Chautauqua County Home Sales Increasing

Tax Credit Gives Boosts By Dennis Phillips dphillips@post-journal.com   State housing sales numbers climbed by more than 8 percent because of the first-time homebuyer tax credit, and experts expect housing sales to continue to climb with the extension of the federal program. First-time homebuyers have been getting a tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. And with the extension and expansion of the program in November, Jan R. Murray, Chautauqua County Board of Realtors executive officer, said housing sales will continue to climb, helping realtors during the tough seasonal, winter months. ''There will be a seasonal slow down, but buyers looking will buy because of this (tax credit),'' she said. ''Things will get slow between now and the new year, but we do expect it to pick up after. The tax rebate program will help to see us through the slow time.'' The new program will also include home owners looking to sell. Anyone who has owned their current homes at least five years would be eligible for a tax credit of up to $6,500. First-time homebuyers - or anyone who hasn't owned a home in the last three years - would still get up to $8,000. Couples earning as much as $225,000 and individuals earning up to $125,000 would qualify for the tax credit. That's up from the original $75,000 limit for individuals and $150,000 for couples. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30. State housing sales experts say October's sales jumped of 8 percent above September and a nearly 6 percent improvement compared to October 2008 is because of the tax-rebate credit. ''There is no question that the federal first-time homebuyer tax credit has been a significant driver of home sales in New York state since its inception,'' said Duncan R. MacKenzie, New York State Association of Realtors chief executive officer. ''New York's realtors are grateful that our Congressional delegation understood this and forwarded legislation to extend and expand the tax credit to President Barack Obama, who signed it into law.'' New York realtors sold 7,783 existing single-family homes in the state in October, a 7.7 percent increase compared to the September total of 7,224. The October 2009 sales total was 5.7 percent above the October 2008 total of 7,363. The October median sales price in the state of $209,900 represents an increase of 2.4 percent compared to the September median of $205,000. ''Realtors know that the tax credit has helped to revitalize the housing market and position it to once again lead our economic recovery,'' MacKenzie said. ''The extension of the first-time buyer credit and the creation of a tax credit for existing homeowners who purchase their next home will allow both the housing market and our economy to hold on to the gains that have been made in recent months. We anticipate the expansion of the tax credit will bring trade-up buyers back into the market, driving sales in all segments of the market in addition to helping to ease the tightening of inventory in the first-time buyer segment.''   Subscribe to Post-Journal For more information on Chautauqua County Real Estate & Living visit: www.chautauqualakehomes.com

Snowmobile Trails Set to Open on Tuesday

Source: WDOE News While there may not be enough snow on the ground in portions of Chautauqua County, the snowmobile trails will be open and ready for snowmobilers this Tuesday. Chautauqua County Sheriff Joseph Gerace says it's important that snowmobile riders respect the property of property owners, to never drink alcohol and operate their sleds, to watch their speed and to exercise extreme caution when handling their snowmobiles and to always make sure their sleds are registered. Gerace says snowmobile-related accidents have been on the increase, he feels is due to operators travelling at high rates of speed.   For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Area Ski Resorts Prepare To Open This Week

