Avalon and Stone Harbor NJ Weekly Update March 15, 2018 #RealEstate

AVALON 2018 SEASON BEACH TAGS are available at the pre-season price of $23.  You can stop by the Avalon Tax Collector’s office during business hours, or mail your order (along with a check payable to the Borough of Avalon and a self-addressed stamped envelope) to Avalon Borough Hall, 3100 Dune Drive, Avalon, NJ 08202.  Mail orders will be accepted until May 11^th.  Prefer to do it via your smartphone?  There’s an app for that!  Visit this link to download the Viply app on your iPhone or Android device and make your purchase that way:    www.viplypass.com/avalon-beach-tags

STONE HARBOR 2018 SEASON BEACH TAGS can be reserved at the pre-season price of $23 at Borough Hall during business hours, or reserved by mailing a check to Stone Harbor Borough Hall, 9508 Second Avenue, Stone Harbor, NJ 08247.  Note that Stone Harbor’s actual tags are not in yet, but by paying for your tag now you can reserve it at the pre-season price, then pick it up when the tags become available.


Avalon’s 2018 beach tags are now available for purchase at pre-season rates.  See above for details. 

APRIL 21^ST BEACH SWEEPS and DUNE GRASS PLANTING.  Avalon’s spring dune grass planting will take place April 21^st, along with a beach sweep to help keep our beaches clean.  Stone Harbor will also conduct a beach sweep that same day.  Volunteers are needed for these efforts.  Mark the date on your calendar and plan to help out!  More details to follow as we get closer!

KEEPING TURTLES SAFE is the goal of an Avalon initiative.  In conjunction with The Wetlands Institute, concrete barriers designed by Taylor Design Group will be employed near the marina and kayak storage locations.  The new design will be monitored to determine its effectiveness, along with a sandy turtle nesting area nearby.  The new barrier is designed to keep turtles off the road as they seek locations to lay eggs; the nesting area is designed to provide a safe location to do so.

MORE ON THE TI BRIDGE:  The Townsend’s Inlet Bridge will close for a period of two to three weeks after Easter in order to allow crews time to complete repair work that is currently underway.  The plan is to have all work completed by the beginning of summer.

NO PERMIT REQUIRED:  Some common household repair jobs have been reclassified in the State of New Jersey and will no longer require a construction permit.  Examples include siding and roof replacement, replacement of indoor plumbing fixtures, and alarm system installation.  Reduced costs and time waiting for inspections are the upside, while the downside is less protection for consumers.

UPCOMING EVENTS:

• Pre-Stone Harbor Shiver Party, Yacht Club of Stone Harbor, 6PM, Friday, March 16
• Stone Harbor Shiver Polar Bear Plunge, register at Fred’s Tavern, 9:30AM, parade to beach followed by the plunge, 11AM-1PM, Saturday, March 17
• Creative Writing, tips & feedback on poetry, memoirs, short stories & articles, register at 609-967-7155, Avalon Free Public Library, 10AM-Noon, Saturday, March 17
• Irish Music by Ceol Binn, Avalon Free Public Library, 1PM, Saturday, March 17
• Sea Isle City’s 28^th Annual St. Patrick’s Day Parade & Celebration, along Landis Avenue from 83^rd Street to 63^rd Street, 3:30 PM, Saturday, March 17
• Cape May County Zoo’s Tree-to-Tree Adventure Park, open weekends beginning Saturday, March 24
• Drop In Tech Workshop for Windows Computers & Android Smart Phones, Avalon Free Public Library, 10-11:30AM, Saturday, March 24
• Cape May County Zoo EggstravaganZoo, Easter bunny, educational displays, scavenger hunt, crafts, more, visit www.cmczoo.com for info, 10AM-2PM, Saturday, March 24
• Stone Harbor’s Easter Egg Hunt, 1-2PM, Saturday, March 24 (Rain Date is Sunday, March 25)
• Magic Show with Joe Fischer, Avalon Elementary School, 10-11AM, Friday, March 30
• Wetlands Institute Covered Dish Supper, guest speaker to share knowledge in the field of environmental science & biology, admission fee & covered dish to share, 6-8PM, Friday, March 30
• Turtle Fest, pancake breakfast, arts & crafts, search for turtle hatchlings, live animal presentations, www.wetlandsinstitute.org/events/turtle-fest   for info, 9AM-3PM, Wetlands Institute, Saturday, March 31
• Avalon’s Easter Egg Hunt, 8^th through 12^th Street ball fields, 10AM, Saturday, March 31
• Never Break the Chain, songs of Fleetwood Mac, Harbor Square Theater, 8:30 PM, Saturday, March 31
• Cape May Traditional Jazz Society Presents the Al Harrison Dixieland Band, VFW Post #386, 419 Congress Street, Cape May, proceeds benefit the ‘Food Bank of Southern Jersey,’ 2-4PM, Sunday, April 8
• Stone Harbor Job Fair, Coffee Talk at 299-97^th Street, 10AM-2PM, Saturday, April 14
• Avalon Dune Grass Planting & Clean Ocean Action’s Beach Sweep, Avalon Community Hall, 8:30AM, Saturday, April 21
• Cape May County Zoo Earth Day Celebration, 5K Earth Day Race & 1 Mile Fun Run, music, story time, inflatable obstacle course & slide, visit www.cmczoo.com for details, 8:30AM-4PM, Saturday April 21
• Ocean Drive Marathon,  www.odmarathon.org  for details, 9AM, Sunday, April 22
• Cape May Lighthouse Full Moon Climb, 609-884-5404 for info, 8PM-10PM, Sunday, April 29

Featured Property:

Move in ready—and a block-and-a-half to a beautiful Avalon beach!



