37 Hallocks Run in Somers Chase

November 24, 2009

2935552Lovely colonial in exquisite Somers Chase. 4 bed, 3.5 bath, 4000 sq. feet. Oversized private yard, 2 story entry w/ Cinderella stairs, hardwood flooring, custom moldings, whole house network & audio/visual. Gourmet eat-in-kitchen w/granite counters & center island, breakfast nook & Florida Rm. 2 story Fam Rm w/fireplace. Master suite w/sitting Rm, wet bar & mini fridge/microwave, walk-in-closets, office, master bath w/Jacuzzi & separate shower. Huge basement w/rough plumbing for kitchen & bath.

To view more photos and details check out: 37 Hallocks Run Somers, NY 10589 and also check out the visual tour here: 37 Hallocks Run in Somers Chase

 What is Somers Chase? – Built in the late 1990’s and early 2000’s by Toll Brothers, Somers Chase is one of the most sought after developments around. These exquisite homes have access to a community clubhouse, pool, tennis, playground and walking Trails. Conveniently located to shopping, I684, Rte 202 and sought after Somers Schools.

Homebuyer Tax Credit Extension

November 6, 2009

 The following is an extension of the first time home buyers $8000 tax credit
 
 
By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer – Thu Nov 5, 2:57 pm ET

 
WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.
 
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes.
The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.
 
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
“This is probably the last extension,” said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.
 
The homebuyers tax credit  is one of two tax breaks totaling more than $21 billion that was included in a bill extending unemployment benefits for those without a job for more than a year. The other would let
companies now losing money recoup taxes they paid on profits earned in the previous five years.
“We are still in a world of economic hurt, and Congress must continue to act boldly and creatively,” said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. “With the right mix of tax breaks and investments we will get through this recession and get folks working again.”
The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.
 
Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.
“For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home,” Bond said. “And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place.”
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.
Expanding the tax credit for money-losing companies is projected to cost $10.4 billion.
The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years.
The tax break would help industries suffering losses in 2008 or 2009, including retailers, homebuilders and newspapers. Congress included a scaled-back version of the tax break — for companies with revenues of $15 million or less — in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash.
 
The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies.
“It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns,” said Caroline
Harris, senior tax counsel for the U.S. Chamber of Commerce.
The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018.
 
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The bill is H.R. 3548.
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On the Net:
Congress: http://thomas.loc.gov 

1001 Williamsburg Drive Mahopac

November 1, 2009

Williamsburg Ridge Mahopac NY 

Lovely light and bright end unit 3 level townhouse for sale in Williamsburg Ridge in Mahopac with finished walkout basement. Features 2 bed + den/office, 2.5 bath 2,000 sq. feet, central A/C, recessed lighting, brand new master bath, new paint and carpet throughout. Lovely finished walkout basement with office/den and sliding glass doors to private back yard. Lots of closets, storage, large pull down attic. Only 4 miles from Taconic Parkway, minutes to school, town, shopping and Westchester. Taxes approx. $3,300 after STAR deduction. Only $319,000!!

For more details and photos check out: 1001 Williamsburg Drive Mahopac, NY 10541

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