This Month in Real Estate-February 2009

City of Madison Declares Another Snow Emergency

This just in…the city of Madison has declared a snow emergency to be in effect until 7 a.m. on 2/23/09.  Remember to park on the even side of the street tonight.

For more info on this, visit the city’s site by clicking here.

You Know the Ecomony is Bad when….

I had lunch with a guy in Waukesha this past Thursday and he relayed a story that not only had me laughing so hard I almost fell out of my chair, but it also brought home a sad commentary on the state of things for many people.

The story went like this:

My friend, Sam (changed to protect the innocent) has a young family, runs a very fast paced business so occasionally needs to “escape” somewhere for peace and quiet.  He’s discovered one of his most enjoyable “escapes” is the public library.  On this night, that’s what he chose to do.  During his time there, “duty called” and as he told the story he grabbed some reading material because it would take a while. 

He “finished the job” and just as he was about to finish the “paperwork” he realized none existed.  That’s right, the stall he was in had no toilet paper.  Being the industrious guy that he is he thought about what he should do.  He’d used this facility before and remembered that there wasn’t even a paper towel dispenser in this bath, just a fan dryer.  The reading material he brought with him wasn’t an option either.  So guess what, he decided to “phone a friend”.  He called one of his buddies, asked him not to laugh if he told him of his dilemma.  He promised he wouldn’t but couldn’t help it when he described his predicament.  Anyway, he asked his buddy to look up the phone number for the front desk at the library.  He gave him the number and he proceeded to call the library front desk to request someone bring a roll of TP to him in the bath.

He made the call, shortly thereafter, Ron the buidling engineer arrived with the needed paper and handed it to him under the stall.  Ron then asked that Sam return the roll to the front desk when he finished with it.  Sam then asked why he couldn’t just leave it there for the next poor soul and was told this sad story.

Over the past few weeks there’s been a rash of burglaries at the public library involving massive amounts of toilet paper being stolen.  In fact, they have now even put locks on the dispenser and still the thieves come in and pull all of the paper off of the rolls and walk out with it.   Ron shared with Sam that over 40 rolls had been stolen that week alone.

Man, times must really be tough when TP is now on the most stolen list.

First Time Buyer Credit Explained

Congress has passed the American Recovery and Investment Act and it’s now on it’s way to President Obama’s desk to be signed in to law.

Of particular interest is the first time home buyer tax credit. The credit has been raised from $7500 to $8000. I’ve attached a chart that explains the ins and outs of this credit.

Click here to view that chart.

Madison Winter Fest to Hit The Square this Weekend

In spite of the 40+ degree temps, cooler weather is promised for the annual transformation of the capitol square in to a winter wonderland of ski trails and all things wintery and outdoors. 

It’s the annual Madison Winterfest.  The square will be transformed into a large cross country ski loop.  There’ll be huge mounds of snow at the State Street entrance, etc….

To find out more, visit the website by clicking here.

Senate approves $15,000 tax credit for first time home buyers

February 6th, 2009

4:20 PM EST

Senate approves $15,000 tax credit for homebuyers Senate approves tax break of up to $15,000 to homebuyers in hopes of aiding housing industry DAVID ESPO AP News Feb 04, 2009 20:54 EST The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, a victory for Republicans eager to leave their mark on a mammoth economic stimulus bill at the heart of President Barack Obama’s recovery plan.

The tax break was approved without dissent and came on a day in which Obama pushed back pointedly against Republican critics of the legislation even as he reached across party lines to consider a reduction in the spending it contains.

“Let’s not make the perfect the enemy of the essential,” Obama said as Senate Republicans stepped up their criticism of the bill’s spending and pressed for additional tax cuts and relief for homeowners. He warned that failure to act quickly “will turn crisis into a catastrophe and guarantee a longer recession.”

Democratic leaders have pledged to have legislation ready for Obama’s signature by the end of next week. While they concede privately they will have to accept some spending reductions along the way, conservative Republicans failed in their initial attempts to force deep cuts in the bill. Sen. Johnny Isakson, R-Ga., who advanced the homebuyers tax break, said it was intended to help revive the housing industry, which has virtually collapsed in the wake of a credit crisis that began last fall.

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.

Source: AP News

January Real Estate Update