Ryan Vince&#039;s Avalon NJ Real Estate Blog

February Sales Continue Consistent Trend

SALES

February sales showed another improvement over the previous year with 23 properties going under contract, (17) in Avalon and (6) in Stone Harbor. There was a total of 17 last year. This continues a consistent upward trend of sales since the end of 2011, through 2012, and into 2013. The sale activity in the past 18 months has shown consistent growth in our market, created by lower inventory levels and basic supply and demand. We see every indication that this will continue through out the year. Below are some examples of the changing market we are now in (No Improvements Made to Any of the Homes):

700 Ocean Drive, Unit C-6

Sold – 3/15/2012 – $570,000

Sold – 10/12/2012 – $600,000

158 28th Street

Sold – 3/28/2012 – $795,000

Sold – 12/28/2012 – $860,000

46 E 17th Street

Sold – 5/4/2012 – $1,400,000

Sold – 11/15/2012 – $1,672,000

Looking to Move Up?

Call or Email me to discuss your home’s Value

Inventory is the same as last month at 398. There were 597 properties on the market this time last year. This is a 30% decrease in total inventory in 1 years time. This is good news for an improving market.

Properties on the market are ready to be shown and interest rate remain quite low. Please call to set up an appointment to search and preview properties for sale in Avalon and Stone Harbor NJ. The Seven Mile Island’s real estate market is a great place to invest in, all while creating lasting memories for your family. We are still seeing lifetime low interest rates. Please visit my website:www.RyanVince.com

If you are thinking of SELLING please contact me 609.602.0025 to assess the current value of your home. If you are thinking of BUYING and have a specific price range in mind, please contact me to see what’s available and a list of the better buys currently on the market.

A Referral is the highest honor I can receive from a client! Thanks for your confidence in me and please continue to refer your friends, family, neighbors and co-workers.

RENTALS

Our availability has steadily decreased over the last month. Please email me or call to reserve your weekly choice for your summer vacation. Options are decreasing by the week. Please check out my website as I have added a few new properties available immediately. Start your searches now onwww.RyanVince.com or call me direct at 609.602.0025. You can also email me at Ryan@RyanVince.com for a full list of possible rentals.

Other Quick Links

JANUARY KICK STARTS THE YEAR

JANUARY KICK STARTS THE YEAR

SALES

January sales showed another improvement over the previous year with 17 properties going under contract in Avalon and 8 in Stone Harbor for a total of 25. There was a total of 19 last year. This is a strong start to the 2013 season.

Click Here To View Revised FEMA Regulations

Inventory is up slightly from last month from 390 to 398. There were 520 properties on the market this time last year. This still remains good news for a Seller in that the competition is thin and not such good news for a Buyer in that there is simply not much to choose from in each price range. We expect more inventory to be added to the market after the new year and into the spring, but the fall added less than expected and so far this year, not much has changed.

New FEMA Regulations:

There has been a lot of discussion about the updated FEMA Regulations of late and because Governor Christie issued an executive order to use the revised FEMA elevations (even before these new recommendations are made final), each municipality will be bound by these requirements until further notice. I have included a link below where you can type in your property address to see any possible zoning changes.

If there are any questions, please feel free to email me and I will do my best to answer them.

If you are thinking of SELLING please contact me 609.602.0025 to assess the current value of your home. If you are thinking of buying and have a specific price range in mind, please contact me to see what’s available and the better buys currently on the market.

*Avalon Beach Fill Is Complete (LOOKS GREAT)

(8th Street Jetty to 25th Street)

12th Street Southward

13th Street Northward

*Stone Harbor’s Beach Fill Is To Start 2nd Week Of April

(92nd Street to 114th Street and 119th to Terminal Groin)

A Referral is the highest honor I can receive from a client! Thanks for your confidence in me and please continue to refer your friends, family, neighbors and co-workers.

RENTALS

Rates are up for 2013 rentals and there has been a lot of early activity. Please email me or call to reserve your weekly choice for your summer vacation. Please check out my website as I have added a few new properties available immediately. We have holiday rentals for those who are looking. Start your searches now on www.RyanVince.com or call me direct at 609.602.0025. You can also email me atRyan@RyanVince.com for a full list of possible rentals.

