Ann Delaney Beach Blog

Category: Seashore Real Estate

  • Tax Reform

    Like many of you, I am reading up on the tax reform changes to determine how the laws will potentially affect property ownership.

    houseMain observations-

    1) Deduction of property taxes capped at $10,000 total.  An exception will be if a property is held as an investment and property taxes are listed as an expense on Schedule C of a tax return.

    2) Mortgage interest deduction limited to the first $750,000 of debt (existing mortgages grandfathered).

    3)  The interest paid on home equity loans and lines of credit will no longer be deductible.

    4)  Fees paid to tax preparer no longer deductible.  Yet wonder if it’s a line item expense for an investment property on Schedule C- maybe?

    5) The ability to transfer investment property via a 1031 Tax Deferred Exchange remains the same.

    6) Capital gains rates – no changes.

    Question for your accountant: are there benefits to change the classification of your shore property?  Second home versus an investment property?

     

     

     

  • Need a Beach Day?

    Because I am booking vacation rentals for tenants every day, I have summer on my mind.

    It’s so much easier to cope with cold temperatures and snow if you have a plan of escape 😎

    Search through our inventory: https://www.timkerrsir.com/rentals

    And I’m here all weekend to help!  609-967-7950

    ann.delaney@timkerrsir.com

    RentSignSummerBeach

     

  • Summer Cottage

    A good day to plan for summer!

    Just listed for sale:  vintage fishing cottage in Stone Harbor NJ situated on a 35′ X 110′ lot.

    Click HERE for the complete MLS fact sheet and pictures.

    83rdStreetCottage

  • Frozen Shore Houses

    Repeating this post-

    The extreme cold temperatures are freezing pipes in occupied homes and businesses (including our office!).

    frozenpipes

    A “check list” time of year – preparing your shore house for colder temperatures and the WIND!

    Drain the outside shower and non-frost proof faucets (FYI- most water faucets on upper decks are NOT frost proof).

    Disconnect hoses from all outdoor faucets (even the frost proof type-  water in hose will freeze and cause damage to faucet).

    Close crawl space vents (air flow is essential in the summer months to keep the crawl space dry- but  cold air will freeze pipes even if the house is heated).

    Set the heat between 55 and 60 degrees.  Open cabinet doors under all sinks to allow warm air to circulate around pipes.

    Turn off the ice maker in the freezer.  This water line from the sink to the freezer is susceptible to freezing and water will continue to run if the ice maker is set to “on”.

    Lock all windows- especially casement style with a crank (the wind will rattle the window, allowing it to open and possibly blow out).

    Secure storm doors, outside shower doors, and trash cans.

    Store or secure outdoor furniture and the grill.

    Ideally, hire a local property watch service to regularly inspect the property during the winter months.  The inspector can turn up the heat during especially cold periods, and trouble shoot potential problems.

    And then…think spring 🙂

  • Tax Assessments

    houseI’m hearing from several property owners regarding the letter from the Borough of Avalon with an updated tax assessment.

    Stone Harbor property owners should expect a similar notification this winter.

    Both municipalities are required to maintain property assessments within a reasonable percentage of fair market value.

    Periodic reassessments allow the tax assessor to review all property data (recent sales) and make adjustments.

    All assessments are broken down in 2 parts: the value of the land and the value of the improvement (structure).  The land value is consistent on a particular block (unless the lot size is different).

    The boom of new construction is also big boost to our rateables.  The 2018 tax rate is expected to be lower based on these new figures- a benefit for all of us.

    If you have any questions regarding the market value of your Avalon or Stone Harbor home, I am happy to help.

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

  • Stone Harbor Retreat for $299,000

    The ideal year-round getaway close to the beach and downtown Stone Harbor!

    162 96th Street, Unit 3, Stone Harbor NJ

    For interior and exterior pictures, click HERE

    Exterior96thBlog

     

  • Market Stats, Avalon and Stone Harbor

    UnderContractSignA total of 33 properties SOLD during the month of November.  The overall median selling price was $895,000.

    Break down by category:

    16 condo/townhouse units- ranging from $320,000 for a 1 bedroom unit at the Merrimack on 80th Street in Avalon; to $1,995,000 for a new 5 bedroom (with a pool) side by side style unit on the bay at 24th Street.  The median selling price of all condo/townhouse style units:  $640,000.

    10 single family homes– ranging from $875,000 for a completely renovated cottage in the 300 block of 20th Street; to $3,250,000 for a 2nd from the beach home built in 2000 located on 113th Street, Stone Harbor.  The median selling price of all single family homes- $1,800,000.

    4 multi-family sales- ranging from $700,000 for an older 2 unit property on 110th and Third Avenue, Stone Harbor on an under sized lot; to $1,100,000 for a more traditional duplex on 34th Street sold for land value to a builder (the lot is zoned for 2 units. Structure torn down and new side by side units to be built).  The median selling price for all multi-family properties- $905,000.

    2 vacant lots– a 50′ X 130′ bay lot on 7th Street sold for $1,830,000; and a 60′ X 110′ corner lot on the beach side of 33rd and First Avenue sold for $2,000,000.

    1 commercial sale- a store front on 21st and Dune Drive sold for $390,000.

    There are an additional 54 properties under contract, with settlements scheduled for the near future.  The overall median list price of those sale pending - $1,722,450 (the final selling price is posted after settlement).

    If you have any questions regarding market values in Avalon or Stone Harbor NJ, I’m here to help!

    Thank you for your interest.  ann.delaney@timkerrsir.com  609-967-7950

  • Flood Insurance

    On Tuesday, I attended an informative seminar on the ever changing flood insurance industry.

    Key points:

    1) The  updated FEMA flood maps have been approved, and are referenced by insurance companies to quote a flood policy.  The standard zone for most of the island is “A”.  There are fewer “V” zones (considered a location of high risk), plus the addition of “X” zones (the  highest elevation locations with lowest risk).

    2) Locations off the island may now be classified within a flood zone- and therefore a lender may require a buyer to obtain flood insurance before closing.

    3) Even if a property is located in the higher “X” zone, an owner is wise to maintain flood insurance.

    4) A Flood Elevation Certificate is required to obtain a flood policy quote.  The certificate will specify the elevation of the curb (the street), the elevation of the structure, and the details of the crawl space venting.  This document is prepared by a surveyor/engineer.

    5) Non-conforming structures will continue to pay an increase of 20- 25% each year until the policy reaches the max rate.  Non-primary home owners pay a $250 surcharge each year.

    6) Past flood insurance claims remain on the records for the property- even after a sale.  After 3 claims, FEMA may decline new coverage unless the  owner makes changes to bring the property into compliance (elevating the structure, adding vents).

    7) There are higher deductible policies available as an option to save costs.  However, a lender may not approve of a high deductible if the policy is obtained for a new purchase.

    If you have any questions regarding flood insurance, I am happy to suggest local insurance agents and/or survey companies to help.

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

     

     

  • Stone Harbor Exposure

    All of our sale and rental listings will benefit from our added Stone Harbor office location.

    Tim Kerr Sotheby’s International Realty

    2821 Dune Drive, Avalon, NJ           AND         231 96th Street, Stone Harbor NJ

    StoneHarborTKSIRTim Kerr_SocialMedia_ProfilePics

  • Beach Block Condo, Avalon

    Great location and value.

    3 bedroom, 2 bath beach block condominium convenient to EVERYTHING!

    $699,000 fully furnished.  Purchase now and collect 2018 summer rental income.

    For more information and interior pictures, click HERE for the MLS link.

    Thank you for your interest!           ann.delaney@timkerrsir.com

    D2AnchorageDroneExteriorDronefield