If your interested in finding a home in Barre or anywhere else in central Vermont, call John Biondolillo at BCK Real Estate (802) 479-3366 or check out http://www.bckrealestate.com and email at John@bckrealestate.com.

Spring Notchbrook Day

New to the Stowe Vermont market is a new “old” home located at 1806 Notchbrook Road in the Notch Brook Estate subdivision.  This reproduction of an 1840’s Vermont Farmhouse has incredible panoramic views of Spruce Peak and Stowe Resort.  The house was built by Connor Homes of Middlebury, VT.  The Property is listed co-listed by Ken Libby of Stowe Realty and John Biondolillo.
For more information about this Notchbrook home please visit www.notchbrook.com

As they finished their work on bill (H.485) dealing with the current use program, the Senate Finance Committee made some changes to the version passed by the House earlier this year. There will likely need to be a conference committee between the two bodies to iron out differences.  The proposal needs to address a 1.6 million dollar cut to the program for this year’s budget and budgets going foreword indefinitely.

In order to find the $1.6 million needed for this years budget legislators have decided to impose a one time fee of $127.27 to each owner enrolled in the program.  To maintain the savings in future budgets the proposal changes the way the property transfer tax and the change of use tax are assessed when parcels come out of the program and is sold.  Property sold out of current use are now taxed at a pro-rated rate, these changes would tax property at a fair market rate.

For example an owner of a 100 acre parcel valued under current use program at $50k ($500 per acre) decides to sell 5 acres. Currently the property owner would be taxed on the pro rated value of the 5 acres which means they would pay taxes on $2,500 ($500 per acre x 5 acres =$2,500).  With the change to being assessed at fair market value those same 5 acres could be worth say $3k per acre that would mean the property owner would be taxed on $15k worth of value ( $3,000 x 5 = $15,000).  The end result is a significantly higher tax burden for those selling property out of the current use program.

Part of the House passed version, the moratorium on new parcels being enrolled into the program was taken out of the Senate’s proposal.  Applicants currently in the pipeline can withdraw their applications and will be reimbursed fees incurred because of the changes being proposed to the program.  The new rules and tax increases imposed on the program will go into effect November 1st 2010.  Up until this deadline owners of property enrolled in current use can withdraw parcels from the program under the current guidelines.

If you are looking to buy or sell Vermont land, woodlots, timber land or development parcels call a BCK agent today to discuss your options and current Vermont market conditions.

Governor Douglas cuts ribbon at Needleman's Grand Opening in Barre, Vermont

The store which opened in February was the result of a commercial leasing effort by John Biondolillo and BCK Commercial Real Estate.  If you are looking to lease or to rent commercial space in Barre, Montpelier or anywhere else in central Vermont be sure to call (802) 479-3366 today.

This week Sugarbush Resort (Warren, Vermont) announced that they are resuming plans to revitalize the Lincoln Peak Base Area.  The resort accumulated capital through the Federal EB-5 Visa program.

The project involves several phases. Phase One included slope-side condominiums Clay Brook, the Timbers Restaurant and the Gate House Lodge. That phase was completed in December 2006.  The Second Phase is scheduled to begin this month featuring a new plaza entrance as well as two new lodges for the children’s program and guest services respectively.

If you want to experience the ultimate Vermont Lifestyle, a stones throw from the Sugarbush base lodge is the Warren House.   This fabulous 23 acre estate is the perfect retreat for the active family.  Once a Bed & Breakfast, this beautiful English Manor style home features ponds, trails and a lovely garden area. Visit http://www.hamiltonhousevt.com/ for more details or for to learn more about other fabulous Ski properties visit www.BCKrealestate.com.

As the April 15 deadline to file your Vermont state and US tax returns approaches, we thought it would be good to provide some insights and answer common questions that buyers have about the Home Buyers Tax credit. 

Some FAQ’s, include:

1. How does a home buyer claim the tax credit?

The credit is claimed when the home prurchaser files or amends their federal income tax return.  You must complete and file IRS Form 5405 and attach a copy of the HUD settlement statement. For mobile homes or new construction a copy of the retail sales contact is sufficient.  

Do I need to sell my current residence in order to qualify for the $6,500 federal repeat home buyer tax credit?

No. In fact, you can continue to own both homes, and rent or use their former home for something else, as long as it no longer serves as their principal residence. The taxpayer is required to use the new home as their principal residence, and live in it for at least 36 months, or they will have to repay the federal tax credit plus interest and penalties.

3. Do married couples both have to meet the eligibility requirements in order to claim the credit, even if they file taxes separately?

