Last week we posted the huge price reduction on the 222 W. Garland home in La Veta.  I have now already placed it  UNDER CONTRACT.  Congrats to Seller and Buyer.

An all-day hat felting class will be held March 14 in La Veta.  Cost is $70 and includes all material, so you will leave with your own hand-felted alpaca hat.  Contact Judy at 719 742-6014 or spanishpeaksalpacas@gmail.com for more info. 

Here are more details on the housing sector Stimulus Plan

Homeowner Affordability and Stability Plan

1. Government Sponsored Enterprises (GSEs) Refinancing for Up to 4 to 5 Million Responsible Homeowners with GSE loans to Make Their Mortgages More Affordable

2. A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners

3. Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac

Download NAR’s Summary on the Homeowner Affordability and Stability Plan> (PDF: 100K)
Chart: The New Housing Plan> (The New York Times, Feb. 18, 2009)
Visit the U.S. Treasury Department links below for more detailed information:

Executive Summary> (PDF: 47K)
Fact Sheet> (PDF: 65K)
Questions and Answers for Borrowers> (PDF: 55K)
3 Housing Examples> (PDF: 37K)

American Recovery and Reinvestment Act of 2009

H.R. 1, the “American Recovery and Reinvestment Act of 2009,” passed the House on February 13, 2009, by a vote of 246 – 184. Later that day, the Senate also passed the bill by a vote of 60 – 38. The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010. 
View how the U.S. House of Representatives voted>
View how the U.S. Senate voted>

The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote.  In the end, the elements of NAR’s housing agenda were included.  Congress and the President have announced that a finance and housing package (including tax provisions) will be the next “big” initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.  

The bill includes the following provisions:

Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Service
Low Income-Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits & Grants
Transportation Investments
Broadband Deployment

Many provisions of the new Recovery and Reinvestment Act apply to Real Estate.  The new Tax Credit could be a factor in stimulating home sales.  Our National Association of Realtors (NAR) has presented an overview of the Homebuyer Tax Credit.

Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  First-time home buyers only means you can not have owned a home in the past 3 years. The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser’s income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)

NAR’s Presentation: The 2009 First-Time Homebuyer Tax Credit  (PDF: 319K

Grandote Peaks Golf Club has recently decided to put their entire platted/unsold inventory of Lots on the Market.  This is about 40+ lots with prices expected to range from $100,000 to $140,000.  This will be the first time these lots have been offerred.  They have also reduced the price on their 2 new custom homes, to $775,000 each. Call me for details.

Back on Market – Now $275,000.  Owner MUST Sell.  The Garland Park Beauty in La Veta has a HUGE Price Reduction.  Just reduced from $364k  it is now  $100,000 below the Oct.’07 appraisal of $375,000.  Here is an outstanding opportunity for a newer custom home in La Veta.  This one won’t last long at $275,000.    See it at  http://www.lavetarealty.com/property_detail.php?listing=38 

And Call me Now

Open Mic Night will be this Friday, Feb.20, 7:00 pm at the Parkside Gallery.  Our local and regional talent is amazing.  If you haven’t been to one of these, don’t miss out. Other meetings this week include Town Board, Bridge Club, Rotary and Tai Chi.

Did you know that every state permits separation of surface rights and mineral rights in some form?  And as a result of early homesteading acts, the U.S. Government may hold rights to coal under your land.  Previous owners may have also retained interest in oil and gas development. 

The Colorado Coalition of Land Trusts has produced a great handbook regarding mineral rights.  Directed primarily to impact on Conservation Easements, the handbook contains a wealth of information including how to search your mineral rights, impacts of mineral development, sample surface use agreements and much more.  This valuable handbook is now available from CCLT for only $15.  To order yours, see their website at www.cclt.org     

Congratulations to Franny Harris for the recent Closing on the sale of her 565 acre ranch near Gardner/Redwing.  Thanks Franny, for giving me the opportunity to work with you on this transaction.