Other Quick Links

*OceanFront Sales-Avalon

DECEMBER SALES AND 2012 WRAP-UP

DECEMBER SALES AND 2012 WRAP-UP

SALES

December sales showed a slight improvement over last year with 14 properties going under contract in Avalon and 2 in Stone Harbor for a total of 16. There were 12 overall sales for the same time period last year. 2012 proved to be a very strong year for our real estate market with a total of 374 sales ( 227 in Avalon; 147 in Stone Harbor). Year 2011 had 269 overall sales with 188 in Avalon and 81 in Stone Harbor.

2012 Sales Breakdown: AVALON (227)

Properties under $1M : 130

Properties $1M – $2M : 66

Properties + $2M : 31

2012 Sales Breakdown: STONE HARBOR (147)

Properties under $1M : 84

Properties $1M – $2M : 44

Properties + $2M : 19

Inventory is lower than it’s been in years with 390 properties for sale today compared with 514 same time last year. This is good news for a Seller in that the competition is thin and not such good news for a Buyer in that there is simply not much to choose from in each price range. We expect more inventory to be added to the market after the new year and into the spring, but the fall added less than expected and so far this year, not much has changed.

We have seen slight price increases in the lower end of the market and up to the $1,800,000 range, especially for new construction. This trend has been happening over the last 6 months of the year. $650,000 – 700,000 could buy a tear down east of Dune Drive in the beginning of 2012, now that sale price is closer to $800,000. New construction east of Dune was in the $1,450,000 – 1,600,000 range a year ago, now it is closer to $1,800,000. The beach block and the bay front market has stalled a bit with few transactions over the last quarter of 2012, but there are some good buys for land in these areas. Not many spec homes being developed in this area of our market now, but for a Buyer who wants to own on the beach block or bay front and build their dream home, there are some good values in purchasing land. This also happens to be the higher end of the market and has been slower to rebound.

We expect our market in 2013 to continue this strong trend established in 2012, especially with interest rates remaining at historical lows, and prices stable over the last 2 years.

Interest rates remain at historical lows. Jumbo rates dipped below 4%. This is very good news for investors, first time Buyers, and anyone looking to refinance. These historically low rates are making it possible to purchase a 2nd home/investment property and offset much of the carrying costs, in some cases cover the carrying costs with strong rental income. Contact me to see a list of inventory for properties in your price range or check out our website for a complete list of sale properties.

Properties on the market are ready to be shown, please call to set up an appointment to search and preview properties for sale in Avalon and Stone Harbor NJ. The Seven Mile Island’s real estate market is a great place to invest in, all while creating lasting memories for your family. We are still seeing lifetime low interest rates. Please visit my website:www.RyanVince.com

A Referral is the highest honor I can receive from a client! Thanks for your confidence in me and please continue to refer your friends, family, neighbors and co-workers.

RENTALS

Rates are up for 2013 rentals, please email me or call to reserve your weekly choice for your summer vacation. Please check out my website as I have added a few new properties available immediately. We have holiday rentals for those who are looking. Start your searches now on www.RyanVince.com or call me direct at 609.602.0025. You can also email me atRyan@RyanVince.com for a full list of possible rentals.

Other Quick Links

*OceanFront Sales-Avalon

NOVEMBER SALES DIP SLIGHTLY

NOVEMBER SALES DIP SLIGHTLY SALES This is the first month all year that we have seen a slight decrease in sale numbers from the same month of the previous year. Avalon had 9 properties go Under Contract (12 in 2011) and Stone Harbor had 2 properties go under contract (5 in 2011). The general consensus is that the combination of Sandy and the onset of the holiday season slowed things a bit. Take note that this is not a big shift but rather a slightly off month in what has been very consistent and stronger market for 2012. Our market is typically slow during the months of November and December. Nationally the housing market has shown overall improvement all year, but especially in areas like ours, where Buyers and Sellers tend to be financially stable and where the investment is long term.

