Ann Delaney Beach Blog

Category: Seashore Real Estate

  • Higher interest rates for 2nd home loans?

    Effective April 1, 2022, Fannie Mae/Freddie Mac will implement an interest rate surcharge for some second home loans.
    houseThis will apply only to conforming loans (less than $647,500).
    I heard from one larger lender that they have a plan to originate and portfolio these loans so that the interest rates posted for primary homes can be the same for 2nd homes (similar policy for jumbo loans).
    There is a solution.  I am happy to provide a reference for an area mortgage representative to help.
    ann.delaney@timkerrsir.com
    609-967-7950

  • Rental Agent, Landlord and Tenant

    For 40 years, I have worked with property owners in Avalon and Stone Harbor as a vacation rental agent.  The booking and processing side of the job have evolved with technology, yet tenants and owners still appreciate the personal service of an on-site professional.

    This experience transfers over to my role as a landlord.  My husband and I work hard to meet the expectations of our guests.  Owner visits are essential to check/replace supplies and “spring clean” several times a year.  Our approach: if they find a well maintained property, the tenants will (hopefully) respect and care for our condo during their stay.

    And occasionally, I’m a tenant.

    Earlier this month, I rented a home in Naples, Florida to celebrate milestone birthdays with my sisters.  Although the owner was responsive when I reported several issues, the “tenant” in me was a bit frustrated.   Waiting to see if a tenant complains is not the best landlord strategy!

    Often it’s the simple items that make a difference: plenty of hangers in the closets, extra towel bars and hooks in the bathrooms, a full length mirror, clean cushions for the outdoor furniture, new shower curtain liners, and a starter supply of detergent, toilet paper, paper towels and trash bags.

    If you have questions, I’m here to help!

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  • Zoning of the “Court” Properties

    WeberCourtThere are 4 alley way streets in Stone Harbor, commonly referred to as “the Courts”.

    Bower Court, Weber Court, and Stone Court are located between 108th and 111th Streets; and Linden Lane is situated between 84th and 85th Streets.

    Charming bungalows line the streets, all built on parcels only slightly larger than the structures.

    WAY back in the day, my father’s family rented the summer cottage at C-19 Weber Court:  (click here for the past blog post).  

     

    When the proposed zoning changes were discussed in July, I wrote the following letter to the Mayor and Borough Council:

    Hello all.  Thank you for considering my thoughts regarding the proposed ordinance change for Court properties.

    My husband and I purchased a cottage on Weber Court in 1997.  We were excited for our 536 square foot “project” and followed the guidelines as we completely renovated over the next few years.
     
    We understood that the 2nd level space had to remain attic storage for fire safety reasons, and worked within the existing walls to update. 
     
    The consistency and limitations of the zoning have been essential to maintain the look and value of the quaint cottages (as observed during my 40 years as a full time real estate agent on the island).
     
    After 5 years of ownership, we sold our Weber Court cottage and purchased our current location nearby.
    A comment I heard from someone who supports the zoning change: “Court owners should have the right to expand”.  
     
    If  that’s the case, what is the purpose of zoning?  As property owners, we are all guided by limitations for square footage, height, or number of dwelling units in a particular location.
     
    Property values are directly related to the zoning.  A Court owner pays less than someone purchasing an undersized lot on a numbered street.  And in turn, someone purchasing an undersized lot pays less than a buyer of a full size lot.  
    Although I understand that the proposed changes are restrictive and will only apply to a limited number of Court property owners, I disagree with the premise of the change – especially because there will always be those owners who try to push the boundaries!
     
    Thank you for your time.
     
    Sincerely,
    Ann Delaney

  • Flood Insurance and Elevation

    This information is relevant with anticipated changes to the federal flood insurance program.  Homes currently “grandfathered” because they met the elevation code when built in the 80s and 90s, may now be rated differently.

     Post from February 2020:

    The regulations regarding elevation play a major role with an owner’s plan to either renovate or build new.

    A Flood Elevation Certificate is needed to determine the official elevation of both the land and the first floor living area.  For example, “curb” elevations on the island range from 5 feet above sea level to just over 12 feet.   The island may seem flat, but the subtle inclines exist!

    Obviously a home with a lower curb elevation will need to be higher off the ground to meet code.

    Now back to the charming beach cottages.  A lender will require flood insurance which is calcuated on the elevation.  If the home meets code, the annual premium will be approximately $900.  If the structure sits too low, the premium could be as high as $5500.

