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Developer's tax credit reaps $1.3M in sales at CT condo.

Sales totaling $1.3 million have resulted from last month's decision by a condominium developer here to grant first-time homebuyers a $5,000 tax credit.

During the past five weeks, more than one-third of the 14 townhomes sold at Hawthorne have gone to first-time homebuyers at an average $270,000 a sale, according to Steven Schacter, a principal in the company developing the 80-residence community in the Glenville section of Greenwich.

Previously, one-quarter of Hawthorne's buyers were purchasing their first home, he adds.

Schacter and his partners, Eric Schwartz and Tony Schneider, decided to immediately adopt the tax credit after hearing it included in President Bush's recovery plan. As originally conceived, Hawthorne buyers who have not owned a home for the past three years would sign a contractual note at closing promising to return the $5,000 if and when they realize their tax credit. In return, the money would be deducted from the price of their new townhome.
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Title Annotation:for first-time homebuyers
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Apr 22, 1992
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