Fresh Shrimp for the Last Time from Fabians

Fabians Seafood will be making their last run to Bloomington for the season. This fresh shrimp from the Gulf Coast driven straight to Bloomington.

If shrimp is your thing, then head over to Bloomingfoods east side location on 3rd street this Tuesday, October 27th from 1:30 to 5:30.

Come early and dress warmly because there is always a line. They also will have fresh blue crab meat and fresh shucked oysters...but they sell out of these items quickly.

If you want to receive email notification of when they will be coming to town and receive a 10% discount, go to http://www.fabianseafood.com/ and sign up.

Sorry for the break in market information

The b-town Report has been working on new formatting and information for this site. We'll still offer real estate market information, but the format will have a slightly different focus. Thanks for your patience as we work toward our new publication.

Luckily we picked a beautiful spot in central Vermont to work on the new format. Stay tuned!

Have a great day, Matthew

A Sample of Today's Interest Rates

Interest rates have been hovering in the lower 5% range for the past week. Here is a sample of today's interest rates from local lenders. And as always on the b-town Report rates are for 30 year fixed rate conventional mortgages for folks with superior credit and rates are subject to change.

• German American Bancorp (www.germanamericanbancorp.com): 5.00%
• Peoples State Bank (www.peoples-bank.com): 5.125%
• Regions (www.regions.com): 5.25%
• United Commerce Bank (www.unitedcommercebank.com): 5.00%
  

Fabians Seafood Will Be In Bloomington Next Tuesday!

Mark your calendars! Fabians Seafood will be making a run to Bloomington with fresh shrimp caught in the Gulf of Mexico. Fabians is out of Galveston Texas and the shrimp is amazingly fresh.

In addition they plan on having Fresh Blue Crab Meat and Maybe Red Snapper.

They sell out of refrigerated trucks in the Bloomingfoods parking lot on 3rd street.

Tuesday, September 15th from 2:00 till 5:30 or until they sell out. There's always a line so get there early!

Congress is Looking at Cuts in Deductions of Mortgage Interest

From an article in Realtor.org/Mag:

The Congressional Budget Office has prepared a report that suggests ways for Congress to raise revenues. One key suggestion is that Congress cut deductions for homeowner mortgage interest from the present $1.1 million cap to $500,000, phasing in the reduction by $100,000 annually starting in 2013. Over a 10-year period, the change would increase revenue by an estimated $41 billion.

Alternatively, the CBO proposed replacing mortgage interest deductions with a flat tax credit that is 15 percent of mortgage interest paid. This would potentially increase revenue by nearly $390 billion from 2013 to 2019.

It also proposed eliminating deductions for all state and local taxes, including property taxes, which would cost taxpayers $862 billion by 2019.

What are the odds these ideas will fly? In the past, the mortgage deduction has been sacred. These days, some analysts say it may be vulnerable.

Source: Washington Post Writers Group, Kenneth R. Harney (08/30/2009)

Hoosier Acres Neighborhood Update

There has been quite a bit of real estate activity in the Hoosier Acres neighborhood recently. The latest sale was 3738 Cameron Avenue which sold for $490,000. This home, which has a lovely pond, was listed for $499,000.

Current pending transactions are limited to one property. 3641 Homestead is now under contract with a list price of $1,195,000. This remodeled home is on over six acres which makes it a unique offering in Bloomington.

What is currently on the market? These are the three homes available as of this posting:

• 716 Fieldcrest Avenue listed at $525,000 (pictured above)
• 3855 Brighton Avenue listed at $324,900
• 3822 Brownridge Road listed at $299,900

The beauty of Hoosier Acres is not just its 'close in' location and large lots, but the variety of architecture and the vast range in property values. In the last few years there have been homes that sold for $110,000 in 1999 up to $650,000 in 2005. In the past year there have been several homes that have sold in the mid $300,000's. Now the most recent sale was for $490,0o0 and the most recent pending transaction listed for over $1,000,000. It sounds like there is a new round of property appreciation in the works in Hoosier Acres.

