Learning the Lessons of the Past

BENNINGTON, VT — It’s often said, “What’s Past is Prologue.” In real estate, the past can indeed determine the future, when buyers choose to restore or preserve a historic property. “Opportunities abound for those wanting to purchase a historic home, but so do questions about the soundness of the investment,” says Troy Richardson, ABR, Broker / Owner of RE/MAX Maple Leaf Realty].

Before making an investment in history, the Troy Richardson recommends that potential home buyers consider these questions:

• What regulations govern local historic buildings and districts?

• Does the house need extensive restoration?

• Are original or substitute materials available for repairs?

• Are craftsmen who are knowledgeable about historical materials and building systems available?

• How will the house be appraised?

Knowing what to look for is an important first step. “Potential buyers should understand that there are significant differences between a historic house and a new one,” Richardson says. “Before purchasing a historic home, consumers will want to research just how much restoration is needed and how much the restoration will cost. That includes, of course, uncovering any possible environmental problems not typically found in new construction such as the presence of asbestos or lead paint.” 

Knowledge of any structural problem and the time and money needed to fix it should not only influence the decision of whether to buy, but also how much to offer. In some cases, the seller may be required to undertake some of the work as part of the purchase agreement.

Yet the advantages of owning a historic house often outweigh the work that goes into finding and securing one. There is a rewarding sense of history in the unique detailing and meticulous craftsmanship found in historic homes as well as the satisfaction of restoration. 

“There may also be financial benefits for a historic home owner,” explains Richardson. “Those benefits range from reductions in property taxes and adjustments to assessed value, to state income tax credits and property tax freezes for qualified rehabilitation and restorations.”

The National Trust for Historic Preservation reports that 37 states and the District of Columbia have laws that provide individuals with incentives for owning historic properties. 

Not every old home is historic. “A historic house is an example of the cultural or physical development of a community, state, or the nation due to its architecture or association with an important historical figure or event,” Richardson says.

If a home does qualify as a historic property, then it may be listed individually or as part of a historic district. The listing of a building or district in the National Park Service’s “National Register of Historic Places” provides public recognition of its importance, but will not interfere with an owner’s right to alter, sell, or determine how an individual property may be used. 

“A local or state government housing preservation organization usually will assist owners who want to pursue a historic designation,” Richardson says. However, even if the historic building meets the designation criteria, it will not be listed if the majority of property owners in a district object for whatever reason. In this case, the building is put on an “eligible” list should the objections be overcome in the future.

For more information on historical properties, contact the National Conference of State Historic Preservation Officers at 444 North Capitol Street, NW, Suite 342, Washington, DC 20001-1512. For a list of historic real estate specialists, contact the National Trust for Historic Preservation at 1785 Massachusetts Avenue, NW, Washington, DC. 20038. For a list of professional real estate buyer representatives, please contact the Real Estate BUYER’S AGENT Council, 430 N. Michigan Avenue, Chicago, Illinois 60611; phone (toll-free) 800-648-6224 or direct 312-329-8656. 

Richardson is one of more than 50,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 50,000 active real estate professional members of the organization throughout the world.

Troy Richardson is Broker / Owner of RE/MAX Maple Leaf Realty at 203 Northside Drive in Bennington VT.  He can be reached at 802-447-3210 or www.TroyRichardson.com

BRATTLEBORO — For the past 26 years, a group of area real estate agents has raised more than $150,000 to meet the needs of area youth.

It started in 1983, when members of the Southeastern Vermont Board of Realtors learned the family of a Dummerston girl, who had serious medical issues, didn’t have the financial means to pay for her care.

The SVBR is now known as the Southern Vermont Board of Realtors.

As a result, Frank Martocci, Cathy Eakins, John Morrison and Al Carbone formed the Realtors Youth Benefit Corporation so they could donate funds to the family.

At first, they borrowed money from SVBR to pay for the medical care. They then established fundraising events to pay for RYBC’s charitable giving.

Those events included auto raffles and the construction of new homes, profits of which went to the fund. Along the way, they started a golf tournament to benefit the fund.

 “The golf tournament is our major fundraiser,” said David Brown, of Better Homes and Garden/Masiello Group, a member of the RYBC’s Distribution Committee.