The bigger story which we have been tracking from month to month is the inventory. Total inventory is 410 properties currently listed for sale compared to 544 for the same time last year. This is dramatic and will have a real affect on our market in the coming months. As we have noted in previous updates, the lower end of our market has been depleted, under $1 million for single family and under $700,000 for condo/townhouse. This depletion has now stretched up to properties listed in the $1,000,000 – $1,700,000 range. There simply isn’t as much on the market in this price range and we have seen an increase in sale prices for new construction over last year. We are still hovering around similar market pricing that we experienced in 2003, but the general feeling is that this time last year was the real “low” and we have seen some improvement since that time. If you are thinking about a purchase in 2013, it’s a good idea to speak with a lender about these historical low interest rates, examine your price range and what types of properties are available to you at this time.

One more word about Sandy; Avalon and Stone Harbor faired extremely well compared with other areas of the coast and much has been written about the environment and the shore-line. While we were very lucky to have missed the worst weather that hit our beaches, we still sustained a tremendous increase in tide water and flooding. We had very little damage to our homes and properties and there is no doubt that both our preservation and expansion of our dunes and our building codes, regarding elevation, provided real protection from what otherwise could have been a very different result

A Referral is the highest honor I can receive from a client! Thanks for your confidence in me and please continue to refer your friends, family, neighbors and co-workers.

RENTALS

We are getting rates up for 2013 rentals, please email me or call to reserve your weekly choice for your summer vacation. Please check out my website as I have added a few new properties available immediately. We have holiday rentals for those who are looking. Start your searches now onwww.RyanVince.com or call me direct at 609.602.0025. You can also email me at Ryan@RyanVince.com for a full list of possible rentals.

Other Quick Links

*OceanFront Sales-Avalon

OCTOBER REAL ESTATE SALES CONTINUE STRONG TREND

SALES

October sale numbers match the last 2 months at a total of 32. These are strong numbers and are continuing the upward trend since January 2012. Of these 32 properties going under contract, 15 were in Avalon and 17 were in Stone Harbor. Total sales for the same month 2011 were 13.

Price ranges in Avalon have 10 of the 15 sales under $1,000,000; 5 between $1,000,000 and $2,200,000. Stone Harbor sales are very impressive with 17 properties under contract as compared to 5 last year. Prices range between 10 properties under $1,000,000 and 7 properties listed up to $2,500,000. New construction sales remain strong both for single family and town-homes. Buyers continue to show a willingness to pay a premium for a finished project, and there is much new construction throughout the 7 mile island.

Total inventory is 436, down from 465 last month, and incredibly lower from 572 this time 2011. Some new inventory has been added to the market, and we have seen some price reductions which is not unusual for this time of year. Sellers realize they need to adjust accordingly if they hope to sell before the end of the year or before the spring of next year.

Interest rates remain at historical lows. Thursday of last week showed jumbo rates dipped below 4%. This is very good news for investors, first time Buyers, and anyone looking to refinance. These historically low rates are making it possible to purchase a 2nd home/investment property and offset much of the carrying costs, in some cases cover the carrying costs with strong rental income. Contact me to see a list of inventory for properties in your price range or check out our website for a complete list of sale properties.

As I am sure most of you are aware, Hurricane Sandy hit the Jersey shore pretty hard last week. Fortunately, Avalon and Stone Harbor were spared the brunt of the storm and incurred minor damage. Seashore towns north of Ocean City and on up to NY did not fare as well. We hope our friends and family to the North are safe and recovering from the storm. We wish the very best to all the business owners, full time residents, and vacation property owners as we go through the process of re-building this very special larger community that we affectionately call “the Jersey Shore”.

A Referral is the highest honor I can receive from a client! Thanks for your confidence in me and please continue to refer your friends, family, neighbors and co-workers.

RENTALS

We are getting rates up for 2013 rentals, please email me or call to reserve your weekly choice for your summer vacation. Please check out my website as I have added a few new properties available immediately. We have holiday rentals for those who are looking. Start your searches now on www.RyanVince.com or call me direct at 609.602.0025. You can also email me at Ryan@RyanVince.com for a full list of possible rentals.

Other Quick Links

*OceanFront Sales-Avalon

September Tops Off A Great Summer For Real Estate Sales At The Shore

SALES

September sales are even with August numbers and holding steady at a total of 32. These are strong numbers and are continuing the upward trend since January 2012. Of these 32 properties going under contract, 16 were in Avalon and 16 were in Stone Harbor. This is a considerable increase over past years, since the height of 2006-2007, and up from 25 Sales in the same time frame of September 2011.