Almost There...Smith and Rogers Construction is Nearly Complete

Almost There! The photo on the right was taken on July 12th. Just six weeks later and the construction for rebuilding the curve at Smith and Rogers Roads is nearly complete.

The residents of Hyde Park along with all those who wait at the 4-way stop sign at intersection of Rogers and Sare Roads will be thrilled when this section reopens this month.

The photo to the left was taken yesterday and shows the the paving work is completed. Any day now!

A Sample of Today's Interest Rates

Rate are hovering in the 5%'s for the past couple of weeks. Today a couple of lenders posted really great rates worth looking over. Keep in mind that some of the rates are for purchases only and may not apply for refinancing, so check with the lender of your choice on this.

Here's a sample of today's rates from local lenders and as always on the b-town Report, rates are for 30 year conventional fixed rate mortgages for folks with amazing credit scores:

• Fifth Third Bank (www.53.com): 4.875%
• Peoples State Bank (www.peoples-bank.com): 5.25%
• Regions (www.regions.com): 5.125%
• United Commerce Bank (www.unitedcommercebank.com): 5.00%

Don't Forget That The Deadline For Using The $8000 First Time Home Buyer's Tax Credit Is Approaching

The deadline for First Time Home Buyers to take advantage of the $8000.00 tax credit is approaching. Here is a note sent out by Tammy Walker of John Bethell Title Company with a link to an article about proposed legislation on this subject:

"I wanted to take a moment a remind everyone of the deadline for the $8000 tax credit deadline. The tax credit statute requires buyers to fully close on their purchases –– not just be under contract –– no later than Nov. 30.
This very important date falls on the Monday after Thanksgiving. With so many last minute delays I would encourage you to schedule transactions with buyers anticipating this credit prior to the deadline, Monday November 30th.
I have attached a link regarding the first-time home buyer tax credit for additional information. Thank you!"

http://www.baltimoresun.com/business/real-estate/bal-re.filler30aug30,0,4318788.story

August Condo and Townhouse Sales for Bloomington

The students have moved back into Bloomington and Bloomington residents are back from their vacations. Life is bustling all over town. The b-line trail, pictured at left, is full of activity with walkers and bikers and runners. How many of these folks bought a condo or townhouse in August? 33

The condo market is not as active in Bloomington as the single family home market, but as with yesterday's posting, we are seeing a constant upward movement in our market from the same period last year in regard to the number of sales.

So here are the numbers for August sales of condos and townhouses in Bloomington:

• Total sales: 33
• Average sales price: $116.012
• Average price per square foot: $87
• Average days on the market: 197
• Average list price to sales price ratio: 93%

In my opinion, Bloomington needs more affordable condos for retirees, graduate students and young professionals who want to stay in Bloomington and become home owners. The current Bloomington condo market consists of mostly rentals geared toward students. I would really like to see some smart new growth to offer home ownership opportunities to a larger section of the population.

How can this be done? By building condos near shopping areas and mass transit. The condos should have a modern and open floor plan and offer single level living for those who find stairs challenging. Attractive two story buildings that fit into the landscape could be built and offered at an affordable price so that the benefits of home ownership are more widely available.

With Bloomington's push to attract retires along with Bloomington's hope to retain young professionals after graduation from IU and Ivy Tech, we should offer a different type of housing option than we are currently seeing in our community.

The Numbers Are Coming in For August Sales in Bloomington

The numbers may not be totally complete since this is only the first of September and there will have been many closings yesterday in the Bloomington area that have not been inputted to MLS, but here are some preliminary numbers. This is for single family homes in Bloomington sold during the month of August:

• 102 sales
• Average price: $205,275
• Average days on the market: 105
• Average price per square foot: $95
• List price to sales price ratio: 96%

These are some healthy numbers. For the same period in 2008, there were 103 sales, and keep in mind that there will be additional entries uploaded into our system today and tomorrow. Average sales price is up 6.2% from August of 2008 as well. And even the average days on the market is down from 116 in 2008 to 105 this year.