Last September, the RYBC raised $6,250 as a result of the tournament, which is held at
Haystack Golf Course.

 The fund was originally established to meet medical needs that were not covered by insurance, said Brown. “We still do some of that,” he said, but much of the focus has been shifted to enrichment type programs for children living in difficult situations.

 “We have seen an increasing need for kids with special needs because of the changes in state laws,” said Brown. “It’s clear that there are needs not being met and we’re committed to helping fill in the gaps.’

 Ginger Gaudette, the mother of two young boys, said the RYBC helped her get them into summer youth programs.

 “I had to cobble together different activities and camps,” she said. “All that stuff costs money.” The RYBC was one piece of the puzzle.
Gaudette, who is divorced, receives a small monthly stipend from her husband, who is currently in prison.

If not for RYBC’s help, she said, she would have had to quit her job to care for her boys during the summer.

“Without the help of the community, I would have been in a real jam,” she said.

Cindy Coble, the mother of a 13-year-old autistic boy, Jack, thanked the RYBC for helping to pay his tuition to the New England Youth Theatre for the past seven years.

Coble, a single mother with three kids, wasn’t having financial difficulties until she was hit by a car while riding a bicycle, requiring seven surgeries.

“RYBC has been there consistently for Jack and I can’t express my gratitude enough,’ said Coble.

Jack’s health problems made school difficult for him, said Rebecca Waxman, the executive director of the New England Youth Theatre.

“This was a kid ready for success,” she said. Since his first foray onto the stage, Jack has excelled, said Waxman.

“His energy on the stage is limitless,” she said. “In every show he has been in he has been outstanding. It’s really delightful to watch him.”

Though the NEYT is rightfully proud of the work it’s done with Jack, Waxman said the credit belongs to his mother.

“I commend Cindy for doing an exhaustive search to help Jack get the help he needs,” said Waxman.

Brown said it has been a pleasure watching Jack’s progress with NEYT.

“He really thrives in that setting,” he said.

Over the years, the RYBC donated money to a number of young people for eye glasses, dental work, medical bills and tuition for camp and after school programs.

“We have great communication with the area service providers such as Youth Services, Brattleboro Parks & Recreation Department, River Gallery School, Green Mountain Girls Camp, YMCA Lewis Day Camp, Camp Waubanong, and New England Youth Theatre among others” said Brown.

In addition, the RYBC has worked with Mollie Burke and supported her summer arts project at Westgate Housing Community through her Art in Neighborhood organization, the Circus Arts Camp and the Therapeutic Horse Back Riding Camp.

To be eligible for funds, a child must be referred by an outside agency, such as a school or a health care provider.

By BOB AUDETTE, Reformer Staff, The Brattleboro Reformer

Let it snow!

Whether you are looking for Bennington, Vermont area real estate, or consider yourself a Bennington resident already, the Vermont Green Mountains offer spectacular views and outdoor activities.

Our state has over 4,500 skiable acres, 900 trails and 150 lifts, with skill levels from beginning toddler to competitive adult.

You say you don’t know how to ski but want to be outside? Snowshoes are the answer! Although in the past, snowshoes were important tools to help residents continue to work in the winter, today they are mainly used for play. Here are three places you can shoe:

• Lake Shaftsbury State Park – on Route 7a north of Shaftsbury
• Woodford State Park – on Rte 9 east of Bennington
• Emerald Lake State Park – on Rte 7 north of Manchester

Go to www.campvermont.com for more information on these parks or go http://www.voga.org  to learn about winter activities all over Vermont!

Writing and receiving holiday cards is the exception rather than the rule these days.

But while looking for Bennington, Vermont real estate, make a stop at the Bennington Museum to view the exhibit, “Season’s Greetings: Holiday Cards by Don Trachte and Friends”  which is on display until December 31, 2009.

The exhibit includes cards from Trachte’s cartoonist father, but also cards from cartoonist friends such as “Blondie” creator Chic Young and Al Smith of “Mutt and Jeff.” Call the Bennington Museum at 802-447-1571.

Bennington, VT— With all the choices in today’s market, how do you go about finding the right home? It seems the more research you do, the more alternatives you discover.

It’s important to visualize your needs and plan ahead. “Know what you want in a home, what’s important to you, and what you can live without,” Troy Richardson, ABR, Broker / Owner of RE/MAX Maple Leaf Realty says. “Many of us start out with a champagne taste and a beer pocketbook, so it’s important to be realistic,” he adds.

