Feng Liu-Winham

Rhinebeck is a small town nestled in the lush mid-Hudson valley. Rhinebeck had enjoyed a very low-key country vibe until in the mid 90s’ when people from New York City discovered its irresistible appeal and made it a destination for their weekend homes. Rhinebeck has since experienced an economic boom and embraced an influx of people from all over the world. Thanks to the successful zoning laws, though, Rhinebeck preserved its small town feel and historical relevance. The most recent high profile PR for Rhinebeck is Chelsea Clinton’s wedding.

Geographically, Rhinebeck is located in the northwest part of Dutchess County on the east bank of the Hudson River. The village of Rhinebeck is the principle community in the town. It is about two hours drive north from New York City and is about one hour drive south from Albany. The Amtrack train station is located in the hamlet of Rhinecliff; the Kingston-Rhinecliff Bridge provides an easy access to New York Throughway 87; a short ride from Rhinebeck can also reach The Taconic State Parkway.

Historic Significance

Rhinebeck is on the east bank of the Hudson River. From the river, one can see miles of uninterrupted riverfront estates with fabled mansions. In fact, Rhinebeck has 8 miles of an area known as The Sixteen Mile Historic District including thirty contiguous riverfront estates associated with the landed aristocracy in the Hudson Valley during the eighteenth, nineteenth and early twentieth centuries. Rhinebeck also comprises one of the largest historic districts in the United States with 437 sites listed on the National Register of Historic Places.

Rhinebeck is a German word evolved from “Rynbeck.” According to The Museum of Rhienbeck History, Henry Beekman, who was granted the majority of the current town by the English royalty, settled 35 Palatine German families in this area around 1714. “Their community, centered at a log church a mile south of its present-day stone edifice, came to be known as Rynbeck.” The village of Rhinebeck came to prominence in the early 19th century and was incorporated in 1834. To this day, the village of Rhinebeck contains many Victorian era homes well-cared for by generations.

In Tune with Nature and in Touch with Culture

Rhinebeck is known for it impressive natural beauty. In spring, it is all about blossoms. In a short period of time, forsythia, magnolia, various types of dogwoods, Cherry trees, rhododendrons, and azaleas are all in bloom. The colors, fragrances, and textures make Rhinebeck an intoxicating place. In summer, the lush greenery takes over. A multi-layered and multi-hued green mass resulting from the combination of dense forests, rolling farm lands, and inviting water is directly set against the blue sky often adorned with dramatic cloud formations. Summer is very active in Rhinebeck. The ensuing fall is a fairy tale about the magnificent foliage in a mosaic of intense green, yellow, orange, red, and brown. Breathtaking views are everywhere at every corner. The whole world is painted in a surreal style. The enchanting village has a casual yet elegant atmosphere. It has tree-lined streets, manicured gardens, and well maintained buildings, many of which are on the National Register of Historic Places. The countryside is rural and rustic with unspoiled nature at arm’s reach. The Catskill Mountains on the other side of the river provide for the always beautiful sunset!

Rhinebeck provides year-round activities. Many places are accessible to the public for biking, hiking, fishing, horseback riding, camping, golfing, swimming, or cross-country skiing, just to name a few.

· Rhinecliff town boat launch provides easy access to the Hudson River for boating enthusiasts.

· Dutchess County Fairgrounds is here in the village. It is famous for hosting the Dutchess County Fair, the second largest fair in New York State with half a million patrons every year. It is also the venue for many other events such as craft shows, antique shows, car shows, etc.

· The fabled Old Rhinebeck Aerodrome is also a great place to visit. It is an open air museum featuring vintage World War I air planes and a stage for dear-devil air shows.

· “The Dutchess County Wine Trail,” offers scenic, entertaining, and educational tours among the vineyards and wineries of the area as well as other interesting places along the route.

· Upstate Films, the intellectual stimulation which significantly contributes to the reputation of the Rhinebeck area, was founded in 1972 and located right in the center of the village. It has been a devoted institution for exhibiting independent, international, and alternative movies.

· The renowned Fisher Center for Performing Arts and Hessel Museum of Art on the campus of Bard College present the finest in musical performances and contemporary fine art exhibitions.

· The Rhinebeck Performing Art Center located outside the village on Route 308 is a venue for community based theatre production and performing classes for adults and children.

· In winter, the Rhinebeck area offers fantastic places to go cross-country skiing in parks or on farms. Also, it is not far away from major ski areas in New York State such as Bell Air, Hunter Mountain, and Ski Windham.

Rhinebeck is loved for it small town atmosphere, rich history, and natural beauty. Rhinebeck thrives on its convenient, efficient, and friendly services to its residents and visitors alike. A variety accommodations, a plethora of fine-dinning restaurants, many quaint shops, and high-quality antique stores make downtown Rhinebeck an exciting place to be.

Rhinebeck real estate market is not optimal for selling. The market has come down from its high by 30% in 2006. The recovery seems to be painful and slow with many confusions in the air. If you need to sell, you need to find a competent professional to market your property.

