Saturday, March 28, 2009

The Path to Your Dreams!


Spring is finally here! April is also just around the corner, which is great news for buyers out there!






April is Century 21's Open House Month and to promote it, a special sweepstakes will be held. One lucky winner will be put on the path to their dream home! The winner will receive $221,000 towards the home of their choice! To register, feel free to stop by one of my open houses or email me at rupton@c21scheetz.com for more details. I mail/email you an entry form for the sweepstakes.

Sunday, March 22, 2009

Mixing It Up



An extended family’s modernist, off-the-grid retreat



Architect Kyu Sung Woo fulfilled a decades-old promise to create a place for his family to live together when he completed a compound of three homes in Vermont last summer. It blends architectural traditions of New England and Korea.



By The Wall Street Journal

Kyu Sung Woo recalls frequent visits in his childhood from his grandmother, uncle and other relatives living next door. But during the Korean War, Woo and his family fled his hometown, now part of North Korea. His grandmother and uncle's family stayed behind, and were never heard from again.

Woo and his father vowed to buy another property where the remaining family could come together. Decades later, the promise was finally fulfilled: A modernist wood-and-metal compound designed for three generations of his family sits atop an 11-acre clearing in Vermont, amid birch, maple and pine trees. Inside, every room contains enormous windows and glass sliding doors, drawing the eye to the rumpled white blankets of snow-covered hills outside.
"We started a bit late, but I think we're enjoying the land now," says Woo, now 67, as he watches his toddler grandsons snatch icicles from a deck and scale 6-foot snowdrifts. An architect who splits his time between Seoul and Boston, Woo recently became the first in his profession to win South Korea's Ho-Am Prize, that country's highest honor.

Despite the 21-degree temperatures on a recent Saturday, the sun had warmed the kitchen-dining room to a steamy 87 degrees. Woo and his family retreated to a cooler spot in the 50-foot-long living room for a late lunch, sitting shoeless on floor cushions and munching on baked chicken, grilled asparagus and artichokes.

"So much of Korean life and culture is about shared spaces, taking off your shoes and having meals together," says Wonbo Woo, Kyu Sung Woo's 33-year-old son and a Manhattan-based producer for ABC News. "It's the core of what the family does in Putney."

Completed last summer for roughly $300 a square foot, Woo's structures -- two connected living areas and a shed -- bear steeply pitched roofs and roughly triangular shapes that hark back to New England barns. Yet they also draw inspiration from traditional family compounds in Korea, thousands of miles away. "He's got one foot in American and European modernism and one foot in Asia," says Stanford Anderson, an architecture professor at the Massachusetts Institute of Technology. The buildings are "really brought together in a creative and imaginative way."
The home uses under-floor radiant heating, found throughout Korea. The framing of landscape views is partially inspired by Asian cultures, as are the large sliding doors that lead outside onto wooden decks, similar to sliding screen doors that lead to outdoor courtyards found in traditional Korean homes.

In an embrace of American traditions, Woo positioned the 3,200-square-foot compound atop the hill to avoid insects and to take advantage of long southern sun exposures. The buildings, just 15 feet wide at the widest point, have corrugated metal siding on the north-facing facades and stained cedar elsewhere. Off the grid, the retreat draws water from on-site wells and is powered by solar panels and a generator. The home is sparsely decorated with Swedish antiques and midcentury-modern pieces.

While many of Woo's commissioned homes are focused around central living rooms, his Putney compound is very different. "This is a very outward-looking house -- they want to be in nature," says architect Ozzie Nagler, Woo's longtime friend and mentor, who celebrated his 80th birthday in Putney. "But it works so well internally, too."

In the 1970s, Woo and his father, a painter, bought 20 acres in South Korea for their family, but they rarely visited and sold the land 10 years later. The idea remained dormant until 1999, when Woo's work designing dormitories for Bennington College brought him to Vermont. In 2003, he bought 250 acres of virgin forest near Putney, a rural town of 2,600.

