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Friday, January 23, 2009

Stone Harbor Sales Activity January 1 to January 23,2009

So was there any sales activity in Stone Harbor in January?
Check out the numbers below:
Stone Harbor Single Family Homes – January 1 to January 23, 2009 Market Recap:

106 single family homes are currently for sale in Stone Harbor with asking prices range from $525,000 to $5,990,000
Average asking price is $2,387,687
Average Days on the market - 246 days

Two single family homes in Stone Harbor are now Under Contract.
356 89th street listed for $990,000
9200 First Avenue, a Beach Block home listed for $1,985,000
No Single Family has SOLD/SETTLED in Stone Harbor as of January 23rd.

A Duplex at 241 109th street which was listed at $785,000 SOLD 1/23/2009 for $600,000 after 415 days on the market.


13 homes in Stone Harbor expired from the market during January without selling.


Stone Harbor NJ Condos – January 1 to January 23 2009. Market Recap:

53 Stone Harbor condos currently for sale

Average asking price is $732,456
Average Days on the market - 310 days

Two Condos in Stone Harbor are now Under Agreement
275 103rd street. Asking price $789,000
Days on the market-695 days

312 88th street. Asking price $399,000
Days on the market-72 days

One Stone Harbor Condo SOLD
234 84th street, which was listed for $620,000, SOLD for $620,000 on 1/14/2009 after 696 days on the market.

Are you considering a move ? If you are thinking of buying or selling a home, in Stone Harbor or Avalon, please visit the address for Luxury Real Estate at www.StoneHarborRealtor.com. I'd love to be your Realtor.
It would be my pleasure to help you with your Real Estate needs. Call me ...I Love To talk Real Estate! You can reach me at Nancy@nancymalexander.com

Tuesday, January 13, 2009

Capital Gains When Selling Your Home

This is an excellent and timely post authored by Bill Gassett, a Hopkinton Massachusetts Realtor http://www.sellmyhomeinmetrowestma.com

Blogs : Bill Gassett Metrowest Massachusetts Real Estate : Metrowest Homes Blog
Real Estate Capital Gains When Selling Your Home
As a Realtor working in Metrowest Massachusetts for the last twenty three years, it surprises me how often people do not realize the current tax laws regarding capital gains when selling their home.
The new capital gains tax law actually went into effect in 1997 and is known as the Taxpayer Relief Act of 1997.
The current capital gains tax law when selling your personal residence allows for an exclusion of up to $250,000 in profit if you are single and $500,000 if married. In order to be eligible you must have lived in your home for two of the last five years. Again it must be your personal residence and can not be an investment property.
You can use this capital gains exclusion as many times as you like as long as it meets the above criteria. As an example lets say you were fortunate to purchase your home for $400,000 and it is now worth $700,000. Your $300,000 in profit or gain would not be taxed.
So what happens if you are going to make more than $500,000 in profit? Under the current tax plan you would be taxed at a 20% capital gains tax rate on the amount over the $500,000 threshold.
As far as living in the home for two out of the last five years there are no hard and fast rules regarding this. You could have lived in the home the 1st year, rented it the next three, and lived in it again in the last year and you would be fine as far as the exclusion goes.
While being married does offer the benefit of a larger tax exclusion, couples also have some other considerations when it comes to determining whether the home sale is tax-free or not.
Under the law, either spouse can meet the ownership test. For example, the IRS says it's OK if you owned the home for the last two years, you get married and you decide you want to add your spouse to the title. In this case, lets say the marriage is a year old.

Since one of you owned the residence for the required time, as joint filers you have no problem meeting the ownership test even though your spouse wasn't an official owner for that long.

Both parties however must pass the use test. Each of the spouses must live in the residence for two years. One thing to note is that the shared use doesn't have to be while you file jointly. If you and your spouse shared the home for one and a half years before getting married and then six months as newlyweds, the IRS will allow you to claim the exemption. But if your spouse did not move in until the wedding day, you're out of tax-exclusion luck.