Where and what you buy will affect you for as long as you live in the house. “Get your priorities in order before you start looking or even talk to a real estate broker or sales associate,” Richardson says.

For first-time home buyers this is a new experience, so it’s especially important to do your homework. If you currently own a home, you know exactly what’s lacking. You may need another bedroom or bathroom, or a good school nearby.

First, decide where you want to live. A big part of the answer hinges on where and how you earn a living. If your job requires a lot of reading or is quite stressful, public transportation may offer valuable time to sit quietly. “Regardless, you should practice the commute in rush hour before you make a commitment. A seemingly quiet road can transform into gridlock during peak hours,” Richardson cautions.

People with children have other major considerations: school and safety. If you plan to send your children to private schools, you can live where you want assuming you can easily arrange transportation. On the other hand, a lavish public school system may indicate high local real estate taxes. Check them out.

Obviously, lifestyle is an important consideration. People who frequently dine out, go dancing and attend the theater probably belong in the city or a close-in suburb. “In other words, make sure you’re in close proximity to the things that matter most,” Richardson says.

It used to be that homes came in a limited variety, but today, you have many choices. In addition to the traditional single-family home, you can buy a townhouse, condominium or apartment condominium or co-op. 

In planned unit developments (PUDs), you can find almost any combination. In condos and other such communities, make sure the rules and regulations, as well as the by-laws, match your lifestyle. This type of housing is great for people who want to own their own space without being responsible for mowing the lawn or repairing the roof; a management company handles that.

On the other hand, you’ll pay fees for these services. “In addition to checking the documents and financial soundness of the homeowner’s association, you must determine if the monthly fees are worth the services and additional amenities such as a swimming pool or exercise room,” Richardson explains.

Affordability can be a factor not only in the type of housing, but whether it’s new or an existing home. Old houses often have fine woodwork or interesting nooks and crannies not normally found in new homes. They generally sit on landscaped lots with mature trees and grown bushes.

New homes may cost more, but you can make many more decisions on amenities, colors, carpeting and fixtures. “Make sure you’re dealing with a reputable builder, and have an attorney review all documents, Richardson says.

Selecting a real estate professional is an important first step in beginning your search. “Ask for personal recommendations to find an individual who is knowledgeable about the neighborhood and has access to the local Multiple Listing Service,” Richardson says. Make sure you feel confident about his or her knowledge and skills, and understand the business relationship that you have established between you.

Richardson is one of more than 50,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 50,000 active real estate professional members of the organization throughout the world.

Troy Richardson is Broker and Owner of RE/MAX Maple Leaf Realty at 203 Northside Drive in Bennington VT.  Troy can be reached at 802-447-3210 or www.TroyRichardson.com

Are you looking for a larger home in the Bennington, Vermont area? You could be eligible for a tax credit of up to $6500! To claim:

• You have owned and resided in your own home for five consecutive years out of eight.
• You must be a single taxpayer with income up to $125,000 or married with incomes up to $225,000 to qualify. 
• The Bennington, Vermont real estate is purchased for $800,000 or less.
• The new home must be purchased  after November 6, 2009 and on/before April 30, 2010 (or have a binding contract in place by this date provided the purchase is completed by June 30, 2010)

While the Bennington VT real estate market does not have as many foreclosures as some other parts of the country, I thought it was interesting to read that they are on the decline nationally, which hopefully is a good sign for the real estate market in general.  You may not think that Vermont is impacted by these figures from other states, but consider this:  if these states were not having as many problems, would more people be able to relocate to Vermont?  The lifestyle that we enjoy here in Vermont is attractive to a lot of people who want a change of pace.  If they can’t get out of their current real estate market, they can’t buy in ours!

Troy

 Foreclosures declined 8 percent in November compared with October, but were still up 18 percent from November 2008.

This was the fourth-straight month that U.S. foreclosures have declined since hitting an all-time high in July, according to online foreclosure marketer RealtyTrac.

Default notices, an indicator of coming foreclosures, also were down 8 percent from October, but up 22 percent from November 2008. Bank repossessions were flat from the previous month and down 2 percent from November 2008.

