NAPTOWNREALESTATE.COM

What's Next for Interest Rates?

2010-01-19T16:52:00Z

What's Next for Interest Rates?

Jan 18th 2010 @ 8:05AM

Filed Under: News

Freddie Mac has placed its bet on where interest rates are going, and it's higher.

The average 30-year, fixed-rate mortgage rate will be 6 percent by the fourth quarter of this year, according to Freddie's recently released "January 2010 Economic and Housing Market Outlook."

The average rate was 4.96 percent for the week ending January 14, according to the latest Freddie Mac mortgage survey. But it may be one of the last weeks for rates under 5 percent. Freddie predicts steady increases over the next year as rates rise from their record low of 4.71 percent this December.

By the end of the first quarter, the Treasury and the Federal Reserve will finish buying up mortgage-backed securities and Fannie Mae and Freddie Mac debt, a trillion-dollar effort that has helped keep mortgage rates low despite the financial crisis. Federal officials plan to hold onto the bonds and loans they have already purchased. Still, the end of new purchases could leave a hole trillions of dollars deep in the bond market. With fewer buyers, the price of the bonds could drop, pushing interest rates up for borrowers.

To lessen the pain, the government plans to taper off its purchases of the bonds, as they did with their purchases of Treasury securities, which ended with no adverse market response according to Fed officials. Also, the government has pledged to cover Fannie Mae and Freddie Mac's losses -- this makes their mortgage-backed securities almost as safe as Treasury bonds, and should help new investors get comfortable buying them in bulk. These measures are some of the reason Freddie Mac economists don't rates to get much higher the 6 percent.

Pimlico and Laurel Park auction delayed

2010-01-18T20:53:00Z

Pimlico and Laurel Park auction delayed

Posted: 12:55 pm Mon, January 18, 2010
By Liz Farmer
Daily Record Business Writer

The auction of Maryland’s thoroughbred race tracks has been delayed a second time.

The fate of Pimlico Race Course and Laurel Park will now be decided on Feb. 10, according to a motion to delay the auction filed by Magna Entertainment Corp., the company that owns the tracks.

Magna’s attorneys did not give a reason for the delay in the filing and did not immediately return a call for comment.

Two weeks ago, the auction was pushed back to Thursday, also at the request of Magna. An attorney for the Ontario-based company said at the time Magna wanted more time to reach a preliminary agreement with one of the six qualified bidders for its Maryland properties.

Magna was then to share that preliminary agreement with Maryland, to give the state the option of exercising its right of first refusal, and the other five bidders.

Magna filed for bankruptcy on March 5 of last year.

Gambrills shopping center close to breaking ground

2010-01-18T18:55:00Z

Gambrills shopping center close to breaking ground

But financing $300M project may be obstacle

By RYAN JUSTIN FOX, Staff Writer

Published 01/18/10 Annapolis Capital

Developers of a $300 million shopping center in Gambrills said they could be just months away from finally breaking ground on the massive project that has been years in the making.

An artist’s rendering of the proposed Village South at Waugh Chapel in Gambrills. The mixed-use center will feature upscale grocery store Wegman’s and a Target.

But the developers may have run into an obstacle with nearby residents because they are asking the county to approve a $16 million tax-increment financing plan to be able to pay for the necessary infrastructure improvements. Those plans include capping off, literally and figuratively, a troublesome fly-ash landfill in that area.

The 1-million-square-foot mixed-used Village South at Waugh Chapel is designed to include the upscale grocery market Wegman's and a Target, among numerous other retailers, restaurants, office space and residential units.

A movie theater that had originally been slated for the project appears to have fallen through because it was not able to obtain its own financing, officials said.

There also has been discussion of building a new youth recreation center inside Village South.

Some Crofton-area residents are trying to mount a campaign to oppose the financing plan, commonly known as a TIF. A TIF is an agreement between the county and the developers for the county to sell a bond on the private market and allow the developer to pay off the bond with a portion of the tax dollars generated from the improvements made to the site.