3470 Dune Dr. Drive, Avalon, $899,000, ACTIVE MLS#: 179457


New Listings:

150 96th Street, Stone Harbor, $575,000, ACTIVE MLS#: 180798

311 92nd Street, Stone Harbor, $995,000, ACTIVE MLS#: 180797

148 21st Street, Avalon, $1,595,000, ACTIVE MLS#: 180793

2786 Ocean Drive, Avalon, $1,850,000, ACTIVE MLS#: 180811

15 Seabass Lane, Avalon Manor, $1,895,000, ACTIVE MLS#: 180782

254 6th Street, Avalon, $1,950,000, ACTIVE MLS#: 180766

254 6th Street, Avalon, $3,250,000, ACTIVE MLS#: 180764

197 77th Street, Avalon, $4,250,000, ACTIVE MLS#: 180775


Properties Under Contract:

700 First Avenue, Avalon, $549,777, UNDER CONTRACT MLS#: 180662

1114 Stone Harbor BLVD., Stone Harbor Manor, $599,000, UNDER CONTRACT MLS#: 178566

532 21st Street, Avalon, $699,000, UNDER CONTRACT MLS#: 179687

2019 Dune Drive, Avalon, $849,000, UNDER CONTRACT MLS#: 180255

409 22nd Street, Avalon, $1,199,000, UNDER CONTRACT MLS#: 176996

203 118th Street, Stone Harbor, $3,995,000, UNDER CONTRACT MLS#: 176102


Properties Sold:

2125 Harbor Avenue, Avalon, $637,400, SOLD MLS#: 179482

235 20th Street, Avalon, $700,000, SOLD MLS#: 177651

304 78th Street - CB - West Unit, Avalon, $820,000, SOLD MLS#: 178450

276 90th Street, Stone Harbor, $1,635,000, SOLD MLS#: 179402

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Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

4 Value-Raising Tactics to Help Sell Your Home

By Hannah Whittenly

Selling your home can be one of the most stressful times of your life; however, there's no need to worry with the help of this guide! Here are four of the best value-raising tactics for selling your home:

Ordinary Updates

There are plenty of simple updates you can do to your home before selling it that can help raise its value. These kinds of updates include replacing rotting wood, repairing roof leaks, getting rid of mold and spreading a fresh coat of paint. Buyers tend to look over the home they're thinking about buying carefully, which is why it's so important to check every inch of your home and see what you can update without breaking the bank.

Remodel Your Kitchen

Updating your kitchen is highly recommended to improve the value of your home; however, make sure you don't go too overboard and end up not having enough money in your budget to finish the project. Repainting the walls, updating the backsplash and installing new energy-efficient appliances can help boost the value of your home. When painting your kitchen, also consider using low-VOC paint that has less dangerous chemicals and makes your kitchen more eco-friendly.

Improve Your Outdoor Environment

A great outdoor space can make or break a sale, so consider updating your landscaping, mowing your lawn or building a nice outdoor seating area. For a larger project, build a deck. If you want to undertake a simpler project, update your existing yard features. All of these projects can make your yard look more attractive and increase the resale value of your home.

Prioritize Energy Efficiency

More and more homebuyers today are looking for energy efficiency in their homes. Consider making updates to your home that lower energy costs. This can include installing insulation, purchasing replacement windows and buying ENERGY STAR appliances, among other things. These features are not only appealing to prospective buyers, but they can also lower your energy bills while you are still living in your home. Jump on the sustainability train and make a few updates today.

Every home seller wants to get as much money as possible for their home, but few know how to accomplish this. With the four techniques above, you can increase the value of your property and make the biggest profit when it comes time to sell.

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

Spring Maintenance Tasks for Your Rental Property

By Brentnie Daggett

In some locations across the country, March snowfalls are breaking records, so it's strange to already be talking about spring. But the “spring forward” time change and the Spring equinoxremind us that the flowers will start blooming soon! This seasonal change means more than just fresh rain, new flowers and renewal. As a property owner, it’s also time to consider spring maintenance activities for your real estate investment.

Seasonal maintenance may be a chore, but routine inspections and proactive upkeep will keep your costs down and ensure that your rental property does not require preventable expensive repairs.

As the old adage goes, spring usually brings showers. You can prepare for this extra moisture by completing some of these simple tasks:

Roof inspection

Check out the interior walls and ceilings for signs of water stains, cracks and settling of foundation walls. During an exterior roof inspection, you should be looking for curled or missing shingles; rusted and pitted flashing; and cracked caulk around pipe collars, skylights and other roof penetrations. Last winter, many in the Northwest experienced ice dams due to the extended cold weather. This can cause significant damage to a home. It’s always a good idea to double check for any lasting impacts from a rough winter season.

Eradicate moisture

Remind your tenants to check for mold that can build up in the winter from interior humidity. Heavy rains may cause small puddles or dampness in the basement or attic. It will soon begin to smell musty. You may need to install a dehumidifier to dry it out before mold develops.

