Share the news…we have a nice variety of properties with prime weeks still available for vacation rentals.
Tim Kerr Sotheby’s International Realty
I handle rentals in Avalon and Stone Harbor specifically, and am happy to answer any questions.
Thanks!
ann.delaney@tksir.com
I participated in the New Jersey Association of Realtors briefing this morning to better understand the changes that will go into effect as of July 10, 2025.
Key points as of 7/1/25-
1) Realty transfer tax fees remain the same- no increase in the fee structure. This tax continues to be a seller expense of approximately 1%, and is discounted for primary home owners over 62 years of age.
2) Mansion Tax (also called the supplemental tax) becomes a seller expense as of July 10, 2025. No discounts for seniors or primary homes.
3) The mansion tax continues to apply to residential, multi-family and some commercial properties- no changes on qualifying properties. Vacant land remains exempt.
4) As of July 10th, the Contract of Sale available in NJAR Forms will be updated with the new law. There will also be an addendum available to address contracts already in place.
5) Buyers continue to pay the mansion tax on any settlement prior to July 10th.
6) Sellers will pay the mansion tax on any settlement from July 10th or later.
7) If there is a fully signed and binding sale contract (out of attorney review) as of July 9th, with settlement scheduled for after July 10th, but prior to November 15th, the seller may qualify for a rebate of the mansion tax paid in excess of the original 1%.
8) If the sale price is $1,000,001 to $2,000,000, the seller pays 1%, and does not qualify for a rebate. If the sale price is $2,000,001, the seller pays 2% mansion tax and qualifies for a rebate of the extra 1%. The rebate only applies to the mansion tax paid in excess of 1%, therefore, the max rebate for sales $3,500,001 and above will be 2.5%. Sellers will apply for this rebate with the NJ Division of Taxation. For all sale contracts signed on July 10th or later, there’s no rebate option.
9) Note that the mansion tax applies to sale prices OVER the stated amounts:
Over $1,000,000 = 1%
Over $2,000,000 but not greater than $2,500,000 = 2%
Over $2,500,000 but not greater than $3,000,000 = 2.5%
Over $3,000,000 but not greater than $3,500,000 = 3%
All sales over $3,500,000 = 3.5%
I’m happy to answer questions to the best of my ability.
This is a major change for buyers and sellers in New Jersey- particularly in the seashore market:
| Update on the Realty Transfer Fee Fight New Jersey REALTORSÂŽ is leading the fight to protect homeowners and the real estate market from proposed legislation that would have significantly increased taxes on real estate transactions. While we do not support any increase in taxes on real estate, the revised version of the law that will likely be passed is a vast improvement from the original proposalâthanks to the aggressive and strategic advocacy efforts led by our Government Affairs team. Our Call for Action is still ongoingâplease take action here if you have not yet. Whatâs Changing If passed, effective July 10, 2025, a new graduated tax on high-end property sales will go into effect. This tax, known as the âSupplemental Fee to the Realty Transfer Fee” is separate from the existing Realty Transfer Fee. Hereâs the breakdown of the new tax, which would now be entirely paid by the seller, on amounts in excess of:$1 million: The existing 1% âmansion taxâ remains, but the responsibility shifts from the buyer to the seller, amending the 2004 law.$2 million: 2% tax on the seller.$2.5 million: 2.5% tax on the seller.$3 million: 3% tax on the seller.$3.5 million and above: 3.5% tax on the seller. In the Last 48 Hours Negotiations around this proposal vacillated wildly in the past 48 hours, with suggested tax rates climbing as high as 5%. NJ REALTORSÂŽ was fully engaged throughout this rapid and uncertain period, pushing back on excessive increases and advocating for a more measured, equitable structure that would not unfairly burden the existing market. Our efforts directly helped shape a final version that, while still concerning, is far more reasonable than what was initially on the table. Effective Timeline The new rates will go into effect July 10, 2025 and will apply to all contracts executed on and after July 10, 2025. If there is a fully executed contract in place before July 10, 2025 and the deed is recorded before Nov. 15, 2025, the state may issue a refund for the additional tax charged under the new law. This ensures fairness for deals that may be caught in transition. A graduated structure lessens the blow for most transactions and narrows the impact.There is no rate increase between $1 million and $2 millionâonly a shift in responsibility from the buyer to seller. Through our lobbying efforts, more than 98% of all real estate transactions in New Jersey are exempt from this new proposed law. To be clear: We do not support any increase in real estate taxes and have actively rallied against the increase since the proposal was announced in the governorâs proposed budget in February. However, we are proud our advocacy delivered critical improvements to what was once a potentially devastating proposal. |
While sitting with sellers last week as they signed off for their upcoming settlement, we talked about our LONG history together.