The rest of the tax money goes to the county. The county does not provide any money to the company and is not held liable for the bonds. A resolution initiating the process to create the TIF agreement will have a public hearing in front of the County Council tomorrow night.Officials with Owings Mills-based Greenberg Gibbons Commercial, the developers of Village South as well as the Annapolis Towne Centre at Parole and the Kent Towne Market, said they have all the necessary permits to build Village South and are ready to start construction in March.

If all goes according to plan, work can be completed in 2012, chief executive officer Brian Gibbons said Friday. The project also would generate at least $13 million in one-time fees to the county for inspection and permit costs outside the TIF deal, Gibbons said.

The main financing remains the only question mark. As the local and national economies continue to struggle, finding venture capital companies to invest in the project has been difficult, Gibbons said.

"I have the permits," Gibbons said. "Now all I need is money. It used to never be a roadblock, but it is now."

He said this is the first time his company has requested a TIF, and that includes the Annapolis Towne Centre project. He also said his investment partner of the past eights years isn't doing any commercial projects now because of the economy.

"Commercial real estate is viewed right now as extremely risky," Gibbons said. "When we first started, the financing climate was a lot different."

The developers are hoping the county approves the 30-year TIF agreement to help pay for water, sewer and road improvements around the shopping center, improvements that the county will own.

TIF agreements

Under a TIF agreement, the county would pay for the infrastructure construction. Taxes generated from the center would be used to pay back the investors who purchase the bond. If the project fails, those investors are out money.

As the project pays back the investors, it also starts paying taxes to the county, revenue that it otherwise would not be receiving.

When built-out, Village South is expected to generate nearly $115 million in tax revenue for the county on the life of the bonds, officials said. Gibbons said the project would create more than 2,900 temporary construction jobs for local companies and more than 2,600 permanent jobs.

Similar TIF agreements were set up for the National Business Park in Annapolis Junction and Arundel Mills mall in Hanover. Those projects are generating significant revenue for the county, according to county budget director John Hammond.

However, Crofton-area residents weren't swayed by the agreement's potential economic benefits.

"We're in a tax-strapped county," said Madonna Brennan, a member of both Crofton First and the Greater Crofton Council. "School repairs are on hold, people are being furloughed. Nobody has money right now."

Brennan said area residents are excited about having a Wegman's, but taxpayers shouldn't pay for something that developers should pay for.

'A mixed bag'

Earlier this month, Hammond and west county Councilman Jamie Benoit outlined the TIF plan for area residents.

Benoit, who sponsored the TIF resolution, said some of the opposition to the plan might be pre-emptive and based on misinformation.

But he said the developers may have a tough time getting enough support to pass the TIF agreement.

"It's a mixed bag," said Benoit, D-Crownsville.

The board of directors for Crofton First released a statement Thursday opposing the use of the tax-increment financing.

"There are currently numerous commercial developments on Route 3 that are not at 100 percent capacity," they said in the statement. "Having taxpayers front the bill for the Waugh Chapel South does not seem like a viable answer to a developer's problem."

Members of the Greater Crofton Council also voted against supporting the TIF agreement for Village South, which is slated to be built along Route 3 across from the 10-year-old Village at Waugh Chapel shopping center.

There are currently no appeals filed against a proposal for a TIF agreement associated with an expansion of the National Business Park, which also is expected to be introduced at tomorrow's council meeting.

Market Analysis for December '09

2010-01-13T19:45:00Z

Let's take a look at the numbers for Anne Arundel County for December '09:

Pending sales are still up an incredible +35.2% over last years December numbers (probably a continuation of first time home buyer credit)

Median Sales Price for Anne Arundel County continues to hold around the to $291,000 mark.

AAC average days on market continues to drop down to 101

Inventory continus to fall Single Family Detached 2,278 Townhouse-Condo 880

For greater detail, print out or take a look at the follow reports:

Market_Report_Dec09

Zip_Code_Report_DEC

MLS Market Activity for the Week!

New Loan Limits for 2010

2010-01-11T21:02:00Z

The following link provides the new loan limits for 2010!

Loan Limits

5 Reasons Why You Should Buy a Home in 2010

2010-01-11T18:14:00Z

Back to Blog Entry | More from this Blogger

5 Reasons Why You Should Buy a Home in 2010

by Quizzle.com, on Tue Jan 5, 2010 11:31am PST

By: Jenny Zhang, Quizzle.com

For many of us, a new year represents a clean slate, a time to start anew and do things better than the year before. Whether you're into setting concrete resolutions or you prefer to think more generally about your goals, there's one item that you should have on your list: Buying a home in 2010.

