MontcoREsource

Grand Re-Opening of the Ambler Library

Almost everyday, and sometimes several times a day, I drive down Race Street and pass our humble library.  It has looked so tired and sad the past few months, the only flash of color in the landscape was the yellow caution tape barring its front stairs.  Unfortunately the library fell victim to one of the many snow storms this past winter, damage was done to the roof and extensive repairs were needed.

After closing its doors over six months ago the Ambler Library is close to being back in business.  The library officially opens Monday, September 13 but they have planned a special grand re-opening celebration this coming Sunday, September 12 from 1 – 4 PM.  There will be entertainment and refreshments so be sure to bring the kids!  Miss Michelle aka the singing librarian will be there, there will be a magic show, a caricaturist will be sketching and a classical music performance will conclude the day.  Area families and friends are encouraged to show up to enjoy the festivities and welcome back a good old friend.

The month of September also holds another exciting library associated surprise; many local vendors have graciously agreed to give discounts and deals for patrons who present their library card!  This is only for the month of September, so be sure to take advantage of it.  You can access the list of participating businesses here.

If you would like to make a donation to help The Ambler Library continue to provide education and enjoyment to our local residents you can find information here.

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Categories: Ambler, Events

Local Real Estate Market Gone Wild!

My day began with a phone call cancelling my showing of a home listed 3 days ago.  The appointment was cancelled because the house was already under contract, in 3 days!  This didn’t come as a huge surprise as the home was well priced and in great condition.  Last night I wrote an offer for a home that was listed 7 days ago, and my buyer is one of three offers!  Two weeks ago clients rushed to put an offer in on a fabulous home in just 4 days because the seller already had second showings and was expecting an offer.  This is after their “number one so far” had gone under contract, receiving 3 offers following a necessary price reduction and a weekend of heavy traffic.  A few months ago in the middle of winter (typically a time of decreased activity in real estate) a wonderfully maintained Ambler twin received multiple offers and went under contract within a week.

Yes, this is contrary to what the market has been and what you have heard in the media for the better part of the past three years. Why, you ask? The increased activity, competitive atmosphere and multiple offer situation is being spurred on by the first time home buyer tax credit. To take advantage of the current government tax credit (potentially $8000 to those who qualify) buyers must be under contract on a property by April 30,2010. This has been common knowledge since November 2009 but clearly many buyers have been dragging their feet. Although that is not the case with all buyers looking to take advantage of the credit, for many there just hasn’t been a good amount of decent inventory. Hence the rush when a properly priced home that shows well enters the marketplace.

How does this help you?

If you are a first time buyer looking in the entry to mid level housing market, first and foremost you need to have carefully considered what you want and need out of a home. You also need to be pre approved for a mortgage within a price range where you are comfortable and know your bottom line. If you find yourself in a multiple offer situation sometimes emotion can take over and you may find yourself paying too much or making other concessions that you normally wouldn’t. It is extremely important that you are represented by a Realtor who has your best interest in mind and will advise you with regard to individual properties and current market value of a home prior to writing an offer. That being said, it is imperative that you get out and visit any home of potential interest as soon as it is listed.

If you are considering selling your home and you fall into the entry to mid level price point you need to contact a Realtor asap to see if there is time for you to take advantage of the activity created by the tax credit. Spring is always a busy time in the world of real estate, but coupled with the expiration of the tax credit this Spring is an ideal time to have your home on the market. If you are thinking of selling your home but are unsure of current market value give me a call and I will be happy to provide you with a free market analysis.

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Categories: Ambler, Real Estate

Snow Patrol

Call me crazy, or optimistic, but I actually felt Spring in the air today!  Of course the greatly anticipated vernal equinox is still several weeks away, and we will continue to endure cold, and dare I say possibly more snow, but today Spring reared its lovely head.  This realization prompted me to post some of my photos from what I hope was the last snow storm of the season.

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Categories: Ambler

Open House, Sunday Jan 31, 1-3pm

Come visit me Sunday and see one of Ambler’s great historic homes.  86 Orange Avenue was built in 1890 in the heyday of Keasbey-Mattison.  True to construction of the time it is a well-built, solid stone twin abounding with charm and character.  This home features 3 levels, all with hardwood floors, an updated eat-in kitchen and bath, and a lovely fenced in backyard complete with brick patio.  The location is extremely convenient; walking distance to the train station and wonderful downtown Ambler with an array of great restaurants, shopping and cultural attractions.  Click here for further information.

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Categories: Real Estate

Ambler is on YouTube!

