Ann Delaney Beach Blog

Category: Seashore Real Estate

  • February Activity

    Who’s around town in February?  Every few blocks- the vehicles for construction crews line the street.

     building.jpg And, although “spec” home construction is rare, we see more individual homeowners tearing down or transforming their existing homes with extensive renovations.  It makes sense financially- the builders are anxious for work and providing competitive bids.

    febweather.jpg  Beautiful start for a February day- sun breaking through the clouds and mild temperatures.  Glad I walked early- high winds and colder weather predicted for this afternoon  🙁

  • Home Buyer Credit

    According to the IRS web site, a “first time homebuyer” is someone who hasn’t owned a home in the 3 years prior.  The new legislation may not apply to our segment of the real estate world, but hopefully it will help jump start the cycle.  The following paragraph is from the United States Senate Finance web site:

    Refundable First-time Home Buyer Credit. Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500) by first-time home buyers. The provision applies to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit are currently required to repay any amount received under this provision back to the government over 15 years in equal installments, or, if earlier, when the home is sold. The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The bill eliminates the repayment obligation for taxpayers that purchase homes after January 1, 2009, increases the maximum value of the credit to $8,000, and removes the prohibition on financing by mortgage revenue bonds, and extends the availability of the credit for homes purchased before December 1, 2009. The provision would retain the credit recapture if the house is sold within three years of purchase.

  • President’s Weekend at the Shore

    beachview.jpg  A long weekend for many.  The weather should be okay (the predicted snow storm fizzled)- and local stores/restaurants will be open and ready for business.

    Great time to search for a summer vacation property to rent or buy! 

  • Come on Down!

    Escape the cold and snow this weekend. 50 degree temperatures are predicted! Take a walk on the beach- breathe in the fresh salt air and feel the warm sun on your face.

    We expect to see prospective tenants and buyers around the island all weekend- a real sign of spring at the shore.

    thumbsup.jpg  I appreciate your referrals of friends and relatives.  🙂

  • Tax Assessments

    Cape May County property owners recently received the annual green postcard stating the current tax assessment for their property. 

    If your property is located in Stone Harbor, the data is new for 2009.  Otherwise, it’s likely your assessment is the same as posted last year.  Each town is re-assessed at different times based on requirements from the county tax office.

    In average times, we like that our assessment stays the same each year as our property value increases.  Eventually, the town is required by law to reassess to bring the figures up to fair market value.

    Unfortunately, in the current market, the higher assessments stand out. 

    If you decide to challenge your assessment, you must provide data to support fair market value as of October 1, 2008 (settlements after 10/1/08 will not be considered).

    To obtain an application for an appeal, contact the Cape May County Tax Board (609) 465-1030.  Or, call your local tax assessor for more information.

    Link to Cape May County Board of Taxation web site:

    http://www.co.cape-may.nj.us/cit-e-access/webpage.cfm?TID=5&TPID=2836

  • Confidence and Optimism

    Trying to look on the bright side of the doom and gloom news reports. 

    High gas prices forced us to re-think our driving habits- saving the environment along with our money.  Eating out less is good for our diets (although “walking” to Springer’s is still okay in my book :) ). Do I really need it?- thinking before spending leads to less waste.  And, we are thankful for things that we may have taken for granted in years past.

    I’m still queasy from receiving my year end retirement account report.  And the annual notice of our tax assessment arrived in yesterday’s mail.  The fair market value of local real estate has dropped almost 20% from the peak in 2005- but that looks pretty good compared to the losses in the stock market.  Hey…just trying to see the positive side of things.

    Here’s to a brighter tomorrow…the weather sounds just right for a walk on the beach!

  • Summer Rentals

    The majority of our summer tenants (and property owners for that matter) live within a 2 to 3 hour driving radius.  We are all experiencing similar cold weather conditions, so thinking about the beach helps us to cope!

    Prospective tenants are actively searching on line (and sometimes in person) for their ideal summer vacation house.  After a quiet fall, it’s great to have some business.

    The 2009 rental season may be a bit bumpy- and likely, we will have more last minute rental requests than ever before. 

    emptybeach.jpg But, I’m confident that the beach will be full!

  • 2008 Market Stats

    The 2008 Market Stats for Stone Harbor, Avalon, and Sea Isle City are available on the Power Play Realty web site:

    http://www.powerplayrealty.com/pages/market-statistics-updated-avalon-stone-harbor-sea-isle-nj

    Quick summary- The total number of units sold peaked in 2005; the average sale price peaked in 2006.  Townhouse/condominium sale values have remained fairly level due to the more reasonable price range.  Single family home values have dropped between 15- 25% depending on the location.  In 2008, new construction accounted for 20% of Stone Harbor sales, and 10% of Avalon sales. Most area builders switched their focus from building for spec to private building contracts. 

    The local architects and builders are also reporting more requests for renovation projects versus new construction. 

  • Back to Real Estate

    house.jpg  2009…time to focus on the positives aspects of our industry.  We all need a place to live (and dream of a place for vacation and down time).  For most of us, real estate is our largest assest (even if it’s worth a few dollars less than 3 years back).  Real estate offers the option to generate rental income; and provides welcome tax deductions and a sense of security.

    To view sale inventory in the Cape May County area, visit:  www.powerplayrealty.com  and click on the MLS Search at the bottom of the home page.             Or send me your “wish list” (ann@anndelaney.com),  and I will help narrow down the options.  I appreciate your business!

  • Sunday Sights

    renovation.jpg  A sign of the times:  a 1980’s vintage contemporary home undergoing a complete renovation.  In recent years, this type of home was considered an official “tear down”.  Now, a buyer is just as likely to renovate rather than demolish and build new.

    This change of attitude does not add to the price of the property (more determined by the value of the land), however a structure in good condition is easier to sell because it offers a buyer more options.