Category: Seashore Real Estate

The flurry of sale activity for Avalon and Stone Harbor continues.

During the past 30 days, a total of 43 properties sold (settlement), PLUS an additional 40 are scheduled to close in the near future (many by the end of the year).

The median selling price overall was $890,000 (all categories).

The majority of sales- 29 single family homes; ranging from a small cottage over the 21st Street bridge selling for $417,000; to a large bayfront parcel on Heron Drive selling for $5,850,000.  The median selling price for all single family homes was $1,563,333.

A total of 9 condo/townhouse units sold, ranging from a 1 bedroom unit at the Concord for $280,000; to a side by side style townhouse on 29th Street for $840,000.  The median selling price was $435,000.

There were 4 multi-family units sold- all in Stone Harbor.  The median selling price for the mulit-unit properties- $525,000.

One vacant lot sold for $675,000 at 11th and Dune Drive in Avalon.

Of the 40 properties sale pending, the median asking price is $995,000 (final selling price posted after settlement).

If you would like additional information regarding buying or selling in Avalon, Stone Harbor, please let me know.  I appreciate your business!

ann@anndelaney.com

FEMA recently modified the flood zone designations and building height requirements for our area. These determinations were made prior to Sandy, yet are relevant as home owners look to renovate or rebuild their low lying structures.

Prior to the changes, it was rare to see a “V” zone classification in Avalon or Stone Harbor (typically limited to the inlet/ocean). Now, much of the bay area falls under the “V” classification, too.

Click on the interactive FEMA Website and enter your shore property address.  The results will display the proposed flood zone and building height requirements.

Quote from The Press of Atlantic City, Sunday 12/16/12:

“While these maps were released as information only, with final maps expected sometime this summer, municipalities can adopt the data into their zoning codes, said Ryan Pietramali, risk analysis branch chief for FEMA, on Friday. That could mean homeowners whose houses suffered damage during Sandy that totaled at least 50 percent of the building’s value may be forced to rebuild to new building codes, such as raising houses and rebuilding on driven piling”.

Clarifying the “3.8% health care tax” as it applies to real estate sales.

Quick summary:  as of January, there will be an additional tax of 3.8% on unearned income- which includes capital gains income.

For primary homes- the additional tax only applies if the seller’s adjusted gross income exceeds $200,000 ($250,000 if married), AND the gain exceeds the exclusion amounts ($250,000 for single tax payers; $500,000 married tax payers).

For second homes/investment properties- if the tax payer’s adjusted gross income exceeds $200,000 ($250,000 if married), the 3.8% tax WILL apply to the gain.  This is not a tax on the selling price- it is a tax on the gain (profit).

Therefore, based on the current capital gains rate of 15%, the seller of a vacation home may be required to pay a total tax of 18.8% on the gain.

If the vacation home is held as a rental property, many sellers participate in a 1031 Tax Deferred Exchange. This strategy works if the plan is to acquire a replacement rental property.

For more information: talk to one of the experts at Realtex (a local 1031 Exchange company), or your accountant.

A flurry of settlements posted for Avalon and Stone Harbor during the past week.

What’s selling?  A quick overview:

1) Basic 2 bed/1 bath cottage on Bower Court in Stone Harbor sold for $425,000    2) Vacant lot 50′ X 110′ on 11th and Dune Drive sold for $675,000    3) Large 2 story home on an over sized lot on 95th Street adjacent to the commercial district sold for $730,000    4) Old seashore home on a full size lot in the 300 block of 95th Street sold for $749,800    5) Cape Cod style home on the corner of 38th and Dune Drive sold for $890,000    6) Basic bay front cottage on an undersized lot on 104th Street sold for $1,000,000    7) Beach block tear down on 17th Street sold for $1,672,000    8) Newer home on the 110 block of 89th Street with a pool sold for $1,750,000    9) Brand new 3 level home in the 100 block of 31st Street with a pool sold for $1,850,000    10) 3 level home built in 2007 with a pool, in the 100 block of 39th Street sold for $1,995,000    11) Large bay front home near Fifth Avenue on 42nd Street sold for $2,100,000    12)  Oversized bay front parcel with existing house and pool at the end of Heron Drive sold for $5,850,000.

If you would like additional information regarding market values for Avalon/ Stone Harbor, please let me know.  I appreciate the opportunity to help!  ann@anndelaney.com