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      Blog :: 05-2009

      American Recovery & Reinvestment Act of 2009

      In February of this year, the U.S. House of Representatives and the Senate passed the American Recovery & Reinvestment Act of 2009 which President Obama signed into law four days later, a $780 billion dollar package with 35% devoted to tax cuts, the rest to spending slated for '09 and '10. While this was mentioned briefly in an earlier Light Amber blog post, "Maple Sweet Blog is Born", here is further clarification.

      Obama signing the American Recovery & Reinvestment Act of 2009 2.17.09Two elements of the stimulus package important to the real estate market at the Home Buyer Tax Credit & FHA, Fannie Mae & Freddie Mac Loan Limit provisions.

      The Home Buyer Tax Credit, after a major campaign to allow qualification for all buyers and to increase the credit cap to $15,000, has been increased to from up to $7,500 to up to $8,.000 for just first time home buyers and is phased out for individuals with income over $75k and couples over $150k. The new terms are effective from January 1, 2009 through December 1 of 2009 and apply to any single family principal residence including condos, co-ops and townhouses.

      Favorably, and unlike the 2008 Home Byer Tax Credit, the 2009 credit does not require repayment in 2009 but would be recaptured if the residence is sold within three years of purchase.

      Earlier this month Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development (HUD), said the Federal Housing Administration (FHA) will permit its lenders to allow homeowners to use the $8,000 tax credit at closing, a critical improvement for first time home buyer FHA consumers as it effectively "monetizes" the tax credit through short term bridge loans and gives the borrowers access to the funds up front at the closing table towards down payment & or closing costs.

      For more detailed information on this tax credit, see this National Association of Home Builders FAQ.

      Loan limits for FHA, Fannie Mae & Freddie Mac are reinstated from 2008, equal to the greater of 125% of the 2008 local median home price or $271,050 for FHA and $417,000 for Fannie & Freddie, with an overall maximum cap of $729,750. These limits expire New Year's Eve of 2009.

      To confirm any of these details before planning a purchase based on this information,  check with your accountant & or attorney. For a list of Vermont licensed accountants or land use attorneys, e-mail info@maplesweet.com

      133 Fortna Road in Warren & Club Sugarbush 27

      Two fantastic ski pads fresh to the market: a three bedroom house on three +/- acres just off the Sugarbush Access Road with sprawling and improvable Lincoln Peak trail views and Club Sugarbush 27, with the largest floor plan in the Association and even closer to the Bush.

      fortna view best

      Big sky, snow beckons.

      133 Fortna Road an exquisite, private and substantial lot including a stream and wicked views that can be substantially improved with some clearing. The lot slopes away fromt he home down towards Sugarbush and the Access Road. The house is set back far enough up into the woods that the Access Road is completely out of sight offering exceptional privacy and relative seclusion considering how close this location is to Sugarbush's chair lifts, about five minutes.
      3 bedrooms with a large master on main including a master bath, an L shaped living and connected dining room, and a brightly lit western facing sun room off the kitchen and dining. Two ground floor bedrooms, one of them a walk out with sliders into the lower garden, and an office space just off the internal two car garage entry.
      Priced for value seekers at $269,000, more than $50k below the 2008 Warren assessment, in consideration of the potential improvements including a new roof, exterior repainting. There is so much potential here to renovate, or to take down the existing house and completely rebuild. An exceptional piece of land and location with wonderful investment potential.

      One of the closest Club Sugarbush condos to Lincoln Peak.

      Big sky, snow beckons.

      27 Club Sugarbush includes the largest floor plan and square footage (almost 2,000) of the 52 units at Club Sugarbush Condos. This very well run and maintained condo association is a quick shuttle ride to the lifts, and just across the Access Road from the Sugarbush Inn. The dynamic architecture invites with energetic lines, extensive windows, recessed lighting and a main floor loft style master bedroom above a lower level den with a deck.

      The great room includes connected living, dining and kitchen with a covered deck off the kitchen bar, exceptional for  larger gatherings and entertaining. Each of the three bedrooms has it's own full bath and there's a half bath on main for guests. A wood burning fireplace caps it off for cozy warm winter evenings apres ski.

      Aerial view, 27 in red.

      Big sky, snow beckons.

      $349,000,  well below the 2008 assessment of $381,700. Gold Sugarbush Health and Racket Club discounted membership an option, including complimentary use for family members and all guests, and discounted Sugarbush Golf Club bronze & gold membership. The lap of luxury.

      Virtual tour

      To arrange a showing: info@maplesweet.com or toll free @ 800-525-7965.