Clean the gutters

A debris-clogged gutter can cause a leaky roof or water damage to the interior or exterior of your home. Most people use a sturdy extension ladder and scoop out the gunk into a bucket. There are tools at home improvement stores that allow you to accomplish removal from the ground. If winter storms have left debris in the downspout gooseneck, force it out with a garden hose.

Clean recessed foundation vents

Just like gutters, vents can become catch-alls for leaves, twigs and assorted debris. Clean the vents by hand or with a shop vacuum.

Of course, there is always landscaping to do in springtime. Common tasks include lawn aeration, overseeding, fertilization and pruning of shrubs. Early spring is also a great time for pruning flowering trees and fruit trees since they will start budding soon. Despite our best efforts in the fall, there are usually some leftover leaves to finish cleaning up, as well.

Taking extra care of the exterior of your property as the seasons change can help prevent structural damage, save energy and keep the property’s systems running properly. While some maintenance tasks must be completed seasonally, don’t forget about your annual tasks, as well. Maintenance, cleaning, servicing and landscaping guarantees that your property remains in good shape and your investment is protected for the coming years.

Find out more by going here for a comprehensive checklist.

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

Want To Buy A House? Here's How To Save For A Down Payment

Thinking about buying a house within the next 3 years? Or a bit farther down the road? Timing is everything and it turns out that simple question makes a difference.
According to Zillow, the median home value in Diamond Bar is $697,000. So how much of that should you put down? Down payments vary depending on the loan type, but in general they are:

*0% for VA loans
*3.5% for FHA loans
*20% for conventional loans
*Or use this handy down payment calculator to help you.

20% is the recommended down payment on a house.
You may have heard this before, but we'll say it again. Try to put at least 20% down. Why? If you finance more than 80% of the home value, you will have to pay Private Mortgage Insurance (PMI). (But if you can take out a VA loan, PMI is not required.)

Even just 3.5% or $24,395 on a home in Diamond Bar, CA is a good chunk of money. And whether you're fighting the good fight as a small business owner, still paying back those student loans, or just trying to save a bit each month like all of us, it's hard to know what to do with that money you have managed to save. Which brings us to …
When are you looking to purchase a home?

1. I want to buy a home within 3 years.

If you're looking to buy sooner rather than later, consider keeping your money in a cash account, like a savings account or something similar. Remember that savings accounts will yield greater interest than a regular checking account. You don't want to invest this money for such a short period because of market volatility. Just think:

Imagine you've built up a decent amount for a down payment and you invested this money in the stock market. A recession comes and you take a 30% hit on your balance. That will likely prevent you from buying your home within your three-year goal.

2. I want to wait at least 4 years before buying a home.

If you're not in a big rush, investing in the market might be a better option for you. Should you invest, do so with caution and don't be too aggressive. Be smart, calculated, and balanced with your portfolio picks. Make sure you have a healthy mix of stocks and bonds. And keep in mind that you'll want to rebalance your portfolio at least once a year. Why?

Imagine that you have a portfolio of 10 different stock and bond ETFs, or Exchange-traded funds. Each ETF is invested at a fixed percentage of your overall portfolio. As the year goes on, the allocations will wander from their targets. Those doing well will become a larger part of your portfolio. Those not doing so well will become a smaller part of your portfolio. When you rebalance, you bring things back in line with your target percentages, so you're selling high and buying low.

Also keep in mind dollar-cost averaging, or investing a certain fixed amount on a regular schedule. Basically, you buy a larger number of shares when the markets are down and everything is at a lower price, and fewer shares when prices are high. This is recommended over making large, infrequent, lump sum contributions because it will bring the average cost per share down over time.
If these investing ideas are a bit daunting to you, you're not alone! Speak with a financial planner to help you evaluate your options and navigate these uncertain waters. An advisor can be just the direction you need to reach your goal and buy a house.

David Yu, CFP® is a CERTIFIED FINANCIAL PLANNER™ with over 10 years of industry experience helping people make smart, lasting financial decisions. Visit www.pacunited.com for more information.

Written by David Yu, CFP




Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

No Perfect Home Exists: What You Should Know About Home Inspections

For many first-time buyers, buying a home can be a scary experience. They know they'll be maintaining or improving a home with little to no maintenance experience, so the solution is to buy a home in perfect condition. So they hire a home inspector to point out all the flaws.

The problem is -- no perfect home exists. Air conditioners break, plumbing pipes leak, and roof tiles blow off in the wind.

If you're buying a home, start with a reasonable expectation of what home inspectors can do. Their job is to inform you about the integrity and condition of what you're buying, good and bad.

A home inspection should take several hours, long enough to cover all built-in appliances, all mechanical, electrical, gas and plumbing systems, the roof, foundation, gutters, exterior skins, windows and doors.

An inspector doesn't test for pests or sample the septic tank. For those, you need industry-specific inspectors.

Here's what else you need to do.

1. Make sure the inspector you hire is licensed. The responsibilities of home inspectors vary according to state law and their areas of expertise.

2. Ask what the inspection covers. Some inspection companies have extensive divisions that can provide environmental for radon and lead paint. Be prepared to hire and schedule several inspectors according to your lender's requirements and to pay several hundred dollars for each type of inspection.

3. Some inspection reports only cover the main house, not other buildings on the property. For specialty inspections such as termites, make sure the inspection covers all buildings on the property including guest houses, detached garages, storage buildings, etc.