Even if you're already a homeowner, here are five reasons why this year is the the right time to think about purchasing a new home:

1. First-time home buyer tax credit

The home buyer tax credit has been extended to April 30, 2010, and it's no longer just for first-time buyers. First-time home buyers qualify for up to $8,000 and existing homeowners qualify for up to $6,500 on a new home if they’ve lived in their current home for five years or more. Remember: April is just a few months away, so if you're going to take advantage of the tax credit, start looking for your new home now!

2. High inventory of homes

There is no better time than now to buy a home because in all likelihood, there will never again be such a large selection of available homes in every part of the country. You can literally pick the neighborhood and city where you'd like to own a home in and in many cases, the actual street on which you want to live.

3. Low cost of homes

Homes are on sale! Not only are many homes readily available, they’re also about half price in most areas. Many homes that were valued at $160,000 just two years ago are now down to $75,000. Buy your dream home now before property values rise.

4. Low mortgage rates

Interest rates have not been this low for more than decade; buying a home now could potentially save you thousands of dollars just on the rate alone than if you wait for rates to rise. Already in your dream home? Consider refinancing into a lower interest rate to take advantage of this opportunity.

5. Capital gains, building equity and tax deductions

Buying a home now is truly an investment – more so than ever before. Why? Because homes are cheap and every investor knows that it's smart to “Buy low, sell high." If you buy a home now and just pay the minimum payment on your mortgage each month, you’re still building equity that renting doesn't allow.

If you own your home, it's also appreciating without your help. In 10 years, it’s naturally going to be worth more than it is now, making you a winner; you can sell it and reap the gains. Finally, there are many tax deductions for home improvements and home ownership generally that are pretty helpful, especially compared to renting a home where you get little, if any, tax benefit.

Looking for more? Check out Quizzle.com for helpful tips and tidbits about your home, money and credit, plus free tools to help you make the most of them - including a free credit report and free credit score.

Jenny Zhang is an experienced personal finance writer with a knack for taking complex money issues and making them clear and simple. By day, she's a home loan expert at Quicken Loans, America's #1 online lender, where she specializes in writing about home buying, refinancing and money saving tips.

Bay Ridge Community information

2010-01-07T21:47:00Z

BAY RIDGE (www.bayridge.org) Homes priced between $700,000 - $3,200,000

A waterfront & water privileged community in Annapolis, located at the end of
Forest Drive, which turns into Farragut Road as you enter the community.

Community consists of 400 plus homes

Community has well water & public sewer (most if not all FF were paid off in 2008)

Belonging to HOA is not mandatory unless you want to use community amenities

HOA Includes Master Insurance policy, pier/dock maintenance,
reserve funds and road maintenance

Community Pool is located at 2 Herndon Ave, Community Beach on Bay Drive

East Lake and West Lake Waterfront Homes have Riparian Rights

Marina, boat ramp, club house, playground and basket ball court located
at 80 East Lake Drive. Marine has 118 slips, 8 moorings, dinghy racks.

HOA dues at this time are $100.00 annually (2009)

There are two types of pool memberships, regular and annual
Regular members: one time initiation fee of $1380 plus $395 a year, transferable

Annual members: $735 per year (Pool membership is available for the Community of Annapolis Cove

Special tax district for county police officer and storm water management,
approximately $1000 per household per year included in taxes.

No parking on street

Click here to find:
Available homes for sale in Bay Ridge

Kohl's opening new store in Parole

2010-01-07T18:36:00Z

Kohl's opening new store in Parole

Move to bring 150 jobs a promising economic sign

By EARL KELLY, Staff Writer

Published 01/06/10

As the recession continues to take its toll, county business leaders said they are delighted Kohl's department stores is looking to hire about 150 workers for its new store in Parole.

Paul W. Gillespie — The Capital Work continues on the new Kohl's on Route 2 in Annapolis.

Kohl's said the jobs are part-time, but may pave the way for something more.

