Claudette's Blog

In another twist to the First-Time Home Buyer Tax Credit saga, the IRS is looking into 100,000 potentially fraudulent claims for the credit. 

The program which was adopted in February has generated more than a million claims for the credit and housing industry analysts have estimated that it has been responsible for around 350,000 home sales that would not have otherwise happened.  But, now there is a possibility in the minds of tax experts that a number of these claims may be unjustified. 

Representative John Lewis, chairman of the House Ways and Means oversight committee has said in a statement, "I am concerned about recent reports that there have been fraudulent schemes involving the credit."  A subcommittee hearing has been planned on Thursday to discuss the matter. 

Since the tax credit is not being taken at the time of the sale, the concern is that some people may be filing for it with their tax returns that do not really have a right to it.  

The IRS has been on alert for any kind of abuse of the program and is currently investigating 167 "criminal schemes" involving the use of the credit.  They have declined to go into further detail of the suspected schemes, except to say that they will vigorously pursue anyone who has filed a fraudulent claim. 

Lucien Salvant, a spokesperson for NAR said, "Any time there is a lot of money around, there will be people attracted to it with evil intent."  

In the meantime, housing-industry lobbyists continue to work towards an extension of the program. Yesterday, a letter was written to the administration authored by the National Association of Realtors, the National Association of Home Builders and the Mortgage Bankers Association asking for a twelve-month extension, as well as an expansion of the program to include all buyers, not only first-timers. 

Some in Congress are attempting to not only extend the program but to raise the income ceiling for eligible home buyers from the current $75,000 to $150,000 up to $150,000 for individuals and $300,000 for couples. 

The request has been met with a great deal of skepticism from those who worry about the exorbitant cost verses any potential return of such an expansion.  

The unknown question at this point is whether or not the claims of fraud will further impact the decision to either end the tax credit on November 30 or to keep it going for a while longer. 

 

Do you have questions about buying a home in the Metrowest area?  I would love to talk with you. Please feel free to call me at 508-881-6230 - any time or E-mail me. 

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel Learn More about Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

 

Every year at this time, the trees put on a brilliant show in New England.  From bright yellows to spectacular reds, the leaves transform, showing us their rich and vibrant colors.

If you cannot make it to the mountains of New Hampshire, Vermont or the scenic areas in Maine there is plenty of splendor to be had locally.  Here, in Ashland, Massachusetts, every tree-lined street turns into multi-color event.

The photo above is of one of my favorite local places to enjoy the artistry of the season.  It is a spot along the Sudbury River, just off of Fountain Street. 

The Sudbury River flows easterly where it becomes the border between Southborough and Hopkinton, and then continues toward Ashland and Framingham.  After flowing through a series of reservoirs it moves on through the Towns of Wayland, Sudbury, Lincoln and Concord, in effect, providing a connection between all of these towns.

This river originally drew the first settlers to the area as they were looking to harness its power to run their mills and to lead their livestock to graze in the river's banks. 

"The Sudbury River really was what made the real estate around here valuable," said Fred Wallace, a local historian.  "It meant there was a source of power."

In 1824, the Saxon Factory set up the first woolen mill at the falls and the name of the area was later changed to Saxonville.  Business continued to boom upstream in the town that would eventually become Ashland.

Possessing an "ideal" location, halfway between the cities of Boston and Worcester, Ashland remains a lovely residential New England town.  With its sprawling common, pristine state park, festive Ashland Day and so much beauty to be seen, it's a great place to be at this time of the year.

 

Do you have questions about buying a home in the Metrowest area?  I would love to talk with you. Please feel free to call me at 508-881-6230 - any time or E-mail me. 

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

   

The World War I Memorial statue "The Doughboy" proudly stands guard over Hopkinton at the Town's center.  The monument was erected in the 1920s to honor the Hopkinton citizens who served in the First World War.

Why "Doughboy?"

The actual origin of the word is unclear.  The explanation most cited is that the term arose out of the Mexican-American War after observers saw that U. S. infantry forces were usually covered in chalky dust from marching through the dry terrain in northern Mexico.  This, in turn, gave them the appearance of unbaked dough. 