So as the national housing economy continues to shows wonderful signs of recovery (new housing sales were up in August across the country), our local market is moving from its normal healthy status to actually becoming quite strong. More numbers will be coming over the next few days here on the b-town Report.

The New York Times Reports "Housing Perks Up"

According to an article in The New York Times, housing prices in nearly all of the major markets in the country rose in June. Home prices in San Fransisco rose 3.8% while home prices in Boston increased 2.6%.

In the Midwest, Cleveland saw an increase of 4.2% during June. How did Bloomington fare compared to the national market?

Keeping in mind that Bloomington has not seen prices decrease during this troubled time in the national market, Bloomington is doing well. The average home price decreased from May to June by 1.4%. But the number of home sales increased by a whopping 12.3%!

The increase in the number of sales and the decrease of the average sales price is directly related to the $8000 First-time-home-buyers tax incentive. More people are buying their first home and because these are first time home buyers, the average sales price will typically be less than for people who are buying their second or third home.

Another thing to keep in mind is that on the national market, home prices were showing great declines in home prices because of the vast number of foreclosures that were hitting the market. Though there are certainly foreclosures available for purchase in Bloomington, they account for only a small percentage of sales.

The verdict: the national housing market seems to have hit bottom and is bouncing back and Bloomington continues to have a healthy housing market. However, as home prices increase nationally, we will see an increase in home prices here in town, so the best deals are most likely happening right now.

Pending Transactions in Bloomington..Here Are The Numbers

As the masses of IU students return to Bloomington, some will be closing on new homes to live in during their time in Bloomington. Currently there are 129 Pending transactions for single family homes in Bloomington. Here are the numbers for these houses:

• Average list price: $210,610
• Highest list price: $1,300,000 (I'm guessing not a student...)
• Average number of bedrooms: 3
• Average number of baths: 2
• Average price per square foot: $99
• Average days on the market: 122

This last number, average days on the market, is an important one to keep track of. Currently it is taking an average of four months for a property to sell. Ideally that number should be 60 days for a truly healthy housing market where there is a balance between a buyer's market and a seller's market.

Featured Listing of the Day

This house is in such a lovely setting. Just 15 minutes north west of the IU campus, the home features over 3000 square feet of living space on over an acre of land. The floor plan is very open with a two story cathedral ceiling in the living room.

A first floor master bedroom makes for convenient one story living for 'empty-nesters'. The large bonus room on the second floor along with two bedrooms and a Jack-and-Jill bath make this home great for families as well.

Check out www.6620MegansWay.com for additional information and over thirty photos.

Price: $269,900.

$8000 First Time Home Buyer's Tax Credit May Be Extended

The $8000 first time home buyer's tax credit has been a huge boost to the housing market. It is set to expire the end of November, but an extension is possible. Here's an article with additional information from Realtor.org and the Washington Post:

Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.

Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.

Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."

Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.

Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)

Housing Forcast is Looking Up

Houses, like this one on Pickwick Drive in Bloomington, and home ownership have been long been the foundation of the American economy. Good news is just starting to appear about the US housing market and the US economy. Here are words from the National Association of Realtors Chief Economist:

NAR’s Pending Home Sales Index reached 94.6 in June, its highest mark in two years and a vast improvement from the cyclical low of 80.4 in January of this year. If buyer contracts persist at this level, the corresponding home sale closings would be about 5.2 to 5.5 million at an annualized rate. For comparison, last year existing home sales totaled 4.9 million. We’re on our way to that: in June, existing-home sales increased for a third consecutive month, posting 4.89 million seasonally adjusted annualized units.

The recovery in the housing market will lay the foundation for a sustainable economic recovery. With more sustained economic growth, jobs will be created. Job growth is what is needed for consumers to buy furniture, computers, a host of consumer products, and lead to a sustainable rise in auto sales even without the clunker incentives. Despite the risks facing us, our baseline economic forecast still looks much better – with higher home sales, stabilizing home prices, and an eventual recovery in jobs.

