The New Jersey Association of Realtors has launched a public awareness and advocacy campaign aimed at raising public understanding of the proposed legislative increase of the tax and how it will affect property values and raise the cost of selling a home.
The NJ Home Sales Tax is officially known as the Realty Transfer Tax(RTF). This state imposed fee has been charged to sellers since 1968 to offset the cost of tracking real estate transactions in the state. In the years since, the RTF has increased numerous times and currently includes a “buyers tax” paid on properties over $1million. The NJ Home Tax has increased 80% since 2003 on the sale of an average home.
The NJ State Legislature is considering permitting individual municipalities to establish their own Home Sales Tax which would amount to raising the RTF.
For more information and to sign a petition against this proposal, go to www.njhometax.com. There is concern that plans for a local RTF will move forward when the legislature enters the lame duck session in November.
Thursday, August 9, 2007
All Real Estate Is Local
During the boom and especially today, media real estate reports tend to site national statistics as reflective of all real estate activity. This obscures the fact that markets are individual and pulsate to different stimuli. The National Association of Realtors® Chief economist recently published a book, All Real Estate Is Local. This was written for consumers and explains why markets respond differently and why it is always a good time to buy real estate, somewhere.
They Trade In Autos, Don't They?
Many home builders with large inventories of new construction are considering setting up trade-in agreements with people who must sell their current residence before they can buy . The builder buys the customers’ existing house and sells them one of their new ones. This saves the buyer from having to find a buyer for their home in a slow market, and builders have a crew on hand to do makeovers on the old houses to increase the market value and salability.
What’s the Value of Going Solar?
We are part of a “Green Generation”, no matter what our age. The current focus on alternative energy has kicked up the interest in solar power, again.
Once cost ineffective, now solar panels cost about 50% of what it was 15 years ago. To power an average size house, the system costs about $30,000. It is expected that costs will fall even more rapidly in the next few years.
Other considerations to solar installation is the cost for electric panel upgrade (about $1500), trimming trees to allow adequate sunlight, an engineer inspection to validate the integrity of the roof to hold the system and local township permits.
With tax incentives offered in some states, the systems can pay for themselves in a decade.
However, the costs pay off when it’s time to sell. According to a study by ICF Consulting, every $1 reduction in annual fuel bills increases a home’s resale value by $10-$25.
Info? Go to www.njcleanenergy.com.
Once cost ineffective, now solar panels cost about 50% of what it was 15 years ago. To power an average size house, the system costs about $30,000. It is expected that costs will fall even more rapidly in the next few years.
Other considerations to solar installation is the cost for electric panel upgrade (about $1500), trimming trees to allow adequate sunlight, an engineer inspection to validate the integrity of the roof to hold the system and local township permits.
With tax incentives offered in some states, the systems can pay for themselves in a decade.
However, the costs pay off when it’s time to sell. According to a study by ICF Consulting, every $1 reduction in annual fuel bills increases a home’s resale value by $10-$25.
Info? Go to www.njcleanenergy.com.
Eagles De-Listed
Sometimes my focus on real estate is delightfully interrupted as when I read that the American bald eagle has been removed from the endangered species list. There are currently 20,000 nesting pairs throughout the US!
Editor
Editor
Notes From All Over
Legislation was introduced to the US House on June 28th that would create a National Affordable Housing Trust Fund for the building, rehabilitation and preservation of affordable homes and rental units.
The top three of AARP’s list of favorite cities for seniors to live are Atlanta, Boston’s Beacon Hill and Milwaukee.
Sales of high end homes are doing better than the rest of the market as affluent families continue to do better financially, foreign investor buying power has grown, and sub prime problems seldom affect this market
The top three of AARP’s list of favorite cities for seniors to live are Atlanta, Boston’s Beacon Hill and Milwaukee.
