in homes themselves. 2) The prices cited
are based mainly on conversations with locals, because hard data isn't available. 3) Your plush new retreat may
take some time to rise in value. Serious appreciation will require a better economy and, quite possibly,
another big rally in stocks.
But hey, you could do worse than marking time in paradise.


1. Maui
Consistently rated the "Best Island in the World" by travel experts, this Hawaiian beauty underwent a growth spurt during the past decade that some critics bemoaned as excessive. But the southern coast, anchored by the hamlet of Wailea, has weathered it all well. One of the first master-planned resort communities in the nation, it's a balanced blend of understated gated communities, luxury resort hotels, three excellent golf courses, a tennis center and, of course, several crescent sandy beaches. Wailea has 500 single-family homes, and their views are stunning: lush, verdant hills, brilliantly blue ocean and, after the steamy sun showers, rainbows over the horizon.
Median Price: $1.5 million
Drop From Peak: 27%
Neighbor: Oprah Winfrey

2. Kiawah Island, S.C.
Languid elegance defines South Carolina's coast, and Kiawah, just off Charleston, may be its ideal expression. The island has one developer, Kiawah Development Partners, and an architectural review board that protects the 4,500 or so properties from the excesses often seen when wealth meets water. It has 10 miles of hard-sand beaches and abundant wildlife: bobcats, gray foxes, loggerhead turtles and more. Its Ocean Course has long been favorite of golfers; it hosted the 2007 Senior PGA Championship. Want to tee up some culture? Charleston is just 45 minutes away.
Median Price: $1.4 million
Drop From Peak: 21%
Neighbor: Dan Marino

3. The Hamptons
Long the favored retreat of high-powered New Yorkers, the Hamptons are a just now experiencing a fresh jump in home sales, realty brokers say. Credit the revival in Wall Street bonuses. Southampton, bastion of old money, is known for its grand estates, but lovely homes can be found in what not long ago were potato fields. In chic East Hampton, the choicest real estate is on Georgica Pond. Alas, most of the area's finest properties never come to market.
Once you own a home in the Hamptons, you own it forever.
Median Price: $1.5 million
Drop from Peak: 30%
Neighbor: Steven Spielberg

4. Park City, Utah
Skiers love Park City for its powdery winters, but homeowners relish the summers, too. The crowds thin out, life slows down and the tall aspens lining the nearby Wasatch range shimmer in the breeze. The one-street Old West downtown is dotted with classic Victorian houses, while Deer Valley, an understated year-round resort community, sits on the eastern edge. Its namesake ski hill has been crowned by readers of Ski Magazine as North America's top ski resort for three years running. For $100,000, you can join the nearby Talisker Club, with links designed by PGA Tour Champion Mark O'Meara. Bonus: Salt Lake City International Airport, a Delta Air Lines hub,
has direct flights to the East and West Coasts.
Median Price: $1 million
Drop From Peak: 10% to 45% **
Neighbor: Robert Redford
** Range varries based on location and amount on inventory available

5. Aspen, Colo.
Aspen isn't just a year-round playground; it's also a cultural oasis, the home to the Aspen Institute think tank, a world-class symphony, and dance and art festivals. The four major ski hills speak for the themselves. The Maroon Creek Club includes a challenging golf course designed by Tom Fazio. The city's West End has a mix of 19th-century Victorians and modern abodes not far from the "beachfront" -- downtown neighborhoods within walking distance of the lift. The posh shopping is so good that some folks never find their way up to the trails.
Median Price: $5.6 million
Drop From Peak: 6%
Neighbor: Jack Nicholson

6. Pebble Beach, Calif.
Golfer Jack Nicklaus once said that if he had one last round to play before he died, it would be at Pebble Beach. The site of four U.S. Opens, The Links are rated the No. 1 public course in America by Golf Digest for 2009-10. There are several other public and private golf courses within the guarded gates of the verdant Del Monte Forest, which surrounds the community of Pebble Beach. Stunning estates not far from the first tee offer sweeping views of Monterey Bay. Duffers who buy in can play the Golden Bear's dream course every day.
Median Price: $1.1 million
Drop Since Peak: 20%
Neighbor: Clint Eastwood.