For the latest economic forecast insights and analysis, visit www.realtor.org/research/research_commentary

More Bloomington Real Estate Market Numbers

As of August 3rd, there are a total of 819 single family homes on the market in the Bloomington Board of Realtors MLS system. Here's the average breakdown of the inventory based on list price:

• $25,000 to $74,999: 14 properties on the market
• $75,000 to $99,999: 47 properties on the market
• $100,000 to $124,999: 57 properties on the market
• $125,000 to $149,999: 71 properties on the market
• $150,000 to $174,999: 81 properties on the market
• $175,000 to $199,999: 85 properties on the market
• $200,000 to $249,999: 79 properties on the market
• $250,000 to $299,999: 77 properties on the market
• $300,000 to $399,999: 64 properties on the market
• $400,000 to $499,999: 32 properties on the market
• $500,000 and up: 74 properties on the market

Market Information from the Bloomington Board of Realtors

As of this month, the largest 'back log' of housing inventory priced under $375,000 is in the homes priced from $175,000 to $199,999. As of August 3rd, there was a 12.8 month inventory of homes in this price range. This means that with standard market conditions, it will take 12.8 months to sell these houses.

Homes priced between $350,000 and $374,999 have only a 5.4 month inventory, one of the lowest for the current market.

If we look at homes priced over $600,000, there is a 73.2 month inventory currently available. So yes, if market conditions are typical it will take over six years for all of these houses to sell. Bloomington has a very strong real estate market but it does not excel in high priced home sales. So far for 2009 there have been a total of ten homes sold that were priced over $600,000 in our MLS area.

The Indiana Secretary of State's New Website

Indiana's Secretary of State has a newly designed website. Here is a note from the office of Todd Rokita about the website including a link:

Greetings! The Office of the Indiana Secretary of State has redesigned its web site www.in.gov/sos. This site was designed with input from various stakeholder groups to provide a standard look and feel, and a more user-friendly experience.

The redesigned web site has standard navigation on the left. On the right, you will find a list of popular online services, FAQs and a tab called "I want to..." This tab contains links to popular actions taken by users.

Note: In order to bring you the best possible online experience, the redesigned site is built on a flat structure. This means that many of our web page addresses have changed. If you have bookmarked any of our pages, please make sure to update your bookmarks.

Did You Know That FHA Loans Can Include Money for Renovations?

In an article from Realtor.org:

The Federal Housing Administration is encouraging use of its little-known 203(k) loan program.

The 203(k) lets an owner-occupant borrow money for both the purchase and renovation in one loan, and put down only 3.5 percent.

The program requires the use of credentialed contractors and can include cosmetic improvements as well as major renovations like replacing plumbing or electrical. Completing the application process requires patience, says Nancy Hammock, an associate with RE/MAX Properties in Western Springs, Ill.

But in this lending environment, more homebuyers are finding 203(k)s worth the hassle. In fiscal 2008, the government insured about 6,700 of the 203(k) loans. This year, more than 11,000 loans have already been insured, according to the Office of the Comptroller of the Currency.

Source: Chicago Tribune, Mary Ellen Podmolik (08/14/2009)

Stone Cutters Coffee and Wine Cafe

Stone Cutters, the new coffee shop on the east side (Covenanter Drive) has just expanded their menu to include tapas and wine in the afternoons and evenings. The tapas menu is created by owner Greg Danielson and changes weekly. A sample of this past week's menu included:

• Brioch with Chai Tea Whipped Butter for $2...excellent!
• Mozzarella Stuffed Meatballs with Marinara and a Parm Crisp for $7...delicious!
• A beautiful Cheese Plate with three different compotes and fresh bread for $8...super!
• Dim Sum of steamed Pot Stickers and Chix Spring Rolls for $6...lovely!

The wine list has several whites, reds and Prosecco. The Brancotte Sauvignon Blanc for $6 a glass was really lovely and others at the table enjoyed a split of Mionetto Il Prosecco for $14.50.

Stone Cutters plays great music all day and when the weather cools down just a bit, it'll be wonderful to sit outside and enjoy tapas and a glass of wine. All this at a great price and a super convenient location for many on the east side of Bloomington.