Another premise is that they received their name due to the cooking method of their rations.  Meals were often comprised of doughy flour and rice concoctions which were baked in a camp fire or twisted around a bayonet and held over an open flame. These came to be known as doughboy dumplings.

A third theory suggests that during the 19^th Century American enlisted men used a whitish clay that was called pipe clay.  This helped them to give a polish to their uniforms and belts, albeit more of a doughy effect than an actual polish.

A fourth suggestion was given by the widow of General George Armstrong Custer written in her memoirs in 1887. She mentioned that small boiled dumplings served to sailors aboard the early 19^thcentury ships were known as "doughboys" and that the term became a slang name for soldiers since the large brass buttons on their uniforms resembled these dumplings.

Though many theories abound, none seem to have been proven to date.

Regardless of the authenticity of any of these stories or what the actual origin is of the term - the Doughboys will always be remembered as true American heroes.

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel  

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

  

One of the most popular subdivisions in Hopkinton is Springwood Estates.  It is also the largest.  Comprised of the streets Gibbon, Kimball, Smith, Jackson, Bowker, Oak, Sadie Lane and Benson, the community leads into Connelly Hill Road. 

View a satellite image of the neighborhood.

With its convenient location, close to Hopkinton's public schools and devoid of highway noise, Springwood Estates is a favorite of buyers who are relocating to the area. 

Homes in the development range in size from 3,000 square feet to well over 5,000 square feet with level lots that are over an acre in size.

Amenities abound in this development with upscale finishes, granite counter kitchens, high-end appliances, custom details, extensive stonework and landscaping.  Some properties feature pools, waterfalls, 3 or 4 car garages and all with an abundance of individuality. 

  

Charm and elegance are the cornerstones of this fabulous subdivision and it borders on the newer, Connelly Hill Road Estates with existing homes and new construction at the higher end of the luxury scale.

Homes in Springwood Estates have sold for $625,000 to well over $1,000,000 in the past year. 

Currently, there are two exciting resales available in this community priced from $899,900 to $1,125,000. 

 View all properties currently for sale in Hopkinton.

For more information on Springwood Estates or any Hopkinton neighborhood or surrounding towns, please contact me at 508-881-6230. 

Best known for being the start of the annual Boston Marathon site, Hopkinton also enjoys the distinction of having an award-winning public school system that has been consistently ranked highly among schools in the Metrowest area.     

 Copyright 2009 - Claudette Millette, Broker, Owner, The Buyers Counsel - 800-392-1446  - E-mail    

Your Metrowest Buyer Broker Since 1992

 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

  

Congress is currently debating bills that could possibly extend the $8,000 first-time home buyer tax credit which is set to expire on November 30.  Is this a good idea?

In considering whether or not they should to do it, the following questions need to be asked: 

 -  Has this tax credit program worked to help the sagging housing market?

• -   Will the cost of extending it be worth the benefit we will receive from any further implementation of it?

Mark Zandi, chief economist of MoodysEconmy.com has devoted some serious study to the situation and he is in favor of extending the credit.  He would like to see run until June 1, 2010 and be made available to all home buyers with no income restriction, with some exceptions for those at the highest end of the income scale.  

His estimated price tag for this extension is $30 billion over the next ten years. 

Zandi's reasons include the fear of rising foreclosures due to the unemployment numbers, noting that this will drag prices down even further.  It is his contention that six more months of the tax credit will help to mute the decline in prices and, by June, the job market will have improved. 

The National Association of Home Builders is pushing for the tax credit to be extended for all of next year.  They estimate that it will increase home purchases by 383,000 next year.  The net effect of this will be to bring down the inventory of houses on the market which will provide much-needed help with the potentially increasing foreclosure crisis. 

NAHB Chairman Joe Robson stated, "This stimulus alone would create nearly 350,000 jobs over the coming year, which is exactly what the economy needs right now." 

