Glens Falls - #2 in Nation

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2009 First Time Home Buyer Tax Credit

The National Association of Home Builders (NAHB) has produced a great video explanation of the $8000- first time home buyer tax credit. Watch it at http://www.youtube.com/watch?v=qeDp_w3oiqg

Updated since the time that the NAHB made this video - Buyers may now now use the tax credit as a down payment.

Daily Real Estate News | May 29, 2009 |

HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.

Source: Robert Freedman, REALTOR® Magazine Online

Builder Confidence Index High

May 18, 2009 - Builder confidence in the market for newly built, single-family homes improved for a second consecutive month in May to the highest level since September of 2008, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI rose two points to 16 this month.   “Builders are responding to what they perceive to be some of the best home buying conditions of a lifetime,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “You’re not likely to get a better deal in terms of mortgage rates than what’s available right now. Combine that with the affordable prices, multitude of home choices and $8,000 tax credit for first-time buyers that are now available, and you have a very appealing set of reasons to make a move.”   “The fact that the May HMI continued to tick up from April's five-point increase provides confirming evidence that the improved confidence level was no fluke,” added NAHB Chief Economist David Crowe.  “This continued increase indicates that home builders feel we’re at or near the bottom of the market and that positive signs lie ahead for builders and potential home buyers, provided that builder access to production credit significantly improves.”   Crowe also noted that recent announcements by the Department of Housing and Urban Development that would enable home buyers to use the new $8,000 tax credit at the closing table are especially encouraging. “We appreciate Secretary Donovan’s efforts to make the tax credit more useful to buyers by addressing the biggest hurdle to first-time purchasers –  having enough cash for a suitable down payment,” he said.   Derived from a monthly survey that NAHB has been conducting for more than 20 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.   Two out of three of the HMI’s component indexes rose in May. The index gauging current sales conditions rose two points to 14, while the index gauging sales expectations for the next six months rose three points to 27. The index gauging traffic of prospective buyers remained unchanged, at 13. Regionally, the Northeast posted a three-point gain in its HMI score, to 18, while the South posted a one-point gain to 18, the West rose four points to 12, and the Midwest held even at 14.     EDITOR’S NOTE: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be accessed online at: www.nahb.org/hmi. More information on housing statistics is also available at: www.housingeconomics.com.

Buyers May Now Use the $8000- Tax Credit for Down Payment

U.S. Department of Housing and Urban Development Secretary Shaun Donovan says the Federal Housing Administration will permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.

Gore Season Pass Discounts

Save 10% on your Gore Season Pass. If you didn't have a Gore pass last season (2008-09), join my group and save 10%. You must pay by June 12 to be eligible. Contact Mark for information. Click here for the order form http://www.goremountain.com/tickets/seasonPass09_10.doc

 

First Time Home Buyer Assistance

This looks like a great program .The AFI program is a new initiative at DHCR starting in January, 2009. It is a statewide home ownership down-payment matched-savings program for income-eligible individuals and families who are first-time home buyers. The match rate is 1 to 4, with a grant value up to $7,500.00. The individuals and families have between 12-24 months to complete their matched-savings goal, and the consumers MUST attend home buyer education classes and be mortgage-ready upon completion of their savings plan.

The AFI program was originally designed for DHCR Section 8 voucher holders who wish to pursue home ownership, but AFI is now expanding to include non-Section 8 clients around the state. The AFI training video for Section 8 Managers and Participants is available now and a similar training video designed for non-Section 8 participants will be available soon. Thank you for your interest in AFI. More information at http://nysdhcr.gov/Programs/AssetsForIndependence/

How Your Home May Qualify For Bailout Cash

Energy-Efficient Upgrades Yield Valuable Tax Credits; Perks for the New Pellet Stove

I'm not among the one-in-nine homeowners who currently qualify for aid under the new federal housing-rescue plan. But Uncle Sam may still foot the bill for nearly $19,000 worth of upgrades at my house. And he could for you, too.

Potentially lucrative new and expanded tax incentives for energy-efficient and renewable-energy home improvements may offer some consolation to homeowners who feel they are falling between the cracks with the government's various economic stimulus efforts.

They include up to $1,500 in tax credits for adding qualifying windows, doors, insulation, roofs, heating and cooling equipment, water heaters and even wood and pellet stoves to your house in 2009 and 2010. Perks for installing pricier solar technology, small wind-energy systems or a geothermal-well system include a tax credit of 30% of qualifying expenditures with no upper limit through 2016.

