South Dakota

Every year, we at Prudential Kahler REALTORS have a chili cook-off. Everyone brings in their famous chili and we vote for the best. We even have a "breads" category to include conbread, muffins, etc. It gets to be quite a competition. Prizes are given to the top 3 of the different categories and an all-around traveling trophy has been passed around the past number of years.

This year, an agent lost her husband to a work accident. So it was decided to open our cookoff as a benefit fundraiser to other REALTORS, associates and friends of the family. We invited others to bring their entries in. Each person got to buy as many voting ballots as they wished for $10 per ballot.

We had over 20 chilies (3 different categories) and 17 breads to vote for. There was about 5 power strips on that conference room table. I had to draw cords from 2 other rooms to make sure we didn't blow any breakers!

All in all, we had a constant stream of tasters and voters from 11:30 to 1:30. By the time it was all said and done, we had consumed alot of chili. scarfed a bunch of bread, and handed our fellow agent an envelope with over $4,000 inside.

It was a good time. We had good food. And we did a really good thing to help out one of our own. Every agent I talked to was not only impressed by the amount of money collected, but also the format in which it was handled.

Sounds like we might have a yearly benefit chili cook-off! Watch out Rapid City!

Good times!

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

As many of you have heard, the new Worker, Homeownership and Business Assistance Act of 2009 has extended the original deadline for the home purchase tax credit from Dec 1st to April, as well as extending a tax credit to "move up buyers'. This means that potential home buyers other than those that have not owned a home in the last 3 years will also get a tax credit for purchasing a new home from now into June 2010.

Of all the bills that have passed to attempt to stimulate commerce and the economy, I like this one the best because of the trickle down effect of business to others within our industry and downline from the transaction.

With every home purchase, most home buyers employ a Realtor. The Realtor will get a commission based on the purchase price of the home. Commerce has then taken place. The home buyer will then in most cases get pre-qualified for a mortgage loan at their bank for the financial transaction of the purchase. Commerce takes place. The bank in turn will utilize an appraiser to find the value of their property. Commerce takes place, and so on as the bank will also employ a title company to check on potential liens attaching to the property, previous owners, the new buyers. The title company will then guarantee a clean title for the bank on the property by charging an insurance fee. The bank or home buyer may then require or request inspections to be done on the property. An inspector is hired. Inspections for termites may be required. A home warranty may be purchased by the new home owner. If radon is detected within the home, the homeowners will employ someone to install mitigation. If water, termite or other issues arise, the owners or purchasers will employ a servicer to treat or to install new appliances, equipment, repair work, ect. The new homeowner will need homeowners insurance from their insurance agent. An attorney or title company may then close the Real estate Transaction, of which they are paid a fee to facilitate. Commerce takes place again and again.

After the closing you might guess that new Mr. Homeowner will want to make the house "their home", therefore potentially purchasing paint from a paint store, Carpet from a Flooring Company, Window Treatments, Decorations, New Furniture, improvements, purchase of a lawn mower or other equipment, have repair work done, additions, ect. You can see how the trickle down continues to vendors, servicers and retail stores.

I have included an exerpt from the IRS website with some basics on the new Tax Credit for Purchases in 2009 and extending into 2010 below.

From the IRS Website:

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• Extends deadlines for purchasing and closing on a home.
• Authorizes the credit for long-time homeowners buying a replacement principal residence.
• Raises the income limitations for homeowners claiming the credit. Under the new law, For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

As we reported here on Black Hills mortgage delinquincy rates last quarter, our mortgage delinquincies continued this quarter at near the lowest in the entire country according to Transunion. If anyone still dreams that real estate in the Black Hills is for bottom-fishing, this should be a wake up call.

Our volume of new listings and unsold inventory is way down. Foreclosures in the Black Hills are near the lowest in the entire nation. But for the lower-volume market we do have, prices remains quite strong when compared to the rest of the U.S.


We won't belabor the point. It's already been made. Rapid City real estate is consistently one of the strongest in the U.S. during this so-called downturn. We'll just revel in the sweet feel of our unique market for real estate investments and sales.

In fact, with interest rates near the lowest in many years, highly motivated sellers, and some of the finest investment property in the United States just waiting for you to move...this might be "the time to act."

If you have questions or opinions, please let us know.

Posted by Lee Alley, www.BHhomes.INFO, Rapid City, Black Hills, SD at 1:34 PM

Labels: Market Conditions

Please come and enjoy our open house on Nov, 22nd, 2009 between 1-3 pm. The Place: 218 St Charles Street, Rapid City, SD.

One level living, 3 bedrooms, 1 bath fierplace for cozy winter evenings and a 2 car garage!

Huge Kitchen - 3 Car Garage - Vaulted Ceilings - Hardwoods- Ceramic Tile - Built ins and more!

For Sale $239,850 Hurry, Hurry, Hurry This great home will not last long! Rapid City South Dakota RICHARD IVES REALTORS, INC. 605-391-1503

Large two-story home located just above the heart of Rapid City in a quiet cul-de-sac. Built in 2001, with a one of a kind view from the large covered front porch. A peaceful backyard setting in the pines with a perfect spot for your hot tub, barbecue grill or both. The master suite with a large on-suite bath and a HUGE walk-in closet. This home has a nearly 3000 finished square feet, a home office, a three car garage, and a covered back deck perfect for entertaing on those summer nights. There is no need to bring your paint brush as the exterior of this home is mantenance free. LOTS OF STORAGE! Huge Storage area above the 3 car oversized garage so bring all of your toys. LARGE LOT! Almost a half acre, WOW! CITY VIEWS! Stunning City Light Views, easy access to everything. This home has it all.

Located just minutes from medical faciliteis and Rapid City's Regional Hospital, numerous restaurants, grocery stores, shopping and much more. A swimming pool, club house, lighted walking path, are all part of the association features you will enjoy while living in this great home.

Do not delay make this great home yours today. (C) 2009 Richard Ives Realtors

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.