4. Attend the inspection and follow along with the inspectors. Seeing problems for yourself will help you understand what's serious, what needs replacement now or later, and what's not important.

5. Don't expect the seller to repair or replace every negative found on the report. If you're getting a VA or FHA-guaranteed loan, some items aren't negotiable. The seller must address them, but otherwise, pick your battles with the seller carefully.

A home inspection points out problems, they also point out what's working well. It can help you make your final decision about the home - to ask the seller to make repairs or to offer a little less, to buy as is or not to buy at all.


Written by Realty Times Staff





Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

Avalon and Stone Harbor NJ Weekly Update March 8, 2018 #RealEstate

AVALON’S TAX RATE will decrease based on the municipal budget introduced at last week’s council meeting.  Avalon’s municipal rate will decrease from $.226 to $.199 per $100 of assessed value—a rate that is lower than any other municipal rate in Cape May County in 2017.  Avalon Mayor Martin Pagliughi stated, “Our financial management practices, debt management, and a recent reassessment contribute to the a reduction in the municipal tax rate while funding necessary programs and capital projects that will enhance the quality of life in Avalon”.  Even with the lower tax rate, projected revenue is expected to increase due to the reassessment.  A full presentation on the budget will be provided during the March 28^th council meeting.



Does this bring back memories? A child explores the beach and picks up shells as the sun goes down. 


THE WEEKEND NOR’EASTER that set up offshore this past weekend caused higher than normal tide levels, but no major flooding.  Locally strong offshore winds helped counter the effects of the full moon and the weather, keeping water levels down.

LAST CHANCE TO PLUNGE!  Wildwood plunged… Sea Isle City plunged… Your last chance to take a chilly dip in the ocean is the Stone Harbor Shiver Polar Bear Plunge on Saturday, March 17^th!  If you’re undecided, consider this:  the surf temperature is currently 39 degrees!

SIGNS OF SPRING:  despite a cold ocean there are signs of Spring showing on the Island!  Restaurants are reopening—The Concord is now open seven days per week, with more reopenings occurring weekly.  Owners are back to check on and use their properties on weekends.  And, like every year, contractors are busy prepping properties and working on spring projects.  If you need pre-season work done, don’t wait—now is the time to call your contractor!  Need a recommendation?  Call me!

SHOP TILL YOU DROP THIS WEEKEND!  Shop-A-Holics returns, beginning Thursday at 4pm at The Princeton and The Whitebrier.  For details and a list of vendors, visithttps://www.visitavalonnj.com/node/1616

SPRING FORWARD on Sunday, March 11^th at 2:00AM, for Daylight Savings Time.  That gets us one step closer to summer time!

UPCOMING EVENTS:

• Avalon’s Shop-A-Holics Event, designers, deals & drinks, Thursday, March 8-Saturday, March 10  https://www.visitavalonnj.com/node/1616
• Avalon Home & Land Owners Association Meeting discussing Boro Finances with Council Members Chuck Covington, Nancy Hudanich and CFO Jim Craft, Avalon Senior Center, 10AM, Saturday, March 10
• Genealogy Workshop, register at 609-967-7155, Avalon Free Public Library, 1-3PM, Saturday, March 10
• Cape May Traditional Jazz Society presents the Midiri Brothers Traditional Jazz Concert, proceeds benefit the Food Bank of Southern Jersey, VFW Post #386, 419 Congress Street, Cape May, 2-4PM, Sunday, March 11
• Stone Harbor Bulk Pick-up, items  to curb up to 72 hours prior to pick-up on Monday, March 12
• Pre-Stone Harbor Shiver Party, Yacht Club of Stone Harbor, 6PM, Friday, March 16
• Creative Writing, tips & feedback on poetry, memoirs, short stories & articles, register at 609-967-7155, Avalon Free Public Library, 10AM-Noon, Saturday, March 17
• Stone Harbor Shiver Polar Bear Plunge, register at Fred’s Tavern, 9:30AM, parade to beach followed by the plunge, 11AM-1PM, Saturday, March 17
• Irish Music by Ceol Binn, Avalon Free Public Library, 1PM, Saturday, March 17
• Sea Isle City’s 28^th Annual St. Patrick’s Day Parade & Celebration, along Landis Avenue from 83^rd Street to 63^rd Street, 3:30 PM, Saturday, March 17
• Cape May County Zoo’s Tree-to-Tree Adventure Park, open weekends beginning Saturday, March 24
• Drop In Tech Workshop for Windows Computers & Android Smart Phones, Avalon Free Public Library, 10-11:30AM, Saturday, March 24
• Cape May County Zoo EggstravaganZoo, Easter bunny, educational displays, scavenger hunt, crafts, more, visit www.cmczoo.com for info, 10AM-2PM, Saturday, March 24
• Stone Harbor’s Easter Egg Hunt, 1-2PM, Saturday, March 24 (Rain Date is Sunday, March 25)
• Magic Show with Joe Fischer, Avalon Elementary School, 10-11AM, Friday, March 30
• Wetlands Institute Covered Dish Supper, guest speaker to share knowledge in the field of environmental science & biology, admission fee & covered dish to share, 6-8PM, Friday, March 30
• Turtle Fest, pancake breakfast, arts & crafts, search for turtle hatchlings, live animal presentations, visit www.wetlandsinstitute.org for info, 9AM-3PM, Wetlands Institute, Saturday, March 31
• Never Break the Chain, songs of Fleetwood Mac, Harbor Square Theater, 8:30 PM, Saturday, March 31

Featured Property:
Across the street from the dunes, this spectacular home awaits you!



