Can You Buy a “Like New” Condo in Central Madison for $100K?

9 Sherman Terrace

Yes you can!  We just listed this great unit at 9 Sherman Terrace for $104,900!  Almost everything in this 1st floor unit is new!  In addition there is great southern exposure, a private patio and a private entrance. This unit has been updated with new carpeting, mosaic tile in kitchen, dining room and bath, fresh paint and kitchen cabinets. A newer water heater, furnace and updated electrical. If the classic antique sink and range/oven does not fit your contemporary styling, the seller will offer an appliance allowance for range and washing machine.

To see a virtual tour and many pictures of this great offering, visit our website here.

Help has arrived: U.S. Congress comes through with relief

The Housing and Economic Recovery Act of 2008, the most sweeping housing legislation since the Depression era, was passed by the U.S. Senate and House of Representatives at the end of last month and was signed into law by President Bush. The new law addresses various aspects of the housing downturn, including assistance for homeowners who are behind on their mortgages, federal oversight of Fannie Mae and Freddie Mac, and funding for cities to buy and fix up foreclosed properties.

Many of the provisions of the new law go into effect October 1, 2008 but for first-time home buyers who bought, or will buy, their home between April 9th of this year and July 1, 2009, there’s an immediate bonus — a tax credit of up to 10 percent of the sales price, up to $7,500.  Note that this is a tax credit, not a tax deduction. A deduction is an item that is subtracted from your annual income before income taxes are calculated. A tax credit is subtracted from the amount of taxes you owe. 

“First-time home buyer” is specifically defined in the new law, and includes those who may have owned a home in the past, but not within the last three years.  To qualify, be prepared to show your last three years’ worth of income tax returns to prove that you did not pay mortgage interest during that period. There are also income limitations on the tax credit - $3,750 per year if you’re single and $7,500 jointly if you’re married. 

By the way, the tax credit isn’t a gift - you have to pay it back.  Nevertheless, it provides an initial reprieve, as repayment doesn’t begin until two years after purchase, and is payable over a 15 year period. If you sell the property before the tax credit has been fully repaid, any remaining amounts owed are due to the IRS upon closing.

Applying for the tax credit isn’t mandatory, but for many, it will make home ownership feasible in the coming year — and that’s exactly what the tax credit is intended to accomplish.

Written by David Reed, Texas-based mortgage banker with more than 20 years experience

and author of Mortgages 101 and Mortgage Confidential.

Staycations…Having Fun On 1 Tank of Gas

This past weekend we did what many are doing this summer–traveling nearby for a “staycation” get away.  On Friday we drove to Wisconsin Dells for an overnight stay at the Wilderness Resort and Waterpark.  We were guests of the resort in that we’re considering our next real estate investment in the condos for sale that are part of their “rental pool”. 

Before we invest, we decided it would be best to experience the resort.  It didn’t disappoint.   I never realized how massively large this resort truly is.  They dub the resort “America’s Largest Waterpark Resort” and I believe it.  I think we counted 4 or 5 large indoor waterparks and as many outdoor parks to explore.  They claim over 500,000 sq. ft. of waterpark throughout the resort.

With a newly expanded convention center, the highly rated Field’s at the Wilderness restaurant and this summer’s opening of what being touted as one of the best new golf courses in Wisconsin, Wild Rock, the Wilderness Resort looks to be a solid investment.

Best yet, it’s only 1 hour north of Madison.  Truly a get away on a tank of gas!

Believe it or Not…Madison Named Top Retirement Town

AARP has named Madison, WI as one of the Top 10 Retirement towns in the U.S.  Why do I say “believe it or not”?  I always assumed that retirees moved to warmer climes.  I guess that’s not the case.  That’s good news for Madison as the baby boomers hit retirement.  Does this mean a vibrant housing economy in the years to come for housing types that retirees are looking for?

Here’s the full article from the AARP.

It’s Maxwell Street Time

Each year, on the 3rd weekend of July, State Street turns into a great open air, discount market, or Maxwell Street Days.  All of State Street is closed off to all traffic (no busses, bikes or taxis) in order for the State Street merchants to highly discount their overstock items and move them to us as waiting consumers.

I had a chance to stroll State Street late today.  If you get down there either tomorrow or Sunday you won’t be disappointed.  There’s actually a feeling of frivolity that was almost carnival like today.  There were many interesting and incredibly well priced deals as well.