With an increase in expected snowfall over the next few days, skiers, snowboarders and winter enthusiasts can finally prepare to hit the slopes this week. On Tuesday, both Holiday Valley and Peek'n Peak announced that the 2009-2010 ski season will start Thursday. In Ellicottville, Holiday Valley is gearing up for a solid season of snow-filled fun and officials at the resort are excited about the coming months. ''Conditions have been excellent for snowmaking since last Friday and we've been making snow 24 hours per day since then,'' said Dennis Eshbaugh, general manager of Holiday Valley. ''The weather from Thursday forward will give us a good taste of winter with lows at night in the teens and snow squalls, just the way we like it.'' On Thursday, Holiday Valley will sell eight-hour (weekday) lift tickets for $47 for adults and $37 for juniors and senior citizens while night tickets are $30 for adults and $22 for juniors. Snowmaking will continue as weather permits with the goal of all 56 slopes and 13 lifts open on or before Christmas. For more information, call 699-2345 or visit www.holidayvalley.com. The Suburban Blend Snowboarding Shops in Ellicottville and Jamestown are also officially open for the season with loads of new equipment and gear for the upcoming season. Suburban Blend is offering board tuning at the 17 E. Third St. location in downtown Jamestown, as well as its new store in the basement of the Ellicottville Depot, located at 6094 Route 219. For more information, call the Ellicottville store at 708-1869 or the Jamestown store at 664-3023 or visit www.shoptheblend.com. In Findley Lake, Peek'n Peak Resort and Spa is also prepared to welcome visitors Thursday as the main Ski Lodge, nine slopes and two lifts will be open from 9:30 a.m. to 10 p.m. with a packed powder base. New for the 2009-2010 season, Peek'n Peak is offering a ''snow guarantee'' to ensure that visitors and guests are pleased with their experience, regardless of the weather. The resort is guaranteeing that the slopes will be open for a minimum of 100 days over the season and if the trails aren't 100 percent open, The Peak will discount the price of a daily lift ticket based on the percentage of open terrain. With recent snowmaking technology upgrades at the resort, employees will make sure guests are skiing and riding on a minimum of a six-inch groomed base. On Thursday, Peek'n Peak will sell eight-hour (weekday) lift tickets for $47 for adults and $37 for juniors while night tickets are $30 for adults and $22 for juniors and seniors. For more information, call 355-4141 visit www.pknpk.com. Cockaigne Ski Area hasn't made an official announcement of when they will be opening the slopes, but Linda Johnson, Cockaigne public relations official, said if the weather is right this weekend skiing will be done on the hills in Cherry Creek. ''We've been getting ready, We've been making snow,'' she said. ''The ground is firm and frozen, the way we like it before we open.'' Ms. Johnson said one Cockaigne event they will be hosting this winter is their Christmas Race Camp on Dec. 26. She said many people that visit the ski facility are into ski racing, with race instruction to be given to anyone who applies. Ms. Johnson said the lack of snowfall at the beginning of the winter season hasn't hurt Cockaigne so far. ''I've been here for a long time. Sometimes we open in November and some years it doesn't snow until Christmas,'' she said. ''You never know what weather we're going to get. You take what you get and make the most of it.'' Normal hours for Cockaigne are 4 to 10 p.m. Tuesday and Wednesday, 1 to 10 p.m. Thursday and Friday, 9 a.m. to 10 p.m. Saturday, 9 a.m. to 5 p.m. non-holiday Sundays, 9 a.m. to 10 p.m. holiday Sundays and open holiday weekend Mondays. Weekday lift tickets cost $24 for adults and $18 for children 12-and-under. Ms. Johnson said to call 287-3223 or visit www.cockaigne.com for the latest snow information.   Subscribe to Post-Journal For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Holiday Valley Opening Thursday

Holiday Valley Opening Thurs, Dec. 10 Opening day of the 2009-2010 season will be Thursday, December 10, weather permitting. Three quad chairlifts and up to 10 slopes will be open from 9 AM to 10 PM. "Conditions have been excellent for snowmaking since last Friday and we've been making snow 24 hours per day since then", remarked Steve Crowley, Director of Mt. Ops. He continued, "The weather from Thursday forward will give us a good taste of winter with nightly lows in the teens and snow squalls, just the way we like it!"   Lift tickets on Thursday will be $47 for adults and $37 juniors for an 8 hour lift ticket and $30 for adults and $22 for juniors for a night ticket. Snowmaking will continue as weather permits with the goal of all 56 slopes and 13 lifts open by Christmas or before. Holiday Valley Resort PO Box 370 Ellicottville, New York 14731 716-699-2345 Lodging Reservations 1-800-323-0020 Snow Report Forward email This email was sent to rickandjuliarealtors@yahoo.com by jeshbaugh@holidayvalley.com. Update Profile/Email Address | Instant removal with SafeUnsubscribe™ | Privacy Policy. Email Marketing by Holiday Valley Resort | PO Box 370 | Ellicottville | NY | 14731 For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Peek’n Peak Resort is opening this week for skiing