The credits helped spur Joe Lombardi of Pleasant Valley, N.Y., to recently sign a contract for a solar-electric system with Hudson Valley Clean Energy in Rhinebeck, N.Y. He expects to get about $10,500 back via the renewable-energy credit on a system costing him roughly $35,000 after a state rebate. He also plans to invest in a heat pump to work in conjunction with the new solar system, which could net him another $1,500 via the energy-efficiency credit. "That's significant," says Mr. Lombardi, who has been considering investing in a solar system since the late 1970s. "I'm an environmentalist. ... It also adds value to the house."

Notably, these incentives are tax credits, which lower your tax bill dollar-for-dollar, versus a tax deduction, which trims money off taxable income. The Internal Revenue Service is expected to issue firm guidelines on details of the credits soon, and consumers should consult tax professionals for clarity on filing.

To be sure, consumers still have to put out cash to get the incentives, and the products that qualify are those generally deemed to be at the highest efficiency levels, which can cost more. Plus, the $1,500 energy efficiency credit currently lasts only last two years, which means consumers must find the fortitude to spend at a time when their instinct may be to save. "This is a pretty lucrative deal, and I don't think the government can continue to do it going forward because it's expensive," says Steven Nadel, executive director of the American Council for an Energy-Efficient Economy, a not-for-profit based in Washington, D.C.

The credits fall into two primary camps. One is energy efficiency, which covers certain improvements to an existing home's structural elements, such as windows and insulation, as well as for the purchase of qualifying high-efficiency heating, cooling and water-heating equipment. The second is for renewable energy, which includes solar, wind, geothermal (heat generated from the earth) and fuel-cell technologies (which convert the chemical energy of a fuel, such as hydrogen, into electricity).

In a nutshell, the energy-efficiency tax credit increases to 30% of qualifying costs from 10%, and the cap also rises to $1,500 from $500. (That's a $1,500 total credit for all applicable improvements combined in 2009 and 2010.) It also extends the credit to include stoves that use renewable biomass fuel -- wood, pellets, plants -- as well as to certain roofing materials; in certain cases, installation costs can be included. Appliances such as refrigerators, dishwashers and clothes washers aren't eligible. For new construction, consumers won't qualify for the $1,500 efficiency credit but are eligible to receive the renewable-energy credit and a separate energy-savings incentive.

With the 30% renewable-energy credit, the richest change is that for systems placed into service after 2008, there is no longer a cap on claims (except for fuel cells). Previously, it was $2,000 for solar systems. "It's a big deal -- it's a really big deal," says Jeff Irish, owner of Hudson Valley Clean Energy, which sells solar and geothermal systems. He says he doesn't expect to raise his prices because of the credit, particularly given the current state of the economy. "We just want to sell more systems."

Manufacturers are hurrying to figure out which products will earn credits under the government's rules, which means testing them for various standards of energy efficiency. The shakeout could have significant impact on future product lineups. "We have one wood stove that apparently doesn't qualify, and it's our third best-selling stove," says Dave Kuhfahl, president of HearthStone Quality Home Heating Products Inc. "We're wondering if it will ever sell again."

Still, manufacturers aren't waiting to educate dealers and consumers about this potential sales chit. Hearth & Home Technologies, a division of HNI Corp., mailed a letter late last month to dealers of its Harman-brand stoves with a list of models they could start promoting in conjunction with the credit. "We are trying to be proactive, so when the dead-on rule comes, they are up to speed," says Dane Harman, Harman's founder. One of his dealers, John Enea of Home & Hearth in Cortlandt Manor, N.Y., echoes the sentiment: "The government is helping us sell stoves."

Others are ramping up advertising campaigns that, in essence, will compete for consumers' tax-credit business. Insulation makers such as Icynene Inc. and BioBased Insulation have prominent Web pages outlining details of the federal tax breaks. Same with makers of several brands of high-efficiency tankless water heaters, including Bosch Group, Takagi USA and Rinnai Corp. For its part, Andersen Corp. and has been playing up the $1,500 perk online and is preparing an ad campaign to explain the tax credits.

"We are hoping [the credit] really does inspire people," says Maureen McDonough, Andersen's director of corporate communications. While windows are always a significant investment, she says, "it seems like something people might be more interested in now."

Of course, tax credits can only do so much to stanch the spending slowdown amid rising unemployment, which last month surged to the highest rate since 1983.

And in the case of solar electric and geothermal systems, costs can still be in the tens of thousands of dollars even after the tax credit. For instance, an estimate I received this year for a solar system to power my electricity clocked in at $49,003 after a state rebate. The new 30% federal tax credit would knock an additional $14,701 off the bill, while a $5,000 state tax credit would help some more.

But that would still leave me with some hefty out-of-pocket expenses. A less-expensive solar system to heat water would cost about $4,111, down from $9,135 after a 30% federal credit and 25% state credit. If I invested in both solar technologies, and tossed in, say, new qualifying insulation, I'd be looking at nearly $19,000 back from the federal government in tax credits over the next few years.

