Tax Credit Extension and Expansion

DATE: 27 October 2009 RE: Tax Credit Extension and Expansion The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit. The Extended and Expanded Tax Credit will contain the following provisions: Amount: $8,000 Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible) Income Limits: $125,000 for single filers/$225,000 for joint filers Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010 *The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required be in their current home for three year period. For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Chautauqua Watershed

To explore or assist in conserving lakeshore or watershed lands:

www.chautauquawatershed.org

For questions on lake maintenance-harvesting of weeds, lake debris & lake shoreline cleanup:

www.chautauqualake.org


For More Information On Chautauqua Lake Real Estate & Living Visit: www.chautauqualakehomes.com

Holiday Valley Beer & Wine Festival Weekend

Holiday Valley Beer & Wine Festival Weekend Nov. 13 & 14th 2009 Beer & Wine Festival Weekend Lodging Packages Make it a weekend vacation with a stay at the Inn including continental breakfast daily and use of the pool and hot tub. Two Night Festival Package with Friday Beer Tasting Dinner $221 per person including tax. Includes Friday and Saturday night lodging at the Inn, Friday Night Beer Tasting Dinner for two, and admission for two to the Beer & Wine Festival Saturday Night Festival Package $105 per person including tax. Includes Saturday night lodging at the Inn and admission for two to the Beer and Wine Festival. Two Night Festival Lodging Package $162 per person including tax. Includes Friday and Saturday night lodging at the Inn and admission for two to the Beer & Wine Festival. Beer & Wine Festival Saturday Nov 14, 2009 3:30 - 7:30pm Yodeler Lodge Holiday Valley Resort, the Ellicottville Brewing Company and Southern Tier Brewery are hosting the 6th Annual Beer and Wine Festival at Holiday Valley's Yodeler Lodge on Saturday, November 14 from 3:30 to 7:30 PM. Guests will be able to sample a variety of hand-crafted beers from over 30 of the best US and Imported beers and wines from New York vintners. Brewers include: Sierra Nevada, Magic Hat, Great Lakes, Erie Brewing, Saranac, Southern Tier, Ellicottville Brewing, Ithaca, Roerhbac, Flying Bison, Custom Beer Crafters, Butter Nutts, Original Sin Cider, Harpoon, Voodoo, Smutty Nose, Long Trail, Hebrew and Otter Creek...plus many more! Tickets Available at Wegman's, Ellicottville Brewing Company and The Inn at Holiday Valley Friday Night Beer Tasting Dinner Nov. 13, 2009 Featuring Harvest Ales The ever popular 5 course tappas style Beer Tasting Dinner will take place on Friday, Nov. 13 upstairs in the Clubhouse Chalet. Cost of the dinner is $50 per person. Reservations can be made by calling 716-699-2010.

Get your tickets to the Chautauqua Lake Harvest Wine Trail

: You choose the weekend: Nov. 7 & 8 or Nov. 14 & 15 For tickets: http://cts.vresp.com/c/?MindstormDigitalMedi/60da613115/5830aee7c1/ff2befc6f7 For more information - 1-877-326-6561 The harvesting of grapes continues in America's Grape Country until late October and sometimes early November. Come celebrate the completion of harvest at the 21 member wineries - $35/person. Food and wine pairings will focus on the fresh fall fare so readily available in America's Grape Country. 'Sunday Only' tickets also available for $30. Order your tickets early to avoid disappointment Having a problem viewing this mail. Click here to view it in your browser. For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Extend The Homebuyer Tax Credit

Help Keep Economic Recovery On Track By Rick McMahon President, Chautauqua County Board of Realtors By the end of August, more than a million Americans opened the door to their first home. Chautauqua County has welcomed its share of new homeowners this year, which will serve to make our community stronger in a variety of ways. How during the worst economic recession since the Great Depression did so many Americans have the ability to purchase their first home? The answer is simple: The first-time homebuyer federal income tax credit of up to $8,000. As a long-time Realtor here in Chautauqua County, I can tell you that interest from potential first-time buyers began to pick up soon after the tax credit was announced. Since then, sales activity in this sector of our market continued to grow. When coupled with favorable interest rates and pricing, many families and individuals discovered that it was the right time to buy. It also created the opportunity for current homeowners to step up to their next home. Experts agree that growth in the housing market equates to growth in our local, state and national economies. The economic benefits derived from the sale of a home extend well beyond the closing table to include the many purchases made by new homeowners including durable goods such as appliances, home furnishings and services such as movers and home contractors. These purchases also generate much needed tax revenue. The months of statewide and Chautauqua County housing growth since the enactment of the tax credit have resulted in a market that has improved, but not yet fully corrected itself. I am deeply concerned that the momentum in the housing market generated by the credit will take a turn for the worse when it expires on Nov. 30. And while the legal end of the credit is now Nov. 30, the effective end is much sooner. Prospective buyers who plan on using the credit need to understand that they have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by Nov. 30. Accomplishing those tasks by Nov. 30 will become more difficult with every passing day since in today's market; it generally takes between 45 and 60 days to go from contract to closing. This means our progress could grind to a halt unless the tax credit is extended for an additional period of time and expanded in order to build upon the progress that has already been made. Uncertainty about the future of the credit will dampen consumer demand and have an overall negative effect on the broader economy. The 56,000 members of the New York State Association of Realtors, including 350 members of Chautauqua County Board of Realtors, are calling on the New York State Congressional Delegation to support an extension and expansion of the tax credit to assure the housing market's ability to help lead our state's economic recovery. We cannot afford to "wait and see" what happens if the credit ends. An extension and expansion of the homebuyer tax credit program now is vital to our continued economic recovery and must be at the top of our lawmakers' fiscal agenda. Subscribe to Post-Journal For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Fall Fest at Peek'n Peak Resort

Enjoy the season at the Fall Fest at Peek'n Peak Resort and Spa in Findley Lake, N.Y., Saturday and Sunday. There will be a crafters and farmers market, ski-lift rides, horse-drawn rides, pumpkin decorating and many other ways to enjoy your day. For more information, visit www.pknpk.com.. Can't make it this weekend? The festivities continue Oct. 17 and 18.

