Flood Insurance- Maps

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”.

Posted in Seashore Real Estate | Comments closed

Peace

When I have faced difficult situations, I noticed that others around me continued on with their normal life.  My world felt upside down.  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.  In fact that helplessness weighs on us.  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.  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.

Posted in Life at the Shore | Comments closed

Gray Sunrise

Seems appropriate for the day…

Posted in Life at the Shore | Comments closed

Just Because…

Picture taken 2 weeks ago- the Avalon Fishing Pier.  Since then, we haven’t seen much of the sun.  Today, we have a cloudless sky and bright sunshine.  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 😉

Posted in Life at the Shore | Comments closed

Beach Tag Discussion

Frustrating to read that a few elected officials want to hold funding for Sandy relief hostage, in trade for eliminating beach tags. 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.  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.  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.  A bargain!

Posted in Life at the Shore | Comments closed

Tax Change for 2013

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.

Posted in Seashore Real Estate | Comments closed

Life in Black and White

Have to really look to find color on these foggy days!

 

Posted in Life at the Shore | Comments closed

Dashing Thru the Sand

Will you be in the Avalon area on Saturday, December 29th?

If so, burn off a few Christmas cookies by participating in the annual Dashing Thru the Sand 5K race/walk.

Registration opens at 8am inside the Avalon Community Hall; race time 9am.  $20 registration fee.

Proceeds benefit The Craig Kenneth Lozier Memorial Scholarship fund.

Posted in Activities, Avalon, New Jersey- News | Comments closed

What’s Open?

Dining options in Avalon and Stone Harbor during the holidays:

Wawa- Avalon closed for renovations after Sandy; Stone Harbor open.  Alternatives for your coffee fix- Avalon Coffee is open every day; Coffee Talk on weekends.

Uncle Bill’s- Stone Harbor closed for the season; Avalon is open 7am- 2pm year round.  Also for breakfast/lunch- Pudgie Pelican and Brian’s Waffle House.  Maggie’s sold at the end of the summer- new owners are renovating.

Seven Mile Island Deli at 31st and Dune Drive, Tonio’s on 25th and Ocean Drive, Circle Pizza, and Nemo’s on 97th and Third Avenue for a quick lunch (or pizza).  Also, Fred’s Tavern and Circle Tavern for typical bar fare, plus dinner specials.

Dinner:  Concord Cafe is open Thursday-Sunday.  Rocking n’ Chair has a similar schedule. Grand Moon for take-out (every day except Monday). The dining room at the Golden Inn and The Sea Grill are open year round (as well as the places mentioned above).

For off island options- The Bellevue Tavern (lunch and dinner) and Main Street Cafe (BYOB for dinner) on Route 9 in Cape May Court House are both great options.

P.S.  Additions: Stone Harbor Pizza, Jack’s Shack, Harbor Pub, and Cafe Noir – sorry! Also, the Windrift is advertising a New Year’s Eve event.  And, this is “last call” weekend at the Concord Cafe.

Posted in Avalon, New Jersey- News, Stone Harbor, New Jersey- News | Comments closed

SOLD

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

 

Posted in Seashore Real Estate | Comments closed
Tim Kerr Sothebys Logo