Open Houses This Weekend Sunday February 8, 2009

184 Lukes Wood Rd was photographed by professional photographer Andrea Morini this week. Click on the title to see the new pics on the website. This bank owned property is reduced again and ready to be sold. Priced at $2,900,000, there is an open house from 2-4 on Sunday.

36 Hoyt Street, a charming in town antique within walking distance to everything, is move in and picture perfect. Priced at $949,900, this property would be a delight to live in. Visit the website at www.36hoytstreet.com. Open House on Sunday from 1-3PM

236 South Bald Hill, New Canaan

A very talented professional photographer from New York City contacted me to photograph two properties that I have on the market in New Canaan. 184 Lukes Wood Road and 236 South Bald Hill Rd. Andrea Morini is a very accomplished artist who is known worldwide and his pictures are amazing. They also show many fine details of each property. I have added the pictures to the websites for these homes. 236 South Bald Hill is on the market for $3,890,000. You can view Andrea's pictures at www.newcanaanexceptionalproperty.com or click on the title above.

TAX CREDIT IS ON IT'S WAY

The Senate last night passed an expansion of the tax credit proposal. The proposal would be available to all purchasers (not just first-time homebuyers). NAR was instrumental in getting this provision passed by the Senate. The key elements are:

· A tax credit in the amount of $15,000 or 10 percent of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years
· The tax credit is available to all purchases of any home from date of enactment for one full year.
· Able to claim the credit against the 2008 tax return
· Buyers must occupy the homes for two years as their principal residences
· Purchases of homes by investors are ineligible
· Terminates the previous $7,500 Housing Tax credit on the date of enactment

We have been told the Senate is likely to pass its entire Stimulus Bill by this week-end. The House and Senate will then have a conference next week to work out the differences.

Get ready it’s coming!!!!

Movement of Interest Rates

While rates have risen a bit since their bottom during the week of January 16th, they are still at historic lows.

New Canaan Real Estate Data January 2009

31 Day Activity Summary for January

New Listings 23 (Relistings not included)

Price Changes 27

Contracts Pending 7

Total Inventory 213