And for a bonus, the next two Fridays and Saturdays at Stone Cutters, they are offering Buy-one-get-one-free tapas from 5 till 7. Check it out!

Photo: Charlie Dupree enjoying a break at Stone Cutters this week.

Bloomington Board of Realtors is to Launch Their New MLS Soon

The Bloomington Board of Realtors will launch their new MLS system on September 30th of this year. This is a project that has been in the works for quite a while. Originally the board had planned to launch the new site mid summer. To find out more about the new system, follow this link:

http://www.marketlinx.com/demos/innovia/innovia.htm

This new system is from the company Market Linx and the system is InnoVia.

A Fabulous Mansion in the Middle of the Bay

A friend sent these photos to me of this amazing house perched on a rock in the middle of the Narragansett Bay in Rhode Island. The 103 year old house is approachable by boat. These are such beautiful views through the windows. Thanks to fropki.com for the photos.

Important information about Chinese Produced Drywall

I was working with an out-of-town buyer two weeks ago and he mentioned the issue of Chinese produced drywall. He had an associate who had huge issues with this product in Florida. Today the National Association of Realtors forwarded this article via the Wall Street Journal:

Home owners in Florida, as well as other parts of the country, are claiming that drywall imported from China is making them sick and corroding the plumbing and HVAC systems in their homes.

An estimated 100,000 houses in the United States, most built in 2006 and 2007, may have some of the allegedly defective drywall, which is being investigated by a plethora of government agencies, including the Environmental Protection Agency and the Centers for Disease Control.

If these investigations result in a recall, it could be a costly proposition. Experts estimate that pulling out defective drywall and replacing corroded electrical wiring, plumbing and HVAC in an affected home could cost at least $100,000 per property.

Several class action lawsuits have been consolidated in federal court in New Orleans, but suing foreign-based manufacturers for liability is difficult and any judgment is almost impossible to enforce, experts say.

Source: The Wall Street Journal, M.P. McQueen (08/07/2009)

July Real Estate Sales for Bloomington - Condos and Townhouses

Unlike single family home sales for July, the numbers are up for last month's sales over the same time period in 2008. The total sales for the month in '09 are 38, up 18% from July of last year. Here are this July's numbers:

• Total sales: 38
• Average sales price: $124,107
• Average days on the market: 177
• Average price per square foot: $81
• Average square feet: 1529

The sales prices of these condos/town homes are also up. Comparing July '09 to July '08, the average sales price saw an increase of over 8%.

A Sample of Today's Interest Rates

Interest rates are rising and falling on a regular basis. This is an important time for anyone considering refinancing to check the rates on a daily basis and take advantage of the small windows when rates are low.

Here's a sample of today's rates from local lenders. As always on the b-town Report rates are for 30 year fixed rate conventional mortgages and rates are subject to change.

• Fifth Third Bank (www.53.com): 5.375%
• Monroe Bank (www.monroebank.com): 5.25% with .5 points
• Peoples State Bank (www.peoples-bank.com): 5.625%
• Premier Home Mortgage (www.premierhomemortgage.com): 5.375%
  
  

July Real Estate Sales for Bloomington - Single Family Homes

For the month of July in Bloomington, there were 127 single family home sales. The number of sales is down 11.8 % from 2008. The Average selling price also saw a decrease of 8% from the same time period in 2008. Here are the numbers for single family home sales for July 2009 in Bloomington:

• Average sales price: $175,368
• Average list price: $185,926
• Average day on the market: 103
• Average price per square foot: $93
• Percentage of sales price to list price: 94%

To look at the larger picture, home prices are up so far in 2009 from last year. The average selling price for single family homes in Bloomington for the first 7 months of this year was $191.962. The average selling price for the same period in 2008 was $187,386. This shows an increase in the average home price of 2.5% in the past 12 months.

A Brief Summer Vacation

The b-town Report will be on summer vacation until August 1oth!

Now is a great time to check out the over 200 postings in the index to the left. You can follow the trends of interest rates this year, read up on green living and check out facts about the national housing market.

