Ann Delaney Beach Blog

Author: ann

  • The 1980’s

    Construction of townhouse units and condominium buildings boomed during the 1980’s.  In Stone Harbor, the increase was driven by a pending change in zoning.  In Avalon, land along the bay zoned for marina use was developed with multi-unit complexes.

    Many of the larger buildings have been upgraded with maintenance free siding and decks- often incorporating  new architectural details for a contemporary look.

    I noticed this renovation project of a side by side building on 79th Street- smart for the property owners to update to the facade while installing new exterior materials.

  • Really?

    The fact that we live on the island year round is intriguing to some.  Reactions vary between envy, and pity (which I don’t understand- look at my view as I walk along the beach!) 

    And, I can always count on the same follow up question from a new acquaintance:  “Where are you from originally?”   “Here, actually”  I say.  “I was raised in Avalon, and my husband grew up in Wildwood.”

    This catches them off guard.   We don’t look like trolls who lived under the causeway bridge…with the feral cats!  We’ve had normal lives, with a few added adventures of growing up in a seasonal community 😉   We have full time jobs and love to travel.  And we feel fortunate to call this area our “home” .

  • Stone Harbor Point

    The ever changing landscape of Stone Harbor point. 

    From the parking lot on 123rd Street, you can walk along several miles of beach…practically to North Wildwood!

    Beautiful weather for a long walk on the beach, and the many Columbus Day weekend events.

  • Home Loans

    There are a variety of loans available for home buyers…and even those labeled as “bad loans” by the media may be a good option for some.  I speak from experience:

    Our first mortgage was a subsidized Farmer’s Home Loan.  It was true negative amortization.  The house appreciated enough to pay back our subsidy and still break even when we sold.  We were thankful that the program gave us a start as young homeowners.

    The next purchase was made with a traditional 30 year fixed mortgage.   We refinanced with another 30 year fixed loan to help with a small addition on the house. 

    Then we bought a nearby vacant lot- the seller held the financing for a year until we sold our other home.  We applied for a construction loan…and eventually converted to 30 year fixed once the new house was complete.

    More creative borrowing options existed when we wanted to buy rental property (and eventually our current primary home).  Adjustable rate mortgages, option ARM,  80/10 loan (to avoid PMI), interest only loans, and owner financing enabled those purchases to work.  

    We have never held a property longer than 9 years (an important factor when considering loans).   The 30 year loan provides a sense of security, but it’s not always the most logical choice. 

    Discuss your plans and comfort level with a lender- it may save you thousands of dollars.  If you need a recommendation for a local mortgage representative, let me know.   ann@anndelaney.com

    P.S.  The clock is ticking…  We have owned our present location for 7 years, but maybe we should only count after we moved in to the new house built 5 years ago  ;)  less pressure that way!

  • Jeans, Shoes, & Heat

    Last week, air conditioning was needed to dry out and cool off from the tropical rain storm.  In less than 1 week, our thermostat was set to heat to dry out and WARM up from a much cooler rain event.

    Flip flops are optimistically sitting on the front porch…there might be another beach day yet!

  • Columbus Day Weekend

     Looks like the weather will cooperate for the free events scheduled for Columbus Day weekend.

    In Avalon, The Green Fair will be held in the Community Hall on Saturday, October 9th from 10am to 3pm.   In the open lot next door (29th Street), the annual Seafood Festival will take place both Saturday and Sunday- 11am to 5pm. 

    The Art & Music Festival will take over 96th Street in  Stone Harbor, Saturday and Sunday between 10am and 5pm.  The local art galleries will join in with special exhibits for the weekend, too.

  • Clarification on Medicare Tax

    Effective January 1, 2013, net investment income for high-income households (over $200,000 individuals/$250,000 married couples) will be subject to the 3.8% Medicare Tax (part of the health care bill).  Capital gains are included in the definition of net investment income, so this additional tax could apply to the sale of real property.

    Primary homes will continue to benefit from the first $250,000/$500,000 exclusion before the tax applies.  Second home sales do not have this exclusion, so the 3.8% tax would apply to “the portion of the gain realized on the sale of a second home or investment property that with bring the filer’s AGI (adjusted gross income) over the $200,000/$250,000 limit”.

    Source: New Jersey Association of Realtors- legislative update 10/2010.  The National Association of Realtors posted a Q&A on the provisions of the new health care bill on www.realtor.org/healthreform

  • Driving Hazards

    Well, yes, I was the only car on the road this morning.  Yet, defensive driving skills were needed to avoid 3 separate rolling trash cans!

    Part time Avalon residents often place their trash cans at the curb when leaving town Sunday afternoon.  High winds (common in the off season) topple the cans…and then the sea gulls arrive for a feast!

    A better option?  The Borough of Avalon provides a courtesy trash/recycling collection area at the 15th Street facility (just off Dune Drive).   Open Monday through Friday 7:30am to 3pm; and on Sunday, from 12 noon to 5pm.

  • Fall Activities

    My “commute” home from work includes bay views as I drive along Ocean Drive. 

    If the tide is high, and the water calm, I commit to kayaking before pulling in my driveway.

    And with earlier sunsets, I have to hurry.  There is a great deal of (self imposed) pressure to take advantage of the nice weather and remaining daylight!

  • Philadelphia Inquirer article

    Good article today about shore real estate in the Business section of the Philadelphia Inquirer (I would link the article, but the pop up ads drive me crazy).

    An interesting quote: “In Avalon and Stone Harbor, home to some of the Shore’s most expensive dwellings, prices rose 59.3% between 2000 and 2010.  They have fallen 18.8% since 2006’s second quarter…”

    The bottom line is that residential real estate (including seashore real estate) is a solid long term investment.   

    For a vacation home purchase- pick a great location, and spend only what you can afford to carry.  Rental income will help with the expenses, but will not pay the mortgage.  It’s a lifestyle decision.  Will your family enjoy time at property?  Will the home be a gathering spot for your grown children?  Will this provide the needed escape from the real world?

    I feel so fortunate to be part of the dream – helping hundreds of buyers/sellers/tenants on our seven mile island over the years.  This is my home as well as my business, and  I appreciate the real “value” of our real estate!