They purchased their property through me 34 years ago! I joked that I had patiently waited for that “flip” đ
As I think about my 45 years in the real estate business, it’s amazing to consider what has changed…and what basically remains the same.
Technology is the most obvious change. I thought faxing contracts was hi-tech back in the day! Now it’s all e-signatures and scanned documents.
Our Multiple Listing Service used to distribute actual books every 2 weeks- and only to the participating real estate offices. Today’s buyers, who have full access to information via Zillow and Realtor.com, can’t fathom this limitation.
Marketing our listings has evolved from ads in the Philadelphia Inquirer, to posts on a variety of social media platforms.
Cell phones, apps, emails, and texts allow for more immediate access to all parties in a transaction.
So what’s the same?
My office location has always been within a 3 block radius on Dune Drive- with 22 years in my current space. I’m very content with my view of Hoy’s 5 & 10 across the street!
Relationships: technology has not eliminated my role in the buying, selling, and renting process. Customers value my experience, knowledge and resources. The island is my life long home. That local perspective can’t be found on Google!
Owning a vacation home is a lifestyle decision, not just a monetary transaction. Yes, real estate is a solid long term investment, yet almost equally as important, is the emotional value for the whole family.
I am here to help you and your friends in the Avalon and Stone Harbor area, and appreciate your referrals!
Excellent value for a 5 bedroom, 3.5 bath, three level townhouse.
Well maintained and thoughtfully updated throughout. Close to the bay, with some water views.
Storage space for bikes and beach chairs.
Walking distance to downtown restaurants and shops.
And, room to add a pool!
Available for a quick close- enjoy Avalon THIS summer.
$1,975,000 furnished.
Press release from the museum:
Get a flair for Olde Avalon.
The Avalon Historical Society’s 18th Annual Old House Tour will be held Friday, June 20th from 1- 4pm.
This is an exceptional walking tour featuring early Avalon homes reflecting pride of ownership. The society is pleased to encourage owners with preserving the lovely homes that are part of the islands’ history.
To date, four homes dating between 1890 through 1952 will be available to tour. See how these early homes are brought into the twenty-first century with unique transformations.
Rose Marie Chew, the chair of the Avalon Historical Society, refers to these early homes as the “Treasures of Avalon”.
For tickets or more information, visit the History Center at 215 39th Street, or call 609-967-0090.
https://www.avalonfreelibrary.org/ahc
And the island is BUSY!!
Don’t forget to purchase your seasonal beach tags before the end of the month đ
We have a great selection of vacation rentals still available for the summer season!
Our agency covers Cape May, Stone Harbor, Avalon and Sea Isle City.
My expertise is the Seven Mile Beach: Avalon and Stone Harbor NJ.
Tim Kerr Sotheby’s International Realty
Happy to help you or your friends find the best option at the shore.
609-967-7950
ann.delaney@tksir.com
Changing Seasons
The island has a different vibe at the end of August.
It’s cooler in the mornings. Quieter in the evenings. Fewer people are walking on the beach.
Those of us who work in tourist related businesses have mixed feelings. We welcome the slower pace, and look forward to the opportunity to enjoy the perks of living by the beach. Yet, there’s still a sense of melancholy.
We say goodbye to our summer friends and neighbors. We look at the calendar and realize there’s a limited time to visit our favorite seasonal restaurants. There’s an urgency to get out on our bike while the weather is so nice!
September is peaceful and often referred to as “the best month at the shore”.
And meanwhile, we also look forward to Memorial Day weekend 2026 đ