Enjoy!

Take Advantage of the $8000 Tax Credit Before It's Gone

Time is winding down to take advantage of the $8K first-time home buyer tax credit. If you’re looking to buying your first home, you must be signed, sealed, delivered and closed by November 30th! It can take up to 45 days to close a transaction if your are using an FHA loan program, and if you are considering a short sale, the process will take even longer. So get to it!

Find everything you need to know on Trulia Voices – from the basic requirements to how it works.

Four Things to Know About Your Home Electrical System

While researching information on the National Association of Realtors web site, I came across a great article from Leslie Banker who is the co-author of The Pocket Renovator (2007). The article is about four basic points of information dealing with electrical systems of homes. Here are some of the highlights from the article:

These are some basics that you should know:

1. Does the home have 220 volt service? (220 volt service equates to 200 amps just as 110 volt service equates to 100 amps) If the home was recently built, the answer is almost always yes. Most houses today have two 110 volt wires and one neutral wire running into the house from the local distribution system. These wires can run underground or above ground. If there are two 110 volt wires running to the house, then the house has 220 volt service and appliances, such as dryers and air conditioners.

Older houses were usually built with 110 volt service; if the electrical system hasn’t been upgraded, it won’t be possible to use some models of appliances (though alternatives can be found).

2. What’s the difference between a fuse and a circuit breaker? Fuses and circuit breakers are both found in the electrical panel (or sub-panel) of a house. They both serve the purpose of cutting the flow of electricity when a circuit gets overloaded—a potentially dangerous situation. Circuit breakers will be found in most houses built after the 1960s or in older buildings that have had their electrical systems upgraded.

Fuses have a thin strip of metal that literally blows when there’s too much electricity flowing through it. When this happens, the fuse needs to be taken out and replaced.

3. Where’s the “main panel?” This is where all the circuits in the house originate from and it’s usually near where the electric power enters the building. It will be filled with circuit breakers (or fuses in an older building). The main panel has a rating that determines the total amount of current that can flow out to the circuits at one time before the main circuit breaker shuts the entire system down.

4. Are the outlets grounded? These days most electrical outlets that you see accept three prong plugs. This means, almost always, that the outlet is grounded. A grounding wire, which connects to the round third hole, protects against electric current escaping from the circuit and causing shocks.

Older houses might only have two prong outlets, meaning there’s no grounding protection in the circuits. Upgrading an electrical system to include grounding wires involves opening the walls and can be a significant amount of work. How much work it is depends on the size, construction and layout of the house.

Home Sales in June Rise for the Third Consecutive Month

From an article in the New York Times, the number of home sales for 'previously occupied homes' rose for the third month in a row. These numbers are for existing homes but do not include new construction.

The median sales price for homes in the US was $181,800 in June, up from $174,700 in May. However this is down 15.4% from the month of June 2008 when the median home sale price was $215,000.

Mortgage Rate Report

In a report sent by Mark Weddle of Regions:

Early in the week, a forecast from the Fed that inflation should remain low for the next couple of years moved mortgage rates lower. The economic news later in the week was less favorable for mortgage rates, however. Strong earnings reports produced a rally in the stock market, which pushed mortgage rates higher. In the end, mortgage rates finished the week essentially unchanged."

In testimony before Congress on Tuesday, Fed Chairman Bernanke provided an update on the Fed's outlook for economic conditions. Of note, Bernanke predicted that inflation will not be a concern any time soon, which was good news for mortgage rates. While he expects economic growth to turn positive later this year, he suggested that the labor market may be weak for several years. As a result, the fed funds rate will likely remain near zero for "an extended period".

Weekend Video: Five biggest real estate myths

Weekend videos are a popular event here at the b-town Report and who can resist Barbara Corcoran on a Sunday Morning.

Let's see what this NYC real estate expert has to say about the five biggest real estate myths:

http://vodpod.com/watch/1315630-msnbc-com-video-five-biggest-real-estate-myths

Anyone Looking for a French Chateau?

