<span id="lblNoFrames"><h1>october_flip.pdf</h1><br/>78 • Resident October 2009 Good Buy Now’s the Time to Own Your Own Home By Pamela Jacobs With the deadline for the $8000 tax credit for first time home buyers approaching, now is a great time to purchase the home of your dreams and take advantage of this opportunity made possible by The American Recovery and Reinvestment Act of 2009. The deadline for the credit is December 1, meaning the closing must take place on or before that date, and it’s by no means too late to get started. Resident spoke to two leading experts in the field, who are actively working with first time buyers to ensure they qualify for the credit while taking advantage of what this market has to offer. Both were extremely optimistic about the possibilities. Hanita Cohen of Urban Sanctuary (www.urban-sanctuary.net), downtown’s leading brokerage fi rm, has been working with many clients who are purchasing homes for the first time and earning the $8000 credit in the process. With the mortgage industry as it is, and the large amount of new construction, along with home prices at a low, Cohen says this is a fantastic opportunity for fi rst time buyers who are looking to break free from renting and fi nally own their own home. Along with the tax credit, buyers can take advantage of an FHA loan which makes buying easier, and a lower down payment (3 ½ % as opposed to 20%), making now one of the best times in recent history to make a purchase. Cohen is working with a new construction in Greenpoint, 60% of whose buyers are purchasing homes for the fi rst time and therefore earning the tax credit. The building, The Greenmore, is a beautiful new property with 24 units, only two per floor, laundry and storage in the basement, and roof access. The apartment prices are incredibly reasonable, ranging from $299,000-$350,000, making the move from renting in Manhattan to buying in Greenpoint extremely attractive. Greenpoint also happens to be a neighborhood that’s growing quickly and offering former Manhattanites plenty of opportunity and convenience. This developer, as an added incentive, is guaranteeing the $8000 even if construction of the property delays the closing date past the December 1st deadline. Cohen is excited about this opportunity for her clients, noting that the usual fears of fi rst time buying are assuaged by all of these incentives and opportunities. She stated that while the December deadline is indeed approaching, it is by no means too late to take advantage of the credit and begin the search now for a fi rst dream home. Hanita Cohen Continued on Page 80 GUIDElines | REAL ESTATE 077-080_october.indd 78 10/7/09 2:09:05 PM</span>