"We are thrilled to come to the community," Kohl's spokeswoman Elizabeth DeLuca said. "Kohl's has been recognized as one of the best places to launch a career."

The store is slated to open in March in the former Value City store off Route 2 south, next to the Shopper's supermarket, which was renovated last year.

When asked why Kohl's is opening new stores while the economy is weak, DeLuca said: "Our real estate assessment process explores each opportunity store by store. We will expand in markets where and when it makes sense, after proper research and evaluation."

Tom Saquella, president of the Maryland Retailers Association, called the opening "a good sign" during these trying times.

"It is a good way to start the year off," Saquella said. "It is a good endorsement that the economy here is pretty stable."

Bob Burdon, president and CEO of the Annapolis Chamber of Commerce, also said he sees the new jobs as a positive sign.

Kohl's hiring

Kohl’s is looking to hire 150 employees to work at its new Parole store.

There will be a job fair Sunday through Jan.14 at Doubletree Hotel on Holiday Court. Times for the job fair are:

10:45 a.m. to 6:15 p.m. Sunday
10:45 a.m. to 6:15 p.m. Monday
12:15 to 7:30 p.m. Tuesday
8:45 a.m. to 4 p.m. Jan. 13
12:15 to 7:30 p.m. Jan. 14

For more information and to schedule interviews for these jobs (or for the 130 job openings Kohl’s has at its new store in Middle River), call 877-639-5645 or visit www.kohlscareers.com.

"Whether the jobs are full-time or part-time, the fact of the matter is they are creating jobs and, hopefully, the part-time opportunities will expand into full-time," Burdon said.

He said he was pleased a major retailer is forging ahead with plans to expand, even though the economy has been in dire straits for more than a year.

"It's very good to see that kind of investment and that kind of follow-through in the first quarter of the year," Burdon said.

Kohl's officials declined to say how much the company was investing in the new location.

To fill the new positions, Kohl's will hold a five-day job fair beginning on Sunday at the Doubletree Hotel off Riva Road. The jobs will be primarily at the new store, but officials did not say when new employees would begin work.

The Value City Department Stores chain, which operated one store at the intersection of Old Solomon's Island Road and Forest Drive, filed for bankruptcy about 15 months ago, and commenced closing its stores.

Kohl's moved quickly to take over the Parole location, which is across the road from the upscale Annapolis Towne Centre. Kohl's set about putting a new facade on the building and re-doing the parking lot.

The company also has stores in Severna Park, Severn and Bowie.

Besides adding jobs at Parole, Kohl's is looking to hire another 130 part-time workers at a new store it is opening in Middle River, just east of Baltimore, DeLuca said.

The first step for anyone who wants to work for Kohl's is to set up an appointment for an interview at the job fair, DeLuca said.

"We have a great need (to fill) all kinds of jobs" at the Parole location, DeLuca said.

She said the store needs associates for customer service, department service, cash register operation, early morning stocking, unloading trucks and housekeeping. There also are openings for evening employees, to work in pricing and sign installation.

DeLuca said she did not know what the specific pay range is for the jobs, but added that new hires will receive the full Kohl's benefit package, including competitive wages, health insurance, a 401(k) plan, employee stock ownership and merchandise discounts.

Kohl's calls itself a "family-focused, value-oriented company," DeLuca said. The company encourages its employees to volunteer in civic activities, and since 2000, the corporation has donated more than $126 million nationwide for children's health and education programs.

Kohl's also has a good reputation for its environmental efforts, and was the No. 1 retailer in Newsweek's 2009 Green Rankings. The company's environmental initiatives include energy management, recycling and green building programs, DeLuca said.

Headquartered in Menomonee Falls, Wis., Kohl's operates 1,059 stores in 49 states and caters to budget-conscious shoppers. Fifteen months ago, Kohl's announced plans to remodel about 60 of its stores and to open about 50 new stores nationwide.

Become a fan of Ferrante Fisk Team - Coldwell Banker facebook page!

