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
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