Yes. We see this situation frequently.  Both spouses must fully meet all the eligibility requirements irrespective of if they file jointly or separately.  However, if an unmarried couple purchases a home and only one person qualifies, the eligible person may claim the full credit.

4. Do all home purchases need to be completed by April 30, 2010, in order to be eligible for the credit?

There are 2 exceptions to the April 30th deadline. If the purchaser enters into a binding contract on or before the deadline, they have until June 30th, 2010, to complete the purchase. However, the members of the uniformed services, Foreign Service or employees of the intelligence community who have been on qualified extended duty outside the United States for at least 90 days between January 1, 2009, and April 30, 2010  the deadline has been extended until April 30, 2011.

These are our understanding of the rules, but please consult with your tax advisor before you enter into a contract to purchase a home to make sure that you qualify.

City of Montpelier, Vermont by John Biondolillo, BCK Real Estate

The February 2010 data is in and it confirms what we predicted over a year ago, Washington County Vermont real estate hit bottom at the end of 2008.  On January 13, 2009 we made a bold prediction.  In a press release sent out to several Vermont newspapers, radio and television stations as well as the Associated Press, we claimed that the Vermont market was on the upswing.  We even it sent it out to our competing Realtors. No one picked up the story.

The median sale price for a Washington County single family home or condominium in February was $225,000.  13 months ago in January of 2009 the median price was $120,000.  That’s almost an 88% increase.  Now that is not to say the prices increased 88% although prices are improving.  What that number shows is that the market has gotten some legs. 2009 was characterized by first time buyers taking advantage of the federal tax credit.  We noticed last November that buyers were starting to come out in all price ranges.  That trend has continued into March.  Other areas of Vermont like Chittenden County are experiencing similar patterns.  Chittenden County median sale prices are up 14% to $242,000.  Lamoille County, including Stowe, is up over 37% at $205,000 compared to $149,000 13 months ago.  The notable exception is Orange County.  Orange County is flat with the median price unchanged from 13 months ago at $155,000.

To view a  full report of the median price report  for Washington County, VT click here:  John Biondolillo, Washington County VT Real Estate Report BCK Real Estate.

To view a full report of the median price report  for Orange County, VT click here:John Biondolillo, Orange County VT Real Estate Report by BCK Real Estate.

To view a full report of the median price report  for Lamoille County, VT click here:  John Biondolillo Lamoille County VT Real Estate Report by BCK Real Estate.

BCK Real Estate has offices in Barre, Montpelier, Northfield, Stowe, Rochester and Waterbury Vermont.   If you are interested in buying a home in central Vermont please email John Biondolillo at John@bckrealestate.com or check out his site at http://www.bckrealestate.com John is one of the less than 300 Realtors who have achieved the Star Power “Star” designation. According to renowned real estate speaker and trainer Howard Brinton, “being a Star is the greatest distinction in real estate today.”

The phones are pretty quiet today at BCK Real Company’s 6 offices as Vermont consumers run out to buy things during today’s tax free day.  Even BCK’s affliate company Stowe Realty is reporting lighter activity than usual.

But while Tax Free Day in Vermont ends at midnight tonight, home buyers can still get a federal tax credit of up to $8,000 if they get a home under contract by April 30th and close before June 30, 2010.  Call a BCK agent to find out if you qualify.  This credit is not just for first time buyers.  Call today.

BCK Real Estate has offices in Barre, Montpelier, Northfield, Stowe, Rochester and Waterbury Vermont.   If you are interested in buying a home in central Vermont or to learn more about Stowe Homes for Sale, please email John Biondolillo at John@bckrealestate.com or check out his site at www.bckrealestate.com.  John is one of the less than 300 Realtors who have achieved the Star Power “Star” designation. According to renowned real estate speaker and trainer Howard Brinton, “being a Star is the greatest distinction in real estate today.”

If you are looking for your dream home in Barre or anywhere in central Vermont  Call John Biondolillo at BCK Real Estate (802) 479-3366 to help you find your home and call Ian Arnold for a great mortgage loan.

The Norwich Cadets defeated the University of New England 8 -1 last night at Norwich University in Northfield.  After a sluggish start, the Cadets roared back and turned it into a rout.  Norwich advances to the ECAC semi-finals next Friday.  That game will also be played in Northfield at Kreitzberg Arena.

BCK Real Estate, with six offices including 17 East Street in Northfield, is a proud Sponsor of Norwich Hockey.  Stop by our Northfield office and visit Butch Churchill or Melissa Cadorette.  BCK and Stowe Realty clients have access to Norwich Hockey Tickets.  Contact your agent for details.  To buy or sell a home in Northfield or anywhere else in central Vermont, call click or come by today.