Check out these little gems…

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Categories: Ambler

Home Buyer Tax Credit

Ok, I’ve been putting it off for a week, here is my obligatory tax credit post.  Don’t be confused by my lack of enthusiasm, the tax credit is a great incentive to buyers and sellers alike.  I believe that it will help push the economy forward in the short-term; what this credit means down the road is what concerns me (increasing debt=higher interest rates, who’s going to pay for it, etc.), but that is a discussion for another time.  As you may know the 2009 first time home buyer tax credit was set to expire November 30, 2009.  As of November 6th new legislation was passed to extend the existing first time home buyer’s credit as well as the addition of a new credit for repeat buyers.  So without further delay, here are the fundamentals of the new extended and expanded home buyer tax credit…

First time home buyers remain eligible for a credit equivalent to 10% of the purchase price, up to a maximum of $8000 (which is the norm in our market).  You are considered a first time home buyer if you (or your spouse) have not owned a residence at any time within the past 3 years prior to the new home purchase.

Pete and repeat were walking down the road… sorry, sometimes I just can’t help myself.  Repeat buyers are taxpayers who have lived in the same principal residence for 5 consecutive years out of the last 8 years.  This type of buyer may be eligible for a tax credit equivalent to 10% of the purchase price of a new residence, up to $6500 (again standard in our market).

To take advantage of either credit you must meet the following qualifications:

• You must occupy the new home as your principal residence for a minimum period of three years after settlement or be required to pay back the credit.
• There are income limits to qualify; if you make less than $125,000 single filer/$225,000 joint filers you are entitled to the full credit.  For individual/joint filers making $125-145,000/$225-245,000 the credit phases out and you may be qualified for partial credit.  Buyers earning more than $145,000 (single)/$245,000 (joint) are not eligible for the credit.
• You must be under contract to purchase your new home no later than April 30, 2010 with a settlement date no later than June 30, 2010.
• The sale price of the new home cannot exceed $800,000.

Please note that the above information applies to properties that are purchased November 7, 2009- April 30, 2010.  Also important to note is that this is a refundable tax credit, not a deduction.  This means that the credit offers a refundable dollar-for-dollar reduction in what the taxpayer owes.  For example, a taxpayer who owes $10,000 and qualifies for the full $8000 credit would only owe the IRS $2,000.  If the qualifying credit exceeds the taxpayer’s liability, the government would refund the excess portion of the tax credit.  For example, if you qualify for the $8,000 tax credit but only owe $5,000 in tax, you could receive a $3,000 check from the IRS.  Pretty sweet!

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Categories: Real Estate

Ambler Real Estate News

It is hard to believe that we only have three months left in 2009!  If the calender didn’t aptly bring this to light, I would have deduced the impending winter due to the seemingly abrupt need for a wool poncho and slippers while writing this.  Anyway… I thought it would be a good time to bring you up to speed on the current happenings in Ambler real estate and a brief recap of events since the beginning of the year.

As of today there are 19 homes for sale in Ambler; 12 single homes, 1 twin and 6 row homes, ranging in price from $174,900-369,900.  Since January 1, 2009 40 homes have sold in the borough, priced from $60,000-395,000, 10 homes are currently pending settlement.  Of these 40 homes, 20 were single homes, 6 were twins and 14 were row homes.  The average days on market for homes in Ambler since the beginning of the year is 86.3, pretty much on par with last year at 86.6, but a far cry from the peak of the market in 2005 at 28 days.  86 days may sound somewhat dismal, but I can assure you it is possible to sell a home in this market in a reasonable amount of time.  I have seen several properties in Ambler go under contract within a few weeks.  My average days on the market for my listings is currently 18 with an average list to sale price ratio of 98%, this means that homes are still selling in a short period of time and at or close to list price.  It is extremely important for homes to be priced properly, aggressively marketed and show well (hopefully better than the competition). 

The aforementioned information is based only on resale homes, which until recently was pretty much all Ambler had to offer.  Ambler is known for its history and beautiful older homes (my personal favorites) dating as far back as 1732 (corner of Mattison and North Streets).  New construction is a term rarely, if ever, associated with Ambler.  As Inspector Clouseau would say (in his best french accent) ”Not anymore!”  A first for downtown Ambler is Station Square, a new townhouse development on South Main Street.  Although some are confused by the location, WB Homes did it right.  The townhouses are well crafted with great attention to detail and thoughtful modern amenities.  Many people have asked me “Why would they build next to the train tracks and who would want to live there?”  The location and community are geared towards those who commute and lead the all too common “busy” life style.  Just 2 blocks from the train station, it is like city living but in the calm and comfort of the suburbs.  It seems they made a good decision as they have already sold 23 of 58 homes/lots.  There are 7 different models to choose from, all named after stops along the R5, ranging in price from $310,600-354,00 (not including upgrades to the standard options).  

It is still a buyers market by far, but the inventory of homes is slowly decreasing and sale prices seem to be holding steady, some areas have even shown signs of an increase.  Fortunately foreclosures have not had a huge impact in our area, unlike many other parts of the country.  I am optimistic with regard to the future of home sales and values in Ambler and look forward to an exciting fall!

