Kaye Lewis and Associates

Going Green!

Kaye Lewis — Mon, 14 Apr 2008 13:22:57 +0000

“We do not inherit the earth from our ancestors; we borrow it from our children.”

—Native American Proverb

One of the hottest trends in housing is creating a “green” home. Many Greenwich homes are incorporating green designs in new construction and renovation projects. In fact, in two places where Mother Nature has wiped the slate clean, green homes are all the rage. In the Lower Ninth Ward of New Orleans, actor Brad Pitt has Headed the creation and donation of 150 new environmentally friendly houses that will be 75% more energy efficient. In Kansas, after being completely destroyed by a tornado, the ironically named town of Greensburg will be rebuilt as the nation’s first green town.

Green homes save money by lowering energy bills and reducing a home’s impact on the environment. What may be even more important, however, is the pride of ownership involved in owning a green home and the positive effect it has on the community and the world.

If everyone swapped out just one traditional light bulb for a CFL (compace flourescent light bulb) it will reduce carbon emissions by 150 pounds a year (now here’s a diet where I can be successful!)? Doing your part for the enviroment is now as easy as changing a light bulb! Here are a few more easy ideas to implement:

For every mile you walk, bike or carpool, you will save one pound of carbon dioxide.
Recycling half of your home’s waste will save 2400 pounds of carbon dioxide annually.
Propertly inflated tires improve gas mileage by 3%, and every gallon of gasoline saved prevents 20 poinds of carbon dioxide waste.
Using less hot water reduces energy consumpiton. Installing a low-flow shower-head and washing your clothes in cold or warm water can save up to 85 pounds of carbon dioxide.
Adjusting your thermostat by 2 degrees in the winter and summer can save 2,000 pounds of carbon dioxide a year.
Planting trees reverses the efects of carbon dioxide. A single tree wil absorb 1,200 pounds of carbon dioxide in its lifetime.

SPEAK NOW OR PAY INCREASED TAXES WHEN YOU SELL PROPERTY!

Kaye Lewis — Mon, 03 Mar 2008 19:25:27 +0000

Just some quick information on some actions that the Issues Advocacy Trustees approved recently regarding the fight to allow the sunset for the increase in the municipal portion of the conveyance tax to simply happen this June.

There is a new Web Site - http://www.myhouse-mymoney.com/ It will help you easily understand and make your opinions known to those elected officials who can vote on this important issue. You can send e-mails or get a letter to send to a Senator, Representative or Mayor/First Selectman.

Sellers traditionally don’t even know of the increased tax until they write the check. The legislature needs to hear (loud and often) that this kind of discriminatory and stealthy tax is unfair. People are relying on income, they need the income, from the sale of their property - and they are not getting it all.

Over the next couple of weeks, Palm Cards and Postcards will be made available.

There will be short spots (5 Seconds) on WTNH TV, as well as radio spots (available for you to listen to on the web site) through the end of April.

Realtors kept the legislature from enacting this increase on a permanent basis last year - we got another sunset. This time, pulling out all the stops, we’re gunning for the legislature to simply allow the conveyance tax to revert to its’ pre-increase status. Just let the sunset occur.

If municipalities need the additional revenue that this “hidden” tax provided, allow them to raise it through a fair, equitable and above board tax - spreading the pain across the entire population - not simply by targeting those unlucky enough to be selling their home.

For information on the Greenwich Real Estate market, please visit www.KayeLewis.com.

Is this the right time to buy? Here are several smart ways to help someone (maybe your kids) become first time buyers…

Kaye Lewis — Tue, 26 Feb 2008 19:18:23 +0000

3 Ways Parents Can Help Their Children Buy HomesRISMEDIA, Feb. 26, 2008-(MCT)-With today’s turmoil in the housing market, hitting up mom and dad for a down payment may be a young buyer’s best route to homeownership. It’s hard for the younger generation to become first-time home buyers today as they try to juggle numerous financial responsibilities, experts say.”Stakes are higher,” says Carrie Schwab Pomerantz, chief strategist of consumer education with Charles Schwab & Co. “Today, young people are solely responsible for their retirement. A lot of young people are coming out of college with high levels of debt.”