“We don’t really believe the underlying problems have been resolved,” said Rick Sharga, senior vice president for RealtyTrac. Many borrowers, he told the Associated Press, “simply aren’t going to qualify” for government and mortgage servicer help.

States with the highest foreclosure rates are:

• Nevada
• Florida
• California
• Arizona
• Idaho
• Michigan
• Illinois
• Utah
• Maryland
• New Jersey

Four states account for more than 50 percent of actual foreclosures: California, Florida, Illinois, and Michigan.

Source: RealtyTrac, (12/10/2009)

With winter upon us, how do you make your Bennington, Vermont home or business more attractive to buyers? A few simple tricks will keep your real estate on their short list:

Keep driveways and sidewalks clear of snow and ice. Be generous with the sand to avoid any slips, and pile snow away from the front of the house. Curb appeal still counts in the winter – make sure their view is nice!

Make the entrance an invitation to stay. Offer visitors a place to hang coats as well as take off snowy boots so they feel welcome to wander the house.

Turn up the thermostat. Even if you normally keep the temperature low, crank it up to a comfy level for real estate showings.

Soft background music can relax a visitor and make then feel at home.

Pick up unneeded items and stow extra sweaters or outdoor clothing.

Those often used skis and snowshoes? Either neatly display them – or closet them!

Bank of America and JPMorgan Chase & Co. both said their failure to help more borrowers stemmed from the fact that many home owners fail to complete mortgage-relief paperwork.

Jack Schakett, Bank of America’s credit loss mitigation strategies executive, cited “ineffective communications with customers, shortcomings in document maintenance, misunderstandings about program requirements, and the inability to comply by some borrowers.”

Likewise, JPMorgan Chase said only 4,300 home owners have completed the paperwork, although 16,000 have been approved.

“We are facing challenges with borrowers completing documentation or making trial plan payments as agreed,” Molly Sheehan, JPMorgan Chase’s executive in charge of housing policy, said in written testimony.

Source: Associated Press, Alan Zibel (12/07/2009)

 BENNINGTON, VT — Many consumers think that any home they might want to purchase will be listed on real estate Web sites or in newspaper sections, whether sold through brokers or by owners. And indeed, most properties can be found this way. But limiting any search to just these channels can eliminate many prospects for a new home.

“The ‘hidden’ options of auctions and foreclosures can open up greater possibilities,” says Troy Richardson with RE/MAX Maple Leaf Realty. In some cases, these purchase methods can even offer opportunities to consumers who might not otherwise be able to purchase a home.
Properties are auctioned by motivated sellers for a variety of reasons, but the reasons rarely have any effect on the property itself. In the recent housing market, foreclosure has become regrettably familiar. But this creates a situation where banks and other mortgagees have a surplus of properties that they would rather divest themselves of than own.
Auctions and foreclosures can be found in most every area, too, and in almost every market segment: single-family homes, condos, resort and multi-unit properties.

Yet many consumers may be unaware of these purchase options or are reluctant to pursue them, due to a lack of knowledge. Certainly learning the ropes to these “alternative” homeownership paths can be difficult, and the cost of making a mistake can be steep.
However, working with someone who understands these industry niches can smooth out the process. “Real estate professionals who know how to manage both traditional transactions and those conducted through less well-known purchasing methods can help guide consumers through the intricacies of such alternative-method purchases,” says Richardson.

Richardson is one of more than 50,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 50,000 active real estate professional members of the organization throughout the world. 

Whether down the traditional route transacting business through a seller’s agent or along less-traveled paths of finding auction and foreclosure properties, ABR-designated REALTORS® make a buyer’s best interests their own.

RE/MAX Maple Leaf Realty is located at 203 Northside Drive in Bennington Vermont.  Troy Richardson can be reached at 802-447-3210  or through the website www.TroyRichardson.com.

The holiday season is fast approaching – and it’s almost time to pick out that perfect tree to place in your new Bennington Vermont home!

Head out to Pleasant Valley Tree Farm on Vermont Rte 9 and choose your fir while enjoying the view of the Green Mountains and nearby Taconic Mountains.

Pick up some evergreen boughs for decorating, or a potted tree for later planting! Go to www.pleasantvalleytrees.com or call 802-442-9071 for more information!

Tell them Troy Richardson sent you!