All the Quiet & Seclusion of Wisconsin’s Northwoods; All the Cultural Amenities of Madison

Prairie School influenced Mid-century Modern Home for Sale

Own a rare piece of paradise. 200 feet of glorious Lake Waubesa waterfront. 2.5 spectacular acres of private hilltop.

200 feet of Lake Waubesa shoreline

Set Among burr oaks, Prairie School influenced Mid-Century Modern home, unaltered design by notable Frank Lloyd Wright disciple John Steinmann. Secluded large lot neighborhood, surrounded by extensive natural areas, only 5 minutes from Beltline, 15 minutes from downtown restaurants, shops and entertainment of Madison. Cathedral ceiling, expansive windows, mahogany finish. Loads of storage.  (SF & acres per appraisal; house plan angled; measurements approx; buyer to verify.)

Set on crest of hill, house commands unparalleled views over Lake Waubesa

All the quiet and seclusion of Wisconsin’s Northwoods; all the cultural amenities of Madison; so much closer to Chicago.

For details google  or point your browser to www.GeoffreyHomes.com “Featured Properties”  or CLICK HERE.

It would be my pleasure to arrange a personal showing or provide further information.  Call or text me, Geoffrey Gyrisco, Realtor, KW Realty, Cell 608-354-9456.

The house was constructed to the specifications of Dr. Maxine Bennett, the first woman to head a department at a major medical school in the U.S., at the University of Wisconsin.  She was also a renowned mountaineer.  The house remains largely unaltered since Bennett’s ownership.

Cathedral ceiling, expansive windows, deck overlooking Lake Waubesa

As research has progressed on  Steinmann Architects, the significance of the firm has become apparent.  For example, one of the draftsman on the Bennett House had previously worked for Le Corbousier and returned to Europe to engage in a prominent architectural practice in Switzerland.  The house is regarded as one of the best home designs of the Steinmann firm.

Wrightian Mid-Century Modern with Prairie School Influence

 

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Short Sale Tax Relief Set to Expire; Realtors and Sellers Unaware

What little break has been granted to troubled homeowners — in the form of tax relief on canceled mortgage debt — is due to expire at year’s end and few homeowners and Realtors seem aware of the looming deadline.

Image by 401K via Flickr

Normally, debt that is forgiven or canceled by a lender in a foreclosure or short sale must be included as income on tax returns and is taxable. However, the Mortgage Forgiveness Debt Relief Act of 2007 excluded the reporting of up to $1 million in canceled debt on a primary residence for tax purposes. But not for long.  Real estate agents report no frenzy of calls or uptick in clients wanting to carry out short sales. Apparently homeowners don’t know about the tax relief expiring on Dec. 31, 2012.  With so many homeowners with underwater mortgages, it’s essential for people to know of the coming tax break expiration, especially considering that it can take months to close a short sale.  The housing market is nowhere near recovery;  Congress ought to extend the tax relief. But no one should rely on Congress to act. It’s imperative for underwater homeowners to understand their options and be informed about the looming tax deadline. Without the tax relief, those without enough cash to pay their mortgage or pay off the bank at the time of sale will owe a fat check to the IRS.

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Housing Market Recovery? Maybe in 2013

US housing may fall further under the weight of foreclosures and
not rebound until 2013, even as the economy builds momentum and
mortgage rates remain at record lows, according to a survey of
109 economists released this week by Zillow Inc. When values do
rise, the gains probably won’t match those seen in the years
prior to the bursting of the bubble in 2006.  Prices for resold
homes are down 31% since the July 2006 peak, based on the
S&P/Case-Shiller Index that tracks 20 major metropolitan areas.
Values have increased 3.1% since bottoming out in March, though
more than a quarter of homeowners with a mortgage are
“underwater,” or owe more than their property is worth.  Prices
may drop an additional 7%, according to Scott Simon, head of the
mortgage- and asset-backed securities teams at Pacific Investment
Management Co. in Newport Beach, California. Homes are more
affordable now than at any time on record, setting the stage for
a turnaround, he said in a telephone interview.  US home values
probably had their smallest decrease in four years in 2011,
according to Zillow, whose survey found that prices may find
their floor in late 2012 or early 2013 and will begin rising by
3% a year through 2016. That appreciation is modest compared with
the last decade, when double-digit annual increases were common,
the Seattle-based provider of real estate data said.  “Negative
equity, unemployment and low consumer confidence remain the key
factors delaying a true recovery,” Stan Humphries, Zillow’s chief
economist, said in a statement.

Prices will fall 1% in 2012 and rise 2% in 2013, Frank Nothaft,
chief economist for mortgage-finance company Freddie Mac, said in
a Dec. 14 report.  “A full-fledged recovery in the housing sector
will likely elude the US in 2012, but new construction and home
sales are expected to be greater than in 2011,” Nothaft wrote.
Beating 2011 shouldn’t be hard.  Sales of new single-family homes
this year are on pace to fall to 301,000 from 323,000 in 2010,
which was the lowest in Commerce Department data going back to
1963. While housing starts hit a 19-month high in November, led
by a surge in multifamily construction, the annual rate of
685,000 for the month compares with a January 2006 high of 2.27
million.  Existing home sales rose to an annualized 4.42 million
in November, the highest in 10 months after figures were revised,
the National Association of Realtors said yesterday. The data
showed that annual sales were an average of 14% lower than
previously reported since 2007, magnifying the impact of the
downturn.  “Even before the revisions things were bad,” Lawrence
Yun, the group’s chief economist, said at a news conference
yesterday. “Now they are even worse.”

As lenders tightened credit standards, 33% of Realtors reported
sales being canceled last month because of problems such as
mortgage denials or low appraisals, the Chicago-based group said
yesterday. That’s up from 9% a year earlier.  Americans are
taking advantage of low interest rates to refinance rather than
buy, according to the Mortgage Bankers Association. Refinancing
accounted for 80.7% of home-loan applications for the week ending
Dec. 16, the most in 13 months, the Washington-based group
reported yesterday.  Foreclosure filings, which slowed in 2011 as
banks and loan servicers faced investigations over the use of
improper documentation to seize homes from delinquent borrowers,
are expected to be little changed in 2012, according to
RealtyTrac Inc. A total of 224,394 properties received default,
auction or repossession notices in November, down 14% from a year
earlier, the Irvine, California-based real estate data service
reported Dec. 15.