However, consumers who spent on some energy-efficient and renewable-energy improvements in 2008 may be out of luck. For instance, the $3,600 I forked over for a wood stove in July apparently won't earn me a dime under the new plans. "The little bit of backlash we are seeing is from people who bought in '08," says Mr. Enea of Home & Hearth.

Wacky from Start to Finish The Cardboard Derby

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Visitors of all sizes lined the snow banks along the course to watch as wacky cardboard creations make their way down the hill. Adding to onlookers delight, fully costumed riders squirmed their way out of the derbies that crashed and burned. Several of the derbies were big on art and small on sled engineering. The dragon was one such derby that created a spectacle that didn’t slide and needed a handful of guys to get down the course. Others derbies were not much more than a box but flew down the course. Some like a huge Elvis and equally large Easter basket slid down without a hitch. Begging the question, what are they going to do with that thing now?

The Cardboard Derby marks the wind down of another record-breaking season at Gore for skier visits. The opening of the Burnt Ridge area with a high-speed quad and four trails was the highlight for the 2008-09 ski season. The long awaited interconnection is only one chairlift away from becoming a reality.

Photos and info by Nancy Ness

Gore in the New York Times

The outside world is noticing Gore Mountain more and more often....

In New York, Awakening the Ski Industry’s Sleeping Giant

GORE Mountain in New York State is one of the biggest ski areas in the Northeast, but it is also one of the least known.

You won’t find Gore in magazine rankings of top Eastern resorts, even when that list goes 20 deep. It isn’t tinged with romantic New England imagery like the mountains of Vermont or respected for snowfall and terrain like the best in New Hampshire or Maine.

It isn’t seen as one of the weekend commuter stops, like Hunter, Windham or Belleayre in the Catskills, or Jiminy Peak in western Massachusetts. And it isn’t draped in Olympic glory like Whiteface near Lake Placid, N.Y.

Gore, operated by the state-owned Olympic Regional Development Authority, literally sits somewhere in between. It’s west of Lake George, and often overlooked by the thousands of cars heavy with skis and snowboards that zoom past on Interstate 87.

What the passengers in those vehicles on their way to somewhere else don’t see is Gore’s 2,300 feet of vertical drop, a number that might soon grow to 2,500 feet. That would give Gore the sixth-highest vertical drop in the East.

Gore has 90 trails, about twice as many as some of its nearest competitors. And it is about a four-hour drive from Manhattan, roughly 30 minutes less than the drive to the popular south-central Vermont resorts.

Gore has great terrain, especially glades, with 12 lifts that spread the crowds out. Situated in the state-owned Adirondack Park Preserve, Gore is peaceful and historic; it is celebrating its 45th anniversary this year.

So what has kept Gore from a place of more prominence? The answer is simple: lodging, or at least the perception that there isn’t any nearby. But that may be about to change, which means that Gore could be the sleeping giant of the Eastern ski industry.

From the time Gore opened in 1964, the dream has been to connect its large network of trails with the adjacent and smaller North Creek Ski Bowl. North Creek opened in 1934, and used to be a destination of packed ski trains steaming up from Manhattan.

But the ski bowl, about a quarter-mile from the village of North Creek, closed for a period and its trails began to fill with undergrowth. Gore reclaimed the ski bowl and reopened its handful of trails and a tubing park in 2003.

That was the first step in the long-anticipated Gore-North Creek interconnection. This summer, state officials plan to install a new lift at North Creek that will give skiers and riders there access to Gore’s 90 trails — with the ability to ski or ride back to North Creek, too.

Why is that important? Can you say the magic words of modern resort prosperity: “ski in/ski out lodging”? People have been asking about ski in/ski out lodging at Gore for decades, and the answer has always been that there isn’t any.

“The fact is there have always been a lot of lodges, hotels and B & Bs located near the mountain,” said Gore’s general manager, Mike Pratt. “But the interconnect bridges the gap between the mountain and village. It brings us back to our roots and all the North Creek heritage.”

North Creek is a tiny village but it has accommodations, restaurants, stores and a few other services. In addition, a group of local business executives, anticipating the interconnection with Gore, have moved to expand and renovate several properties.

A condominium and real estate development next to the North Creek trails is planned, which would be direct ski in/ski out lodging. Four other major North Creek projects are in the works that would bring more apartments, condos and detached houses.

A 31-room Main Street hotel that was closed for more than a year, the Copperfield Inn, reopened last month with glittering and upscale furnishings. Another Main Street motel, the Alpine Lodge, has been rebuilt and includes modern amenities like televisions with DVD players and Wi-Fi, and some rooms with gas fireplaces and/or Jacuzzis.

