Hop on Hop off! Weekend Trolley Connects KC Neighborhoods!

Categories: Jim’s Blog Weekend Trolley Service launches for Kansas City’s Entertainment Districts!

Beginning April 9th, The Kansas City Strip will connect passengers – every Friday and Saturday night – to all the major entertainment districts. It was two years in the planning and many local restaurants and clubs are on board with Food and Drink Specials – exclusively for KC Strip Passengers.

What does this mean for Kansas City?

Well, as Bill George, CEO of Kansas City Transportation Group puts it, this Trolley system, running Fridays and Saturdays from 7:00 pm to 3:00 am, will connect Waldo with Power and Light – with frequent stops in the Crossroads Arts District Martini Corner, Westport, The Plaza – and the 18th and Vine District – making it possible to see all our City has to offer – in one night – as passengers rather than drivers.

“The Big Reason behind this,” Bill George explains, “It’s been my experience that Kansas City is so spread out, there are pockets and areas of missing links of the City that visitors – and Kansas City Citizens never get to.”

See More Do More

With the help of the Kansas City Strip Trolley, easily missed Kansas City Nightlife is now easily accessible. Hotel and Convention visitors will get a better introduction to our beautiful city, and getting there will no longer be a confusing and time consuming adventure.

DUI checkpoints – parking hassles – responsible driving – are on everyone’s mind when venturing out of local areas. The KC Strip Trolley is a comfortable opportunity to get out of comfort zones – and hopefully – keep all of us safer on the road.

Frequent Stops and Rider Discounts on Drinks and Dining

Imagine, dropping in to Tengo Sed Cantina and enjoying dollar tacos in the Power and Light District (riders wear wrist bands that gives dining and drink discounts), re-boarding (every 20 minutes or so) for a stop at the Blue Room at 18th and Vine – with reduced cover charge. . .

. . . from there – head to Martini Corner for half price appetizers and three dollar Margaritas at Sol Cantina – move on to Westport where Dark Horse Tavern will offer riders ten dollar Large Pizzas – walk a few steps to the Riot Room for two dollar wells, then off to O’Dowds at the Plaza, swing by Charlie Hoopers in Brookside , take in the 75th Street Brewery in Waldo . . .

well – you get the idea – all for fifteen dollars.

A monthly pass is only thirty five bucks – a weekend pass is twenty five.

Who’s on Board?

Bill George estimates over 100 Restaurants and Bars have signed on – with more clamoring to be included – after the very successful “Beta Launch” in March.

Originally designed to handle 500 passengers, Mr. George has reassessed capacity to include 1000 passengers.

What’s it like to live in Kansas City?

Can you imagine an easier introduction? At every stop, Ambassadors are there to greet those who disembark – and provide information on district specials and features – something unthinkable before the substantial investment in Downtown.

Special thanks to Bill Nigro – who came up with the idea two years ago – found the funding – and could see the impact this service would have on neighborhood businesses.

There are other surprises in store – but I’ve been told to keep them secret – for now. Check back – I’ll be updating as more news comes in.

To view the current Trolley route -or get signed up – visit www.thekansascitystrip.com

Thank you Bill – for contacting the Urban Living Center and giving us the details!

Jim Pitts

Home sales 27% higher in 4th quarter over last year

From the USA Today:

http://www.usatoday.com/money/economy/housing/2010-02-11-metro-home-prices-realtors_N.htm

Home sales posted strong gains in the fourth quarter and prices rose in nearly 45% of U.S. metropolitan areas compared with a year earlier, more evidence of an improving climate in housing.

Bolstered by low interest rates and a first-time home buyers tax credit, existing-home sales rocketed 27.2% from the fourth quarter of 2008 to a seasonally adjusted annual rate of 6.03 million, the National Association of Realtors reported Thursday.

The national median price for an existing single-family home was $172,900, or 4.1% below the median price in fourth-quarter 2008. That was the smallest price decline in more than two years.

Prices rose in 67 out of 151 metro areas in the fourth quarter compared with a year earlier. Only 30 areas had annual price increases in the third quarter.

Sixteen areas had double-digit increases last quarter, led by Saginaw, Mich., up 53.5% to a median of $67,400.

“There’s a growing body of evidence that the housing market has stabilized. The question is how quickly can it recover and will we bump along at the bottom for a couple of months?” says Bernard Baumohl, chief global economist at the Economic Outlook Group. “In the first couple of months of 2010, we should see a healthy turnaround.”

Baumohl says the combination of low interest rates and tax credits for qualifying home buyers should lure buyers, further stabilizing prices and boosting sales.

