Ann Delaney Beach Blog

Category: Seashore Real Estate

  • Flood Insurance info

    A representative from a local insurance agency will be in our office tomorrow to provide updates regarding flood insurance – a hot topic for shore property owners.  I will post an update after the meeting.

    In the meantime, I am reading notes from the FEMA web site regarding the pending changes (ironically, in place or pending prior to Sandy).

    On July 6, 2012, a law took effect requiring FEMA to take immediate steps to eliminate a variety of flood insurance subsides.  The insurance discounts currently in place will be phased out over a period of time.  Starting January 1, 2013, flood insurance premium rates for subsidized non- primary residences will begin increasing.  Although the legislation called for a 25% increase over 4 years, there is pending legislation that will modify this time frame to 12.5% increase each year over an 8 year period.

    Keep in mind, most flood insurance policies range from $400 to $1800 per year (depending on the elevation of the structure)- often more reasonable than the typical home owner’s policy.

     

     

  • South End Avalon

    CapeMay151374New on the sale market:  Custom 3 level home on 65th Street in Avalon, NJ.

    Oversized 80′ X 110′ lot (standard lot size in this location is 60′ X 110′), allowing for a larger home  (5,684 square feet) AND a spacious pool area.  Built in 2008, with quality materials and amenities. Gourmet kitchen.  4 stop elevator.  Beautifully furnished and ready for immediate use.

    Click HERE for MLS link and exterior/interior pictures.  For additional information:  ann@anndelaney.com  or my office 609-967-7950

    Thank you for your interest!

     

  • Interest Rates

    houseSimple math:  A mortgage of $400,000 based on a 30 year loan at 4.5% (considered a great interest rate not too long ago) =  a monthly payment of $2,026.74

    Compare that same loan and terms with the current rate of 3.375%  = a monthly payment of $1,768.38.   A savings of $258.36 EACH month.

    Incredible opportunity to re-finance your existing loan, or purchase new.

    If you need recommendations for local lenders, I am happy to pass along names/contact info for trusted mortgage reps.

    And of course…I am here to help with your search for a shore property in Avalon or Stone Harbor!

    ann@anndelaney.com   609-967-7950

  • Save Money on Flood Insurance

    Worth searching through your shore house paperwork- this may save a few dollars:

    Find your flood elevation certificate (the report is supplied by a surveyor; a separate document from the plot plan). If you do not have a copy, your flood insurance agent will have a copy of the elevation certificate on file.

    Near the top of the first page, look at line A-8; a).  This is the square footage of your crawl space.  In the example pictured below, it’s 589 square feet (a small cottage).

    Compare this number with A-8 c).  In the example, the net area of flood openings is 168 square inches, with no engineered flood openings (vents).

    If the property otherwise meets the current elevation standards, yet the venting square inches do not MATCH the crawl space square feet, the property owner will pay significantly more for flood insurance.

    Solution?  Add more vents- specifically engineered vents (like the brand name Smart Vents).  The typical metal grate vent may only provide as little as 42 square inches of qualified venting; in comparison, a Smart Vent = 200 square inches.

    Quick math with example:  589 minus 168 = 421 square inches of additional venting needed.  3 Smart Vents (at 200 square inches each) solve the problem.

    FloodCert

     

  • Power Play Rental Site

    UPDATE: Back on line- and back to work!

    Unfortunately, our rental web site is down.  A glitch with our server.

    We hope to have everything back up and running soon.  Thanks for your patience.

  • Spring Sale Market

    salesignThe shore real estate market is VERY active- amazing to see the daily “Under Contract” postings in our Multiple Listing Service.

    During the past 30 days, 26 properties sold (settlement) in Avalon and Stone Harbor ; plus, an additional 55 properties are sale pending with settlements scheduled over the next few months.

    The median selling price was $847,500, with a low of $169,000 for a Beachcomber Condo/Motel; and a high of $2,400,000 for a newer bay front home on Yacht Club Drive (7th Street).

    Of those sale pending, the median list price is $1,090,000.  The low of $179,000 for another Beachcomber Condo/Motel; and a high of $3,950,000 for an oversized bay front “lot” at the end of Pelican Drive (plus the older structure sold “as is”).  Final selling prices are not published until after settlement.

    Property values are recovering- especially in prime locations. And the interest rates remain at an all time low.  All positive signs for a healthy real estate market on the island.

     

  • Link to DEP Interview

    Sharing an interview conducted by the Stone Harbor Realty Owners Association (ROA) with the Department of Environmental Protection (DEP) commissioner.  Information important to both Avalon and Stone Harbor property owners.  Click HERE to read.

  • Real Estate Shopping

    salesignClick on the link HERE for an overview of recent sale listings in Avalon and Stone Harbor.

    A variety of options available in all price ranges and locations.

    If you would like more details on any of the attached properties…or others on the island, please let me know.

    I appreciate your interest, and sale/rental referrals!   ann@anndelaney.com  or 609-967-7950

     

  • Transfer/Rental Inspections

    smokeDetecFYI- the code inspectors check the manufacture’s date on smoke detectors.

    If the detectors (hard wired or battery operated) are more than 10 years old, replacement will be required in order to pass inspection.

    Even for those not renting, it’s helpful to know that smoke detectors have a 10 year life span.  If you experience random beeps after swapping out the battery, and you believe the detectors are at  least 10 years old, better to replace all of the units at the same time.

    For hard wired carbon monoxide detectors, the life span is only 5 years.

  • More FEMA info

    The Department of Environmental Protection (DEP) has filed documents to make the proposed (and then mandated by Governor Christie in January) flood elevations permanent.  Read the full article HERE  from the Press of Atlantic City.  An interesting statement in the article:  The order also allows “wet flood proofing”, which is for buildings that will structurally withstand flooding, but cannot be raised, such as high rises and row homes in highly urbanized areas.   

    From talking to local officials, the enforcement of the higher elevations is not a surprise.  Shore towns expect to adopt the elevation codes, yet will continue to negotiate the wide spread V-Zone classification.

    You can enter the address of your shore house on the interactive FEMA web site to view the required base flood elevation.  This information is important for property owners planning to either build new, or renovate more than 50% of the assessed value of the structure.  The Press article stated that the construction must be the base elevation, plus 1 foot per state law.