Make sure your broker is both knowledgeable and willing to work. Real Estate brokers are not equal. They are independent contractors. They work very differently based on their experiences, education levels, skill levels, and even their dispositions. Find the one you like and trust is the first step toward success.

Here are some aspects to consider when you gauge the quality of the services they provide:

• Asking for a Broker Price Opinion (BPO). That way you will know how your property is priced.
• What is the core selling message for your property? A generic selling message will not help your property.
• What her/his marketing plan is. The market exposure is imperative in this challenging market. To gain an edge for your property, the marketing has to include Multiple Listing Services (MLS) but go beyond.

It is an age of the Internet and technology. Like it or not, you need them to succeed. The conventional services will provide in addition to MLS: company website, Realtor.com, real estate websites like Trulia, Zillow, Craig’s List, etc. Some brokers have their own personal websites and they will advertise your properties there as well. Some big corporations can also put your properties on national newspaper websites. The key question to ask here is TRAFFIC. Sure, your properties can be on the sites, but how can potential buyers see them? Does your broker have a plan to bring the traffic to your page? Can she/he even build a site for your property?

For organic searches, the method to bring in traffic is called Search Engine Optimization (SEO); for paid traffic on the net, the common practice is Pay Per Click; for off-line traffic maneuver, the old-fashioned print advertisements are upgraded with smartphone technology to drive traffic to the websites, Youtube vedios, and more.

I do not intend to get too technical here. But the bottom line is, currently, there are probably only a handful of brokers offer services at this caliber in Rhinebeck area. If you are a firm believer in new technology, you need to seek them out.

• Pricing strategy There are two strategies in selling in this challenging market: Beat The Market or Chase The Market.

The market always has a way to tell if your property is over-priced for the given time. It wold not hurt to test at the very beginning. However, when the market exposure is sufficient and the core selling message is on target, the first 3 weeks should be able to illustrate the price point. If there are a lot of showings but no offers, the price is too high. If there are no showings at all, the price is way too high. At this juncture, you need to decide your strategy. If you want beat the market, the price needs to come down to the sweet spot, ideally the first choice on the market. If you want to chase the market, you can lower the price gradually, lining up with the second or the third on the market. Then you should expect a significant longer market time and several price reductions. It is a crucial decision to make, all factors should be carefully considered. And your broker should be able to provide guidance with this regard.

I hope this post is helpful. Please feel free to contact me should you have any questions. E-mail: fengliuwinham@gmail.com

Finding a place you can call home is both exciting and nerve-racking. You want to buy the most home for your dollar and you wonder what is the right offer to buy.

Unless you are a seasoned investor who buys and sells without much emotional involvement, you need a devoted and competent local real estate professional to guide you through the process, which can be stressful at times.

Not all real estate brokers are equal. They are independent contractors. They work very differently based on their experiences, education levels, skill levels, and even their dispositions. Find the right one for yourself is the first step toward success.

Here are some factors to consider when you interview the potential agents:

Ask her/him if she/he will

• Provide an automatic update for the new listings based on your wish list. That way, you will be well informed and get to know what is new on the market even when your agent is out of town.
• Evaluate the value of your chosen home so you buy the most home for your dollar.
• Negotiate the best possible deal for you so you avoid costly traps and pitfalls.
• Help you locate the most affordable financing in the market and for your situation.
• Coordinate all inspections, appraisals, title services etc. with the very best firms, so you can feel confident and focus on other important tasks during your move.

With a trusted local ally on your side, it is time to get familiar with the local market. Education is the key. Right?

Rhinebeck real estate market has the capacity to contain diverse home buyers based on their lifestyles.

• Old village homes. Rhinebeck is renowned for its well-preserved Victorian Homes. There is a whole village section that consists of these type of homes. They are sought-after and therefore more pricey per-square foot. You do not have a lot of land and/or privacy. However, you can walk to all the services the village has to offer.
• Homes with generous acreage in the town of Rhinebeck. If privacy is what you are looking for, this type of properties will suit you. They vary in ages and styles. You have a wide variety of choice.
• Suburban style developments. The houses were built roughly built around the same time and therefore they look alike from the outside. You will have a sense of neighborhood there, and often a cod-a-sack at the end. They are usuallyfamily friendly and residents are friends.
• One-story living. The typical one-story homes in Rhinebeck is ranch style houses. They are mainly built in the 50s to early 80s. They usually have rather generic layout and appearance. They are not sought-after in the Rhinebeck market place, so, if one-story living is your priority, you may find something very affordable.
• Fixer-uppers. You can find great fixer-uppers in Rhinebeck in every type of homes. Fixing up the old homes can be very rewarding. Fixing up a bank-owned property can be profitable. But be careful if you are not experienced. The cost can be high in Rhinebeck and you maynot get your investment back immediately in current market condition.
• New constructions. If you love new constructions, your choices in the village are limited. The zoning law is strict and the available lots are basically non-existent. There is, however, a section in the village near the school consisting of new homes. Outside the village, you will have more choices. Be aware, though, new constructions are more expensive per square foot as the cost of building has gone up noticeably in Rhinebeck.