But the market could falter once the tax credit expires April 30 and if interest rates begin to climb later this year as many economists expect.

The credit is worth up to $8,000 for first-time buyers and up to $6,500 for repeat buyers. But they must have purchase contracts signed by April 30 and close by June 30.

The national average mortgage rate for a 30-year, fixed-rate loan fell to 4.97% this week, down from 5.01% a week ago, Freddie Mac reported Thursday.

But foreclosures are expected to climb, which could further depress prices. Foreclosure filings were reported on 315,716 properties in January, 15% more than a year ago, RealtyTrac reported Thursday.

“It’s premature to say the coast is clear. The housing credit really played a role in juicing up sales,” says Mark Zandi at Moody’s Economy.com. “We’re closer to the end of the downturn than the beginning, but we’re not there yet.”

December Existing-Home Sales Down but Prices Rise; 2009 Sales Up

December Existing-Home Sales Down but Prices Rise; 2009 Sales Up
Washington, January 25, 2010
After a rising surge from September through November, existing-home sales fell as expected in December after first-time buyers rushed to complete sales before the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 16.7 percent to a seasonally adjusted annual rate1 of 5.45 million units in December from 6.54 million in November, but remain 15.0 percent above the 4.74 million-unit level in December 2008.
For all of 2009 there were 5,156,000 existing-home sales, which was 4.9 percent higher than the 4,913,000 transactions recorded in 2008; it was the first annual sales gain since 2005.
Lawrence Yun, NAR chief economist, said there were no surprises in the data. “It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010. However, the job market remains a concern and could dampen the housing recovery – job creation is key to a continued recovery in the second half of the year.”
An NAR practitioner survey2 shows first-time buyers purchased 43 percent of homes in December, down from 51 percent in November. Repeat buyers rose to 42 percent of transactions in December from 37 percent in November; the remaining sales were to investors.
The national median existing-home price3 for all housing types was $178,300 in December, which is 1.5 percent higher than December 2008. “The median price rose because of an increased number of mid- to upper-priced homes in the sales mix,” Yun said. It was the first year-over-year gain in median price since August 2007.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said market conditions are challenging in some areas. “There’s a shortage of lower priced homes for sale in much of the country, resulting in multiple bids in some areas,” she said.
“Raw unsold inventory has been trending down. As the market heats up again this spring, buyers may need to be prepared to move quickly on a particular home – the best advice is to begin working with a Realtor® now to be able to use the tax credit and benefit from the increased buying power in the current market,” Golder said.
Total housing inventory at the end of December fell 6.6 percent to 3.29 million existing homes available for sale, which represents a 7.2-month supply4 at the current sales pace, up from a 6.5-month supply in November. Raw unsold inventory is 11.1 percent below a year ago, is at the lowest level since March 2006, and is 28.2 percent below the record of 4.58 million in July 2008.
Distressed homes, which accounted for 32 percent of sales last month, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area. For all of 2009, the median price was $173,500, down 12.4 percent from $198,100 in 2008; distressed homes accounted for 36 percent of total sales last year.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.93 percent in December from 4.88 percent in November; the rate was 5.29 percent in December 2008.
Single-family home sales fell 16.8 percent to a seasonally adjusted annual rate of 4.79 million in December from a pace of 5.76 million in November, but are 12.7 percent above the 4.25 million level in December 2008. For all of 2009, single-family sales rose 5.0 percent to 4,566,000.
The median existing single-family home price was $177,500 in December, which is 1.4 percent above a year ago. For all last year, the single-family median was $173,200, down 11.9 percent from 2008.
Existing condominium and co-op sales fell 15.4 percent to a seasonally adjusted annual rate of 660,000 in December from 780,000 in November, but are 34.7 percent higher than the 490,000-unit pace a year ago. For all of 2009, condo sales rose 4.8 percent to 590,000 units.
The median existing condo price5 was $183,700 in December, up 1.0 percent from December 2008. For all of last year, the median condo price was $176,100, which is 16.1 percent below 2008.
Regionally, existing-home sales in the Northeast dropped 19.5 percent to an annual level of 910,000 in December but are 21.3 percent above a year ago. The median price in the Northeast was $241,700, up 3.2 percent from December 2008.
Existing-home sales in the Midwest fell 25.8 percent in December to a level of 1.15 million but are 8.5 percent higher than December 2008. The median price in the Midwest was $143,200, which is 1.8 percent above a year ago.
In the South, existing-home sales dropped 16.3 percent to an annual pace of 2.01 million in December but are 15.5 percent above December 2008. The median price in the South was $152,000, down 1.0 percent from a year ago.
Existing-home sales in the West declined 4.8 percent to an annual rate of 1.38 million in December but are 15.0 percent higher than a year ago. The median price in the West was $236,000, up 2.7 percent from December 2008.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
# # #
NOTE: NAR also reports monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, and is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.
1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
2First-time buyer and distressed sales data are from the Realtor® Confidence Index; prior month first-time buyer data was revised due to a computational coding issue after the questionnaire was updated to obtain more specific breakouts.
3The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.
4Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).
5Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.
Existing-home sales for January will be released February 26. The next Pending Home Sales Index is scheduled for February 2; release times are 10 a.m. EST.