My favorite store, The Jazzman, had rack after rack of highly discounted menswear.  Further down the street you could find every badger apparrel item you could think of needing including the great Badger Red and White striped overalls at “The Name of the Game” stand for only $10.

Worth the trip. 

Here’s a great article about the weekend from the Madison.com website.

Fresco…Worth Another Try

When Fresco opened atop the Madison Museum of Contempary Art a few years ago, I was excited!  What a cool location for what looked to be a very hip and trendy new downtown eatery.  We tried it a few times and were underwhelmed by the menu, prices and service.

A few weeks ago, on a beautiful summer night, we decided to give it another try.  We’ve been back 2 times since. 

What changed?

I don’t know.  The menu is still creative and service seems to have improved dramatically.  The first night back at Fresco we were treated with their new $5 menu.  It seems in the last hour of operations, a different menu is available.  It offers an array of $5 martini’s, $5 tapas and -$5 entrees.  It is perfect for a lighter late night dining experience.

If you haven’t stopped by in a while, it’s worth another try.  I hope it continues.  They seem to be doing things right.

Madison Drops In Rankings of “Best Places to Live”

I know we all celebrate when our city is named #1.  But to go from #1 to #89 in less than 10 years?  This seems a little extreme.

That’s just what happened in the latest Money Magazine “Best Places to Live Survey“.  

OK, I find it hard to believe that Naperville, IL is #3.  Have you been there lately?  It’s about as suburban as Schaumburg.  Definitely not a place I’d like to live.  Guess I’m not the norm anymore.

Capitol Neighborhoods Announces Monthly Activities

Capitol Neighborhoods have the following activities for members and guests:

Mansion Hill West Tour and Dinner

Tour Mansion Hill West with a docent from the Madison Trust for Historic Preservation followed by dinner at Samba Brazilian Grill.  Tours take a bit more than an hour and are $5 per person.  Tour reservations are required; Contact Ledell Zellers at 608-231-1526 or lzellers@mailbag.com.  Dinner at Samba will be paid individually.

When: Thursday, July 24, 2008, 5:30 p.m. meet in front of the Plaza Tavern, 319 N. Henry St.

Annual Potluck Picnic

Bring a dish to pass for our annual summer social gathering in the “secret garden” at Canal Place.  Beverages will be provided. 

When: Thursday, August 28, 2008  6 p.m. Canal Place, 106-120 S. Franklin St. Enter through gate on Main Street.

First Time Homebuyers and Government Grants

For first-time buyers, often the first thought that comes to mind is, “I need a down payment.” This is often followed by the question, “Now, where do I get that down payment?”

Depending upon the loan type, a home mortgage typically requires 3 to 5 percent down. If you have the money, then you’re set. But what if you don’t?  What if you’re renting? You can afford a mortgage within your means, but coming up with the down payment money needed to begin the transaction can be challenging. So, where can you turn?

One of the most overlooked sources of down payment funds is likely right under your nose—in the form of government bonds and local grant programs.

These programs either provide outright monetary grants for down payment or money to buyers in the form of a forgivable loan. In essence, the government will help you buy your home and you typically only have to pay back the money if and when you sell that same property.

In the past it was challenging to find these special programs, but now all you need is your agent, a computer, an Internet connection, and a search portal such as Google or Yahoo.  Enter the search terms “down payment assistance (followed by your city, state or province)” and see what pops up! It might just be the answer to helping you buy your first home.

 

Written by David Reed, author of Mortgage 101 and Mortgage Confidential.

Art Fair on the Square 2008

I’m excited about this weekend.  It’s the annual Art Fair on the Square hosted each year on the second Saturday of July in downtown Madison. 

 

What makes this exciting is that for two days juried artists from around the country display their wares for all of us to view, get ideas and ultimately spend some money.  If you don’t know about Art Fair on the Square visit their website by clicking here.

 

Hours for this year’s Art Fair on the Square are:
Saturday, July 12 • 9 am-6 pm
Sunday, July 13 • 10 am-5 pm

 

I’m hopeful that the weather will not be as hot as it’s been the last two days.  But if Art Fair on the Square follows the past it will be brutally hot.  If that’s the case the best time to go will be first thing in the morning each day.