“We will know we’ve arrived when I see someone walking with skis over their shoulder, heading back to the hotel from the interconnect,” said Dick Carlson, the Copperfield Inn’s marketing director. “We will still shuttle people the short distance to Gore. But I think people like the idea of access and alternatives.”

Jill Broderick, who owns Broderick Real Estate in North Creek, said, "The prospects of having a ski area next to a village where you can shop and eat without taking your ski boots off is enticing to a wider market."

She said that second homes in the area ranged from $150,000 for a ski cabin to $1.5 million for a large home.

And recreation in the underpopulated Adirondacks includes more than downhill skiing. There are vast cross-country and backcountry skiing networks to explore, and in the spring and summer the region is a haven for hikers and those who like to fish or go white-water rafting.

 

Not everyone believes in North Creek’s promise as a bustling tourist or second-home attraction, though. A large outdoor sports retail outlet, Mountain and Boardertown, that had been something of a North Creek anchor recently closed.

Then again, there are values on the less-traveled paths. Rooms at the Copperfield Inn start at $169 a night in winter. At the Alpine Lodge, double rooms that can sleep four were offered for $129 earlier this winter.

Across the street from the closed sporting-goods store, a new restaurant, barVino, has opened. BarVino occupies a former grocery store, and its owner, Michael Bowers, became the third person on the building’s deed since it was built in 1920. The restaurant serves 32 wines by the glass (100 wines altogether), as well as 61 different beers.

The clientele at barVino during a visit earlier this winter was a mix of Gore Mountain employees and second-home owners.

“We’re one of 15 new businesses to open in the area,” said Mr. Bowers, a builder from Delaware who came to the region to build a house for a client and decided to stay. “The mountain is expanding, and a small, charming village is being tweaked just a bit. We might be crazy dreamers, but I think we’re living on an island of economic growth.”

Ted Blazer, president of the Olympic Regional Development Authority, said Gore has had a “phenomenally strong” season, with a significant increase in skier visits. Gore is closing in on 250,000 skier and snowboarder visits, or 150,000 more than visited a dozen years ago. That’s a lot of people. Then again, many New England resorts routinely have twice as many visitors.

“The new lift, though, will revive the old North Creek legacy and tie it to the lift, trail and lodge improvements that have revitalized Gore,” Mr. Blazer said. “Gore is getting ready to blossom.”

 

Credit Score Myths and ....how to improve your credit rating

There is some confusion about what types of credit inquiries hurt your score and which don't.  Applying for new credit is generally what hurts your score. Odering a copy of your own credit report or score does not.  Those mass inquiries made by credit card lenders who are trying to decide whether to send you an offer for a pre-approved credit card, also aren't going to hurt unless you actually take them up on their offers.

If you want to minimize the damage from credit inquiries, make sure that when you shop for a mortgage, you do so in a fairly short period of time.  The FICO score treats multiple inquiries in a 14 day period as just one inquiry and ignores all inquiries made within 30 days prior to the day the score is computed.

For most people, one inquiry will generally knock no more than 5 points off a score (scores typically run from 350 to 850)

Establish a good credit rating and hold on to it.  Here are some of the characteristics that will help you get a higher score. Establishing credit and monitoring your credit rating is one of the most important financial tasks you face.

1.  Pay your bills on time.  Even paying a few days late puts you in a different category, even if you have a grace period.

2.  Own two to four credit cards.  Less is bad, so is more.  Keep a checking and savings account, if you have neither you will lose points.

3.  Keep your debt to income ratio at 20% BEFORE you consider a house payment (this includes any debts that report on your credit report)

4.  Lenders also look at your spending  behavior.  How close are you to the limits on cards?  Try to keep balances at or below 30% of credit limit.  Do not have your credit limit reduced.  The further away your balance is from your limit, the better

5.  Credit scores are based on longevity.  The longer you have an account with good pay history the better.
6.  A mixture of accounts is good, say a revolving, an installment, a mortgage, a car
7.  If you have student loans, put them in deferrment rather than forebearance.
8.  If you have co-signed on a loan, you will have that payment calclulated in your approval unless you can provide solid documentation that the person you co-signed for is making the payments (generally cancelled checks)

9.  Establish "non-traditional credit".  Having a perfect 12 month payment history on utilities, cell phones and insurance can be beneficial on some loan approvals.

 Got Questions? Call me and I'll refer you to an excellent mortgage lender who can help you evaluate your credit worthiness and ability to borrow to buy your dream home or dream vacation home.

