According to the IRS web site, a “first time homebuyer” is someone who hasn’t owned a home in the 3 years prior. The new legislation may not apply to our segment of the real estate world, but hopefully it will help jump start the cycle. The following paragraph is from the United States Senate Finance web site:
Refundable First-time Home Buyer Credit. Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500) by first-time home buyers. The provision applies to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit are currently required to repay any amount received under this provision back to the government over 15 years in equal installments, or, if earlier, when the home is sold. The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The bill eliminates the repayment obligation for taxpayers that purchase homes after January 1, 2009, increases the maximum value of the credit to $8,000, and removes the prohibition on financing by mortgage revenue bonds, and extends the availability of the credit for homes purchased before December 1, 2009. The provision would retain the credit recapture if the house is sold within three years of purchase.
 
 A long weekend for many. The weather should be okay (the predicted snow storm fizzled)- and local stores/restaurants will be open and ready for business.
 Oh, the difficulties of driving at the shore in February. Detours on Ocean Drive by the 21st Street bridge, Dune Drive at 67th Street, one lane of the 96th Street bridge, and Third Avenue down by the Bird Sanctuary. It makes for an exhausting commute. Thank goodness we don’t have to deal with many cars as we weave our way through the island…that would be just too much to handle 😉
 Very pretty (a cell phone camera doesn’t do it justice)- the full moon rising over the calm ocean.  It’s starting to feel like spring- more moderate temperatures, more hours of daylight, and the sound of birds in the morning. 
 What a bonus- 55 degree weather in February. Beautiful on the beach this morning.
 This is my typical walking attire in the winter- ski jacket with a hood, hat, gloves, and several layers underneath (it slows down my pace, but I have to be warm). Today, I still wore the goofy hat, but just a fleece jacket and the gloves came off halfway through.
 I appreciate your referrals of friends and relatives. 🙂
 Yes, he saw his shadow, and brought us 50 degree weather and sunshine on Groundhog Day. Today, it’s snowing. Very unpredictable little bird!
February Activity
Who’s around town in February? Every few blocks- the vehicles for construction crews line the street.
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 And, although “spec” home construction is rare, we see more individual homeowners tearing down or transforming their existing homes with extensive renovations. It makes sense financially- the builders are anxious for work and providing competitive bids.