Stone Harbor N.J. Real Estate Sale Update As Of April 30, 2014

Stone Harbor N.J. Real Estate Sale Update As Of April 30, 2014

Contracts to purchase previously owned U.S. homes climbed in March by the largest percentage in almost three years, according to a report released today from the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 3.4 percent, the most since May of 2011. “Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy,” according to Lawrence Yun, NAR chief economist.
 More good news . Avalon and Stone Harbor NJ has seen a strong close to 2013, and we see a rising interest in the affluent segment of the housing market for 2014. As we move into 2014, Luxury homes in Avalon and Stone Harbor are thriving with buyers gravitating toward properties in the $1 million and up price range. The Million dollar plus buyer continues to be a significant force. At the close of 2013, the $1 to $3 million tier of the market was extremely active, with sales in the luxury market in Avalon and Stone Harbor thriving.

With price beginning to rise coupled with historically low interest rates and shrinking inventory, we are seeing competition among buyers for properly priced homes in Avalon and Stone Harbor NJ .  

If you are thinking of Selling , there has never been a better time !

 Stone Harbor and Avalon NJ real estate market is upbeat, and well priced luxury homes continue to be in high demand and now, as we move into 2014 luxury homes in Avalon and Stone Harbor are thriving with 14 Sales in Stone Harbor over Million Dollars since January 1, 2014.

Average list price of these properties was $2,052,437 , and average SOLD price was $ 1,831,597. Average Days on Market =342.

Stone Harbor N.J. Real Estate Sale Update As Of April 30, 2014

The current supply of houses for sale in Stone Harbor is shrinking.


 There are now 88 single family homes for sale in Stone Harbor as of April 30, 2014.

Average list price: $2,360,111
Average days on Market: 246


 There are now nine Single Family Stone Harbor Homes Now Under Contract with average list price of $1,517,988
Average list price: $1,517,988
Average days on Market = 144 days


  Nine Single Family homes in Stone Harbor have SOLD since March 11 ,2014
Average List price was $1,792,777
Average SOLD price was $1,635,988
 Average days on market = 312

 73 Single Family Homes SOLD in Stone Harbor since one year ago April 30, 2013

 Average List price was $2,011,575
 Average SOLD price was $1,825,283
 Average days on market = 266  

Stone Harbor Condo/Townhouse now For Sale In Stone Harbor N.J.

There are now 59 Condo/townhouse properties FOR SALE in Stone Harbor with an average list price of $660,083
Average Days On Market =293  

There are now 6 Condo/townhouses in Stone Harbor Now Under Contract.
 Average List Price is $539,666
 Average Days on Market = 376 days  

42 Stone Harbor Condos have SOLD in last year since April 30, 2013 with average List price $657,335, and Average SOLD price of $614,558, and average days on market = 258 days

Average List Price $657,335
Average SOLD Price $614,558
Average days on market = 258 days

 Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs. Have a question about a Stone Harbor or Avalon homes or want to talk about selling yours? You can reach me by e~mail me at Nancy@NancyMAlexander.com or Call me! I'm just a phone call away.
 I love to talk Real Estate! My Business is built on referrals which are always appreciated! https://facebook.com/NancyMAlexanderRealEstate Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate

Tax Deductions for Vacation Homes

Tax Deductions for Vacation Homes



A vacation home offers a break from the daily grind, but it can also offer a break from taxes. The IRS allows most owners to lower taxable income by taking tax deductions for vacation homes. What’s deductible depends on a number of factors, especially how often you visit and whether you allow renters.
You can rent out a vacation home for as many as 14 days per year without paying taxes on your rental income.

Don’t limit your notion of a vacation home to a beach cottage or a mountain cabin. Even RVs and boats can count, as long as there are sleeping, cooking, and bathroom facilities. Tax deductions for vacation homes are complex, so consult a tax adviser.

Is your vacation home a vacation home?

If you bought your vacation home exclusively for personal enjoyment, you can generally deduct your mortgage interest and real estate taxes, as you would on a primary residence. Use Schedule A to take the deductions.

The IRS even allows you to rent out your vacation home for up to 14 days a year without paying taxes on the rental income. You might be able to deduct any uninsured casualty losses too, though you can’t write off rental-related expenses. (More on those below.) If the home is rented for more than 14 days, you must claim the income.