7. Palm Beach
This Florida island hovers above reality, and at $30 million-plus, so do its finest pads. Oodles of socialites and tycoons wouldn't have it any other way. Neither would Jimmy Buffett, Rush Limbaugh and too many other boldface names to mention. In addition to the never-ending social whirl, residents like the shopping on Worth Avenue and the beauty of Addison Mizner's Mediterranean-style architecture. Mortals can enjoy the town by buying "over the moat" -- in Jupiter, North Palm Beach, Palm Beach Gardens and Delray Beach.
Median Price: $3.5 million
Drop From Peak: 11%
Neighbor: Henry Kravis



8. Captiva/Sanibel Island, Fla.
Sitting off the coast of Fort Myers, a nerve center of America's foreclosure crisis, the barrier islands of Captiva and Sanibel are the very picture of laid-back living. Linked by a bridge at Sanibel's northern point, the islands are renowned for their pristine beaches and abundant seashells. Then there are the hiking trails; half the island is a nature preserve. The late Robert Rauschenberg is, even in death, one of the largest landowners. His 35-acre spread, complete with studio, is intact on Captiva's northern end.
Median Price: $3.5 million
Drop From Peak: 40%
Neighbor: Ted Koppel

9. Asheville, N.C.
Nestled in the mountains of North Carolina, Asheville offers a four-seasons lifestyle with just enough culture and good restaurants to keep urban-withdrawal pangs at bay. Some homebuyers come from the Northeast, and many come from Florida to beat the heat. The locals call them "halfbacks," since Asheville is halfway up the East Coast. The town has a university and a thriving art scene. We like the 1920s-vintage Tudor homes in the Biltmore Forest district, once part of the adjacent Biltmore Estate. The funky Grove Park neighborhood is also worth a look.
Median Price: $700,000
Drop From Peak: 38%
Neighbor: Andie McDowell

10. Gasparilla Island, Fla.
Katherine Hepburn used to rent a beach house here, and it's easy to see why. The small island off Florida's southwest coast has been lovingly preserved: The Gasparilla Act, a state law passed in 1980, put a tight lid on population density, building heights and commercial development. Golf carts -- some customized to resemble '57 Chevys -- are the favored mode of transportation. The historic downtown has gracious homes, and the waters around the island are renowned for tarpon fishing. To check it out, check into the plush Gasparilla Inn.
Median Price: $1.8 million.
Drop From Peak: 18%
Neighbor: Harrison Ford, frequent visitor.

Summit County called one of America's wealthiest counties

Summit County called one of America's wealthiest counties
According to Forbes.com, it's an anomaly
by Andrew Kirk, OF THE RECORD STAFF
Posted: 03/10/2010 12:47:13 PM MST


Last week, Forbes.com assembled a list of America's top 25 richest counties. With a median household income of $85,258 in the 2008 calendar year, Summit County made No. 22 on the list.
That's probably no surprise to people familiar with the community and the price of housing here, but what may be surprising is the fact that it's one of very few vacation communities and the only one not adjacent to a major metropolitan area.

The latter point is the explanation Forbes-writer Francesca Levy gives for why these 25 counties are so wealthy. Almost all of the counties are within driving distance of the Washington, D.C. and New York City metropolitan areas. Two are in the Bay Area: Marin across the Golden Gate Bridge from San Francisco and Santa Clara to the south in Silicon Valley. All the rest are bedroom communities for Denver, Colo.; Atlanta, Ga.; Nashville, Tenn.; and Baltimore, Md.

People with high-paying jobs often want to live in beautiful suburban areas with good schools. All 25 counties match that description, but Salt Lake City is not comparable in size to those other seven cities.