Here are three ways parents can help their children buy homes:

1. Cash is Clean and Easy: Experts say simply giving adult children cash for a down payment is one of the smoothest ways to help them buy a home. For parents with the means, gifting can avoid intergenerational squabbles and misunderstandings.

“Helping with cash is pretty clean, pretty easy,” says Jack Guttentag, an emeritus finance professor at the
Wharton
School of the

University of
Pennsylvania.

Guttentag helped his adult son buy a house in
Venice Beach, Calif., about 15 years ago. Prices were high, so Guttentag ponied up for the down payment, while his son had enough income to carry the mortgage.

“It turned out well,” Guttentag says.

To avoid triggering a taxable event, Guttentag spaced out his gift over two years. An individual can give $12,000 a year to a recipient without having to pay a tax on the gift. Therefore, a couple could give an adult child and the child’s spouse a total of $48,000 in one year.

Yet gifting can become complicated when lender institutions have rules that limit the size of a gift. From a lender’s point of view, a debt obligation-even a gift from parent to child-could weaken the security of the mortgage, Guttentag says.

“When lenders assess someone’s qualification for carrying a mortgage, they take into account their other debt payments,” he says.

Some lenders can be concerned that reported gifts aren’t really gifts at all, and may require borrowers and parents to sign an affidavit that no repayment is expected, Guttentag says. To avoid too much scrutiny by a lender, Guttentag suggests giving your adult child a down payment well in advance of applying for a mortgage.

2. Cosign a Loan or Invest in a House: Some parents may have limited resources as home equity has come under pressure. Others may need their investments for retirement.

Yet they can still help their adult children by cosigning a loan. Cosigning can help make a lender feel more comfortable with extending a mortgage to an adult child, says Adele Brady Bolson, a certified public accountant in
Washington state.

However, if payments aren’t made, the mortgage company will go back to the parents, she says. And the parents’ credit can be affected.

Investing in a home can also work for parents that want to be paid back.

Families must be careful planners and good record keepers over time to avoid confusion and intergenerational quarrels. All parties should understand how their respective shares in the equity of the house would be divided and change over time. As children make the mortgage payments, their share of the equity in the house will increase.

“The investment has the potential for conflict because of changes that occur over time,” Guttentag says. “If both parties agree on what the rules are and keep accurate records, there isn’t going to be any conflict.”

And parents may face hard choices if they invest in a child’s home through a loan or by co-signing a mortgage.

“I’ve seen all sorts of really unfortunate things happen,” Bolson says. “Don’t make promises that you cannot keep. Whatever promises you’ve made should be put down in writing.”

3. The Gift of Knowledge: Schwab Pomerantz says the “gift of knowledge” is a good option for parents without the means to contribute cash or invest in a child’s home.

“Very few families have frequent conversations about money and investing,” she says. “So you’re already starting at a deficit in terms of families who talk about finances.”

The lack of conversation is not a socioeconomic issue-families across the wealth spectrum are missing out on these important talks, Schwab Pomerantz says. She suggests “helping kids weed through the various mortgage alternatives to avoid these scandalous offerings that are inappropriate for them.”

Adult children should understand the importance of borrowing within the limit of what they can actually afford, rather than becoming overly indebted to a home.

“It’s never worth it to be house poor. … It limits you from doing so many other things,” Schwab Pomerantz says.

Current turmoil in the mortgage market magnifies the importance of ensuring that all parties understand the terms of a mortgage before buying a home, says Bolson.

“If I’m going to be giving money to my child I need to make sure that my husband is OK with it,” she says. “All parties need to agree.”

Bolson also recommends that a first home for adult children should cost no more that the average for the community, especially when parents are helping financially.