Sales of high end homes are doing better than the rest of the market as affluent families continue to do better financially, foreign investor buying power has grown, and sub prime problems seldom affect this market
Berkeley Township Adult Communities- Sales Statistices
July 2007
Holiday City
Berkeley 93 Listings from $119,500 to $269,900- 12 closings from $105,000 to $200,000- 87 average days on the market
Carefree 51 listings from $139,500 to $229,900- 4 Sales from $149,000 to $207,000- 140 average days on the market
Holiday Heights 40 listings from $163,900 to $388,900- 3 closings from $222,000 to $280,000- 31 average days on the market
South 76 listings from $140,000 to $269,900- 6 closings from $139,000 to $187,000 - 116 average days on the market
West 58 listings from $139,900 to $326,000- 6 closings from $133,000 to $215,000- 108 average days on the market
Silver Ridge Park
East 16 listings from $119,900 to $249,900- 1 closing at $159,000- 151 average days on the market
North 12 listings from $159,900 to $260,000- 5 closings from $195,000 to $/220,000- 96 average days on the market
West 23 listings from $141,999 to $210,000- 1 closing at $123,000- 42 days on the market
Westerly 21 listings from $139,900 to $269,900- 1 closing at $195,000, 79 days on the market
Information from Monmouth/Ocean MLS– Deemed reliable but not guaranteed– May not reflect all real estate activity in market
Holiday City
Berkeley 93 Listings from $119,500 to $269,900- 12 closings from $105,000 to $200,000- 87 average days on the market
Carefree 51 listings from $139,500 to $229,900- 4 Sales from $149,000 to $207,000- 140 average days on the market
Holiday Heights 40 listings from $163,900 to $388,900- 3 closings from $222,000 to $280,000- 31 average days on the market
South 76 listings from $140,000 to $269,900- 6 closings from $139,000 to $187,000 - 116 average days on the market
West 58 listings from $139,900 to $326,000- 6 closings from $133,000 to $215,000- 108 average days on the market
Silver Ridge Park
East 16 listings from $119,900 to $249,900- 1 closing at $159,000- 151 average days on the market
North 12 listings from $159,900 to $260,000- 5 closings from $195,000 to $/220,000- 96 average days on the market
West 23 listings from $141,999 to $210,000- 1 closing at $123,000- 42 days on the market
Westerly 21 listings from $139,900 to $269,900- 1 closing at $195,000, 79 days on the market
Information from Monmouth/Ocean MLS– Deemed reliable but not guaranteed– May not reflect all real estate activity in market
Residential July Sales Statistics
Keeping You Informed About the Housing Market!
Beachwood 27 new listings at a median price of $299,900- 11 under contract- 7 closings with a median sales price of $279,000- 97.28% list to sale price ratio
Brick 145 new listings at a median price of $389,850- 61 under contract- 49 closings with a median sales price of $339,900- 95.69% list to sale price ratio
Toms River 211 new listings with a median price of $384,900- 96 under contract- 68 closings with a median sale price of $336,500- 95.31% list to sale price ratio
Island Heights 5 listings with a median price of $598,900- 4 under contract- 1 closing at $390,000- 86.67% list to sale price ratio
Lakehurst 5 new listings with a median sale price of $259,900- 2 under contract- closing at $180,000- 80.00% list to sale price ratio
Manchester 34 new listings with a median price of $347,450- 15 under contract- 14 closings with a median price of $326,600- 96.88% list to sale price ratio
Data from Mon/Ocean MLS- deemed reliable but not guarenteed. May not reflect all real estate activity.
Beachwood 27 new listings at a median price of $299,900- 11 under contract- 7 closings with a median sales price of $279,000- 97.28% list to sale price ratio
Brick 145 new listings at a median price of $389,850- 61 under contract- 49 closings with a median sales price of $339,900- 95.69% list to sale price ratio
Toms River 211 new listings with a median price of $384,900- 96 under contract- 68 closings with a median sale price of $336,500- 95.31% list to sale price ratio
Island Heights 5 listings with a median price of $598,900- 4 under contract- 1 closing at $390,000- 86.67% list to sale price ratio
Lakehurst 5 new listings with a median sale price of $259,900- 2 under contract- closing at $180,000- 80.00% list to sale price ratio
Manchester 34 new listings with a median price of $347,450- 15 under contract- 14 closings with a median price of $326,600- 96.88% list to sale price ratio
Data from Mon/Ocean MLS- deemed reliable but not guarenteed. May not reflect all real estate activity.