2009-12-18T19:35:00Z

Click on the link below:

Ferrante Fisk Team - Coldwell Banker Facebook page

Market Watch for Anne Arundel County

2009-12-18T17:40:00Z

Click on link to view report:

Market Watch for November 2009

Market Update for Anne Arundel County November 2009

2009-12-16T19:59:00Z

Let's take a look at the numbers for Anne Arundel County for Novenber '09:

Pending sales are still up an incredible +41.5% over last years November numbers (probably a continuation of first time home buyer credit)

Median Sales Price for Anne Arundel County continues to slide down to $285,000

AAC average days on market continues to drop down to 119

Inventory continus to fall Single Family Detached 2,423 Townhouse-Condo 941

For greater detail, print out or take a look at the follow reports:

Market_Report_NOV

Zip_Code_Report_NOV

AnneArundel

bizjournals mobile: Baltimore Business Journal: Anne Arundel Community College looks to double graduates in next decade

2009-12-01T20:44:44Z

Tuesday, December 1, 2009, 2:53pm EST

Anne Arundel Community College looks to double graduates in next decade

Baltimore Business Journal - by Julekha Dash Staff

Anne Arundel Community College said it plans to double the number of graduates by 2020.

The college has already seen its enrollment increase this fall as more people seek to get retrained after losing their jobs. The college has 9,000 students enrolled, 1,000 more than it had in 2008.

The push has been dubbed Student Success 2020 by Arundel officials. The college will seek federal funds and raise money from individuals, corporations and foundations to support its endeavor.

The college will measure its success in three-year intervals starting in 2011.

School officials said the move was inspired by President Barack Obama’s national goal of having the world’s highest proportion of college graduates.

- Highest pending home sales since March 2006

2009-12-01T16:11:05Z

- Highest pending home sales since March 2006

October pending homes sales rose for the ninth straight month and hit
their highest levels since March 2006, just about when the housing
bubble was at its peak.According to data released moments ago by the
National Association of Realtors, October pending home sales were up
3.7 percent in October, compared to September, and up 32 percent
versus October 2008--the biggest annual increase in history. Remember,
though, October 2008 was a historic trough, so a year later, there was
nowhere to go but up.Pending home sales -- this number of contracts
signed, not actual closings -- rose in all sections of the country
except the West. They were up 20 percent in the Northeast, 11.6
percent in the Midwest and 5.4 percent in the South, but down 11.2
percent in the West, which is not surprising, because that's where the
most overbuilt states -- California, Arizona, Nevada -- are.Part of
the surge is probably attributable to buyers rushing to take advantage
of the government-subsidized first-time home buyer's credit, which was
set to expire at the end of November but now has been extended through
April. Also, the bulk of sales still are coming from cheaper houses,
with little movement in houses costing more than $250,000.In other key
data out moments ago, the Institute for Supply Management said its
November index of U.S. manufacturing came in at 53.6, down from the
October number of 55.7, indicating a slowdown of manufacturing.Also,
construction spending in October was largely unchanged compared to
September. The weakness came from the commercial side, balancing out a
4.4 percent gain in residential construction.In response, stocks have
pulled back just a bit from their roaring opening, but remain strongly
up on the day.-- Frank Ahrens

--
Sent from my mobile device

Greg Fisk
Lynne Ferrante

Ferrante & Fisk Team
Coldwell Banker Real Estate
170 Jennifer Rd.,Suite 102
Annapolis, MD 21401
Direct: (410)919-2542
Toll Free: (800)456-1996 ext.2542
Lynne's Cell: (301)742-1542
Greg's Cell: (410)507-7262
Office: (410) 224-2200
Fax: (410) 224-2258
ferrantefisk@gmail.com
www.marylandhome411.com

Visit our Blog @ www.NaptownRealEstate.com

Severn Savings to modify policies on problem loans

2009-11-25T20:21:39Z

A federal regulatory agency is requiring Annapolis-based Severn Savings Bank to revise its policies in the face of a mounting number of problem loans.

The Office of Thrift Supervision entered into agreements with Severn Savings Bank so it can monitor "the progress we are making" in reducing bad loans, said Alan Hyatt, president and chief executive officer of the bank.

Hyatt said he argued against the agreement because the bank is well capitalized and working on its own to reduce the number of bad loans on its books.

As of Sept. 30, the bank's regulatory capital ratios "continued to exceed the levels" required to be considered well capitalized under applicable federal banking regulations, according to a bank news release.