If You're Thinking of Retiring in... Sports Town

From the Wall Street Journal originally appeared on 2/24/2009

Lake Placid, N.Y., the site of two Olympics, offers a wealth of outdoor activities. (But bring a sweater.) * Article * Comments more in Personal Finance » * Email * Printer Friendly * Share: o Yahoo Buzz more o facebook o MySpace o LinkedIn o Digg o del.icio.us o NewsVine o StumbleUpon o Mixx * smaller Text Size larger * By KELLY GREENE Brendan Gnall moved to Lake Placid, a small town in New York's Adirondack Mountains that has hosted two Winter Olympics, mainly for the skiing. The retired Xerox Corp. executive and his family had vacationed in the area for years, enjoying the regular snowfalls and crisp winter air. He now has a large garage lined with equipment that he and his wife and their visitors use to play on nearby slopes and cross-country trails. (An apartment above sleeps children and grandchildren during family reunions.) The Journal Report * See the complete Encore report. But there also are bicycles and hiking boots next to the skis. After Mr. Gnall, now 63 years old, settled in Lake Placid in 2001, he discovered that summer "was an unbelievable plus," with temperatures rarely breaking the 80-degree mark. He enjoys Monday night mini-triathlons (a five-kilometer run, a quarter-mile to half-mile swim and a 12-mile bike ride). His wife gardens, then walks down a hill to a private beach they share with neighbors and swims across Mirror Lake and back. "If you like being active, there are a lot of people here to be active with," Mr. Gnall says. And plenty to do. Lake Placid features some of the finest winter sports venues in the country. The surrounding mountains and lakes are a magnet for hikers, cyclists and anglers. And retirees, in particular, find themselves in great demand as volunteers at area attractions and sporting events. There are drawbacks. Many of the town's 2,700 or so full-time residents try to steer clear of Main Street in summer, when traffic slows to a crawl as tourists shop for trinkets and Olympic memorabilia at local gift shops. Real estate is costly; lakefront homes can fetch millions of dollars. And winters, for all their beauty, are painfully cold. Still, transplants to the area say Lake Placid is the best of both worlds: an abundance of activities in the most tranquil of settings. "You do decompress," says Eugene P. Libre, a retired hematologist/oncologist who moved to Lake Placid in 2006. "It doesn't take long after you get here for the steam to come off." Staying Young The town first gained attention as a winter playground in the early 1900s, after Melvil Dewey, inventor of the Dewey Decimal Classification system, kept a local club open in the winter. By the 1920s, the area had a ski jump and speed-skating venue. The local facilities were enough to lure the Olympics in 1932 and again in 1980; the latter Games featured the U.S. hockey team's "Miracle on Ice" win over the Soviet Union and speed skater Eric Heiden's five individual gold medals. The Olympics legacy looms large: The Olympic Regional Development Authority operates venues and ski slopes used during the Olympics, many of which are open to the public, and hosts numerous cultural events and winter sports competitions. If you are 70 or older, you can ski all winter at Whiteface Mountain (elevation 4,867 feet) for $50; a season pass costs $399 if you're 65 to 69. You can also take a bobsled ride or skate on the Olympic oval. [The Journal Report: Encore] Lake Placid/Essex County Visitors Bureau Lake Placid at a Glance Population: 2,761 Population (Essex County): 38,119 Median age: 37 Percentage of residents age 65 or older: 17% Elevation: 1,800 feet Area: 1.5 square miles Average annual snowfall: 120 inches Average high and low January temperatures: 27 degrees/5 degrees Average high and low July temperatures: 78 degrees/53 degrees Median house price (2007): $308,000 Estimated property tax on a $500,000 home: $7,960* Median household income: $34,772 Closest major cities: Montreal, 110 miles; New York, 290 miles Miles of snowmobile trails in surrounding area: 400 Number of lakes: 2 Number of Winter Olympics: 2, in 1932 and 1980 Number of free trolleys: 3 (Tinkerbell, Gracie and Lollipop; Harold is retired but serves as a visitors' center) *In the village of Lake Placid; $5,160 in the surrounding town of North Elba Sources: Census Bureau; National Weather Service; Merrill L. Thomas Inc.; City-data.com; Olympic Regional Development Authority; Town of North Elba The development authority relies on volunteers, many of whom are retirees who have relocated to the area. Among them are Pat and Tom Jorgensen, who moved to Lake Placid (where their daughter trained as a figure skater) after originally retiring to Hutchinson Island, Fla. -- and finding it too formal. "Where we lived in Florida, you couldn't go to the country club in jeans," says Ms. Jorgensen, 69. "Here, I volunteer for skating, hockey and snowboarding events. We love to watch, and we love working with the young people here. It keeps you young." Teaching at