Source: http://www.realtor.org/press_room/news_releases/2010/01/december_down

APRIL 5 AND APRIL 30 – TWO DEADLINES FOR BUYERS AND SELLERS

APRIL 5 AND APRIL 30 – TWO DEADLINES FOR BUYERS AND SELLERS
There are two upcoming deadlines that will affect both Buyers and Sellers of Real Estate nationally:
The first deadline for Buyers and Sellers is April 5, 2010. On that date, the Department of Housing and Urban Development will initiate new regulations for FHA loans. Among the changes that will take effect on that date are:
• The mortgage insurance premium for FHA mortgage insurance on loans which are assigned on or after April 5, 2010 will be raised from 1.75% to 2.25% of the loan amount.
• Individuals who have a credit score of less than 580 will be required to pay a minimum down-payment of 10% of the sales price, rather than the traditional minimum of 3.5%.
• The percentage of loan fees and closing costs which the seller is allowed to provide will be reduced from 6% to 3%.
These changes will make purchasing a home more expensive for Buyers and will reduce the incentives that Sellers can offer to prospective Buyers.
Because there will probably be a lot of people who want to beat this deadline, there could easily be a backlog of loan applications, so we are advising our clients to buy in March, to insure that their loans will be assigned by April 5, 2010.
The second deadline involves the Homebuyers Tax Credit, which provides for a tax credit of $8000 for first-time Buyers and up to $6500 for repeat Buyers. This tax-credit will no longer be available for anyone who does not have a contract in place by April 30, 2010 and which must close by June 30, 2010. Please give us a call to discuss the details of this program which could be a very valuable benefit to you.
Buyers, please contact us to learn more about the soon-to-be-expired opportunities for purchasing your home. Sellers, please contact us for information about marketing your home, especially for assistance in properly pricing your home in this competitive market.
The bottom-line for both of these significant deadlines is that, whether you are a prospective Buyer or Seller, NOW IS THE TIME TO MAKE YOUR MOVE !!!
NEW IRS FORM AVAILABLE FOR FIRST-TIME HOMEBUYERS CREDIT
Department of the Treasury Form 5405 is now available online for individuals claiming their tax credit as first-time homebuyers, or, as repeat buyers. Click here for a copy of the form.

Home Purchase Tax Credits Extended and Expanded!

Two Different Home Purchase Credits Are Now Available:

Click here for more information regarding the $8000 tax credit for First Time Home Buyers.  

First-time home buyers purchasing a new or resale home for their primary residence are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.

However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.

Persons who are claimed as dependents by other taxpayers or who are under age 18 are not qualified for the tax credit program.

Click here for more information regarding the $6500 tax credit for Move-Up or Repeat Home Buyers. 

Qualified move-up or repeat home buyers purchasing a new or resale home for their primary residence are eligible to claim this credit.  To qualify for the tax credit, a home purchase must occur on or after November 6, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.

This information is provided for general guidance only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided  "as is" with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

First-Time Home Buyer – Do You Qualify?

When you hear the phrase ‘First-Time Home Buyer Credit’, you would naturally assume that such a credit would only apply to someone who had never purchased a home before. While that’s true, there is a loophole in the qualifications that allows people who do not currently own homes, but have in the past, to qualify for the credit. Also, if you own a vacation or rental property that is not your principal residence, you may also qualify for the credit. Here’s an excerpt from the official Q&A:

What is the definition of a first-time home buyer?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

“First-time home buyer” thus includes the following classes:
• People who did not own a principal residence within the last three years, but may have owned one before.
• Unmarried joint purchasers, one of whom has owned a residence within the last three years and one of whom has not. This also includes parents co-purchasing with their children.
• People who own vacation homes that are not their principal residence.
• People who own rental property that is not their principal residence.

If you believe that you qualify as a “first-time home buyer”, then you may be eligible to claim the $8000 tax credit that is available on home purchases through December 1, 2009. If you would like to work with a Coldwell Banker realtor to look for a home, please call us today at 1-888-641-3107. This great opportunity will be ending soon, so please call today!