Out and About ~ Local August Festivities
Cape May Designer Showcase– Monday thru Friday, 10-3PM til October 14th. Tour an 1847 sea captains house sponsored by Design NJ Magazine. For info call 609 884-5404.
Aida– August 12th. Elton John’s and Tim Rice’s beautiful musical performed at the Surf Light Theater. For reservations and info 609 422-9477.
Art Show– August 11th, 10-4PM at St. Paul’s United Methodist Church in Bay Head. Artists display / sale.
Circus at the Blue Claws Stadium– Aug 10-12, Entertainment for the whole family. 732 901-7000.
Sunset Sailing Races– Nelson Sailing Center, Island Heights every Wednesday evening. Take a turn at the helm or sit back and relax. 732 270-6510.
Mystery Theater– August 13, 7PM. OC Library Beachwood Branch. Someone has murdered the librarian, come figure it out! 732 244-4573
Scrapbooking Boot Camp– Aug. 22, 6:30PM.OC Library, Toms River Branch. Bring photos and scrap book, other supplies will be provided. 732 349-6200.
Lighthouse History Discussion– Aug 13, 9AM. OC Library Manchester Branch 732 657-7600.
Aida– August 12th. Elton John’s and Tim Rice’s beautiful musical performed at the Surf Light Theater. For reservations and info 609 422-9477.
Art Show– August 11th, 10-4PM at St. Paul’s United Methodist Church in Bay Head. Artists display / sale.
Circus at the Blue Claws Stadium– Aug 10-12, Entertainment for the whole family. 732 901-7000.
Sunset Sailing Races– Nelson Sailing Center, Island Heights every Wednesday evening. Take a turn at the helm or sit back and relax. 732 270-6510.
Mystery Theater– August 13, 7PM. OC Library Beachwood Branch. Someone has murdered the librarian, come figure it out! 732 244-4573
Scrapbooking Boot Camp– Aug. 22, 6:30PM.OC Library, Toms River Branch. Bring photos and scrap book, other supplies will be provided. 732 349-6200.
Lighthouse History Discussion– Aug 13, 9AM. OC Library Manchester Branch 732 657-7600.
Associates of the Month
July 2007
Listing Agent– Richard Lombarski
Sales Agent– Elaine Mac Phee
Buyers Agent– Richard Lombarski
Listing Agent– Richard Lombarski
Sales Agent– Elaine Mac Phee
Buyers Agent– Richard Lombarski
Tuesday, July 3, 2007
Housing Bouncing Back Slowly
As professionals, we are ever vigilant for subtleties that indicate a change in the market. Traditionally, the best sales season has been spring, but sales were slow to start this year.
One of the greatest challenges to the market was buyer and seller loss of confidence. Media reports created generalizations based on national sales statistics which did not apply in all markets.
Ocean county has been spared the worst of the slowdown and in many sectors, local sales and median sale prices are better than last year.
According to data obtained from the Mortgage Bankers Association, from January through May 25th, the 4 week average of applications for new mortgages was at its highest level since early 2006. According to a recent home owner survey, 69% plan renovations to improve the value of their home because they believe the market is turning around.
One of the greatest challenges to the market was buyer and seller loss of confidence. Media reports created generalizations based on national sales statistics which did not apply in all markets.
Ocean county has been spared the worst of the slowdown and in many sectors, local sales and median sale prices are better than last year.
According to data obtained from the Mortgage Bankers Association, from January through May 25th, the 4 week average of applications for new mortgages was at its highest level since early 2006. According to a recent home owner survey, 69% plan renovations to improve the value of their home because they believe the market is turning around.
National Homeownership Month
Since 2002, June has been designated as National Homeownership Month. At the forefront of National Association of Realtors® thinking was the topic of promoting employer assisted housing. Crossroads agents are available to business managers to conduct a home buying workshop at your place of business or answer any questions on employer assisted housing benefits or grants. Affordable and stable housing encourages reliability in employees and minimizes the expense of turnover.