A lot of buyers know what kind of lifestyle they want here, so they can narrow down the search quickly. If, however, you are open-minded with this regard, you need to move on to next subject: How much are you willing to invest? Do not ever over spend. If you think you can sacrifice your life for your house, think again. Too much financial stress will damage your sense of well-being, you relationship, and your family. Get pre-qualified for a loan as soon as you can. That way when you are ready to make an offer, you are ready to go. Sellers will not consider your offer, if at all, seriously unless you are pre-qualified.

When the investment is decided, make two lists under your wish-list. One is what you need and the other what you want. The former is something you should not compromise, the latter, you can live without. When you can identify them, you will be less emotional when you need to give up certain things.

After all the prep work, you are to see houses. Look through all the listings your agents provide based on your criteria, and familiarize with all the terms. If you are local, drive through the neighborhoods where the houses of your interest are located. If you are coming from out of town, drive around as much as you can to get a general idea of this area.

Here I’d like to share a story with you.

I once had a client from the city. She had a budget and knew she would like to find an charming older home in Rhinebeck, Red Hook, or Tivoli. She was not familiar with this area, but liked what she saw and felt here.

We started our search and before long she realized with her budget, she could only afford a small charming older home which was in need of some work. And she would like to live in a village setting. We also need to move quickly so that she could get the $8000 tax credit to fix up the house. With all the essentials outlined, she was able to look through the surface and focus on the bones of the houses and location of them. We zeroed in on a small charming village home with great potential to expand. She revisited the house three times and each times and each time she went back, she liked it more.

However, after my market research, this potential house was over priced at the time. I encouraged her to make an offer based on my research. The negotiation was not easy, but in the end, we got the house! I helped her with home inspection, the selection of mortgage broker, attorney since she was new to our town. Not any more! She is now a happy local resident with a lot of friends and a beautifully renovated place she calls home.

You need to modify your expectations along the way. Do not be afraid. When you do so, you will get closer to the reality and well on your way to home ownership. If there is one thing you should not compromise, it is LOCATION. You can change a house but you cannot change a location. Sounds like a cliche? But there is a reason for it to become a cliche. It is a great time to invest in real estate in Rhinebeck. Good luck. If you have any questions, please feel free to contact me.

Just got a e-mail message from the National Association of Realtors. It outlined some benefits for homeowners and investors in Obama's stimulus plan. And I'd like to share with you.

1) in high cost areas, loan limits will be raised to $727,000.

2) the tax credit will be raised to $8,000 with NO payback, therefore, it will be a true credit.

3) interest rates will come down 125-150 basis points.

4) the bill has over $50 billion in it for foreclosure mitigation. On top of that, Geitners Treasury plan signaled that the second half of TARP and TALF would be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages.

5) Fanniemae has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

Unfortunately, the highly anticipated $15,000 buyers' credit did not get through. It was considered "too rich" for this package. Go figure!

Well, the information on the stimulus package and the housing market is so wild these days. It is so hard to tell the truth from the rumor. Tomorrow I am attending a conference on what Obama plan is trying to do. I will let you know more in next message.

I have been excited about the tax credit for the first-time home buyer and wanted to share with my readers. A few days ago, I got the document from one of my loan officer friends, Cristina Werdal. The document details who is eligible and how the tax credit can be filed for.

Here it is:

First-Time Home Buyer Tax Credit Fact Sheet

Who is Eligible

􀂃 The $7,500 tax credit is available for first-time home buyers only.

􀂃 The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.

􀂃 All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits

􀂃 Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their adjusted

gross income (AGI) is less than $75,000.

􀂃 For married couples filing a joint return, the income limit doubles to $150,000.

􀂃 Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial

first-time home buyer tax credit.

􀂃 Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer

tax credit.

􀂃 The credit is not available for single taxpayers whose AGI is greater than $95,000 and married couples with an

AGI that exceeds $170,000.

Effective Dates for the Tax Credit

􀂃 First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008

and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.

Tax Credit is Refundable

􀂃 A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write

you a check for the difference.

􀂃 For example, if you owe $5,000 in federal income taxes, you would pay nothing to IRS and receive a $2,500

payment from the government.

􀂃 If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,500 ($1,000 plus

$7,500 from the home buyer tax credit).

􀂃 Buyers can take the tax credit in their 2008 or 2009 tax return.

􀂃 If you purchased the home in 2008, the tax credit is taken in your 2008 tax return. If you buy in 2009, you have

the option of taking the credit on your 2008 or 2009 tax returns.

Types of Homes that Qualify for the Tax Credit

􀂃 All homes, whether single family, townhomes, condominium apartments will qualify, provided that the home will

be used as a principal residence and the buyer has not owned a home in the prior three years. This also includes

newly-constructed homes.

Payback Provisions

􀂃 The tax credit essentially serves as an interest free loan to be repaid over 15 years.

􀂃 For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. If the home owner

sold the home, then the remaining credit would be due from the profit of the home sale.

􀂃 If there was insufficient profit, then the remaining credit payback would be forgiven.

Good luck and enjoy.