Peek'n Peak Resort is opening this week for skiing. The main ski lodge, nine slopes and two lifts are scheduled to be operating from 9:30 a.m. to 10 p.m. Thursday with a packed powder base. Snowmaking guns at the resort have been operating since Thursday. "Snowmaking operations continue around the clock when the temperatures permit," says Brad Gravink, the resort's general manager. "All other terrain will open as soon as possible." This year, Peek'n Peak is offering a "snow guarantee." The guarantee assures skiers that: n  Slopes will be open for a minimum of 100 days over the season. n  If the trails aren't 100 percent open, the resort will discount the price of a daily lift ticket based on the percentage of open terrain. n  Peek'n Peak's snowmaking technology and abundant natural snow will make sure skiers are riding on a minimum of six inches of groomed base. Following opening day Thursday, the resort will be open regular hours and offer free lift tickets to guests staying at the Inn at the Peak through Christmas. The Peak gets an average snowfall of more than 200 inches a year. During the 2008-2009 ski season, slopes remained open more than 120 days. The resort is open seven days a week, from 8:30 a.m. to 10 p.m. on weekends and holidays, and from 9:30 a.m. to 10 p.m. on weekdays. For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Swedish Christmas Market Will Return Saturday

The Swedish Christmas Market, Julmarknad, returns to the area Saturday. The market features a series of events that occur all day long so one can join the festivities at their own schedule. Events being held at the Hamilton Collegiate Center at Jamestown Community College include a Scandinavian handicraft marketplace will be running from 9:30 a.m. to 12:30 p.m. Several local crafters offer their gift items. Also at JCC, Culture Day workshops will be offered from 10 a.m. to noon. More than 10 one-hour workshops are available to learn about the Scandinavian culture with such topics as Swedish language, cooking, crafts, chip carving, hardanger embroidery, Swedish weaving and genealogy. A Swedish Christmas smorgasbord is set for noon, with the cost a $3 donation. Additional locations and offerings include Ecklof Bakery, 832 Foote Ave., offering Swedish seasonal baked items; Peterson Farm, Fluvanna Avenue Extension, imported and homemade Swedish foods; Viking Trader, Route 430, Bemus Point, Scandinavian holiday gifts; and Immanuel Lutheran Church, Homemade korv dinner. To make a reservation for the korv dinner, call 664-7104.   Subscribe to Post-Journal For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

FHA Wants Buyers to Have " more skin in the game"