5748 Dune Drive, Avalon, $3,196,000, ACTIVE MLS#: 176195


New Listings:

7800 Dune Drive, Avalon, $269,000, ACTIVE MLS#: 180634

700 First Avenue, Avalon, $549,777, ACTIVE MLS#: 180662

123 Meadowview Lane, Avalon Manor, $840,000, ACTIVE MLS#: 180664

305 109th Street, Stone Harbor, $875,000, ACTIVE MLS#: 180598

9 W. 22nd Street, Avalon, $2,000,000, ACTIVE MLS#: 180695

7688 Dune Drive, Avalon, $2,195,000, ACTIVE MLS#: 180611

4208 Bayberry Road, Avalon, $2,800,000, ACTIVE MLS#: 180646

191 77th Street, Avalon, $3,695,000, ACTIVE MLS#: 180668

76 W. 33 Street, Avalon, $4,199,000, ACTIVE MLS#: 180707

11219 Third Avenue, Stone Harbor, $4,395,000, ACTIVE MLS#: 180605

3601 Ocean Drive, Avalon, $4,495,000, ACTIVE MLS#: 180709


Properties Under Contract:

2778 Dune Drive, Avalon, $619,900, UNDER CONTRACT MLS#: 179918

910 Stone Harbor Boulevard, Stone Harbor Manor, $870,000, UNDER CONTRACT MLS#: 177891

250 95th Street, Stone Harbor, $1,125,000, UNDER CONTRACT MLS#: 178209

197 64th Street, Avalon, $2,495,000, UNDER CONTRACT MLS#: 179030


Properties Sold:

450 20th Street, Avalon, $675,000, SOLD MLS#: 179522

274 W. 26th Street, Avalon, $889,000, SOLD MLS#: 177487

236 25th Street, Avalon, $970,000, SOLD MLS#: 179500

330 87th St., #1, Stone Harbor, $1,625,000, SOLD MLS#: 177209

258 70th Street, Avalon, $2,675,000, SOLD MLS#: 180292

100 107th Street, Stone Harbor, $2,750,000, SOLD MLS#: 178529

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Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

4 Ways Your Location Can Boost Or Bust Your Home Value

A few years back, "the Starbucks effect" became a legitimate term to explain the higher real estate values associated with living close to the coffee house. But being within easy striking distance of a Grande Skinny Vanilla Latte isn't the only thing that can help boost your home value. Then again, not every location can help build equity. Chose wrong, and you could see your value drop - even if the house is great.

1. Being close to schools
The good: Families seek out neighborhoods with good schools for obvious reasons. Living close to a quality elementary school is especially desirable for parents who envision walking with their young children in the morning.
From a value standpoint, a location close to well-performing schools can be a smart decision for buyers regardless of their family status. "Living near a high-scoring school can increase your home's value by over $200,000, according to the Brookings Institution," said AOL.

The not so good: But, being too close to a school - no matter how good it might be - may be a deterrent for some buyers, which could end up hurting your bottom line. If you're in the path of the school pickup and drop-off, which creates considerable traffic, or directly across the street from a playground, which means there is noise throughout the day, you could have trouble when it comes time to sell. A location that is close enough to be easily accessible but out of range of the daily inconveniences is often the best option.

2. Being close to area conveniences
The good: "The Starbucks effect" is tangible: Data has shown that, "Between 1997 and 2013, homes closer to the coffee shop increased in value by 96%, compared to 65% for all U.S. homes," said CNN Money.

Now Starbucks has company, with a new report that shows that proximity to a high-end grocery store - namely Trader Joe's or Whole Foods - can also raise home values considerably.

"Between 1997 and 2014, homes near the two grocery chains were consistently worth more than the median U.S. home," said Business Insider. "By the end of 2014, homes within a mile of either store were worth more than twice as much as the median home in the rest of the country. The analysis found that 2 years after a new Trader Joe's opened, home values within one mile went up by 10 percentage points more than homes in the rest of the city.

The not so good: But, that doesn't mean all area amenities boost home value. Adult entertainment spots, industrial businesses, a nearby airport that puts the home in the path of flights, and small businesses like tattoo parlors, check cashing, cash advance, or pawn shops that can be indicators of a lower-income or high-crime area can drive people away.

3. Being convenient to freeways
The good: A location close to major thoroughfares can be a selling point since it helps homeowners cut down on the dreaded daily commute. Many suburbs require an additional 10 to 20 minutes in the car after exiting the highway. Promoting the convenience of a home closer in can help it stand apart.

The not so good: Having a car fly off the freeway onto your roof is not ideal. Neither is having to endure the daily noise, congestion, and pollution of living right next to the freeway. If it bothers you, it's going to bother buyers when you sell. Being close - but not TOO close - is key.

4. Quiet location
The good: A home that's in a peaceful area surrounded by nature may be a benefit to buyers seeking a serene setting. A house that backs up to nature or is close to hiking trails can sell for more than a house in the same neighborhood that's only surrounded by other houses.


The not so good There is such a thing as too quiet...