Solid Victory For Landowners
In another victory against an Eminent Domain claim, the State Supreme Court invalidated a redevelopment condemnation action by the township of Paulsboro, NJ which sought to seize private property because it was “underutilized”. In mid June, the Court unanimously ruled that the condemnation criteria was too vague and rejected the argument that municipal governments can take New Jersey homes simply because they believe the land could be put to better use and raise more taxes.
Monmouth/Ocean Sees Fewer Foreclosures
While the media has focused our attention on the sub prime mortgage foreclosure problem across the country and around the state, Ocean and Monmouth Counties are not seeing the same trend.
According to Jeff Otteau, President of Otteau Valuation Group, many of the sub prime foreclosures we are hearing about now, were closed in 2005. After 2 years, the interest rates are reset and people are unable to afford their mortgage payments.
Statewide, sub prime mortgages in 2005 were 23% of all mortgages, while Monmouth county was 17% and Ocean 19%. “Fewer homeowners in Monmouth and Ocean entered into these loans, so the fallout is far less than it has been across the state and the nation”, said Otteau. The FHA is working on alternative loan programs to sub prime.
According to Jeff Otteau, President of Otteau Valuation Group, many of the sub prime foreclosures we are hearing about now, were closed in 2005. After 2 years, the interest rates are reset and people are unable to afford their mortgage payments.
Statewide, sub prime mortgages in 2005 were 23% of all mortgages, while Monmouth county was 17% and Ocean 19%. “Fewer homeowners in Monmouth and Ocean entered into these loans, so the fallout is far less than it has been across the state and the nation”, said Otteau. The FHA is working on alternative loan programs to sub prime.
North Dover Luxury Mid Year Report
Our Mid-Year Report of Toms River North Dover Luxury Market will be ready for mailing by July 10th. MLS statistics show more single family and adult community homes closed in 2007 than in 2006. If you would like a copy of this report, please call our office— 732 244-2200.
Check Open House Scedule On-Line
It’s summer and most realtors take advantage of the fine weather to promote their listings through open houses. While we still advertise in local newspapers, it is becoming increasingly easier to choose which houses you would like to preview by searching on-line. Our site, wwwcrossroadsrealtynj.com has a page featuring all our open houses. Our Monmouth/Ocean MLS also now provides this service so buyers can check the open houses of all Realtor® members. Go to www.momls.com to see this new feature.
Out and About ~ Local July Festivities
Ocean County Fair-July 10-15 at Airport Fair grounds, Route 530 in Berkeley. Lots of fun things for the whole family. Info call 732 914-9466
Garden Tour of Brick-July 10th, 10-3PM Starts at Havens Homestead Museum, 521 Herbertsville Road. For information call 732 785-2500.
Lavallette Flea Market– July 14th, All Day. Street Fair, many vendors. Info call 732 793-3310.
Community Chorus of OC College– July 22, 2PM. A fun performance of Cole Porter and George Gershwin. Call for more info 732 255-0500.
Ocean County Library Summer Programs– Library services are more active than ever in the summer. Call any branch for more info and to find out other programs of interest for the whole family.
Toms River Branch– July 13, 7:30PM. Bring a chair for a free concert– TR Municipal Band.
Manchester Branch– July 18, 7PM. Meet WABC TV meteorologist Bill Evans and hear about his first novel, Category 7. Info 732 657-7600
All Seaside Beaches FREE Weds. and Thurs. ‘til Labor Day w/ Free movie on the beach Thurs PM
Garden Tour of Brick-July 10th, 10-3PM Starts at Havens Homestead Museum, 521 Herbertsville Road. For information call 732 785-2500.
Lavallette Flea Market– July 14th, All Day. Street Fair, many vendors. Info call 732 793-3310.
Community Chorus of OC College– July 22, 2PM. A fun performance of Cole Porter and George Gershwin. Call for more info 732 255-0500.
Ocean County Library Summer Programs– Library services are more active than ever in the summer. Call any branch for more info and to find out other programs of interest for the whole family.
Toms River Branch– July 13, 7:30PM. Bring a chair for a free concert– TR Municipal Band.