Reporting from Los Angeles and Washington Alejandro Lazo -- Thousands of Southern California home buyers, and millions nationwide, will have to come up with more cash and reach higher minimum credit scores to get a government-backed mortgage under changes unveiled by the Federal Housing Administration. Some loans might require more than the current 3.5% minimum down payment, but the Obama administration is resisting calls for an across-the-board hike. Instead, it is looking at other ways to increase the amount of cash at closing, such as requiring borrowers to pay more of their mortgage insurance premiums up front. The FHA, which insures mortgages with low down payments, is scrambling to balance its increasingly important role in propping up the housing market with faltering finances of its own that could require a government bailout. The agency's share of home loans has surged from 3% in 2006 to nearly 30% this year as credit has tightened and borrowers' bank accounts have been depleted. But that increased exposure has led to more defaults, driving the FHA's reserves below their mandated levels. "We've learned from recent history that the market is fragile, and we have to plan for the unexpected," Housing and Urban Development Secretary Shaun Donovan, who oversees the agency, said at a House hearing Wednesday. In Southern California, FHA-backed loans have become a crucial source of financing for first-time home buyers, particularly those snapping up foreclosed homes. FHA loans made up 38.3% of all Southland purchase loans in October, up from 32.5% a year earlier and just 2% two years before, according to MDA DataQuick, a San Diego real estate research firm. George Ramirez, a sales manager for Citibank, and his wife, Leticia, a social worker, got an FHA-insured loan in August 2008 to buy a three-bedroom home with a swimming pool in La Puente. Without such a loan, he said, "there is no way" they could have bought it. The FHA let them put $8,250 down for the $275,000 house, or 3%, the minimum then. "These loans are actually going to help people who are looking for the American dream," Ramirez said, "and if they start restructuring, it's going to hurt them." Details of the changes announced Wednesday weren't expected to be finalized until next month; Donovan said officials wanted to carefully design them to avoid damaging the budding housing recovery. But he said the Obama administration was considering increasing the minimum 3.5% down payment required for an FHA-backed mortgage in some instances, such as for people with lower credit scores, and is seeking congressional authority to raise the premium for mortgage insurance. Vincent Flores, a real estate agent in Lakewood, said the FHA has been the main lending source for many of the first-time home buyers he works with, and a higher minimum down payment could keep them out of the market. On a $300,000 house, a 3.5% down payment would amount to $10,500. If the down-payment requirement grows to 5%, as some have called for, a buyer would have to put down $15,000. "That's $4,500 more, and that's quite a bit to save," Flores said. Donovan told the House Financial Services Committee that the expanded role of the FHA is temporary only until the mortgage financing market recovers, and that he doesn't want to steer the agency away from its traditional role of helping lower-income people with solid jobs buy their first homes. FHA-backed loans plunged during the housing boom earlier this decade as buyers flocked to easier-to-get and cheaper subprime mortgages. The FHA focuses on traditional 30-year, fixed-rate mortgages and requires documents verifying income. "Homeownership should be available to responsible borrowers . . . and we have to keep in mind FHA's historical role of doing that," Donovan said. But some lawmakers are concerned that the FHA, which is funded by mortgage insurance premiums paid by borrowers, will need an infusion of government money as even its traditional loans face increased defaults because of rising unemployment. The agency is supposed to hold a secondary reserve fund equal to 2% of all the mortgages on its books. An independent actuarial study released last month showed the reserve had fallen to 0.53%. Raising the minimum down payment to 5% from 3.5% would be one way to reduce the risk of foreclosures, said Rep. Scott Garrett (R-N.J.), who has introduced legislation mandating such a change. In 2008, Congress raised the minimum down payment to 3.5% from 3%, but it appears Democratic leaders would not support another increase. Donovan said that increased down payments lessen the risk of foreclosure, but other factors also lead to defaults, such as a borrower's credit score. Donovan wouldn't commit to raising minimum down payments for all FHA loans, but said they could be raised for people who don't have high credit scores. The FHA wants to increase the cash required from borrowers so they "have more 'skin in the game' and a stronger equity position in their loans," Donovan said. But the agency is looking at other ways to do that as well, such as increasing the upfront mortgage premium required and preventing the premium from being financed as part of the loan. Donovan can change credit-score requirements without congressional approval, but would need a vote by lawmakers to increase the mortgage insurance premium. The upfront premium now is 1.75% of the loan's amount and the annual premium is 0.5% to 0.55%, depending on the size of the down payment. On a $300,000 loan, the upfront premium would be $5,250 and the annual premium would be $1,500 to $1,650. "There is a huge societal question here, which is: Why are we encouraging home ownership via the FHA if so many of those loans are destined to failure?" said Stuart A. Gabriel, director of the Ziman Center for Real Estate at UCLA. "After all, what the FHA is seeking to create is not homeownership that goes bad, but rather sustainable homeownership." Ryan Nowicki, a Hermosa Beach tax attorney, is looking to be one of those long-time homeowners, but said that without an FHA-backed loan, he and his wife wouldn't be poised to close next week on a town house in Redondo Beach. Dave Emerson, a Realtor in the Lakewood area, said the FHA needs to make some changes to reduce its risk. "The question is, are we far enough along on this recovery that the market can handle that?" he said. "I think the argument could be made that there is enough competition for homes that tightening the requirements a little bit makes sense. . . . The question is how they do it." jim.puzzanghera@latimes.com   For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Holiday Valley Opening Soon