“You want to be cautious about whether this is just the beginning of kids wanting parents to buy what they themselves can’t afford,” she says. She added that in most circumstances parents “should only help with the first home. When (adult children) are ready for the dream home they can trade up to it.”

For information on the Greenwich Real Estate Market, please visit www.KayeLewis.com.

Greenwich Real Estate Sales Activity: 2006 vs. 2007

Kaye Lewis — Thu, 03 Jan 2008 17:23:26 +0000

Despite all the national news coverage about real estate downturns, the Greenwich real estate market remains steady. The following charts compare 2006 to 2007 sales activity at the end of each year:

Single Family Homes	2006	2007	% Change
Active Listings	379	410	8+
Current Contracts	95	51	53-
Solds	600	630	4+
Average Sales Price	$2,687,400	$3,009,681	12+
Median Sales Price	$2,001,240	$2,175,000	8.7+

Condos	2006	2007	% Change
Active Listings	175	172	2-
Current Contracts	28	27	3-
Solds	213	182	12-
Average Sales Price	$919,820	$1,026,800	11.6+
Median Sales Price	$720,000	$757,500	5.2+

It’s true that we haven’t seen the robust activity that was prevalent since 2000, but the Greenwich marketplace hasn’t fallen prey to the vagaries of many marketplaces. We continue to see unusually high growth in values supported by strength in the upper price categories. With low interest rates and good inventory levels, it’s a terrific time to buy whether it’s a new residence for your family or investment properties.
Greenwich real estate continues to prove to be a great investment in your lifestyle or your portfolio.

For more information on the Greenwich Real Estate market, please visit www.KayeLewis.com and www.KayeLewisHomes.com.

United Way Community Campaign update

Kaye Lewis — Tue, 11 Dec 2007 21:47:31 +0000

The Greenwich Association of Realtors began their annual fundraising drive for the United Way of Greenwich in mid-October. As co-chair of the drive along with Kathy Adams, we are aiming for 100% participation to support this very important organization. As of November 30, 2007, 45 agents have contributed more than $13,100 to the United Way’s community campaign. We thank the following Realtors for their generosity:

Kathryn Anderson Adams
Susan Calabrese
Betsy Campbell
Jacqueline Chamandy
Pam Chiapetta
Joan Crossman
Sherry DeLuca
Gary Disher
R. Michael Dunne
Joanne Edwards
Joann Erb
Mary Erwin
Rana Essaid
Dorothy Fay

United Way Fundraising Drive

Kaye Lewis — Tue, 20 Nov 2007 20:39:07 +0000

The United Way is the leading health and human service organization in Greenwich. With a network of 27 agencies, and numerous volunteers and donors, the United Way asses and responds to community needs, helping people of all ages and backgrounds. The United Way of Greenwich plays a unique role. Its cause is our community. The United Way is the only organization that works town-wide to identify needs, develop solutions, and partner with the public, private and non-profit groups that can help make them happen. United Way works to identify service gaps in our community and explore creative and effective ways of reaching people who need help. Their role as a problem-solver is evidenced by services such as Kids in Crisis, the Transportation Association of Greenwich and the Junior League’s Childcare 2000 initiative, all founded in part throu the United Way’s efforts.

As of October 31, 2007, the following Realtors have generously contributed to the United Way of Greenwich:

Kathy Adams
Katherine Montgomery
Andree Sark
Lorraine Bryer
Pam Armstrong
Pam Chiapetta
Bill Schoonmaker
Pat Cameron
Bill Andruss
BK Bates
Rita Yturralde
Wilson Alling
Marc Robinson
Gloria Chin Besthoff
Claire Henry
Missy Egbert
Mimi Relyea
Nancy Healy
Brad Hvolbeck
Nance Minchin
Jennifer Schiffman
Gussie Tipper
Marianne Scipione
Joe Williams
Elizabeth Sutliffe
Karen Wylie

Thank you for your generous contributions! We will post a complete list of supporters in the coming weeks.