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Categories: Ambler, Real Estate

Jazz on Film

Be sure to check out the new autumn series at Ambler Theater, Jazz on Film, starting Wednesday November 4th.  This great new series will explore the unique influence that Jazz has had in the movies.  Expect to have your senses delighted by the likes of Charlie Parker, Miles Davis, and Duke Ellington. 

The series kicks off November 4th at 7:30 pm with a film forum hosted by Dr. Ed Flanagan, Associate Professor of Jazz Studies at Temple University’s Boyer College of Music and Dance.  Dr Flanagan’s talk will include video and audio clips showcasing important intersections of jazz and cinema.  This forum will set the stage for the series and is a must for any music lover. 

Anatomy of a Murder (1959) is the first of three dramatic films to enjoy.  Jimmy Stewart is a small town Michigan lawyer who defends a soldier charged with murdering a man who allegedly raped his wife.  This film’s score is by Duke Ellington (who also has a cameo) and also features  Ben Gazzara, George C. Scott, and Lee Remick.  Jimmy Stewart, Duke Ellington, need I say more?  Catch this oldie but goodie November 11, 7:30 pm.

Next in line is Bird (1988).  Forest Whitaker stars as Charlie “Bird” Parker, one of the all time jazz greats.  This film is directed by Clint Eastwood who’s love of jazz comes through loud and clear in this portrayal of Parker’s brilliant, but tragic life.  Parker’s actual recordings are digitally cleaned and recombined with contemporary sidemen on this unique soundtrack.  You don’t want to miss this wonderful performance, November 18th, 7:30 pm.

Last in the series is Elevator to the Gallows (1958).  An amazing improvisational score by the one and only, Miles Davis, is the backdrop for this French director’s debut on the big screen.  This film is wonderfully alive as it mixes film noir with new wave sensibility.  When a woman and her new lover conspire to murder her husband, their destinies are put in motion.  This classic film features beautiful black and white cinematography and is subtitled.  Be transported by this film November 25th, 7:30 pm.

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Categories: Ambler, Events

Attention Ambler Business Owners!

Did you know that there is a grant currently available for the repair, rehabilitation and restoration of commercial storefronts and faςades in Ambler?  To be eligible you must own or lease a commercial building in Ambler and be a contributor to Ambler Main Street at the Silver level ($250+).  The project must be permanent in nature and does not include landscaping improvements or non-permanent signs or awnings.  To apply you must provide the description and scope of the proposed work, along with detailed estimates from two local contractors.  Applications are available by request through the Ambler Main Street Manager at 215.641.100 or manager@amblermainstreet.org.  All applications  must be receive by October 15th, 2009 to be considered.  This is a great opportunity that will benefit your business and the community, please take advantage of it!

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Categories: Ambler

Don’t miss out on the first time home buyer tax credit!

At the rate we’re going November 30th will be here before we know it! That date is the deadline for first time home buyers to take advantage of the $8000 tax credit currently offered by our government. This credit is refundable, which means if your total tax liability for 2009 is less than $8000 (which is typical) the IRS will issue a refund for the balance. What an amazing opportunity! In order to be eligible for the credit you must be a first time home buyer or someone who has not owned a home within the last 3 years, a single filer making less than $75,000/year or joint filers making less than $150,000/year and use the home as your primary residence. Your new home must be purchased and settled by November 30, 2009 and you have to own the home for a minimum of 3 years. Check out this link to watch a short video that clearly describes how the program works http://tr.im/taxvideo.
In addition to the tax credit there are many reasons why our current market significantly benefits first time home buyers:

• you have no home to sell, putting you in a choice position for negotiation
• the inventory of homes for sale is still very large, so there is a lot to choose from
• prices have declined in many areas
• rates are still near historic lows
• excellent loan programs are available, such as FHA which allows as little as 3.5% down, you can obtain money from parents as gift funds, lower credit score requirements than conventional loan programs, and a possible seller assist of up to 6%

If that isn’t enough to get you excited about purchasing a home how about these 7 additional reasons to buy a home, and these apply in any market:

• Tax breaks- mortgage insurance, property tax and some closing costs are tax deductible
• Appreciation- real estate has long-term stable growth in value. while year-to-year fluctuations are normal, median existing home sale prices have increased on average 6.5% each year from 1972 through 2005, and increased 88.5% in the last ten years (NAR statistics)
• Equity- money paid for rent is money you will never see again, I often liken it to being thrown down the toilet, whereas mortgage payments let you build equity in your home
• Savings- building equity in your home is like a ready-made savings plan
• Predictability- unlike rent, fixed mortgage payments don’t increase over time
• Freedom- after years of living with rented white walls, you can have color in your life- paint each wall a different color of the rainbow if you like, you can because it’s yours!  paint the walls, plant a tree, do whatever you want
• Stability- Living in one neighborhood for a number of years gives you a sense of community and offers educational stability for children

This is a fabulous time to take this big step in your life, if you feel that you may be ready I would love to help!

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Categories: Real Estate