One other thing to keep in mind under this couple requirement is that if either spouse sold a home and used the exclusion within two years of the sale of any jointly-owned property, the couple can not claim the tax exclusion. This means if your new spouse sold their home a few months before the wedding, then you will have to wait two years after that property's sale date before you can sell your shared marital residence tax-free.
Even if you don't meet all the home sale exclusion tests there are certain circumstances where you still may be eligible for a tax break. When you need to sell your home because a change in health or a long distance relocation, you may be be able to get a pro-rated tax deduction. If you pass the requirements of this kind of case, you would calculate the fractional time your were in the home. For example if you were in the home for half the time and were relocated to another state you would be able to claim 12 out of the 24 months of exclusion or half the amount of the exclusion ($125,000).
If you are in the armed services there is also a special provision regarding the capital gains law as well. A law instituted in 2003 now exempts military personnel from the two-year use requirement for up to 10 years, letting you qualify for the full exclusion whenever you must move to fulfill your service commitments.
The information contained here in is believed to be accurate, however every person's individual tax situation may be different, therefore before acting on the information contained herein, the reader is urged to consult a qualified tax accountant or attorney.
Home ownership certainly has tax advantages. When completing the purchase of a home there are other deductions you need to remember.
When borrowing money to buy a home, there are certain deductions that you are afforded by the ole tax man that you should be aware of come tax time in April. The following are some of the deductions you may forget about when buying a home:
POINTS~ Points on a home loan are tax deductible if they are used to bring down the mortgage interest rate. For those that don't know a point is 1% of the loan amount. On a $200,000 mortgage a point would equal $2000.00. You would only want to pay points on a loan if you knew your were going to be in the home for a while.
In order to understand if paying points makes sense you need to calculate the mortgage payment amount with and without points. By looking at the spread between those amounts you can determine how long you would need to be in the house before it would pay off for you.
Getting back to points, origination charges that constitute a "service fee" are not tax deductible.
PRO RATED MORTGAGE INTEREST
When you are buying a home depending on when in the month the home sale closes, the buyers pay either a small or large amount of pro-rated mortgage interest for the month in which they close. Whether it's large or small, a home buyer can write that amount off. The Final Closing/Settlement Statement will show just how much the buyer is due.
PRO RATED REAL ESTATE TAXES
Often times a seller will send the local tax collector's office a check for Real Estate taxes prior to the closing. In many circumstances, however, the buyer pays a pro-rated portion of the taxes for the year at closing. This is one that is often forgotten.
NEW HOME CONSTRUCTION LOAN INTEREST
As long as the construction period doesn't last more than two years before you make the new home your "principal residence," you can write off the interest for that new construction loan.
PRE PAYMENT PENALTIES
Although most home loans today do not have pre-payment penalties on rare occasions you will still find one. If your loan does have a pre-payment penalty and you do pay off the loan early, these penalties are tax deductible.

Monday, January 12, 2009

Stone Harbor N.J. Real Estate Market December 2008


Stone Harbor Real Estate - Homes and Condos Market Recap - Month of December 2008

The Real Estate market activity is always a topic of interest for Stone Harbor owners as well as tenants who vacation here every summer.


There has been an over-supply of homes or condos on the market for nearly two years now.Not all sellers understand that their asking price affects if they will sell,but when and for how much.The longer it takes to get to fair listed price,the longer their property languishes on market.This will translate to lower offers.

So, how did Stone Harbor single family homes and condos fare in December? Check out the numbers below:
Stone Harbor Single Family Homes - December 2008 Market Recap:

106 single family homes are currently for sale in Stone Harbor with asking prices range from $525,000 to $5,990,,000
Average asking price is $2,387,687
Average Days on the market - 240 days

2 single family homes in Stone Harbor went Under Agreement in December 2008
Asking prices ranged from $990,000 to$3,695,000

Brand new bay front home at 10602 Corinthian Place listed for $3,695,000 SOLD December 31st for $3,000,000


Average asking price - $2,342,500

Average Days on the market - 109 days

Homes Sold during December 2008 = 8
Asking prices ranged from $79,500 to $465,000
Sold prices ranged from $72,000 to $410,000
Average sold price - $284,250
Average Days on the market -269 days
Average List-to-Sell Ratio - 84%

12 homes in Stone Harbor expired from the market during December 2008 without selling.


