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Historic Kennett Square, PA

11-06-09
Dave Iliff Real Estate Agent
Dave Iliff Real Estate Agent: Real Estate Agent in Hockessin, DE
  • view my blog
  • Office: (302) 234-6073
  • Mobile: (302) 547-8465
  • Secondary: (302) 234-6044

Historic Kennett Square, PA is truly a wonderful town loaded with quaint boutique shops, pubs and restaurants right in the town and in the nearby area as well. Just a short drive from Hockessin, DE, Historic Kennett Square, PA is nestled amongst the beautiful rolling hills of Southern Chester County, a land loaded with U.S. history from the American Revolution. This is classic small town America and it's very close to plenty of area amenities! Historic Kennett Square, PA is just a stones throw from the world famous Longwood Gardens in Chadds Ford where all kinds of great events happen all year round! Don't miss it! The Brandywine River Museum is just down the road and there is a huge array of world famous art to see including classics from N.C. Wyeth and Andrew Wyeth. The museum is housed in a 19th century grist mill in a perfect setting on the Brandywine River. It is also home of the Brandywine Conservancy which was created in the 1960s to preserve and protect the many great resources in the area! What a great organization this is!

 Downtown Kennett SquareDowntown Kennett Square

Every September the extremely popular Mushroom Festival takes place mostly along State Street which is the main drag going west bound. It's loaded with good food, cooking demonstrations, live music, great art and lots of other goodies for sale up and down the street! This is the biggest annual event in Chester County and it's put together by a wonderful group of volunteers! Look for it on the weekend after Labor Day every year. One of the newest music venues is a wonderful little theater, The Kennett Flash which is a fabulous, relaxed atmosphere to sit an enjoy some great music from local artists as a well as national acts! It's BYOB and there is a snack bar with good sandwiches, salads and other treats. They also have an open-mic night and a "Blue Monday" blues jam night. The Kennett Flash is located in Apple Alley between E. State St. and E. Cypress St. in the heart of downtown Historic Kennett Square, PA.

 Downtown Kennett SquareDowntown Kennett Square

Another great event is the Willowdale Steeplechase. It's held at the Steeplechase grounds which is in Willowdale which is a very short trip up the road from Historic Kennet Square, PA. What a great way to have fun every year on Mother's Day! The event supports very worthwhile local charities and is jam packed with family oriented activities and very exciting races on some of the most beautiful land around which is perfect for the event. This is no amateur event, it draws some of the worlds best horses and jockeys!

 Willowdale Steeplechase

There is also the Kennett Square Brewfest which is one of the newer area events that has just completed its 12th event in October 2009. This is an adults only event. Get a designated driver if you think you may have too many samples! Again, lots of great music and fun. sample beer from quite a number of local micro breweries while helping to support Historic Kennett Square, PA! Tickets are limited!

 Brewfest Header

Real estate in the Kennett Square area show a wide range of values. Southern Chester County in general is a very affluent area, however, there are affordable areas to live while enjoying all the great attractions!
Many people who live here easily commute to Philadelphia, Wilmington, DE and other nearby areas. It's easy to get to the Philadelphia Airport if you travel. All in all a great area to live in or just visit.


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Great News! The tax credit has been extended. Please see details below:

11-06-09
Kathleen Carney
Kathleen Carney: Real Estate Agent in West Chester, PA
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  • Office: (610) 459-2209
  • Mobile: (610) 476-1109
  • Secondary: (215) 378-2249

TAX CREDIT OVERVIEW

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer's situation, a credit would not be due:

  • They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from "step-relatives.")
  • They do not use the home as your principal residence.
  • They sell their home before the end of the year.
  • They are a nonresident alien.
  • They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
  • Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
  • They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit.

Call me with any questions and have a great weekend!!

Carney Williams 610-476-1109 or 610-459-2209

visit us at our websites http://www.findwestchesterhomes.com and http://www,carneywilliamshomes.com

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Home Buyer Tax Credit Done When Obama Signs

11-06-09
Judy Peterson
Judy Peterson: Real Estate Agent in Tredyffrin, PA
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  • Office: (610) 889-5509
  • Mobile: (484) 431-7195

Expanded Home Buyers Tax Credit Voted Up By Senate and House Today

Homebuyer Tax Credit Extended to April 30 2010Just today the United States House of Representatives voted 403-12 to extend and expand the Home Buyers Tax Credit.

