Saturday Reporter-Herald September 25, 2010 E1
Real Estate Matters
www.homeandrealtyguide.com • Saturday, September 25, 2010 • Reporter-Herald
$8,000 Buyer Credit at Boise Village North The costs of retiring with a mortgage ILYCE GLINK TRIBUNE MEDIA SERVICES
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mortgage is a mortgage, even if you’re only paying 4 percent on a 30-year fixed-rate mort-
gage. The trouble with mortgages is that they tend to last up to 30 years, unless you move, get a 15-year mortgage or figure out a way to pay down your debt on a monthly or yearly basis. If you don’t pay down your debt or sell your home, you’ll be paying your lender a monthly payment for the next 360 months in a row. That’s not such a big deal if you’re 30. If you get a 30-year mortgage you’ll pay it off by age 60, well before you hit full retirement age. Except that most people don’t live in the same place for 30 years. And if they do, odds are they don’t have the original mortgage they used to buy their property. Let me explain: While baby boomers and their parents tend to live in the same place for decades, they’ve refinanced their mortgage over and over again. As you may have heard, while property values were seemingly skyrocketing over the past decade, millions of Americans tapped into those paper values, doing cash-out refinancing in order to pay for everything from new cars to fancy vacations to high-end kitchen renovations and additions to college tuition bills. But when the housing boom turned into a bust and property values began to collapse, it became clear that millions of Americans had over-extended themselves and are now trapped in homes that were less than the amount owed on the property. But even though those homeowners still have equity in their properties, they’re saddled with 15- and 30year mortgages that are set to run for at least another decade or two. Many baby boomers, the first wave of whom were born in 1946 and will start turning 65 next year, are having trouble making monthly mortgage payments that seemed easy when priced on interest-only loans featuring below-market teaser rates. The Pew Research Center recently found that 55 percent of all Americans are earning reduced income, thanks to layoffs, forced furloughs and limited bonuses. A lot of baby boomers who ought to be in their prime earning years fall into this category. And it doesn’t help that real estate property taxes are rising even as housing prices are falling. Higher property taxes, insurance premiums and maintenance costs are squeezing homeowners who can hardly make their payments as it is. In fact, baby boomers are having trouble paying many of their living expenses, including their mortgage. According to a new survey by Generation Mortgage and Zogby International, 64 percent of baby boomers who are supporting parents and children (often known as the “Sandwich I See GLINK/Page E5
Midtown Homes Offers Phase 1 Closeout Special RH PAID ADVERTORIAL
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idtown Homes is presenting a great opportunity for prospective home buyers: an $8,000 buyer credit as its phase one closeout special for homes in the Boise Village North subdivision. Midtown Homes and Bank of America will pay up to $3,000 towards closing costs when you use its discount lender, as well as a $5,000 credit.
HOMETOWN SERIES At Boise Village North, homes range in price from $149,900 to $214,900 with finished square footage ranging from 893 to 1,634. All homes have full or partial basements with at least two egress windows, rough-in for an extra bathroom, and blanket insulation. The Home Town Series features Phase 1 models such as The Monarch, The Granby, and The Telluride, which are eligible for the $8,000 buyer credit. Income qualified buyers on select lots may be able to purchase new homes at $10,000 off base model prices.
Photos courtesy Midtown Homes
The Granby, a 2,072 square-foot ranch priced from $174,900, offers three bedrooms, two bathrooms, an oversized two-car garage and 1,036 finished square feet, and is eligible for an $8,000 buyer credit. To see the Granby, visit www.thegranbymodel.com.