What accounts for Summit County's wealth?

Mark Seltenrich, president of the Park City Board of Realtors, helps people look into moving here all the time. He said its proximity to Salt Lake City is only piece of a larger pie.

"Utah isn't known for the high wages of the coasts," he said. "People who live here they're bringing the money with them."

There are plenty of Summit County residents who commute to Salt Lake City, but for several reasons Park City has become attractive to people who can work anywhere. Some residents telecommute or have home offices. Others travel for work - like airline employees - and need close proximity to a major airport.
Park City's year-round outdoor recreation makes it popular with people with enough money to retire early, or who are looking for quality of life in the place they choose to reside, he said.

Many parents also scrutinize school districts carefully.

Aspen, Colo., for example, has great quality of life, but their public education system isn't as good as Park City's, he said. All wealthy areas have private schools, but many parents feel their child gets a more "normal" or well-rounded experience in public schools.

Additionally, Park City has many long-time residents who preserve the community's character. It's a real town, not just homes surrounding a ski resort, he said. Many people value a feeling of community.

All of these factors make Summit County an attractive place to locate one's primary residence - not just a place to buy land or have a vacation home. That's probably why it's the only resort town on the list, he said.

And the richest county in America? Loudoun in Virginia just outside of Alexandria.

Utah ski season started slow, finishing strong

Utah ski season started slow, finishing strong
Recreation » Snow was in short supply early on; out-of-state skier totals are holding up well vs. last's years numbers.
By Paul Beebe
The Salt Lake Tribune

Updated: 03/05/2010 08:53:31 PM MST

On a morning when the Wasatch Mountains were carpeted with fresh snow, Coleen Reardon was feeling good about the remaining weeks of the ski season.
Last year, the last three weeks of March were a near-bust for Deer Valley Resort, thanks to the recession, said Reardon, marketing director for the tony resort.
Today, the outlook has turned around. Bookings for the next three weeks of March -- and the first week of April - --- are solid, suggesting to Reardon that consumer angst is thawing, and skiers are once again opening their wallets.
"We've never seen this level of bookings so close in [to the time they arrive at Deer Valley] and so late in the year," Reardon said. "I think people really did miss their vacations last year."
While she didn't provide mid-season visitor numbers, it was clear from her report that Utah's ski industry is turning a corner.
Largely because of the economy and an early shortage of snow, the season began inauspiciously, said Nathan Rafferty, president of Ski Utah, a marketing firm owned by the 13 ski resorts that make up the Utah Ski and Snowboard Association. Lately, though, skier counts have been charging uphill.
"If there's going to be a theme this year, it was a slow start and a strong finish," Rafferty said.
It's too early to tell just how profitable the 2009-10 season will turn out to be. With plenty of skiable snow at the state's resorts, those numbers are at least six weeks away.

Out-of-state skier counts are holding up well against last year's lift-ticket numbers, Rafferty said.
Local skier counts are soft, though, mainly because of the perception that since snowfall totals haven't approached those of the two previous years, skiing conditions aren't optimal, he said.
Even so, "given where the economy is and how the weather worked out, I think the resorts are going to be happy with their numbers," Rafferty said.
Resorts have noticed a significant change in skier spending patterns, however. Before the recession struck late in 2007, families traveling to Utah ski areas splurged, renting more than one hotel room, buying new equipment, eating at restaurants and taking private lessons, Rafferty said.
This year, as the country crawls out of the recession, "they are squeezing everybody into one room, stopping at Costco to pick up snacks, making breakfast in their rooms and taking group lessons," he said.
Meanwhile, along the Wasatch Front at Alta, it's been a "solid year," spokesman Tyler Jackson said. No attendance records are being set, though.
"Season pass holders have done well. The snow hasn't been like we've had in the last few years. But the storms that we've had [since Thursday] has brought everyone up," Jackson said.
At mid-day, Alta had received 19 inches of snow over the previous 24 hours.
pbeebe@sltrib.com