local colleges keeps other retired transplants busy. Mr. Gnall, the Xerox retiree, teaches business courses in marketing and advertising, strategic planning, and negotiation and dispute management at nearby Paul Smith's College, where he works two days a week. "I always thought I'd like to teach," he says, and now he feels his experience can help students make the transition between academia and the real world. Dr. Libre, the hematologist/oncologist, started a conversational Italian class a year ago that now has 25 to 30 students. He also serves as a volunteer physician at a local hospice and a nearby cancer clinic. He settled in town after spending "10 days [here] for 25 Christmases" and summer vacations as well, he says. "When I retired, it was a really easy decision. This place is like a magnet for children and grandchildren." His son and daughter-in-law, doctors in Salt Lake City, spent three weeks in Lake Placid with their children last summer. 'One With Nature' Hiking is central to Lake Placid summers. The town is surrounded by the Adirondacks' High Peaks, the name given to a group of 46 mountains, most of which are higher than 4,000 feet. About 20 of them have no official trail to the top, and many include long stretches of scrambling up rocks. Those who complete all the climbs -- a challenge that some serious hikers take on in retirement -- can become Adirondack 46ers. [The Journal Report: Encore] Bill Stowe, 68, considers being an Adirondack 46er "as great an achievement as winning an Olympic gold medal." He should know: He won Olympic gold in rowing at the 1964 Summer Games. He moved to Lake Placid in 1991 from New London, Conn., after working as a collegiate crew coach. Mr. Stowe is believed to be the only Olympic gold medalist living in town at the moment. But residents "don't think the Summer Olympics count around here," he jokes. Many retirees say the variety of activities is key to the area. In 2000, Norm and Bobbie Bradley, now 62, moved from Buffalo, N.Y., to a 22-acre spread four miles from downtown Lake Placid. He had been a French teacher and Army colonel; she was a corporate trainer. "We both had at least one job, and sometimes we each had more than one job," Ms. Bradley says. "Life was kind of frantic." Now, Ms. Bradley has taken up fly-fishing. Mr. Bradley plays racquetball and skis in the winter, and kayaks and plays golf in the summer. The couple also enjoys snowshoeing. "That's something we never thought of doing in the city," Mr. Bradley says. "This sounds insane, but we'll go outside when it's zero degrees, or minus 10, and you're just one with nature. It's a beautiful thing." Other retirees volunteer to work on the Adirondack Scenic Railroad, whose routes include summer runs between Lake Placid and Saranac Lake. Forrest Walton, an 83-year-old native of Lake Placid, volunteered 10 years ago to maintain the train's locomotive when it's in town. Now, he's a certified railroad engineer. "We've got a good group of people to work with, and you meet a lot of people riding the train from all over," he says. 'A Regular Community' When asked about the downside of moving to Lake Placid, residents frequently cite the winter weather. "I've seen a lot of people move in when they retired -- and move back out because they couldn't take the winters," says Mr. Walton. For some, April, a muddy, gray month when it seems that spring may never come, is more dispiriting than February. [The Journal Report: Encore] Shopping is also something of a challenge. You can, of course, buy any piece of Adirondack furniture imaginable in Lake Placid, along with some nice outfits from outlet stores. But you have to drive about 40 miles to Plattsburgh, N.Y., to shop at the closest Target or Wal-Mart. Living in Lake Placid proper, where you can walk to restaurants, Mirror Lake, small shops and events at the Olympic Center, isn't cheap. The median home price is about $450,000, with "low end" homes costing about $185,000 and a spread on the water costing as much as $3 million, says Roby Politi, a broker and owner of a local real-estate agency who doubles as supervisor for the town of North Elba, which surrounds the village of Lake Placid. Plenty of Doctors On the plus side, there's no shortage of doctors, particularly orthopedic surgeons. "I've had 14 operations, and eight of them here," says Mr. Gnall, the retired Xerox executive. Area physicians "can relate" to sports injuries, he notes. Mr. Stowe, the retired rowing coach and Olympian, points to "churches, the sinfonietta [a local orchestra that's been performing around town for decades], an arts center" -- all of which help create "a regular community, not just a tourist trap," he says. Finally, whether you live inside or outside the village, you have to take your garbage to the dump yourself, as is the custom in many upstate New York towns. But even here, there's a bit of good news. "Lake Placid has one of the most beautiful dumps in the world," says Mr. Politi, the realtor. "It has a view -- you can see Whiteface [Mountain] and the entire Sentinel [mountain] range."