The National Association of Realtors is very much in favor of extending the credit.  In September, NAR Chief Economist, Lawrence Yun said that the tax credit is working.  He has also stated that there is a fear that if the tax credit is allowed to expire, the housing market may begin to "roll down again." 

Senator Johnny Isakson made the case in Congress yesterday to support his proposal for an extension and expansion of the program. He pointed out that since the first-time home buyer tax credit has been in effect, an estimated 350,000 sales were made which are 357,000 sales that would not have taken place without it. 

Isakson is pushing for extending the deadline for the existing $8,000 tax credit from November 30, 2009 to June 30, 2010.  This would be, in effect, an effort to prop up the real estate market to take some of the anxiety out of the slowest selling season of the year.  He is also proposing to expand the program to all home buyers with a cap of $300,000 income for married couples. 

Right now, there is a great deal of fear that if the tax credit rug is pulled out from under us at this point, the housing market is destined to fall into an abyss.   

The question may be - is this a sound decision that will bring about an effective result or is it being done simply out of fear of what will happen if we do not do it? 

Related Posts:

Support for Extending the Home Buyer Tax Credit is Rapidly Growing

Extending the $8,000 tax credit

Using the Tax Credit as a Down Payment on a Home

Taking Advantage of the $8000 First-time Home Buyer Tax Credit

Update - the $15,000 Home Buyer Tax Credit Cut from the Stimulus Bill

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

 

Located on the streets of Hidden Brick Road, Tammer Lane and Pendulum Pass in Hopkinton is the neighborhood known as Ravenwood. 

View a satellite image of the neighborhood.

Ravenwood is a Hopkinton subdivision located in the southern part of town near the Holliston line.  There are 71 homes currently located in this upscale community and most of the homes were built from the 1990's into the early 2000's. 

Recent sales in this development have ranged from $600,000 to $800,000 with most of the sales being below their current assessment value. 

Home sizes range from 2700 square feet to over 5,000 square feet with many lots that well over an acre.  

The homes feature high end finishes with marble foyers, granite counters, dual fireplaces, wainscoting and crown molding.  The standard home has four bedrooms, two and a half baths and a two car garage with some offering a third bath as well as a third garage bay.

This heavily wooded and picturesque community offers extensive landscaping and an abundance of privacy between each home.  

The houses in Ravenwood are not all typical New England colonials. There are a number of contemporary and even some Tudor styles which set this community apart as rather unique.  

View all properties currently for sale in Hopinton.

For information about the homes at Ravenwood or about any other Hopkinton community, please call me at 508-881-6230.

 

 

Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

Your Metrowest Buyer Broker Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

  

Buying a home in Massachusetts involves a two-part contract.  First, is the "Offer to Purchase" and, following that, is the "Purchase and Sale Agreement." 

Everything that is written into the Offer is eventually transferred to the Purchase and Sale Agreement.  It is critical that you, as a home buyer, have this agreement reviewed by a qualified real estate attorney.  The attorney will not only look over the document for you but will typically add an addendum that will offer further protection to you in your transaction. 

Attorney, Richard D. Vetstein has written the following post on the significance of having this document carefully scrutinized and I would like to share it with you.

 

The vacancy rate for apartments and other rentals has now hit its highest point since 1986.  The slow job market has left a dent in the demand for housing, particularly during the recent summer rental months.  

This is not good news for home sellers since the air that is leaving the rental market will drive down the cost of rents, making renting a more desirable option for some potential home buyers. 

Reis Inc., a New York real-estate research firm that tracks vacancies and rents, reported that the U. S. vacancy rates reached 7.8%, a 23-year high in the top 79 rental markets.  During the winter months, when demand is typically weaker, that rate may climb even higher.  

The primary driver of this situation is, of course, the high rate of unemployment.  With unemployment currently at 9.5%, a 26 year high, would-be renters are finding other solutions to their housing problems, such as staying home with families or moving in with friends.  

Landlords have been stepping up to the plate with incentives - freshly painting and scrubbing units as well as offering a free month's rent in some cases. 