For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Ellicottville Fall Festival October 10-11

Join in the fun and frolic as we welcome the fall and the coming winter season! The Village of Ellicottville is a giant art show-craft show-curb market-festival food stands-kids rides-zillions of people fun event. Check out the attached Fall Festival flyer for times and locations. At Holiday Valley you'll find a well supplied ski swap, chairlift rides, Mountain Shop sale, food, music, a 5K running race and a mountain bike race. Chairlift rides are just $2 (money is donated to various causes around Ellicottville) and are available on Mardi Gras from noon to 4 PM both Saturday and Sunday, weather permitting. At the top of Mardi Gras you can check out our new Mt. Top Warming Hut, enjoy the music of The Scott Celani Band on Saturday and NY2LA on Sunday, and chow down on a beer (cider too) and hot dog as you look out over the spectacular scenery and brilliant colors. More music will be playing on the deck at the Clubhouse from 3-7 PM both days - The Strangers on Saturday and Only Humen on Sunday. The "Bargains Beyond Belief" Mountain Shop Tent Sale is located slopeside of the Clubhouse Chalet, on your way to the chairlift rides. Sale hours are Friday 4-9 PM, Saturday 9 AM to 5 PM and Sunday 9 AM to 3 PM. The Ski Swap benefits the Holiday Valley Race, Freestyle and Snowboard Teams. You're encouraged to bring in your old equipment or gently used clothing and helmets and exchange for new or used.The Swap takes place on October 9, 10 and 11 at the Creekside Lodge. Sale Hours are: Friday 4 – 8 PM, Saturday 9 AM – 5 PM and Sunday 10 AM – 2 PM. If you would like to sell items, please drop them off on Friday from 4 – 8 PM or Saturday from 9 – 12 AM. Be sure to pick up any unsold items on Sunday from 3-5 PM. Unsold items will be discarded. For more information on the swap call Mike Nenno at 716-378-1000 or email mnenno1@roadrunner.com The 5K Running Race starts at 10 AM on Saturday, with registration at 9 AM at the Clubhouse Chalet. The course starts down Holiday Valley Road to 219 south, loops around the Ellicottville school and back to Holiday Valley. Beware of the killer hill to the finish! for more information go to heartrateup.com. The Mountain Bike Race starts at 10 AM on Sunday, with registration at 8:30 AM at the Training Center. The 5 mile route goes up (and up and up) the work road to the top of Holiday Valley then the singletrack begins across the top of the resort and down through the woods. It is a very challenging course and you can choose from 4 different divisions which range from one to 4 laps. For more information go to heartrateup.com. For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Chautauqua County sees rise in housing figures

By DENNIS PHILLIPS Housing sales numbers were up in August compared to July and have also gone up compared to August 2008, which is good news for Chautauqua county's housing market. In August, 97 single-family homes were sold, an increase of 12 from July and an increase of 11 from last August. Jan Murray, Chautauqua County Board of Realtors executive officer, said the market is continuing its strong pace of the past few months because of the $8,000 first-time home buyer credit and the state's tax incentive program that allows 20 percent of the annual mortgage interest on a home to be converted into a tax credit that can be deducted dollar-for-dollar from federal income tax. Murray said with good press and realtors doing their job, the word is getting out about the benefits available for buying a home. ''Real estate offices are promoting (the benefits) in their advertising,'' she said. ''Each board and each office is doing what they can to get the word out. As long as people are aware of the program and able to buy, I think they will continue to take advantage of the program.'' The first-time buyer housing credit was part of President Barack Obama's economic stimulus plan. The plan included the $8,000 tax credit for first-time buyers who purchase a home on or after Jan. 1 and before Dec. 1. Unlike previous tax credits for first-time buyers, this one doesn't have to be repaid. The $8,000 tax credit is part of the American Recovery and Reinvestment Act of 2009. The National Association of Realtors said earlier this year that the new tax credit will boost first-time buyer home sales by an estimated 300,000 by the Nov. 30 deadline. Duncan R. MacKenzie, New York State Association of Realtors, said first-time buyers who plan to take advantage of the existing tax credit should be under contract early in October to have the best chance for a closing by the Nov. 30 deadline. ''The growth New York's housing market has experienced since March is the best proof that our lawmakers in Washington should extend the tax credit, which is due to expire on Nov. 30,'' said MacKenzie. ''Congress has an opportunity to keep the housing and economic recovery going by making the tax credit available to more homebuyers. Housing has always been a primary driver of the Empire State's economy and this action would help ensure it is positioned to lead the recovery.'' Even though the county's housing sales numbers increased, the state's fell. The state housing market still posted a solid monthly sales total in August despite falling slightly below July's level, which ended five consecutive months of growth, according to preliminary existing single-family sales data accumulated by the New York State Association of Realtors. ''New York's housing market continues to maintain a strong sales pace, helped in part by the $8,000 federal first-time homebuyer credit, as evidenced by the August total,'' MacKenzie said. ''We believe the slight decrease in sales is not an indicator of any change in the overall health of the New York housing market, and we anticipate the market will remain active into the early fall.'' Murray said there is really no explanation for why the county's housing sales numbers increased in August while the state sales dropped. ''I think the stats are going to fluctuate,'' she said. ''Different markets have their own pockets.'' Subscribe to The OBSERVER For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com