The National Association of Realtors has provided this helpful document summarizing the details of the new Home Buyers Tax Credit.

Following the 48-0 vote by the United States Senate yesterday, and remembering our civics lessons, the Home Buyer Tax Credit will become law effective on the date that President Obama signs the bill.

Home Buyer Tax Credit Extension – Highlights of Changes:

*First Time Buyer Tax Credit is $8000 ($4000 if married/filing separately)

*+Tax Credit For Current Homeowner of $6500 ($3250 married/filing

Visit Main Line Pa Today for the details of the expanded Home Buyer Tax Credit:

Home Buyer Tax Credit Done When Obama Signs

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First Friday Art Stroll in Kennett Square, PA Nov 6 - Janice Roosevelt, jroosevelt@kw.com

11-04-09
Janice Roosevelt,Ecobroker, ABR, e-PRO - Matt F
Janice Roosevelt,Ecobroker, ABR, e-PRO - Matt F: Real Estate Agent in Kennett Square, PA
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  • Office: (610) 444-7171
  • Mobile: (610) 764-3062
  • Secondary: (610) 335-1920

On Friday Nov. 6 Kennett's downtown streets look their best. Enjoy refreshments, live music, dining and visits with artists for this month's First Friday Art Stroll.

You might even see Kennett's mayor-elect MATT FETICK

Start the evening at 5:30 p.m. with a Ribbon Cutting and Grand Opening Celebration at Cafe Lindo at 109 S. Broad St. Enjoy live music with the Bill Rose Project.

RLD Books at 111 S. Union St. will be having a book signing with local author Franz Lidz. His most notable book On Unstrung Heroes is an amusing memoir of his childhood, which was made into a major motion picture. For more information or to reserve a copy of one of his books contact the bookstore at 610-444-8334.

Marvel at the artistic talent of Wanda Kevis at Brush & Palette , 123 E. State Street. "Spaces" is a mixed media exhibit. Light refreshments will be served. For more information, call Brush & Palette at 610-444-4565.

Longwood Art Gallery , 200 E. State Street, will be hosting an Artist Reception for Richard Bollinger. The exhibit will feature original art and signed limited edition prints. As usual, there will be wine & cheese at the reception. For more information, call the gallery at 610-444-0146.

Flickerwood Wine Cellars is celebrating its one year anniversary with activities all weekend long. Stop by Friday, Saturday or Sunday for a piece of Birthday Cake, live music, Flickerwood Trivia or a special wine tasting on Sunday with the Wine Makers. Friday activities include live music with the Fazio Brothers and an artist reception with photographer Barbara Daugherty Smith. Tickets are required for Sunday's wine tasting and are available by calling the Tasting Room at 610-444-8341.

Local artists Carol McHarg and Cecilia Ross will have their art and books for sale and on display at the storefront at the corner of State and Union Streets. Don't miss this one time opportunity to find unique gifts of original art and handmade books -- this one-time shop will be open from 5-9 p.m.

Other activities on Friday evening include a party and sale at Bedbugzz . . .; the opening of Kennett Square Massage at 116 S. Broad St. Visitors receive a complimentary five-minute chair massage. All who visit this grand opening celebration can enter a drawing to win a free massage. At Beetle Creek Kids cookies and apple juice will be served. And be sure to visit the Paper Market where Alan King will be performing classic Broadway tunes.

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West Chester Borough, Halloween Parade, 10/29/09

10-31-09
Susan Mangigian, West Chester PA Realtor RE/MAX Preferred, ABR
Susan Mangigian, West Chester PA Realtor RE/MAX Preferred, ABR : Real Estate Sales Person in West Chester, PA
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  • Office: (610) 719-1700
  • Mobile: (610) 299-6237
  • Secondary: (484) 356-2965

West Chester Borough is a college town and a wonderful place to visit. Thursday night was the annual Halloween Parade. Words just can't do this town justice as a place for families and friends to gather to celebrate life. I'll let the pictures do the talking!

The marching bands from all 3 high schools and West Chester University were in attendance!!

Marching bands

Various color guards and cheerleaders...

color guards

Adults and children alike were in costume... Santa even made an appearance, although he looked a bit peaked.

costumes

State Senator Dinniman along with his dog and Representative (my all time favorite) McIlvaine Smith were also in attendance!

dinniman/mcilvaine

My son Max and his friends enjoyed it immensely!

max and friends

I always enjoy going to events in West Chester borough. If you have never been there, it's worth the trip!

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