Written by Jaymi Naciri




Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

Maximize Your Listing Price While Minimizing Your Expense

It’s almost spring and in many parts of the country the housing market is already starting to thaw. Some markets like Denver, Seattle, and Portland are red hot. According to the S & P CoreLogic Case-Shiller National Index, prices nationwide are up 5.6 percent as of November 2016. Pricing your house correctly and increasing appeal with low-cost, high-value upgrades can mean more offers.

The Price is Right
There’s generally two schools of thought in regard to listing price. One philosophy is to list at top price and lower the price progressively until it sells. Sellers who choose this strategy are usually in less of a hurry and more risk averse. A second strategy is to list slightly under expected sales price. These sellers are usually trying to sell faster and hope to bring multiple offers, boosting the final selling price. The latter is, counterintuitively, the better strategy for getting the most money for your home. Here’s how to do it:

Price Under a Typical Search Limit
If you home is worth $400,000, set your listing price at $399,000. This way, you capture everyone who might be setting their search ranges at $400,000 or less. Like how products are priced at retail stores, psychologically, a price that ends with 99 appears to be a better value. Better yet, such that it deviates from both, such as $397,400 which studies have shown also increase the perception of value.

Create Demand
It might seem risky to underprice your home — what if your home is worth $400,000, you list for $375,000, and the offers all come in at only $375,000? First, that’s your home’s actual market worth. Two, if you receive offers you don’t like, you can counteroffer or decline them. Listing your home under value creates a psychological sense of urgency. You want buyers to visit your home and become attached enough to put in an offer. If enough people do this at once, you have created a buyer frenzy and increased your chance for multiple offers and escalated prices.

Use Comprehensive Comparables
Your agent should create a comparative market analysis of recently sold homes but also those currently active, expired and off-market. What is selling is as important as what is not. According to Zillow, ensure your home is priced within 10 percent of the average home price in your area. If there are few sold comparables nearby, price your home 10 percent under any currently active or expired listings.

Home Improvements Before Listing
There are many home improvements that might enhance your home’s value, such as putting in an expensive new kitchen or bath, but stick to the lowest cost for the highest possible value. Your goal is to make a positive first impression and sell your home quickly.

Replace Tired Flooring
If your carpet is more than five years old, has unsightly stains or is starting to buckle, it’s time to replace it. You can replace carpet with carpet but today’s buyers see more value in hard floors. Buyers with kids or pets tend to prefer engineered floors, bamboo, or cork for their sustainability. One continuous floor of the same material also creates the appearance that the home is bigger, creating an impression your home is worth more.

Paint, Paint, Paint
A coat of paint can cover scuff marks and dirt and brighten a room. Did you love flamingo pink for your hallway and forest green in your kitchen? That’s great! But chances are buyers won’t have your tastes so instead opt for neutral colors such as grays and earth tones when readying your home to sell.

Revitalize Your Kitchen

Fully remodeled kitchens are a great return on investment but don’t spend the money if you are looking to sell. Instead, paint them with Annie Sloan chalk paint. Chalk paint looks so good the buyers will barely be able to tell it’s not the original finish. For about $500 you can transform your kitchen in a weekend.


Written by Realty Times Staff





Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

Defining Principal Residence: Its Your Home!

In order to take advantage of the up-to-$500,000 exclusion of gain (or up-to-$250,000 if you file a tax return as a single taxpayer) the house you sell has to be your "principal residence". Under most circumstances, we do not need a legal definition of this concept. "This is my house, and I have lived here for many years; what's the problem."

But as we all know, life is often not that simple. And, unfortunately, there is no definition provided in the Tax Code.

Even the Internal Revenue Service has admitted that "whether or not property is used by the taxpayer as his principal residence.... depends on all the facts and circumstances in each case, including the good faith of the taxpayer."

When you sell your home, there are different tax benefits available to you -- depending on whether your home was your principal residence. And the exclusion of gain provision for principal residences was not repealed or even amended in the new tax law that the President recently signed.

There have been very few court cases in which this concept has been defined. Basically, the answer given by the courts is the same as the IRS: we determine principal residence on a case-by-case basis.

There is no question that if you have been living in the same house for a number of years and consider it your principal home, it will be your "principal residence."

On the other hand, if you moved out of your house and have been renting it for some time, can you still claim the property as your "principal residence"? We must examine all the facts relating to your particular situation.

In its regulations, the IRS has stated that "the mere fact that property is, or has been, rented is not determinative that such property is not used by the taxpayer as his principal residence."

The IRS gives the following illustration: "if the taxpayer purchases his new residence before he sells his old residence, the fact that he temporarily rents out the new residence during the period before he vacates the old residence may not, in light of all of the facts and circumstances of the case, prevent the new residence from being considered as property used by the taxpayer as his principal residence."

In recent years, this has been a common practice -- and problem -- for homeowners all over the country. You buy a new home but find you cannot sell your old home as quickly as you would like -- or at the price you want and need. Rather than risk the financial burden of carrying two homes for a period of time, you decide to rent out either the old one or the new one for a little while.

The tax courts have consistently held that a taxpayer is not required to actually occupy the old residence on the date of its sale. Again, we have to look to the particular facts and circumstances. More importantly, we have to look to the good faith of the taxpayer.