 Bergman Real Estate is well versed in the Lake Placid community. Please call on us or e-mail mark@adkreal.com for assistance buying or selling properties in Lake Placid.

LOCAL REAL ESTATE PROFESSIONAL CERTIFIED TO ADDRESS AND ENCOURAGE THE BENEFITS OF ENERGY EFFICIENCY AND GREEN FEATURES IN HOMES

North Creek, NY – 16 Feb 2009 – Mark Bergman of Bergman Real Estate in North Creek has earned the EcoBroker Certified® designation, having successfully completed a unique and informative training program on the energy and environmental issues that affect real estate transactions. Bergman joins the movement of professionals pushing the real estate market toward energy-efficient, sustainable, and healthier design/features in homes and buildings. The “performance home” movement is getting a boost thanks to this type of high quality real estate professional earning the EcoBroker designation. EcoBrokers®, like Mark throughout the country are forging this market and creating competitive advantages for their customers. With national surveys indicating that 80% of consumers consider themselves “green-minded,” real estate professionals with the EcoBroker designation are in a better position to serve the real estate consumer. “I’m always looking for the best ways to offer my clients the best value. My EcoBroker training helps me ensure customer satisfaction, my number one priority,” Bergman explains. “From windows to moisture control to energy savings, I now have more resources at my disposal to help my buyers and sellers make better real estate decisions. The EcoBroker designation doesn’t make me an energy and environmental expert, but it allows me to better understand the issues and to convey this understanding to my buyers and sellers.” EcoBroker International’s education and designation program is designed exclusively for real estate professionals who care about the environment and want to help their clients benefit from the energy-efficiency, “green,” and healthier features of homes and buildings. EcoBroker provides a complete curriculum of energy and environmental training to licensed real estate agents. Real estate professionals must complete the extensive EcoBroker curriculum and training and fulfill additional program requirements to become Certified EcoBrokers®. “Mark is an example of the quality real estate professional the EcoBroker designation continues to attract,” explains EcoBroker International’s CEO, Dr. John Beldock. “These real estate professionals are not only distinguishing themselves in a competitive market place, but they are really giving back to the community in very constructive and meaningful ways. The Lake George/Gore Mountain reagio needs more contributors like Mark. The planet and our grandchildren need them too,” Dr. Beldock said. From his North Creek office, Bergman explains, “With EcoBroker training, I have broadened the range of real estate opportunities I offer my clients. Whether the transaction involves environmental assessment and mitigation (mold, radon, etc.) or the opportunity to reduce utility bills, I’m in a position to help. The real estate industry is changing, and to best serve my clients I need to understand the newest designs, technologies, and environmental issues. My EcoBroker designation helps me stay ahead of the game.” Bergman is the immediate past President and currently a Director of the Warren County Association of Realtors. He serves on numerous New York State Association of Realtors committees where he served as Region Vice-President in 2008 and 2008. He is Chairman of the Johnsburg Emergency Squad and active in the community. EcoBroker International provides a unique energy and environmental curriculum to licensed real estate professionals, leading to the EcoBroker Designation. EcoBroker’s mission is to broaden and improve the base of training and continuing education for real estate professionals and in doing so, encourage improvements to the quality of buildings, while reducing their impact on natural resources and the environment. EcoBroker is a Building America and Built Green Colorado Education Partner; the most successful green-building program in the United States. EcoBroker provides state-approved continuing education courses to licensed real estate professionals in states throughout the U.S.

Real Estate...still the best investment

It may be premature to call it a trend, but over the last two weeks other Realtors and I have heard from a few buyers who want to invest in something solid. They've pulled money out of stocks to cut their losses and they want to invest in land or homes. On average a home will  double in value every seven to ten years. Since many of us have just helplessly watched our retirements revert back to values equal to where they were twenty years ago, one may make a case for making a second home into an investment. It may be a passive investment where one enjoys spending time while the home increases in value. Most homes will achieve the average value appreciation while homes in growing areas (Gore Mountain for example) may exceed the rate of appreciation. It may be an active investment such as a home with rental potential or a home purchased strictly for rental income and no personal use. The best approach for you will depend on your tax bracket and income. When considering investment in income property, check with your accountant or tax advisor.

Sellers, don't skimp on price reduction

By Tara-Nicholle Nelson

Created 08/14/2008

Q: My house just won't sell. It's been on the market for six months. I've reduced the price several times, and my Realtor keeps trying to get me to bring the price down much more, but I think it will make me look desperate to buyers. Should I get a new Realtor?

A: In my experience, lots of tiny price reductions make you look clueless to buyers; a major price reduction makes you look motivated and makes your home look like a potentially good value, which is attractive to buyers.

With respect to your question about firing your Realtor, I don't have enough information to know whether your Realtor is the problem. How did you select her? Did you talk with past clients who were happy with her? Does she have a recent track record of successfully selling her listings? Has she shown you the recent comparable sales and data on your competition that document her rationale for the suggested price reduction? Do you feel that she has gotten the word out to the market about your home to other Realtors and to buyers? How long are other homes in your area taking to sell? If the entire market in your area is moving slow now, make sure you are not placing blame on your Realtor for the state of the market, which is not her fault.