What began as a single cabin with one child's bedroom quickly became two linked structures with two kids' rooms, inspired in part by Woo's daughter's becoming pregnant with her second son. The compound is designed so that more buildings can be added as the family grows. Woo's modernist compound is unusual for the area. In Brattleboro, 11 miles away, a 4,000-square-foot Cape Cod on a little over two acres is on the market for $799,000.

Woo designed something for everyone. For his wife, a concert pianist, he designed the living room, a long unadorned space with French acoustic fabric stretched across the ceiling, where she can practice and host small chamber concerts. Son Wonbo's bedroom faces south and west ("I tend not to be a morning person," he says). For his grandsons, he created balconies above the hallway, accessible from the top of their bunk beds and partially enclosed by Plexiglas, so they can spy (and drop small objects) on passers-by in the hallway.

Daughter Ilyon Park, a 36-year-old nonfiction writer in New York, describes the retreat as a "four-generation-and-beyond house, with the memory of my grandparents behind it." She adds, "It's a brand-new house with history, if that's possible." The house is still evolving; Woo pulled out fresh drawings detailing a new one-bedroom wing and roof deck the family is attaching to the living room.

In the fall, the family hosted a reunion for Woo's wife's clan. They are planning a second reunion for the Woo side this summer.


By Sara Lin, The Wall Street Journal

Wednesday, March 4, 2009

Want $8,000 Cash?

It has been a while since I have last posted! I just came back from Dallas, TX for a family wedding. The home prices there are actually pretty comparable to Indiana, in fact you may be able to get a little more bang for your buck there. The down sides to Texas housing- there are no basements (where do we put all of our junk?) and the property taxes are pretty steep (they have no state income tax, but still it's a little high).



Speaking of taxes, you have probably heard a lot about this $8,000 first time homebuyers tax credit from the economic stimulus package. Here is a quick Q&A that should hopefully clarify some things:


Q: Who is Eligible to Receive the $8,000 Tax Credit?
A: First-Time home buyers purchasing any type of primary owneroccupied
home. The home must be purchased between January 1, 2009
and December 1, 2009.


Q: What is a Tax Credit?
A: A tax credit is a dollar-for-dollar reduction in what the taxpayer owes.
For instance, if a tax payer is due to receive a $500 refund, that refund
would be increased to $8,500! If a taxpayer owes $8,000, with the
credit that taxpayer would only be responsible for $0!


Q: What is the Definition of First Time Homebuyer?
A: A “First Time Homebuyer” is anyone who has not owned a principle
residence in the past 3 years. For a married couple, both spouses must
meet this criteria in order to qualify.


Q: What Type of Home Qualifies?
A: Any Home Purchased by First Time Home Buyer - Old or Existing -
Single Family, Condo, Townhomes.


Q: Is the $8,000 credit for homes of all purchase prices?
A: No, the tax credit is equal to $8,000 or 10% of the purchase price,
whichever if lower. Ex. A purchase of $55,000 would result in a tax
credit of $5,500


Q: Are there Income Limitation?
A: Yes, a First Time Homebuyer’s “Modified Adjusted Gross Income”
(MAGI) can not exceed $75,000. For a purchasing couple
the combined MAGI cannot exceed $150,000.


Q: What is “Modified Adjusted Gross Income (MAGI)?
A: MAGI is determined by adding any foreign income, student loan
deductions, IRA contributions deductions and deductions for
higher education to your annual adjusted gross income. Contact
your CPA, Tax Preparer or Attorney with questions.


Q: Do I Have to Pay Back the Money?
A: No!!! The Tax Credit does not have to be paid back as long as
you live in the home as your primary residence for 3 years. The
credit is owed back if the property is sold within the initial 3
years after purchasing.


Q: What does “refundable” mean in terms of the tax credit?
A: “Refundable” means that a home buyer can receive the credit
even with little or no federal income liability to offset the credit.


Q: What paperwork is required prior to or at Closing?
A: None. The paperwork required to receive the credit will be completed
in relationship to the home buyers annual tax files by the
taxpayer or their tax preparer.



Also, if you think you qualify for this tax credit and would like a copy of the tax form, feel free to email me at rebecca.upton@century21.com and I will send you a copy. Feel free to email with any questions on this credit too!