If you can demonstrate that in good faith you tried to sell your old house but were unable to do so because of market conditions, there should be no question that your old home will still be considered your principal residence for tax purposes.

However, keep in mind that to benefit from the tax saving laws, there are statutory time limits that have to be honored in order to qualify for the exclusion of profit. Specifically, you have to have owned and used the home as your principle resident for two out of the last five years before sale. This is known as the "use and ownership test". So legally, you can rent it out for no more than three years. Neither the IRS nor the courts have authority to extend the time restrictions.

Why does it make a difference whether the house was or was not your principal residence. There are times when a homeowner would prefer to have the house considered as "investment" rather than principal residence. For example, if you have made a significant profit -- and even taking the up-to-$500,000 exclusion you still will have to pay a lot of money to the IRS -- you may want to consider doing an exchange under Section 1031 of the Internal Revenue Code -- and you can only exchange investments properties, not principal residences. Incidentally, the 1031 (Starker) exchange was also not changed nor amended by the new tax law.

All of these factors will play a role in determining the facts and circumstances of your particular case.

One tax case suggested that the important elements were abode and the intention of remaining. Neither bodily presence alone nor intention alone were sufficient to create a residence; the court required a combination of acts and intention.

Thus, there is no easy answer to the question. But keep in mind that the up-to-$500,000 (or $250,000) is an extremely important tax benefit -- especially for older Americans who want to downsize from the large family home. You certainly do not want to make a mistake and lose that benefit.


Written by Benny L. Kass






Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

With a new year comes a new tax season and, this year, a new tax law, which went into effect on January 1. #RealEstate #Taxes #Investments

I hope your 2018 is off to a great start!

With a new year comes a new tax season and, this year, a new tax law, which went into effect on January 1. While the tax changes will not affect your 2017 filing, it is advisable to be aware of what is in store for next year. Hopefully, this letter will help you on that front as it relates to your real estate holdings/investments.

The number of income tax brackets remains the same, but they include lower tax rates. The new tax bill also eliminates or reduces several itemized deductions, including moving expenses except with military households, interest on home equity loans unless used for home improvements, and more.

Here are a few important real estate-related results of the new tax bill to keep in mind.


• Mortgage interest deductions are now limited to a combined $750,000 of debt for both primary residences and second homes for any loans taken out after Dec. 14, 2017. Current homeowners with loans made before that date, however, are grandfathered into the previous deduction, which allowed a combined debt limit up to $1 million.


• State and local tax deductions are now capped at a combined $10,000 – this includes state and local property, income and sales taxes. This will largely affect taxpayers in higher-tax states.


• Capital gains tax exclusions remain the same when you sell your house. Married couples filing jointly can still exclude up to $500,000 when selling their primary home, as long as they’ve lived there two of the past five years.


• Investment properties were largely unaffected by the new tax bill. As such, you will continue to enjoy the same financial benefits for any investment property you currently own or those you may buy in the future.


While the inventory shortage will likely continue through 2018, this is a great time to invest in real estate. Homes are appreciating, interest rates on mortgage loans are still around historical lows and there are tax advantages for property and business owners.


As always, if you have any real estate-related questions, please feel free to contact me. I look forward to helping you (and anyone you know) with your future real estate needs.

www.NancyAlexander.com



Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

Avalon and Stone Harbor NJ Weekly Update March 1, 2018 #RealEstate

SHOP-A-HOLICS WEEKEND  offering deals and steals for savvy shoppers takes place in Avalon from 4pm Thursday through Saturday at 6pm.  The Whitebrier and The Princeton will host more than 30 stores and boutiques; donations will be accepted, and will benefit Friend in Need, a local non-profit organization.  Check www.visitavalonnj.com for details on which location will host your favorite vendor!



The Avalon Fishing Pier was obscured by fog as this couple walked along the beach.  Warm air over cold ocean water caused fog along the shore last week.

 
STONE HARBOR BEACH REPORT:  Stone Harbor has posted an annual report on the condition of its beaches.  The latest report details changes in the size, profile, and volume of various beaches before and after replenishment projects.  The report also identifies trends, as well as areas of concern, and provides recommendations for further study.  Read or download the report here:http://stoneharbornj.org/wp-content/uploads/2018/02/SH_2017_annual_report.pdf

WELCOME HEREFORD!  A snowy owl named Hereford has replaced Higbee, who was fatally struck by a motor vehicle during a January snowstorm.  Hereford was tagged recently at Stone Harbor Point; his tag will help track his location as he travels the area.  For more on Hereford and updates on his activities, visit https://www.projectsnowstorm.org/?s=hereford 

THE 8^TH ANNUAL STONE HARBOR SHIVER will take place Saturday, March 17^th.  In addition to a dip in the chilly ocean water Saturday, the weekend kicks off Friday evening at the Yacht Club with a Pre-Shiver party, followed by Kegs & Eggs Saturday morning at Fred’s Tavern.  A parade, including the Fralinger String Band, will lead participants toward the beach at 11am, where they will be judged on their costumes, floats, and performances.  For more info, visit www.StoneHarborBeach.com 

FROM JAZZ TO HISTORY TO TECH;  there’s a little bit of everything going on here!  Take a look below for fascinating lectures, enjoyable music, and more.