Now, if you own what you consider a vacation home but never visit it, or only rent it out, other tax rules apply. Without personal use, the home is considered an investment or rental property by the IRS. Time spent checking in on a house or making repairs doesn’t count as personal use.

Tax deductions for rental owners

As an exclusive rental property, you can deduct numerous expenses including taxes, insurance, mortgage interest, utilities, housekeeping, and repairs. Even towels and sheets are deductible. Use Schedule E. You can also write off depreciation, the value lost due to the wear and tear a home experiences over time.

Treat the rental property like a business, says Mark Steber, chief tax officer at Jackson Hewitt Tax Services. Keep detailed records and maintain a separate checking account. Figure you’ll spend a couple of hours a week, on average, over the course of the year managing the property.

To maximize deductions you need to be actively involved in the rental property. That means performing such duties as approving new tenants and coming up with rental terms. You also need to own at least 10% of the property. See IRS Publication 527 for details.

If your modified adjusted gross income (same as adjusted gross income for most people) is below $100,000, you can deduct as much as $25,000 for rental losses — that is, the difference between your rental receipts and your rental expenses. The deduction gradually phases out between a modified adjusted gross income of $100,000 and $150,000. You can carry forward excess losses to future years or offset losses to offset gains when you sell.

Mixed use of a vacation home

The tax picture gets more complicated when in the same year you make personal use of your vacation home and rent it out for more than 14 days. Remember, rental income is tax-free only if you rent for 14 days or fewer.

The key to maximizing deductions is keeping annual personal use of your vacation home to fewer than 15 days or 10% of the total rental days, whichever is greater. In that case the vacation home can be treated as a rental, meaning you get the same generous deductions. To avoid going over the 10% limit, essentially you shouldn’t use your vacation home more than one day for every 10 days you rent it.

Make personal use of your vacation home for more than 14 days (or more than 10% of the total rental days), however, and your deductions may be limited. An example: Your rental receipts are less than your rental expenses. You can’t offset the loss against other income sources, such as salaries and pensions. There’s a worksheet in Publication 527that can help you determine which expenses you can carry over to the following year.

Another big blow: The IRS requires you to divide expenses between personal use and rental use. Let’s say you have a vacation home you personally use for 25 days and rent for 75 days. That’s 100 total days of use. You can only write off 75% of the expenses as rental expenses—75 rental days divided by 100 total days of use works out to 75%. Some of the personal expenses, such as mortgage interest and real estate taxes, may be deductible on Schedule A

IRS closes tax loophole

A popular strategy used by owners of vacation homes to avoid paying capital gains on a sale was to convert a vacation home into a primary residence. This was accomplished by living in the home for two years out of the previous five before selling. Doing so qualified the sale for an exclusion from taxes for a profit of up to $250,000 for single filers and $500,000 for joint filers.

While the exclusion remains available, the IRS closed a loophole for vacation homes. For 2009 and later years, you pay regular cap gains taxes on the portion of the gain that’s equivalent to the time you used the home as a vacation home after 2008.

Let’s say you bought a vacation home on Jan. 1, 2002, and it becomes your primary residence on Jan. 1, 2010. Two years later, you qualify for the cap gains exclusion and decide to sell on Jan. 1, 2012. You’re liable for capital gains taxes on 10% of the gain. Why? Because in 2009 the place was a vacation home. The exclusion is available for the other nine years — 2002 to 2008, when the old rules applied, and Jan. 1, 2010 to Jan. 1, 2012, when the place was used as a primary residence.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

By Donna Fuscaldo

Donna Fuscaldo has written about personal finance for more than decade for Dow Jones Newswires, the Wall Street Journal, and Fox Business News. She’s currently a freelance writer with her own home office.

Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs. Have a question about a Stone Harbor or Avalon homes or want to talk about selling yours? Contact me now to learn what's selling and how your home compares to others in your market.

You can reach me by e~mail me at Nancy@NancyMAlexander.com or Call me! I love to talk Real Estate!
Call my cell 609.425.7521. I return calls and e-mails within hours, usually in just minutes!


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Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate