Ann Delaney Beach Blog | Life on 7 Mile Beach (Avalon, Stone Harbor, NJ) and its amazing real estate market.

December 18, 2012

What’s Selling?

The flurry of sale activity forÂ Avalon andÂ Stone HarborÂ continues.

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

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

The majority of sales-Â 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. Â The median selling price for all single family homes wasÂ $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. Â The median selling price wasÂ $435,000.

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

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

Of the 40 properties sale pending, the median asking price isÂ $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. Â I appreciate your business!

ann@anndelaney.com

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December 17, 2012

Ready for the Beach!

By ann

Received an early Christmas present- Thanks, Mom 🙂

Looking forward to pinning them to my beach bag- a nice thought on a dreary December day…

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December 16, 2012

Flood Insurance- Maps

By ann

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 WebsiteÂ and enter your shore property address. Â 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”.

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December 16, 2012

Peace

By ann

When I have faced difficult situations, I noticed that others around me continued on with their normal life. Â My world felt upside down. Â How could day to day activities take place?

Yet, that’s exactly what we did after Sandy…and in the days since the awful events in Connecticut. I don’t believe it’s because we lack compassion- more that there is little we can do personally to change a tragedy. Â In fact that helplessness weighs on us. Â We want to help, but wonder how, or if our efforts would even be significant.

So I will hug my grandchildren later this week (ages 5 and 11), support a local charity with Sandy Relief, and pray for peace to replace sorrow…

P.S. One of my sisters posted this last night on Facebook. Â It really touched me:

Our town has a tradition of driving Santa around the town on a firetruck. Tonight was that night – and although our “kids” are grown – we still go out on the porch as we hear the sirens approach – and wave to Santa. Tonight though I found myself crying – for all of the families who’s lives are forever changed due to the events that have happened over the recent weeks. Especially the families in Connecticut – my children are the ages of those young teachers. It is beyond heartbreaking.

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December 15, 2012

Gray Sunrise

By ann

Seems appropriate for the day…

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December 13, 2012

Just Because…

By ann

Picture taken 2 weeks ago- the Avalon Fishing Pier. Â Since then, we haven’t seen much of the sun. Â Today, we have a cloudless sky and bright sunshine. Â And, based on the flags over Hoy’s: a steady wind from the north. This official weather report is brought to you from the comfort of my office over looking Dune Drive 😉

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December 11, 2012

Beach Tag Discussion

By ann

Frustrating to read that a few elected officials want to hold funding for Sandy relief hostage, in trade for eliminating beach tags.Â Do they think the shore communities make a profit from this revenue?

The reality: money generated from the sale of beach tags is used to off set the cost to maintain, clean, and guard the beaches.

For more detail, I have attached the article from today’s Press of Atlantic City: Beach Tags

Yes, it’s a user fee- similar to paying a toll on a roadway. Â And, yes, the year round residents and property owners (aka tax payers) buy tags, too.

We purchase 6 seasonal tags each summer; $126 total for the privilege of using “my beach” and sharing it during family visits. Â For that nominal fee, I see the tractors raking the beach each morning, the Borough Public Works crew emptying the trash cans, and the well trained lifeguards in their assigned spot. Â A bargain!

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December 10, 2012

Tax Change for 2013

By ann

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

Quick summary: Â as of January, there will be an additional tax of 3.8% on unearned income- which includesÂ 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),Â 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. Â This is not a tax on the selling price- it is a tax on theÂ 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 RealtexÂ (a local 1031 Exchange company), or your accountant.

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December 10, 2012