"We didn't really have a choice in the matter," Hyatt said. "We don't like having yet another layer of reporting imposed on us. This is certainly not unusual during these unprecedented times."

The Office of Thrift Supervision conducts periodic examinations of banks such as Severn Savings. Hyatt said the bank's "level of bad loans or nonperforming assets reached a level that concerns them."

Hyatt said about $80 million of its nearly

$1 billion in assets are comprised of nonperforming assets.

Under the agreement, Severn Savings Bank is required to revise its loan modification policy and allowance for loan and lease losses programs, as well as its procedures for the use of interest reserves. It also must implement a program for managing risks associated with concentrations of credit.

The agreement will remain in force until the agency modifies, suspends or terminates it.

With roughly 1,000 shareholders, Severn Savings Bank has branches in Annapolis, Glen Burnie and Edgewater.

Hyatt said he doesn't expect the agreement to affect normal business operations and that customers can continue to make loans and deposits at the bank.

The agreement comes at a tumultuous time for local banks that are struggling during the recession.

Severn Savings Bank, which has been heavily invested in the real estate business, has seen many of its borrowers struggle to make mortgage payments as jobs remain scarce, Hyatt said.

Severn Savings now is seeking to become a player in the business-banking market.

While he doesn't expect a "rapid recovery," Hyatt said the bank is seeing more activity and has "contracts on a significant part of our real estate that we have taken back."

"I'm cautiously optimistic," he said.

Fwd: Housing prices stabilizing in our area

2009-11-11T15:13:29Z

*From the Washington Post today Wednesday, November 11, 2009 ***

*REAL ESTATE*

*Regional home prices drop 2.5 percent*

The median home price for homes sold in the Washington area, a vast census
territory that stretches from the Chesapeake Bay to West Virginia, fell 2.5
percent during the July to September quarter compared with a year ago, the
National Association of Realtors reported Tuesday. Nationally, the price
decline was 11.2 percent. Also, the Realtors reported that 30 percent of all
sales nationally were of distressed properties, including foreclosures and
short-sales.

The Washington area's median price was $324,700 in the third quarter. That
was up 1.7 percent over the April to June quarter, which tends to be one of
the strongest sales periods of the year. The statistics are not seasonally
adjusted to smooth out the differences between strong sales periods and
traditionally weaker ones.

The price decline was greater for Washington area condos. At a median of
$244,300, prices were down 7.1 percent in the third quarter compared with a
year ago and 0.2 percent compared with the second quarter of this year.

-- Elizabeth Razzi

*Kevin A. Stroud *

*eSettle, LLC*

2411 Crofton Lane, Suite 23

Crofton, Maryland 21114

Offices in Edgewater, Crofton and Rockville, Maryland

Serving MD, VA, DC, PA, NJ and the U.S.A.

410-956-7202

410-510-1753 eFax

kevin@eSettle.biz

--
Greg Fisk
Lynne Ferrante

Ferrante & Fisk Team
Coldwell Banker Real Estate
170 Jennifer Rd.,Suite 102
Annapolis, MD 21401
Direct: (410)919-2542
Toll Free: (800)456-1996 ext.2542
Lynne's Cell: (301)742-1542
Greg's Cell: (410)507-7262
Office: (410) 224-2200
Fax: (410) 224-2258
ferrantefisk@gmail.com
www.marylandhome411.com

Visit our Blog @ www.NaptownRealEstate.com

Local Market Updates for October '09

2009-11-10T19:41:00Z

Let's take a look at the numbers for Anne Arundel County for October '09:

This comes from MRIS's Weekly activity Market Report:

"Halloween didn't slow the MRIS region's housing market down in the

slightest. For the week ending October 31, there were 2,608 signed

purchase agreements a monstrous (get it?) 52.2 percent higher than

during the same week in 2008. Over the last three months there have

been 9,124 more pending sales than during the period last year.

New listings over the last three months are behind last year's pace by

5.6 percent, but the expansion of the tax credit to provide $6,500 to

move-up or move-down buyers may create more new seller activity in

the coming months."