How about a $27 million dollar french chateau...in Texas. To the left is www.trulia.com 's house of the week. This home features a home theatre, wine cellar, a veranda that can seat 450 of our closest Friends (if only we were all so popular), and a 15 car garage. For more information follow this link:

http://www.trulia.com/property/1062749893-1851-Turbeville-Rd-Hickory-Creek-TX-75065

Monroe County's New GIS Web Site

Welcome to Monroe County's new GIS system. The graphics are really great and there are added features like 360 degree panning for a street view. Like all GIS systems, you have to be careful how you enter information for searches. I have found that when doing a property address search you only need to enter the street number, direction and type of street.

Example: 2212 E Granville Drive

This allows the system to work smoothly. If you do a search by property owner, you have to enter the names exactly as they are on the recorded deed or tax bill.

It's a great improvement. Enjoy! http://gistest.co.monroe.in.us/egis39dn/##

Is the House That You Are Considering Purchasing a Former Meth Lab?

The health risks of living in a house that was a former meth lab are all over the news right now. How can you tell if a house you are looking at could have been a former meth lab? Here are five signs to look out for:

1. Yellow discoloration on walls, drains, sinks and showers.

2. Blue discoloration on valves of propane tanks and fire extinguishers.

3. Fire detectors that are removed–or taped off.

4. Burning in your eyes, itchy throat, a metallic taste in your mouth, or breathing problems when in the home.

5. Strong odors that smell similar to materials often found in a garage, such as solvent and paint thinner, or odors of cat urine or ammonia.

Source: Realtor.org

The B-town Report is Celebrating their 200th Posting!

You have to celebrate the little things in life too. This is the 200th posting on the b-town Report which was started the past January.

There's lots of information in the index on the left side of the page so browse, enjoy, learn and yes, even catch up on the the real estate dealings of celebrities.

We try to make the b-town Report a great source for information on the housing market as well as the community at large. If you have any suggestions for entries, please let us know.

Monroe County Real Estate Market Statistics

In 1910, Monroe County was considered the center of the US population. There are over 120,000 residents living in Monroe County, which includes Bloomington and Ellettsville. Bloomington certainly is the driving force of the county's real estate market, but here's a look at the market county wide:

• 20.3% of homes on the market have accepted offers (pending)
• The greatest number of pending sales are in the price range of $125,000 to $149,999
• The second greatest number of pending transactions are for homes price from $100,000 to $124,999
• There are currently 52 homes available priced over $600,000
• There is currently one pending transaction for a home over $600,000
• There are currently 688 available listings in Monroe County

The above information is from the Bloomington Board of Realtors MLS for all of Monroe County and does not include condo sales.

Bloomington Home Sales for the First Half of July

The numbers are in for the first half of July. A total of 42 single family homes sold in Bloomington. Here are the numbers:

• Average list price: $183,967
• Average sales price: $174,137
• Average day on the market: 103
• Average price per square foot: $94

These 42 homes sold for 95% of their list price.

Renwick to Add Townhomes to Their Line Up of Residential Opportunities

In addition to Renwick's current residential offerings of single family homes, paired patio homes, 'zero lot line' homes and apartments, they now plan to add townhouse to the mix. According to their website, the town homes will be located near the village center, pictured above.

According to Shannon Richardson who works for WS homes, the developer of Renwick, the townhouses will be priced between $200,000 and $240,000. Plans are calling for the majority of the town homes to have two bedroom s located on the second floor with a garage on the basement level. The main level will have varying sizes of living room space with an open kitchen.

Renwick has proven to be one of Bloomington's most successful new developments and certainly one of the most creative. The new section of Cameron Row, called Springhouse Ridge, is currently under construction. These paired patio homes will offer an upgraded exterior from Cameron Row and prices will start significantly higher. Check out more information at: http://www.renwickbloomington.com

Hoosier Acres Neighborhood Update

Last month, someone got one of the best deals ever in Hoosier Acres. 710 Pleasant Ridge sold for $170,000. This limestone home has 3 bedrooms and one full bath with just over 1800 square feet of living space. That's a deal for Hoosier Acres!