For more information or to learn how you can make a donation, please visit the United Way of Greenwich at www.UnitedWay-Greenwich.org.

Waiting for the Spring Market?

Kaye Lewis — Thu, 01 Nov 2007 15:33:29 +0000

The Spring Market is often viewed as the best time to sell your house or buy a new one. Whether you are buying or selling, spring brings the peak of real estate activity in Greenwich. If you want to make a move in 2008, don’t wait too long–the Spring Market doesn’t wait for spring to start! In fact, if you wait for temperatures to start warming up and may flowers to be in bloom, you may have missed half of the Spring Market already.

In 2007, more single family home contracts were signed in March than any other month. More than half of these were signed in the first half of the month. And the majority of these listings had been on the market for at least a month prior to going under contract!

While the Spring Market typically lasts through June, it is important to remember that in today’s market, it often takes several months for a home to sell. If you wait until May to list your home, you have not only missed the two strongest months of the year, but you also increase the possibility that your home will go into the summer months without a contract.

For more information on the Greenwich Real Estate Market, please visit our websites: http://www.kayelewis.com/ and http://www.kayelewishomes.com/.

If You’re Updating Your Home, Check This Out First!

Kaye Lewis — Thu, 18 Oct 2007 20:35:56 +0000

Over the years, I’ve built and/or renovated too many homes and drawn upon my experience to assist builder clients, buyers and sellers alike. I’m really good at spending other people’s money! But I love homes and although I’m not a decorator, I see so many beautiful homes in Greenwich and think I can help with some ideas that might be welcome.

One of the easiest and least expensive ways to freshen a home is with new paint, whether you’re planning to sell or just want a “new look” for your own enjoyment. If you’ve ever come home to a painter who used a color you bought but hadn’t previewed, only to be miserable with your selection—sound familiar?–you’ll love this! Several websites offer you info and assistance, along with current fashion guidance… Here are some of the best new ones to check out:

bhg.com: a “color-a-room” guide allows you to design with paint, fabric, and flooring; print it out in color and/or email it as a URL to your designer, friends or contractor.

Home Prices?

Kaye Lewis — Mon, 20 Aug 2007 20:12:21 +0000

I’ve been saying for years that Greenwich is a micro market and not subject to the vagaries of the national real estate market. Of course, I’m not selling newspapers or TV advertising airtime, so there’s no need for me to use the scare tactics of yellow journalism. Here’s an interesting article found in a recent Wall Street Journal that points out some interesting facts about the current real estate market. Please read: http://online.wsj.com/article_email/SB118731879125600648-lMyQjAxMDE3ODE3NzMxMTc4Wj.html

I invite your comments on this article. Please respond by blogging your thoughts here.

For more information on the Greenwich Real Estate Market, please visit us at www.KayeLewis.com.

Markets Bucking the Trends

Kaye Lewis — Sat, 11 Aug 2007 03:39:39 +0000

From www.GreenwichTime.com:

By Kenneth Harney
Published August 10 2007

WASHINGTON - Though real estate sales and prices are flat or down in dozens of metropolitan areas, micro-markets within them are performing very differently: Prices and sales are up this year over last, and plenty of buyers still want to move in.

Call them real estate oases - neighborhoods and ZIP codes that defy national and regional downturns, and remain in demand as long as the local economy keeps generating jobs and rising incomes. Housing analysts say they can be found in most major markets whose local economies display moderate to strong fundamentals.

As a group, micro-markets share some key characteristics. They are often:

* Established neighborhoods convenient to the urban center’s employment and cultural attractions. They don’t require residents to make long commutes, sit in traffic for hours or worry about gas prices.

* Above median income - often well above - with home prices to match. Typically these are not entry-level, first-time buyer markets, nor do they have lots of new subdivision construction. Educational levels of residents exceed regional norms, local school systems are highly regarded and crime rates generally are low.

* Prime, not subprime, mortgage territories, with little to none of the negative neighborhood impacts of rising foreclosures caused by payment-shock loans going sour.