This is a night-and-day departure from the experience of renters who looked for places to live in the boom years, often paying broker fees and feeling pressured into grabbing an apartment before it was gone.  The power position has switched and has now been put into the renters' hands.  

As rents drop to compete for demand, home prices at the lower end of the market could see a downturn.  If a person can rent a home for less than a mortgage payment, some may choose to sit on the sidelines and wait this one out. 

Although there has recently been some stabilization in housing sales, low to moderately priced home sales could possibly feel the effect of the current rental market's woes.  

Further pressure is being exerted by the impending expiration of the $8,000 home buyer tax credit since it has been viewed as a factor that has motivated the market this year.  Analyst are warning that demand for home purchases could fall with the tax expiration and the supply of homes could increase as more foreclosures hit the market.

Could the increase in the vacancy rate add more fuel to the debate over whether or not it is a good idea to let the $8,000 tax incentive expire?

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

  

Situated on the streets of Whispering Lane, Harvest Moon Drive, Deer Path and Doeskin Path in Natick, Massachusetts is the community of Sanctuary Estates. 

View a satellite image of the neighborhood.

This 35 lot subdivision offers a quality of life that is luxurious as well as tranquil. 

Sanctuary Estates is located in South Natick, the original section of town that was settled by Native Americans when they first arrived on the shores of the Charles River.  These first settlers named the community "Natick" which means "place of hills." 

 A number of homes in this development are prominently situated on top of hills which offer an additional amount of privacy.

South Natick is an area that is known for being a region of affluence and is bordered by the towns of Wellesley, Dover and Sherborn.  

The homes in Sanctuary Estates are all semi-custom homes that are built to order with seven original plans to choose from.  Homes sizes range from 3,000 sq. ft. to over 5,000 sq, ft. with lot sizes up to 4 acres.  

Clients who have bought in this development say that, along with the serene, suburban lifestyle, they mostly enjoy the convenience of a short, 20 minute drive into Boston.  

Currently, there are a number of lots available as well as several resale properties.  Prices of these homes range from $899,000 to $1,199,000.  

View all properties currently for sale in Natick.

Only 15 miles west of Boston, Natick is has one of the most convenient locations in the Metrowest area.  With easy access to Route 9 and the Mass Pike, it is considered to be a premier commuting location. 

Natick is also home to one of the largest shopping malls in the area, Natick Collection with the upscale anchor stores of Neiman Marcus, Nordstrom and Lord and Taylor.

If you are interested in Sanctuary Estates or any of Natick's other fine communities, please call me at 508-881-6230.

Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

Your Metrowest Buyer Broker Since 1992

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

 

One of the best parts of life in Metrowest Massachusetts is that it is a mere 30 minute drive to some of the best cultural venues available. 

Last night, I attended the Boston Ballet's performance of Giselle.  It is currently playing at the grand and majestic Opera House in Boston's theater district. 

Set to Adolphe Adam's score, Giselle is the crowning achievement of the Romantic era of ballet.  The ballet had its world premiere in Paris on June 28, 1841 and has gone on to become one of the classics of all time. 

Set in the Rhineland in the Middle Ages, the story features is a naïve and impressionable peasant girl name Giselle who lives in the village.  Duke Albrecht, a nobleman, disguises himself as a peasant in order to sow a few wild oats before his impending royal marriage.  His flirtations with the peasant Giselle leads her to fall uncontrollably in love with him. 

Much like the story of Romeo and Juliet, this one results in the death of the heroin. However; in this tale, she arises to confront the painful situation that has caused her demise.  

Some of the most beautiful dancing in this ballet occurs in the second act as the Wilis, female spirits who were all jilted before their own wedding days, rise from their graves to seek justice on men by dancing them to their own early deaths.  The supernatural aspect of this act gives rise to some eerie albeit effective choreography and culminates in an emotional ending. 

Giselle opened on October 1 and will continue through to with its final performance on October 11. 

The Boston Ballet season runs until the end of the May 2010. 

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough