$8,000 Tax Credit for First-Time Home Buyers

Great news for Connecticut first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government…as long as you stay in the home for at least 36 months after the purchase date.

Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.

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The American Dream Makeover: The Demise of the “Home” in Home Ownership

This is New England, and people here are well known for living conservatively. We have had hundreds of clients over the years tell us, “The bank approved us for $$$, but we are not going to spend that much.”  Now, with Connecticut braced for the recession, we are asked: “When will it be the right time (meaning prices will be the lowest) to buy a home?” Or, ”What if I buy now and  the market goes down further?”

If you are flipping a house, this is a very important question. However, if you are still trying to buy a house to flip…well, I just don’t even know what to say – those days are pretty much over for the moment. Buying for rental income for a few years is a great option; buy and flip, not so much.

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First and foremost, let me assure you – owning a home in Connecticut totally rules.

Are You Ready to Own a Home in Connecticut? Check out this new listing at 714 Storrs Road in Storrs Mansfield along with all of our Featured Listings!

But that doesn’t necessarily mean it’s right for you. Owning a Maserati would rule too…but not if you live in Alaska and/or your median income is 30 g’s. It just doesn’t make sense . Then again, not a lot in this crazy world does lately, so really – it’s kind of up to you.

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Spring has sprung!

Why not join us for open houses at three great properties in the Mansfield Storrs, CT area this weekend, March 21 & March 22! We’ve got a great home in Chaplin with a recent price reduction, and a pair of waterfront homes in Ashford on beautiful Lake Chaffee:

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I love March in Storrs Mansfield -  Love it.  

And it isn’t just for the basketball. (I’m not supposed to play favorites, but my money isn’t on Chatanooga. This is inside info from my grandson and husband – not that I know that much about basketball, but living right next door to the UConn Huskies…well……it is hard to ignore.)  This was not a happy Connecticut home after UConn lost  in 6 overtimes; it takes a lot of heart for a team to play that hard. Go Huskies! 

March is the time of year where renewal and rebirth are in the air.  As Spring begins to poke it’s head out of the gloom and darkness, we are reminded annually of the possibilities of life here in Connecticut where it has been dark as early as 4:30 PM going into winter.  Sometimes I love the coziness of winter as it wraps it arms around you, but by March?  Well, its time to move on.

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$712,500 in Infrastructure Financing from Budget Bill Signed by President Obama for UConn Area Downtown Center 

The town of Mansfield, CT announced substantial funding in the amount of $712,500 has been approved for the Storrs Center Downtown Development. This is yet another important step in moving forward with the first phase of the development.  The appropriation bill signed on Thursday by President Obama was sponsored by Senator Joseph Lieberman and Congressman Joseph Courtney and was initiated by a request from the Town of Mansfield in February 2008.  (more…)

New downtown project enhances quality of life in Connecticut university town.

Storrs / Mansfield is widely known for high quality education and a sought after, relaxed lifestyle with all the cultural, educational and state of the art resources only a university community can offer.  The University of Connecticut has, in recent years, been improved and enhanced with a 20 year state investment known as UConn 2000.  This is important to the UConn area real estate market and  the surrounding communities as property values have not decreased as significantly as some other regions in the country.  Properties are still highly desireable in Storrs Mansfield as well as the surrounding communities and will be  further enhanced as UConn rises to a new level of quality in academics, research and campus infrastructure.  

For many years there has been much discussion about the  lack of a “town center” typical to an area with a large and highly regarded University such as UConn.  Some residents are concerned as they see the town changing and growing while others feel the addition of restaurants, services and amenities will significantly enhance the area that is home to UConn.  We at The Burns Real Estate Group have been excited and pleased to see the plan progress and now look forward to the next phase.

The planning for the development has now progressed to a proposed groundbreaking date for early 2010.   The Mansfield Downtown Partnership has announced The Storrs Center is now actively recruiting businesses, retailers and restauranteurs to move to the new downtown.

Real estate developer Cushman & Wakefield and Live Work Learn Play are spear-heading the “casting process” to find a diverse array of businesses to grow the welcoming and lively atmosphere of Storrs Center. Designed by Leyland Alliance, Storrs Center envisions 150,000 to 200,000 square feet of ground-floor restaurants, cafes, shops and nightlife experiences with an additional 40,000 to 75,000 square feet of second-floor office space adjacent to the University of Connecticut’s main campus on Storrs Road.

Designed to be the center of college town life for the 30,000 students, faculty and staff of the University of Connecticut, Storrs Center is planning up to 800 residential units for the burgeoning housing need in Downtown Mansfield. With a $2.3 billion, 20-year investment in the University of Connecticut’s infrastructure by the state (UConn 2000) and over 200,000 annual visitors to the University’s School of Fine Arts events and venues, Storrs Center’s integrated usage vision makes the new downtown a great place to live, work, learn and play.

We feel that the  positive contribution to this university town’s quality of life will have a positive impact on local real estate .  As a UConn alumni himself, Tom Burns understands that many more alumni and visitors will be enticed to stay and play when they attend their next sporting or fine arts event on campus with more dining, shopping and entertainment options next door to the campus.  With a strong focus on quality,  ”boutique”  type businesses rather than big box companies, the interaction and dynamic feel of the area will be further enhanced.

Check out our Storrs Center page or give us a call at 860.429.2853 to explore how the new commercial and residential real estate opportunities in Storrs Mansfield and the surrounding communities may be a perfect match for you!