Manchester Branch– July 18, 7PM. Meet WABC TV meteorologist Bill Evans and hear about his first novel, Category 7. Info 732 657-7600
All Seaside Beaches FREE Weds. and Thurs. ‘til Labor Day w/ Free movie on the beach Thurs PM
Keeping You Informed About the Housing Market!
June Market Activity-
Beachwood 21 New listings with an average price of $325,000, 10 under contact, 17 Closings at an average price of $300,000. List price to sale price ratio= 97.89%.
Brick 140 New listings with an average price of $399,900, 76 under contract, 50 closings at an average sale price of $357,750. List to sale price ratio= 95.67%.
Toms River 179 New listings with an average price of $439,000, 81 under contract, 72 closings at an average price of $369,160. List price to sale price ratio= 95.50%.
Island Heights 5 New listings with an average price of $1,075,000, 1 under contract, 1 closing at $325,000. List to sale price ratio= 92.86%.
Lakehurst 7 New listings with an average price of $269,900, 3 under contract, 1 closing at $258,000. List to sale price ratio= 99.71%.
Manchester 28 New listings with an average price of $322,500, 15 under contract, 9 closings at an average price of $285,000. List to sale price ratio= 96.79%.
Berkeley Township Adult Communities
Holiday City
Berkeley 102 listings, low $128,900/274,900 high
13 sales, low $117,000/230,000 high
91 Average days on the market
Carefree 50 listings, low $145,900/239,900 high
3 sales, low $135,000/149,900 high
269 avarage days on the market
Holiday Heights 45 listings, low $163,900/389,000 high
7 sales, low $172,000/290,000 high
154 average days on the market
South 71 listings, low $149,900/269,900 high
7 sales, low $165,000/180,000 high
121 average days on the market
West 58 listings, low $129,900/326,000 high
2 sales, low $177,500/205,000 high
61 average days on the market
Silver Ridge Park
East 16 listings, low $134,900/236,900 high
1 sale, low $187,000/187,000 high
3 avarage days on the market
North 12 listings, low $164,900/289,900 high
1 sale, $186,000
220 days on the market
West 31 listings, low $139,900/247,900 high
2 sales, low $117,500/205,000 high
109 average days on the market
Westerly 23 listings, low $143,900/269,900 high
2 sales, low $190,000/220,000 high
41 average days on the market
Information from Monmouth/Ocean MLS– Deemed reliable but not guaranteed– May not reflect all real estate activity in market.
Beachwood 21 New listings with an average price of $325,000, 10 under contact, 17 Closings at an average price of $300,000. List price to sale price ratio= 97.89%.
Brick 140 New listings with an average price of $399,900, 76 under contract, 50 closings at an average sale price of $357,750. List to sale price ratio= 95.67%.
Toms River 179 New listings with an average price of $439,000, 81 under contract, 72 closings at an average price of $369,160. List price to sale price ratio= 95.50%.
Island Heights 5 New listings with an average price of $1,075,000, 1 under contract, 1 closing at $325,000. List to sale price ratio= 92.86%.
Lakehurst 7 New listings with an average price of $269,900, 3 under contract, 1 closing at $258,000. List to sale price ratio= 99.71%.
Manchester 28 New listings with an average price of $322,500, 15 under contract, 9 closings at an average price of $285,000. List to sale price ratio= 96.79%.
Berkeley Township Adult Communities
Holiday City
Berkeley 102 listings, low $128,900/274,900 high
13 sales, low $117,000/230,000 high
91 Average days on the market
Carefree 50 listings, low $145,900/239,900 high
3 sales, low $135,000/149,900 high
269 avarage days on the market
Holiday Heights 45 listings, low $163,900/389,000 high
7 sales, low $172,000/290,000 high
154 average days on the market
South 71 listings, low $149,900/269,900 high
7 sales, low $165,000/180,000 high
121 average days on the market
West 58 listings, low $129,900/326,000 high
2 sales, low $177,500/205,000 high
61 average days on the market
Silver Ridge Park
East 16 listings, low $134,900/236,900 high
1 sale, low $187,000/187,000 high
3 avarage days on the market
North 12 listings, low $164,900/289,900 high
1 sale, $186,000
220 days on the market
West 31 listings, low $139,900/247,900 high
2 sales, low $117,500/205,000 high
109 average days on the market
Westerly 23 listings, low $143,900/269,900 high
2 sales, low $190,000/220,000 high
41 average days on the market
Information from Monmouth/Ocean MLS– Deemed reliable but not guaranteed– May not reflect all real estate activity in market.