New Listing are down over the last 3 months (3 month change over last year -5.6%)

Pending Sales have held steady if not slighly up over the last 3 months "mris region" (up +36.9% over same period last year)

Pending sales are up an incredible +85.8% over last years October numbers (probably a reflection of first time home buyer credit)

Median Sales Price for Anne Arundel County continues to slide down to $287,750

AAC average days on market 122

Inventory continus to fall Single Family Detached 2,585 Townhouse-Condo 973

For greater detail, print out or take a look at the follow reports:
Market Acivity October09 - For MRIS region
Local Market Update Oct09
Zip Code Stats Oct09

Market Activity report Anne Arundel County October '09

2009-11-09T18:48:00Z

Click on the link for the Anne Arundel Market Activity report for October 2009.

Anne Arundel Market Activity October

Obama Signs Extended Tax Credit into Law

2009-11-06T20:37:38Z

Daily Real Estate News | November 6, 2009 |

Obama Signs Extended Tax Credit into Law
Expected to contribute approximately $22 billion to the economy, Congress
overwhelmingly passed a bipartisan measure this week extending the $8,000
home buyer tax credit to April 30, 2010.

The legislation, which is part of a larger bill that also extends
unemployment benefits, was signed into law by President Obama today.

More people are now eligible to take advantage of the law, which includes a
$6,500 tax credit for buyers who are current home owners and have lived in
their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for
single buyers and $225,000 for couples, up from $75,000 for individuals and
$150,000 for couples. Qualifying home prices are capped at $800,000.

NAR's Government Affairs Division has compiled facts on the changes made to
the current tax credit. NAR members sent more than 500,000 letters to
leaders in Congress and made nearly 13,000 telephone calls to Senate offices
last weekend to encourage support. So far this year, REALTORSÂ® have spent
nearly $14 million lobbying Congress, according to federal campaign finance
records compiled by the Center for Responsive Politics.

Sen. Johnny Isakson, a Georgia Republican and a former member of NAR, was
key in extending the credit, as well as pushing it through initially. Other
prominent boosters include the National Association of Homebuilders and the
Mortgage Bankers Association.

Listen to NAR President Charles McMillan's podcast announcement.

NAR economists estimate that approximately 2 million people will take
advantage of the tax credit this year.

Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009)

--
Greg Fisk
Lynne Ferrante

Ferrante & Fisk Team
Coldwell Banker Real Estate
170 Jennifer Rd.,Suite 102
Annapolis, MD 21401
Direct: (410)919-2542
Toll Free: (800)456-1996 ext.2542
Lynne's Cell: (301)742-1542
Greg's Cell: (410)507-7262
Office: (410) 224-2200
Fax: (410) 224-2258
ferrantefisk@gmail.com
www.marylandhome411.com

Visit our Blog @ www.NaptownRealEstate.com

Fwd: Google Alert - Annapolis, MD real estate

2009-11-04T18:33:07Z

Annapolis Elects New Mayor

---------- Forwarded message ----------
From: Google Alerts
Date: Wed, 04 Nov 2009 18:19:54 +0000
Subject: Google Alert - Annapolis, MD real estate
To: ferrantefisk@gmail.com

Google News Alert for: Annapolis, MD real estate

Josh Cohen
Cohen elected mayor of Annapolis
Baltimore Sun - Baltimore,MD,USA
Cohen, who works at the nonprofit Maryland Crime Victims Resource
Center, ... 22, an Annapolis resident who works for a real estate firm
in Severna Park, ...
Late Sam Young honored at annual chamber dinner
So Md News - Waldorf,MD,USA
"It was the business community that stepped up and went to Annapolis
and met in ... Commercial Real Estate and his involvement with
community organizations. ...
First Click border =
First Click -- Maryland
Washington Post (blog) - Washington,DC,USA
Annapolis: Joshua J. Cohen (D), an Anne Arundel County councilman,
narrowly defeated ... a real estate developer making his first bid for
elected office. ...
black candidate is elected to Greenbelt council
Washington Post - Washington,DC,USA
A Democrat won a narrow victory in Annapolis as voters decided a
three-way, ... a real estate developer making his first bid for
elected office. ...
Local Homepage
Voters in municipal elections pick mayors, council members
Washington Post - Washington,DC,USA
Annapolis voters were voting in a three-way, partisan race for mayor.
.... a real estate developer making his first bid for elected office.
....