Upcoming Events 12/5 Christmas Stroll in E'ville 12/18 Tamarack Opens 12/19 Demo Day 12/19 Rail Jam 12/31 New Year's Eve Party John Harvard's BREW HOUSE The lively John Harvard's Brew House located in the Tamarack Club is open to the public. We serve warm and hearty lunches and dinners featuring specialty pizzas and juicy burgers. Our extensive selection of beers are craft brewed locally. The view is magnificent! Take out service available, just give us a call, 716-699-5350, starting December 14. Falling Waters Spa Ease your tired muscles and melt away your stress at the new Falling Waters Spa at Holiday Valley, located in the Tamarack Club at Holiday Valley. The healing process begins as you enter the reception area and find a gentle waterfall and a calming color palate. Natural light brightens the treatment rooms, the manicure and pedicure area and the Sanctuary. Seven treatment rooms, including 2 double suites are open 7 days per week. The Sanctuary is an area in which you can relax by the fireplace before or after your treatment and enjoy something delicious from our spa menu. Please call for an appointment, 716-677-9700. For Information or Reservations call 716-699-2345 Opening for the Season Snowmaking to begin Friday (December 3, 2009, Ellicottville, NY...) Director of Mountain Operations and snowmaking veteran, Steve Crowley, announced that if the weather continues as forecasted, the Holiday Valley crew will start making snow this Thursday night, December 3. The weather forecast predicts cold nights through the weekend, plus a significant accumulation - up to 13 inches - of lake effect snow. These factors will allow an opening date for the 2009-2010 season on Thursday, December 10, as long as Mother Nature keeps her promise. If she's a bit more generous, opening date could be Wednesday, December 9...stay tuned for more announcements. Snowguns are ready for action on Yodeler, Mardi Gras, the Candy Cane loop (Candy Cane, Laurel, Punch Bowl, Sugar Plum) and School Haus. Most likely, the first to open will be three quad chairlifts with one "most difficult" rated slope, one "more difficult" slope and 2 "easiest" slopes. Snowmaking will continue as weather permits with the goal of opening all 56 slopes and 13 lifts by Christmas or earlier. Holiday Valley's recent snowmaking improvements include a 62 million gallon reservoir called Spruce Lake, located at the top of the resort. This large supply of water on hand allows the Holiday Valley snowmakers to take advantage bursts of cold temperatures to make a large quantity of snow in a short period of time. In preparation for the 2009-10 season, Holiday Valley purchased 40 new HKD SV10 tower guns that can make snow in a warmer temperature range. These guns are staged on Yodeler and the Candy Cane loop. But once temperatures hit the low 20's the Holiday Valley crew can run 135+ guns simultaneously which builds base quickly. For Steve's weekly Mountain Ops update, click here. Tamarack Club Opens... The Tamarack Club will open for rental guests starting Friday, December 18! This amazing four star condo/hotel has the perfect location at the base of the slopes, right next to the Clubhouse Chalet and the Creekside Lodge. Guests will enjoy the heated outdoor pool and hot tubs, sauna, fitness room, WiFi and game room.The beautifully furnished condominiums range in size from studio to 3 bedroom units. The Tamarack Club is also the home of the new John Harvard's Brew House and the Falling Waters Spa, both open to all. For reservations please call 1-800-323-0020 or 716-699-2345. About Us Thank your customer, tell them how valuable they are to you, but don't go overboard. Insincerity is easy to spot. Holiday Valley Mountain Shops... The Mountain Shops are now open featuring the most extensive selection of products like Jackets from 686, Burton, Marker, Obermeyer and Eider. Goggles by Oakley, Electric & VonZipper. Gloves by Gordini, Swany and Candy Grind. Fun and functional children's outerwear. Holiday Valley Gift Cards available at the Mountain Shops...good for anything at Holiday Valley! Forward email Holiday Valley Resort PO Box 370 6557 Holiday Valley Road Ellicottville NY 14731 For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Snowmobile Safety Course

The Chautauqua County Sheriff's office is conducting a snowmobile safety course on Dec. 29 and 30 at the Mayville Fire Hall on South Erie Street. The course will be held for people between the ages of 10 and 18 years old. Students must be 10 prior to the start date of the course and those not yet 10 must take the course after their birthday. The course is broken down into four-hour sessions with the start time of 9 a.m. and end at 1 p.m. Students must attend both classes in order to obtain their certification. All students must have a signed parental permission slip turned in to the instructor prior to the second session. These slips will be sent home with the students at the end of the first session. There is a limit of 30 students for this course and the seats will be filled on a first come, first served basis. There are no pre-registrations necessary. A textbook will be provided. For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Ellicottville Christmas Stroll December 5

Click here for more info. For more information on Chautauqua Lake Real Estate & Living visit http://www.chautauqualakehomes.com/