Out and About ~ Local July Festivities
Ocean County Fair-July 10-15 at Airport Fair grounds, Route 530 in Berkeley. Lots of fun things for the whole family. Info call 732 914-9466
Garden Tour of Brick-July 10th, 10-3PM Starts at Havens Homestead Museum, 521 Herbertsville Road. For information call 732 785-2500.
Lavallette Flea Market– July 14th, All Day. Street Fair, many vendors. Info call 732 793-3310.
Community Chorus of OC College– July 22, 2PM. A fun performance of Cole Porter and George Gershwin. Call for more info 732 255-0500.
Ocean County Library Summer Programs– Library services are more active than ever in the summer. Call any branch for more info and to find out other programs of interest for the whole family.
Toms River Branch– July 13, 7:30PM. Bring a chair for a free concert– TR Municipal Band.
Manchester Branch– July 18, 7PM. Meet WABC TV meteorologist Bill Evans and hear about his first novel, Category 7. Info 732 657-7600
All Seaside Beaches FREE Weds. and Thurs. ‘til Labor Day w/ Free movie on the beach Thurs PM
Garden Tour of Brick-July 10th, 10-3PM Starts at Havens Homestead Museum, 521 Herbertsville Road. For information call 732 785-2500.
Lavallette Flea Market– July 14th, All Day. Street Fair, many vendors. Info call 732 793-3310.
Community Chorus of OC College– July 22, 2PM. A fun performance of Cole Porter and George Gershwin. Call for more info 732 255-0500.
Ocean County Library Summer Programs– Library services are more active than ever in the summer. Call any branch for more info and to find out other programs of interest for the whole family.
Toms River Branch– July 13, 7:30PM. Bring a chair for a free concert– TR Municipal Band.
Manchester Branch– July 18, 7PM. Meet WABC TV meteorologist Bill Evans and hear about his first novel, Category 7. Info 732 657-7600
All Seaside Beaches FREE Weds. and Thurs. ‘til Labor Day w/ Free movie on the beach Thurs PM
Tuesday, June 19, 2007
Berkeley Township Adult Community May Sales
Holiday City
Berkeley 82 Listings $109,000-284,900
10 Closings $120,000-226,000
Carefree 50 Listings $145,900-255,000
3 Closings $147,000-177,500
Holiday Heights 40 Listings $164,900-388,900
0 Closings $0000/0000
South 62 Listings $159,000-274,000
8 Closings $150,000-280,000
West 56 Listings $139,900-304,900
11 Closings $145,000-325,000
Silver Ridge Park
East 13 Listings $139,000-236,900
3 Closings $135,000-299,500
North 10 Listings $173,000-289,900
0 Closings $0000 /0000
West 23 Listings $130,000-235,000
5 Closings $136,500-198,750
Westerly 19 Listings $152,900-264,900
4 Closings $143,000-244,000
Information from Monmouth/Ocean MLS– Deemed reliable but not guaranteed– May not reflect all real estate activity in market
Berkeley 82 Listings $109,000-284,900
10 Closings $120,000-226,000
Carefree 50 Listings $145,900-255,000
3 Closings $147,000-177,500
Holiday Heights 40 Listings $164,900-388,900
0 Closings $0000/0000
South 62 Listings $159,000-274,000
8 Closings $150,000-280,000
West 56 Listings $139,900-304,900
11 Closings $145,000-325,000
Silver Ridge Park
East 13 Listings $139,000-236,900
3 Closings $135,000-299,500
North 10 Listings $173,000-289,900
0 Closings $0000 /0000
West 23 Listings $130,000-235,000
5 Closings $136,500-198,750
Westerly 19 Listings $152,900-264,900
4 Closings $143,000-244,000
Information from Monmouth/Ocean MLS– Deemed reliable but not guaranteed– May not reflect all real estate activity in market
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