ent stain selections, stainless steel ter bathroom, master bedroom walk-in closet, a covered entry, and kitchen sink, ice maker waterline concrete patio. and PROFLO chrome kitchen faucets. Other home features inTHE KEYSTONE clude a ceramic floor tile entry, People looking for a lot of space light knockdown texture on walls and ceilings, brushed nickel hardor looking for a home for a large ter bathroom, master bedroom ware, six panel or Sonoma style family find the Keystone a good walk-in closet, desk nook, and a option. The Keystone has a double doors, brushed nickel hardware, covered front porch. deep garage to park three cars, as six-by-six-inch tile shower surrounds, elongated toilet bowls and well as extra space to finish a THE NORTH PARK PROFLO chrome bath faucets. recreation room and fourth bedThe North Park has a lot of finroom. This multi-level home, ished square footage and home ABOUT BOISE VILLAGE NORTH priced from $209,900 to THE MONARCH features for its price including an $214,900, is a 2,211 square-foot With homes prices starting in If you are looking for great value extra large covered front porch, an three-bedroom and two-and-onethe $140s, Boise Village North is a extra fourth room for a study or at an affordable price, the half bathroom home. The Keystone unique combination of affordable bedroom, a built-in fireplace, and a Monarch is an excellent option. features 1,634 finished square prices and quality construction. five-piece master bath. This twoThis ranch home, priced from feet, a partial unfinished baseThe community features more story, priced from $199,900$149,900 to $159,900, is a 1,786 ment, kitchen pantry, master bed- than eight diverse floor plans with square-foot two-bedroom and one- $202,400, is a 2,301 square-foot room walk-in closet, patio and covcustom build features, two-car bathroom home. The Monarch fea- three-bedroom and two-and-a-half ered entry. garages, beautiful yards and full bathroom home. The North Park tures 893 finished square feet, a basements. features 1,623 finished square feet MIDTOWN OFFERS QUALITY full unfinished basement, mainBoise Village North is centrally and additional features including a CONSTRUCTION floor laundry, a covered porch, and located in Loveland, just minutes master bedroom walk-in closet and master bedroom walk-in closet. All Midtown homes are designed from Interstate 25 and U.S. Highcovered patio. and built to provide energy effiway 34. The community is located THE GRANBY NEW ROCKY MOUNTAIN SERIES ciency, lower energy bills, and a close to grocery and shopping One of Midtown Homes best healthy and comfortable environMidtown Homes at Boise Village ment. Homes leverage smartly de- amenities at Wal-Mart, Centerra, selling floor plans, the Granby, is a and Downtown Loveland and has North has recently started conranch floor plan at an unbeatable signed features including Low-E struction on the new Rocky Moun- vinyl double-pane windows, insulat- immediate features access to great price. This ranch home, priced tain Series, which feature larger from $174,900 to $178,900, is a ed exterior doors, a more efficient schools, excellent medical facilities. Many parks, trails and recrehomes and lots with front loading 90 percent gas forced Hi-E Trane 2,072 square-foot three-bedroom garages and three-car garage opand two-bathroom home. The furnace and a programmable ther- ational areas in Loveland can be accessed through the walking and tions. These homes are eligible for mostat. Granby features 1,036 finished bike path that run adjacent the square feet, a full unfinished base- up to $3,000 towards closing Midtown offers higher density community. ment, an oversized two-car garage, costs. Examples of homes include: insulation products, as found in covered porch and patio, and masTo locate the Midtown Homes the Snowmass, including R-10 THE SNOWMASS ter bedroom walk-in closet. Basement Blanket insulation, R-38 sales office from U.S. Highway 34 People looking for a ranch-style Attic insulation, and R-13 Batting. (Eisenhower Boulevard), take THE TELLURIDE home with lots of square footage Whirlpool appliances are used and Boise south to 11th Street. The ofat a low price chose the SnowPeople looking for lots of finfice is located at 1899 11th St., ensure that the appliance packmass. This duplex home, priced ished square footage without the Loveland. ages guarantee low energy use from $174,900 to $176,200, is a extra price choose the Telluride. with high comfort and durability. For more information visit This multi-level home, priced from 2,400 square-foot three-bedroom www.boisevillagenorth.com or call Kitchens feature oak, alder, or and two-bathroom home. The $179,900 to 189,200, is a 1,650 maple cabinets with several differ- 970-456-4600. Snowmass features 1,200 finished square-foot three-bedroom and square feet, a full unfinished basetwo-bathroom home with a bonus ment, covered entry, a kitchen fourth room for a study or fourth pantry, main-floor laundry, and bedroom. The Telluride features master bedroom walk-in closet. All 1,375 finished square feet, a partial unfinished basement, deck off Snowmass models comes fully the back, kitchen island, and mas- landscaped and includes air conditioning. ter bedroom walk-in closet.
Models open at Boise Village North 10 a.m.-6 p.m. daily
THE CRESTED BUTTE
THE SILVERTON
For people that love to cook and entertain, the Crested Butte has an extended kitchen and living room area. This ranch, priced at $184,900, is a 2,270 square-foot two-bedroom and two-bathroom home. The Crested Butte features 1,135 finished square feet, a full unfinished basement, a large kitchen and living room/entertainment area, large kitchen pantry, main-floor laundry, four-piece mas-
One of Midtown’s favorite ranch floor plans, the Silverton is the largest ranch home and has an upgrade to a three-car garage. This ranch home, priced at $199,900204,900, is a 2,560 square-foot three-bedroom and two-bathroom home. The Silverton features 1,280 finished square feet, a full unfinished basement, an optional third car garage, kitchen pantry, main-floor laundry, five-piece mas-
The Snowmass, a 2,400 square-foot duplex priced from $174,900, offers three bedrooms, two bathrooms, a two-car garage, and 1,200 finished square feet. To see the Snowmass, visit www.thesnowmass.com.
Inside this week’s Home & Real Estate
Real Estate Transactions Listings from Front Range properties recently sold
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2010 LBAR Installation and Awards
Property of the Week 474 Arrowhead Dr., Loveland
Director y
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