Ann Delaney Beach Blog

Category: Seashore Real Estate

  • Summer Rentals

     ‘Tis the season…to think about Summer of 2011.

    Do you own a property in Avalon or Stone Harbor, and want to offer it for rent?  Please contact me to discuss in more detail.

    Are you thinking about a summer vacation in Avalon or Stone Harbor?  Power Play Realty has an excellent selection of homes and condominiums in all price ranges. 

    Visit our web site: http://www.powerplayrealty.com/    Or e-mail me directly with your questions and wish list:  ann@anndelaney.com

    I appreciate the opportunity to help!

  • Market Stats & Facts

    In the last 30 days, 25 properties in Avalon and Stone Harbor SOLD (settlement); with an additional 36 sale pending and due to settle in the near future.

    The overall median selling price was $995,000.  The low was a 1st floor duplex/condo in Avalon for $425,000; the high was a custom bay front home on 42nd Street in Avalon for $4,200,000. 

    There were 8 condo/townhouse units sold- with a median selling price of $625,000.  The median selling price of the 16 single family homes was $1,637,500.  And 1 duplex sold for $710,000.

    Currently in Avalon  and Stone Harbor, there are 619 properties total on the active sale market (some duplication if a property fits in more than 1 category).  341 are single family homes; 187 are condo/townhouse units, 29are multi-unit properties; and 25 vacant lots (a common classification for a “tear down”- property may not actually be an empty lot).  The remaining 37 are commercial properties.

  • South End Avalon

    New Sale Listing:  295 65th Street, Avalon, NJ

     

    Spacious 3 level townhouse style unit with 5 bedrooms, plus a bonus 3rd floor loft.  3.5 elegant baths.  Gas heat and central air. Private sun deck. Walk just 2 blocks to a wide beach.  Totally renovated interior.  $839,000.

    For more info and pictures: http://www.powerplayrealty.com/sales/detail/245 or e-mail questions to ann@anndelaney.com

  • Unfortunate Reality

    Avalon and Stone Harbor Police Departments have reported recent thefts of flat screen televisions from several unoccupied homes on the island.  

    This is disappointing news for our community.  Unfortunately, we aren’t completely immune from the real world.

    The police have asked residents to be aware of suspicious activity on the quiet blocks in town.  And seasonal residents should carefully secure their home in the off season.  It may also be helpful to hire a “winter watch” service for peace of mind.

  • Remember Last Winter?

    This is hard to imagine with current temperatures in the 70’s!  Yet, we know the cold weather will eventually arrive.

    Is your shore house ready?  Last winter was the exception with record snow fall and extended power outages.  Unfortunately, cold temperatures and high winds are still the norm.

    Exposed water pipes are at risk for freezing (outside showers and pipes under the house).  If you don’t drain the inside pipes, is your heat set to at least 55 degrees?  Have you secured your outdoor furniture and trash cans?

    Hiring someone to regularly inspect your property in the off season provides peace of mind.  A winter watch includes: walk through, check of all doors and windows, confirmation of functioning heater, and inspection for minor problems that can turn into a major headache if left unattended for several months.

    If you need a recommendation for a reliable inspector, please let me know.  ann@anndelaney.com

  • Market Stats- Avalon & Stone Harbor

    During the past 30 days, 20 properties SOLD on the island; with an additional 46 sale pending (settlement in the near future).

    The sold properties ranged from $310,000 for a hotel/condo on 79th Street, to $2,815,000 for a large custom home on 65th Street.  There were 16 sales in Avalon, and 4 in Stone Harbor.  11 were single family homes; 9 condo/townhouse units.  4 beach block; 3 bay front.  The median selling price was $1,277,500.

    Of of 46 sale pending, 16 are in Stone Harbor; 30 in Avalon.  The median list price is $957,500.

  • Seashore Landlords

    Sheets and towels?  Basic amenities for any vacation rental. 

    Yet, summer rentals at the Jersey Shore continue the custom of tenants supplying their own bedding and towels.  Based on my personal travel/renting experiences, we may be one of the last areas with this requirement.

    I met with the owner of www.relaxconcierge.com today and we discussed options for landlords and tenants.  Currently, there are several local companies (including Relax Concierge) offering sheet/towel rentals for tenants.  Another approach would be for owners to contract for the service and offer it as an amenity.

    This “perk” would be welcomed and appreciated by tenants- especially those renting large homes.  The cost (an average of $160 per week for a four bedroom home) could be built in to the rental rate, similar to cleaning fees.

    A unique way to set your shore rental property apart from the competition.

  • 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.

  • 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!

  • 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