Price ranges in Avalon have 10 of the 16 sales under $1,000,000; 5 between $1,500,000 – $1,900,000 and 1 over $5,000,000. Price ranges in Stone Harbor have 8 of the 16 sales under $1,000,000 and 8 between $1,000,000 – $2,900,000. I have been tracking this inventory from year to year and have discussed how the lower end of the market has really driven the market through supply and demand. The lack of inventory on the market has pushed buyers to rethink their wants and needs. The ability to finance at such low interest rates has given the Buyer the where-with-all to push up in price range with a similar outlay. We are now starting to see increased activity in the $1,000,000 – $2,000,000 range because of it. New construction sales remain strong both for single family and town-homes. Buyers are paying a premium for a finished project.

Total inventory is 465 compared to 482 last month. Total inventory was 570 at this time in 2011. We have seen some new inventory added to the market for this time year, mostly new construction in the $1,500,000 – $2,000,000 range, and a few single family homes listed under $1,000,000. We also have seen some price reductions/adjustments for properties that have been on the market for 6 months or more. This is typical for this time of year and usually Seller’s come to realize that if their property has been listed throughout the summer with minimal showings and no offers, it is usually a sign that their property is not priced correctly.

Interest rates remain at historical lows. Contact me to see a list of properties in your price range or check out my website for a complete list of sale properties.

A Referral is the highest honor I can receive from a client! Thanks for your confidence in me and please continue to refer your friends, family, neighbors and co-workers.

RENTALS

We are getting rates up for 2013 rentals, please email me or call to reserve your weekly choice for your summer vacation. Please check out my website as I have added a few new properties available immediately. We have holiday rentals for those who are looking. Start your searches now on www.RyanVince.com or call me direct at 609.602.0025. You can also email me at Ryan@RyanVince.com for a full list of possible rentals.

Other Quick Links

*OceanFront Sales-Avalon

August Proves to be Strongest Month This Year

SALES

Sales are up from July and continuing a strong trend that we have been chronicling since January 2012. August had 37 properties go under contract, 23 in Avalon and 14 in Stone Harbor. This is 7 more overall sales up from July which had been our strongest month so far this year. Compare these numbers with the same time frame last year of 18 overall sales (August 2011).

Price ranges in Avalon were from $600,000 – $4,000,000 with 13 sales over $1,000,000. Price ranges in Stone Harbor were from $450,000 – $2,100,000 with 6 sales over $1,000,000. This supports another claim we have been making for several months, that our inventory at the lower end of our market (under $1 million) has been depleted over the last 3 years and we are actually starting to see an upward trend in pricing in this area of our market. We have also started to see cases where a property is priced the best in it’s class and receiving multiple offers as Buyer’s are becoming aware of a certain urgency in getting in to the market and not having a lot to choose from. This is especially true for properties listed under $1,000,000.

Total inventory is down another 15 properties compared to last month. Total inventory is now at 472, down from 589 for this time in 2011. We do expect to see some new inventory added to the market because the summer season has ended. Owner’s typically assess their situation, get their property ready to be shown, and list for sale to take advantage of our fall market. We also typically see some price adjustments this time of year for properties that have been on the market all spring and summer and received no offers or little showing activity. If a property is properly listed it will not be on the market long, buyers should take note of this.

Interest rates remain at historical lows. Contact me to see a list of properties in your price range or check out my website for a complete list of sale properties.

A Referral is the highest honor I can receive from a client! Thanks for your confidence in me and please continue to refer your friends, family, neighbors and co-workers.

RENTALS

Fall rentals are available, please check out my website as I have added a few new properties available immediately. Start your searches now on www.RyanVince.com or call me direct at 609.602.0025. You can also email me at Ryan@RyanVince.com for a full list of possible rentals.

Other Quick Links

*OceanFront Sales-Avalon

*Market Statistics

*Charities

What A Difference A Year Makes

SALES

The month of July posted 30 sales overall with 18 in Avalon and 12 in Stone Harbor. There were 18 sales for the same time frame 2011. Activity is picking up with July being our heaviest month traffic wise with vacationers.