Stone Harbor NJ Condos - December 2008 Market Recap:

49 Stone Harbor condos currently for sale
Asking prices range from $219,000 to $1,650,000
Average asking price is $745,742
Average Days on the market - 329 days



2 condos in Stone Harbor went Under Agreement
234 84th street.Asking price was $650,000
Days on market - 655 days

275 103rd street. Asking price $789,000

Days on the market-695 days



2 Stone Harbor N.J. Condos sold during December 2008.
A total of 17 Condos SOLD in Stone Harbor in 2008
Asking prices ranged from $499,000 to $999,000
Sold prices ranged from $460,000 to $900,000

Average List price- $650,000
Average sold price - $650,000

Average Days on the market - 655 days

1 condos in Stone Harbor NJ expired from the market without selling during December 2008.





Are you considering a move? If you need a summer rental ,if you have a property that you would like to list, or if you are thinking of buying or selling a home, in Stone Harbor or Avalon, please visit the address for Luxury Real Estate at www.StoneHarborRealtor.com. I'd love to be your Realtor.
It would be my pleasure to help you with your Real Estate needs.Call me ...I Love To talk Real Estate! 609-425-7521

Sunday, January 11, 2009

Stone Harbor $909,000 Like New Four Bedroom Townhouse with Bay Views. Feels Like a Single Family Home! Nancy Alexander 800.708.5792



Stone Harbor $909,000! Like New 4 bedroom Townhouse with Bay Views. Feels like a single family Home .Nancy Alexander 609.425.7521 for more information. Or visit www.StoneHarborRealtor.com
Happiness Lives Here!!! If your wish list includes Rest Relaxation, and Recreation, this is for you. Relax on the deck, open some wine, and enjoy the
unforgettable sunsets and bay views. Snuggled peacefully by the bay, just moments to the beach, local boutique shops, restaurants and you have several golf courses nearby. If fishing, kayaking, beach combing or just a relaxed Sunday afternoon lunch on your deck is your style, You're going to LOVE it here.
Everything is here. Just Bring your Flip Flops. This property is in perfect condition!

Are you considering a move? If you need a summer rental ,if you have a property that you would like to list, or if you are thinking of buying or selling a home, in Stone Harbor or Avalon, please visit the address for Luxury Real Estate at www.StoneHarborRealtor.com. I'd love to be your Realtor.
It would be my pleasure to help you with your Real Estate needs.Call me ...I Love To talk Real Estate!

Friday, January 9, 2009

Stone Harbor Beach Front Home $3,500,000! Nancy Alexander has more information.www.NancyMAlexander.com




Stone Harbor Beach Front $3,500,000! Call Nancy Alexander 609.425.7521 for more information,or for your private showing or Visit www.NancyMAlexander.com.

Back on market at reduced price! .Best Single Family Beach Front Buy on the island!
ON THE WATERFRONT! Enormous living space here. Family friendly layout is perfect for relaxed lifestyle and large family with lots of room to spread out.
And views from everywhere! Views from living room, dining area and all the bedrooms. And four of the five bedrooms has its own bath. Stone Harbor is
home to the most beautiful stretch of beach you will find anywhere and it's right at your front door! From this convenient location you can walk to terrific
restaurants
Or, you can ride a bike or take a drive to the boutiques, shops, and Harbor Theater on 96th street. Or to Springer's for ice cream. Play tennis? The courts are just blocks away. From here, you are close to everything. There is no shortage of golf courses nearby. Ten miles to the south is historic Cape May, (a fun day
trip!) And you are just 35 minutes to the blackjack tables in Atlantic City!
Life is Good Here at The Beach!


Are you considering a move? If you need a summer rental ,if you have a property that you would like to list, or if you are thinking of buying or selling a home, in Stone Harbor or Avalon, please visit the address for Luxury Real Estate at www.StoneHarborRealtor.com. I'd love to be your Realtor.
It would be my pleasure to help you with your Real Estate needs.Call me ...I Love To talk Real Estate!