    When a major renovation is planned, the municipality will require the structure to be brought up to code.

    At this point, a property owner can compare the cost of lifting/renovating their home, or building new.

    If the lot is undersized and/or the structure is larger than would be permitted today, lifting may be the best option to retain livable square footage.

    If you have any questions regarding local real estate, I am here to help!  609-967-7950

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  • October 2021

    DeckIt may FEEL like summer, yet we are definitely in the off season mode with planning for next year.

    The demand for 2022 vacation rentals is well above normal.  And tenants are motivated to secure their beach house months in advance!

    If you are thinking about renting out your shore home, now is the time to confirm rates and availability.

    I’m here to help owners and tenants with their plans:  ann.delaney@timkerrsir.com or 609-967-7950

  • House Rental versus a Hotel Stay

    For our vacations, I’ve enjoyed hotel/resort accommodations, as well as home rentals.

    When traveling with extended family, a home or condo is ideal.  We can all have our own space, prepare simple meals (with no set time for breakfast!), and still enjoy time together.

    For some destinations, I prefer to stay at a resort hotel.  I like when my husband can walk or be shuttled to the adjacent golf course while I hang out on the beach.  For a short vacation, an on site restaurant is convenient, too.

    I was thinking about this yesterday while enjoying lunch outside at The Reeds.  Families were riding the double decker pontoon boat on the bay, and boarding the hotel golf cart headed to the beach.  Because we live here, I sometimes forget the resort aspects of our community!

    With Covid, the demand for vacation rentals increased. Some families just felt more comfortable with their own space rather than shared common areas.

    Observation as a rental agent: “hotel people” adjusting to the reality of renting someone’s private home.  Every property is unique in decor and amenities.  Owners set up their kitchen to their personal preferences.  There might be extra batteries for the TV remote in a junk drawer…or maybe not.  Same with spare light bulbs or a fly swatter! There’s no front desk, or on-call maintenance crew to resolve issues.  Rental agents do our best, yet we are at the mercy of local vendors.

    If you are new to the vacation home rental process (either as a landlord or tenant), I am happy to help along the way!

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  • Vacation Rentals for 2022

    Within the next month, we will be connecting with property owners and confirming 2022 rates and availability.

    I’m here to help both landlords and tenants with their plans!  609-967-7950

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  • Shore Real Estate Market

    I read this quote by a real estate agent in South Carolina.  Ironically, the statement also applies to the Avalon and Stone Harbor market:

    “We are seeing some sellers take advantage of increased values, however, many homes remain unlisted due to the lack of available replacement properties for would-be-sellers. Buyer fatigue is being felt across the area with highly competitive multiple offer situations the norm for most price points.”

    If there is an increase of sale inventory this fall, our market should settle down a bit.  I don’t believe we will experience a drop in values as much as a leveling off.

    I’ve managed several cycles of shore real estate during my long career…and I’m here to help you navigate through!

    ann.delaney@timkerrsir.com   609-967-7950

    Thank you for your business and referrals!

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  • Summer rentals and change over cleaning

    Last summer, cleaning services reported  that homes had “heavy use”.  It made sense because tenants were cooking and entertaining at the properties due to pandemic restrictions.

    So far this season, cleaners are once again struggling to complete all of their tasks between the change over time of 10am to 2pm.

    The issue? An increased number of newer homes in our inventory.  And while perfect for extended family gatherings, that’s more square footage to clean.

    If tenants fail to leave the property “cleaning ready”,  the crews quickly get behind schedule for the day.

    4pm check in is the norm in many other vacation towns.  We may need to transition in the coming years – especially for the 5 and 6 bedroom homes.

    In the meantime, we ask tenants to remove anything they bring in to the home: food, trash, and sand!  This includes sweeping the deck and garage (mainly because the cleaning services don’t check those areas).

    Owners are encouraged to provide basic cleaning supplies to help with this process, too.

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  • Trash

    Proper disposal of trash and recycling is an ongoing challenge with the summer rental properties.

    Tenants produce a higher volume of trash and recycling than home owners (more take out, and beverages consumed!)

    And to add to the dilemma, Stone Harbor is unable to transition to the normal twice a week summer pick up schedule due to staff shortages.

    Solution?  Property owners need extra trash and recycling cans, and understand that there’s a cost to occasionally hire someone to haul away the excess.

    The cleaners are unable to take on this added task, and the incoming tenants need space for their trash/recycling.

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