UPCOMING EVENTS:

• Yoga at the Zoo, all donations go to the animals’ well-being, meet at the gate at 8:45 AM, Saturday, March 3
• Finding Amelia (What Really Happened to Amelia Earhart), discussion at Avalon History Center, 1-2PM, Saturday, March 3
• Avalon’s Shop-A-Holics Event, designers, deals & drinks, Thursday, March 8-Saturday, March 10
• Avalon Home & Land Owners Association Meeting discussing Boro Finances with Council Members Chuck Covington, Nancy Hudanich and CFO Jim Craft, Avalon Senior Center, 10AM, Saturday, March 10
• Genealogy Workshop, register at 609-967-7155, Avalon Free Public Library, 1-3PM, Saturday, March 10
• Cape May Traditional Jazz Society presents the Midiri Brothers Traditional Jazz Concert, proceeds benefit the Food Bank of Southern Jersey, VFW Post #386, 419 Congress Street, Cape May, 2-4PM, Sunday, March 11
• Stone Harbor Bulk Pick-up, items  to curb up to 72 hours prior to pick-up on Monday, March 12
• Pre-Stone Harbor Shiver Party, Yacht Club of Stone Harbor, 6PM, Friday, March 16
• Stone Harbor Shiver Polar Bear Plunge, register at Fred’s Tavern, 9:30AM, parade to beach followed by the plunge, 11AM-1PM, Saturday, March 17
• Irish Music by Coel, Avalon Free Public Library, 1PM, Saturday, March 17
• Sea Isle City’s 28^th Annual St. Patrick’s Day Parade & Celebration, along Landis Avenue from 83^rd Street to 63^rd Street, 3:30 PM, Saturday, March 17
• Cape May County Zoo’s Tree-to-Tree Adventure Park, open weekends beginning Saturday, March 24
• Drop In Tech Workshop for Windows Computers & Android Smart Phones, Avalon Free Public Library, 10-11:30AM, Saturday, March 24
• Cape May County Zoo EggstravaganZoo, Easter bunny, educational displays, scavenger hunt, crafts, more, visit www.cmczoo.com for info, 10AM-2PM, Saturday, March 24
• Stone Harbor’s Easter Egg Hunt, 1-2PM, Saturday, March 24 (Rain Date is Sunday, March 25)
• Magic Show with Joe Fischer, Avalon Elementary School, 10-11AM, Friday, March 30
• Wetlands Institute Covered Dish Supper, guest speaker to share knowledge in the field of environmental science & biology, admission fee & covered dish to share, 6-8PM, Friday, March 30
• Turtle Fest, pancake breakfast, arts & crafts, search for turtle hatchlings, live animal presentations, visit www.wetlandsinstitute.org for info, 9AM-3PM, Wetlands Institute, Saturday, March 31
• Never Break the Chain, songs of Fleetwood Mac, Harbor Square Theater, 8:30 PM, Saturday, March 31

Featured Property:

Central air conditioning and a pool are yours to enjoy at this 3-bedroom Stone Harbor condominium!



10800 Third Avenue, Stone Harbor, $589,000, ACTIVE MLS#: 178987


New Listings:

695 21st Street, 1st Floor, Avalon, $545,000, ACTIVE MLS#: 180504

2335 Ocean Drive, Avalon, $849,000, ACTIVE MLS#: 180506

7489 Ocean Drive, Avalon, $1,595,000, ACTIVE MLS#: 180523

5211 Ocean Drive, Avalon, $1,950,000, ACTIVE MLS#: 180471

2405 Harbor Ave., Avalon, $2,099,000, ACTIVE MLS#: 180498

137 109th Street, Stone Harbor, $2,600,000, ACTIVE MLS#: 180582

7429 Sunset Drive, Avalon, $2,895,000, ACTIVE MLS#: 180484

26 E. 25th Street, Avalon, $3,195,000, ACTIVE MLS#: 180532

17 84th Street, Stone Harbor, $3,799,000, ACTIVE MLS#: 180503

77 E. 22nd Street, Avalon, $4,299,000, ACTIVE MLS#: 180554


Properties Under Contract:

915 Stone Harbor Blvd., Stone Harbor Manor, $125,000, UNDER CONTRACT MLS#: 173237

10803 Second Avenue, Stone Harbor, $1,439,000, UNDER CONTRACT MLS#: 177097

211 102nd Street, Stone Harbor, $1,695,000, UNDER CONTRACT MLS#: 180175

211 103rd Street, Stone Harbor, $1,999,500, UNDER CONTRACT MLS#: 177520

198 72nd Street, Avalon, $2,500,000, UNDER CONTRACT MLS#: 179375
  

Properties Sold:

1605 Ocean Drive, Avalon, $535,000, SOLD MLS#: 180040

6043 Ocean Drive, Avalon, $900,000, SOLD MLS#: 178530

1119 Stone Harbor Boulevard, Stone Harbor Manor, $910,000, SOLD MLS#: 177016

2101 Sixth Avenue, Avalon, $930,000, SOLD MLS#: 179700

282 87th Street, Stone Harbor, $1,775,000, SOLD MLS#: 179109

100 107th Street, Stone Harbor, $2,750,000, SOLD MLS#: 178529

84 E. 22nd Street, Avalon, $2,762,500, SOLD MLS#: 180030

12 104th Street, Stone Harbor, $3,500,000, SOLD MLS#: 179410

162 63rd Street, Avalon, $10,500,000, SOLD MLS#: 180322

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Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com