Know this -- it takes a lot of courage for a Realtor to be the bearer of the unfortunate (but honest) news that your home is worth less than you had hoped for. If a Realtor is repeatedly advising you that your home won't sell without a major price reduction, knowing that there are a bunch of her colleagues out there who would be happy to lie to you about the value of the home if it meant they could have the listing, she likely has your best interests at heart. It does no one in this situation good for your home to be overpriced and just sit on the market -- it stresses you out and prevents you from moving on; your Realtor spends money to market the place with little prospect of actually collecting a commission; and the longer it sits, the more likely you are to get lowball offers.

Often, a Realtor who keeps trying to tell a homeowner that her home is overpriced is hit with the double whammy of (a) being shot as the messenger of bad news, and (b) having to spend time and money marketing a home that won't sell because it is priced too high. Time and time again, I've seen sellers refuse to follow their Realtor's pricing advice, fire the Realtor when the home doesn't sell, hire a new Realtor, lower the price, and then get the home sold. They think it was the new Realtor that sold the home, when in fact what sold the house was the very price reduction that the original Realtor was fired for suggesting! If you follow your Realtor's advice and your house still doesn't sell after a reasonable amount of time, that may be a good time to look for another Realtor. But if you aren't even doing what she is telling you needs to be done to get your home sold, you can't really blame her for the fact that your home is not moving.

Mindset Management

Get clear on your goal. Is your goal to sell your home, or to nurse some misdirected sense of pride by insisting on a price that is clearly not based in reality? If your home is listed on MLS and on the popular property-search Web sites and has been on the market a much greater than average period of time with no offers, then it is, by definition, overpriced. Lots of sellers now are mentally stuck on the price they think they could have gotten if they had sold two years ago, but if you really want your home to move, you must get over that. You may not make as much money as you want to; in fact, you make not clear any profit at all. You didn't say why you need to sell, but if you need to sell, pricing is the single most important element you have the power to control. If you only want to sell if you can sell at your pick of price, then this may not be the right market for you to sell in.

Need-to-Knows

The qualified buyers who are actively out and looking for homes right now are stressed about the state of the market and hesitant to pull the trigger. Many are concerned about buying now, fearing that their home will continue to decline in value, which tempts them to wait for the bottom of the market. The buyers who are serious about buying in this market understand the folly of waiting for the bottom, but figure that if they are going to buy now, knowing that the market may get worse before it gets better, they had better be getting a great deal for their dollars to insulate against further declines and to spur them into action.

Action Plan

Lower the price -- for real this time!

Forgive me in advance if this seems gruff; I can't help it -- my dad was a Marine. If you want to sell your home, reduce the price -- and reduce it significantly. No more penny-ante price reductions -- they are just as stressful to you as a bigger reduction, and they have little or no impact. Those $1,000, $2,000 or $5,000 price reductions do nothing but make the buyers who might be on the fence about your house roll their eyes and think that you are out of touch with the realities of this market. Buyers today have the luxury of picking which sellers they want to deal with; too many other sellers are strongly motivated for a buyer to invest her time and energy trying to educate you about the market and the real market value of your home.

There are no hard and fast rules of thumb for how much to reduce the price, as, obviously, the list price of a $1 million home would have to be reduced differently than the price of a $100,000 home in order to make a splash. Consider this, though: Your primary purpose of reducing the price should be to expose the property to an audience of buyers who haven't seen it before. Buyers usually search property listings in $25,000, $50,000 or $100,000 increments; in addition to making your price reduction significant, it should also be your aim to bring the price below one of the common listing-search price-range limits. If your home is currently listed at $469,000, you can reduce it to $460,000, but your results will be better if you reduce it below $450,000 to $449,000 -- you'll get your home in front of a whole new set of buyers.

Lest you agonize about dropping the price too low, don't fret -- a price that is set lower than the market value of the home will generate multiple offers, with the result that the home will fetch an asking price that may be lower than your original price, but greater than the "too low" asking price. Nine times out of 10, there's really no such thing as "too low" of an asking price -- the lower the price, the more of a value the property will appear to be; the more buyers will come view it; and the more likely you are to get it sold.

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook," and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions."

First Time Home Buyer Tax Credit

President Bush singed into law a Homebuyer Tax Credit — a $7500 tax credit that would be would be available for any qualified purchase between April 9, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan). The tax credit is design to "push" fence sitters into the market reducing inventory.
Attached to this article is a list of frequently asked questions.