Inventory is up 2 from last month with 487 properties listed for sale. Inventory was 585 this time last year. That’s a huge difference! We are hoping to see more properties added to the market throughout August and into September. Buyers looking for specific price ranges and locations have fewer choices than a year or even 6 months ago. There are some very good investment opportunities out there for properties that would yield rental income close to or covering their monthly mortgage expenses. Interest rates have dipped slightly lower than already historical lows allowing borrowers to take advantage of jumbo loans in around 4% and there are some adjustable interest rates with 5-7 year arms at 2.75%. If you are thinking of a purchase, it’s a great idea to speak with a lender about borrowing options. You may be surprised to see how these lower interest rates affect your bottom line.

Contact me to see properties in your price range or check out my website for a complete list of sale property.

A Referral is the highest honor I can receive from a client! Thanks for your confidence in me and please continue to refer your friends, family, neighbors and co-workers.

RENTALS

If you are still looking for a vacation rental, please check out our website as we have added a few new properties available immediately. There is no availability for the week of 8/4 – 8/11. There are only 4 properties open for the following week (8/11-8/18). Start your searches now on www.RyanVince.com or call me direct at 609.602.0025. You can also email me at Ryan@RyanVince.com for a full list of possible rentals.

Other Quick Links

Medicare Tax

Effective January 1, 2013, net investment income for high-income households (over $200,000 individuals/$250,000 married couples) MAY be subject to the 3.8% Medicare Tax (part of the health care bill). This 3.8% tax MAY be added to the 15% Capital Gains tax already in place.

How it works:

Below are examples of a married couple buying and selling. The scenarios work for Individual buyers and sellers as well, using the household income of $200,000 and using the primary home exemption of $250,000.

If you are SELLING YOUR PRIMARY HOME:

Primary home sellers will continue to benefit from the first $250,000 for an individual or $500,000 for a married couple exemption before the tax applies.

Example:

A married couple buys a home for $500,000, then they sell the home 10 years later for $990,000. There is a gain of $490,000 for the married couple on their home. Because the gain is UNDER $500,000 (Primary Home, Married Couple Exemption) they will NOT pay any capital gains tax (the 15% or the extra 3.8%) on the gain. In this case it doesn’t matter what the couple makes because their gain is UNDER $500,000.

If the couple had sold their home for $1,100,000, their income may play a role in this tax. If the gain for the sale of their home exceeds the $500,000, the excess gain over $500,000 is subject to an 18.8% tax instead of the current 15% tax. This occurs when the gain combined with your annual ordinary income exceeds $250,000. If it doesn’t you are only taxed at the current rate of 15%.

Example:

A married couple buys a home for $500,000, then the sell the home 10 years later for $1,100,000. There is a gain of $600,000 for the married couple on their home. $500,000 is exempt because it is their primary home, the remaining $100,000 is considered their capital gain. So, in order for the new law of taxing capital gains at 18.8% (or a 3.8% increase) a couples annual income would have to exceed $150,001. ($100,000 capital gain + $150,001 annual income =$250,001 adjusted gross annual income)

If you are SELLING YOUR SECONDARY HOME:

Secondary Home owners DO NOT receive the $250,000 for an individual or $500,000 for a married couple exclusion before the tax applies, but everything else applies.

Example:

A married couple buys a SECONDARY Home for $500,000, then they sell the home 10 years later for $990,000. There is a gain of $490,000 for the married couple on their home. They will automatically pay the 18.8% tax on their gain. Because the gain is OVER the $250,000 adjusted gross annual income.

Example:

A married couple buys a home for $100,000, then they sell the home 10 years later for $150,000. There is a gain of $50,000 for the married couple on their home. This $50,000 is added to the couples annual income. If the $50,000 + The Couples Annual Income = $250,001 or MORE than they will be taxed on JUST THEIR GAIN OF $50,000 at a rate of 18.8%. If the $50,000 + The Couples Annual Income = $249,999 or LESS than they will be taxed on JUST THEIR GAIN OF $50,000 at a rate of 15%.

Hope this helps and doesn’t further confused anyone.

A Referral is the highest honor I can receive from a client! Thanks for your confidence in me and please continue to refer your friends, family, neighbors and co-workers.

Other Quick Links