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Greg Fisk
Lynne Ferrante

Ferrante & Fisk Team
Coldwell Banker Real Estate
170 Jennifer Rd.,Suite 102
Annapolis, MD 21401
Direct: (410)919-2542
Toll Free: (800)456-1996 ext.2542
Lynne's Cell: (301)742-1542
Greg's Cell: (410)507-7262
Office: (410) 224-2200
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ferrantefisk@gmail.com
www.marylandhome411.com

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Annapolis Makes "America's Prettiest Towns" List

2009-11-03T18:38:00Z

America's Prettiest Towns

Rob Baedeker 2009-10-13 03:07:00.0

LAUNCH SLIDESHOW

20 towns that are picture-perfect

As the sun casts its autumnal glow on thousands of picturesque U.S. cities and towns, it's the perfect time to recognize the proverbial winners of the country's civic-beauty contest. Some you may recall from last year, others are brand sparkling new.

See our slideshow of America's Prettiest Towns.

Like all such pageants, this is a subjective one—but we've received help from several experts with keen eyes for architecture, aesthetics, and small-town charm. This year's pretty-town pickers include Salt Lake City-based architectural photographer Alan Blakely; residential designer Erin Anderson; and painter John Vander Stelt.

EXPERT PANEL

Alan Blakely
Architectural photographer; founder and director of The Association of Independent Architectural Photographers and Real Estate Photographers of America.

John Vander Stelt Maurice
Iowa-based painter

Bob Krist
Photographer and host of PBS's " Restoration Stories "

Sarah Tuff Dunn
Travel writer and co-author of " 101 Best Outdoor Towns "

Greg Melville
Travel writer and co-author of " 101 Best Outdoor Towns "

Danno Glanz
Urban Designer with Calthorpe Associates

Greg Ward
Travel writer, co-author of " The Rough Guide to the USA "

We left the definition of “pretty” up to the judges themselves. Photographer Blakely said he was drawn to places that were "fairly pure, architecturally—without a lot of commissioned residential architecture, but rather, structures built by private builders or the occupants themselves."

See our slideshow of America's Prettiest Towns.

Among Blakely's picks is the southwest Montana enclave of Dillon. He says its conventional main street, independently owned businesses (and absence of big-box stores) contribute to its "nice flavor." He also appreciates Dillon's historical significance ("It's central to the Lewis and Clark story.") and its proximity to world-class fly-fishing.

Greg Melville, co-author of 101 Best Outdoor Towns, explains the criteria he used in making his choices: “Each of these places is among the most picturesque (in the country)—whether it's the natural surroundings, the architecture, or more likely a combination of the two.”

Melville's list includes the Chesapeake Bay-side town of Annapolis, Md., which he says "is somehow able to maintain ties to its historic colonial and maritime past without seeming hokey," adding, it is "perhaps the East's most romantic town."

See our slideshow of America's Prettiest Towns.

For residential designer Erin Anderson, architecture and city-planning factored in to her decisions, but some of her picks made the cut by their sheer beauty of their surroundings. Describing the small town of Union, Wash., located on the Puget Sound, Anderson says, "There is something breathtaking about the way the Hood Canal winds its way through hills filled with thousands of evergreens."

Painter John Vander Stelt brought an artistic frame to his selections, noting that, in one of his picks, Guttenberg, Iowa, "The local city park hugs the shoreline and is reminiscent of Seurat's painting 'A Sunday Afternoon on the Island of La Grande Jatte.'"

See our slideshow of America's Prettiest Towns.

In a couple of cases, historical richness added extra appeal to a town's prettiness. Two of our judges, Vander Stelt and Blakely, separately picked towns that are listed—in their entirety—on the National Historic Register. Vander Stelt chose the rugged South Dakota outpost of Deadwood, an erstwhile hideout for Gold Rush fortune-seekers and outlaws, and Blakely listed the central-Utah town of Spring City, originally a Mormon settlement and now a magnet for artists.

For a closer look at our experts' diverse list of comely communities, see our updated slideshow of America's Prettiest Towns.

See our slideshow of America's Prettiest Towns.

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