The current active listings include 814 Meadowbrook which is a for-sale-by-owner. Pictured to the right (photo from public records taken in 2001) this home is a 4 bedroom, 2 1/2 bath home on a great corner lot. Active listings in MLS are as follows:

• 3641 Homestead Dr priced at $1,250,000 featuring 6+ acres and over 6000 square feet
• 716 Fieldcrest Ave priced at $525,000 with just over 3000 square feet on just under an acre
• 3855 Brighton Ave priced at 324,900 with almost 3100 square feet on a 3/4 acre lot and located on the corner of Smith Rd
• 8822 Brownridge Rd priced at $299,900 for a bi-level with just under 2500 square feet and located on the corner of Smith Rd

Just pending is the listing at 3738 Cameron Ave which is on over an acre with a beautiful pond and a home with over 4000 square feet. The list price is $499,900.

Interest Rates Back on the Rise

Last week we saw the best interest rates in a while. This week they are starting to creep back up. Here's a sample of interest rates from local lenders. And as always on the b-town Report rates are for 30 year fixed rate conventional mortgages and rates are subject to change.

• Fifth Third Bank (www.53.com): 5.125%
• Monroe Bank (www.monroebank.com): 5.125% with half a point
• Premier Home Mortgage (www.premierhomemortgage.com): 5.25%
• Regions (www.regions.com): 5.5%
• United Commerce Bank (www.unitedcommercebank.com): 5.375%
  

The Top Ten Places To Live in the US

Money Magazine just published their top ten places to live in the August edition of their magazine.

"Here are its top 10 selections for the best overall places to live—all of them small towns with strong local economies, good schools, affordable homes, and low crime rates"

1. Louisville, Colo.
2. Chanhassen, Minn.
3. Papillion, Neb.
4. Middleton, Wisc.
5. Milton, Mass.
6. Warren, N.J.
7. Keller, Texas
8. Peachtree City, Ga.
9. Lake St. Louis, Mo.
10. Mukilteo, Wash.

For a complete list and even more information, follow this link: http://money.cnn.com/magazines/moneymag/bplive/2009/top100/

Construction Update for the Corner of Smith Road and Rogers Road

Construction is well underway for the upgrade to the curve where Smith Road and Rogers Road meet.

Formerly, the curve was deep and sharp (great fun to drive on in good weather...not so much fun in bad weather). The new curve is level and less sharp and it will make driving this route safer.

Construction is set to be complete mid August. The photo to the left was taken this past weekend.

Restaurant Review: Sweet Grass Opens in Bloomington

Bloomington's newest restaurant is Sweet Grass. Located on the corner of Rogers and Patterson (right next door to Angel B's - A Galleria of Cakes), this new offering to Bloomington's dining scene is causing quite a lot of interest.

The food at Sweet Grass is inspired by Carolina cuisine. The chef/owner spent time in both Charlotte North Carolina and Charleston South Carolina perfecting his skills.

The lunch menu features classic Carolina dishes such as shrimp po boys, pimento cheese sandwiches and fried green tomatoes (excellent!). Daily soup specials are priced at $3 and $5 for a cup or bowl. Sandwiches and salads are generally priced between $6.00 and $10.99. Wines by the glass start off at an incredibly affordable $4.50 for Butterfield Station Chardonnay.

The dinner menu features starters like: Stuffed Portobello with arugula, caramelized onions and melted mozzarella for $8; Pizzas with applewood bacon and shrimp for $7 and of course Fried Green Tomatoes for $7. Entrees are priced from $13 for a Vegetable Ziti to $18 for a Flat Iron Steak. Or you can go for the dinner sandwiches priced from $9.

Additional dinner entrees include: Roast Chicken with a roasted pepper cream sauce; Citrus Glazed Salmon; Brined Roast Pork Tenderloin and the classic southern dish Shrimp and Grits.

Sweet Grass is located at 405 W Patterson and their phone number is 812-333-1043