Bank Owned Home at 184 Lukes Wood Rd in New Canaan just reduced again today by another $250,000.

This is too good to be true. Another price reduction today bring the new price to $2,350,000. This bank is determined to sell this property. I believe it is going to be New Canaan's best deal and everyone will be talking about the one that got away.

Tax Credit to First Time Homebuyers to be Extended???

Most of the information coming from Washington DC indicates that the First Time Home Buyer Credit will be extended, as noted from lobbyists in DC.

Tax Credit Extension & Expansion

There will be an important vote in the Senate this week on the housing tax credit provision. The “Dodd-Lieberman-Isakson” amendment would extend the tax credit to June 30, 2010. It would expand the credit to any homebuyer and raise the income limits to $150,000 ($300,000 for joint returns). The amount of the tax credit would remain at $8,000.

Prospects: I still believe the prospects are good for extension of the tax credit. There is real concern in the Administration about the strength of the economic recovery. Treasury Secretary Geithner was quoted in the November 2nd Business Week magazine stating: “we’re not going to make the mistake many countries made in the past of putting the brakes on too early and creating the risk of a weaker recovery with even higher levels of unemployment.” On the negative side, the stories about fraud in tax credit program (e.g. children and current homeowners receiving the tax credit) and concerns about the program cost obviously do not help.

NAR is making a major push for the expansion of the tax credit to all homebuyers. While it appears unlikely that it will be expanded beyond first-time homebuyers, NAR efforts could have a positive impact on the outcome.

BRAND NEW OFFERING. OENOKE RIDGE NEW CANAAN COMPOUND ON 4+ ACRES JUST LISTED AT $1,595,000

Remarkable but true, this incredible private oasis is just listed at $1,595,000. Set on 4.65 acres of privacy and tranquility behind a gated entrance, this fabulous 5 bedroom Center Hall Colonial has been restored and upgraded to the minute. New kitchen, baths, roof, furnace,a/c, windows, siding etc. There is nothing left to do but enjoy the beautiful free form swimming pool and spa. This property is priced to sell and wont last long.