South Jersey Real Estate Blog

PATCO expanding into Gloucester County

image via Flickr

On Tuesday PATCO & NJ officials accounced plans to expand rail service into Gloucester County.

"Delaware River Port Authority CEO John Matheussen says the line would run from Camden to Glassboro, making stops in several towns -- including on or near the campus of Rowan University.

He says the cost will be around $1.5 billion. The state has committed more than $500 million from two transportation funds. It's not yet clear where the rest would come from.

Matheussen says construction could begin in 2010 or 2011, and the line could be carrying passengers as early as 2014."

via CBS3

New Map Based Search for South Jersey Homes for Sale

I'm very happy to announce the implementation of a new map based search over on SJHomes.net (South Jersey Homes).  This new functionality should make searching for homes easier as house details are now merged with neighborhood details all on one page. 

New Map Based Search

To start your search, simply enter the town name or zip code, price range and type of home.  You can quickly see what homes are for sale, how many there are and where they are.  No more do you have to use a flat search, try to get the address of the home, then jump over to a map to see where it is located and what's around it. 

 

View Neighborhood Details

 

As you explore various neighborhoods, you can now easily see what's around in the area.  If you click on any of the icons in the search bar (shown above) you can see businesses, restaurants, banks, hospitals, churches and more.  So for example, in the picture above you can see there is a Shop Rite on Union Mill Rd in Mt. Laurel and the homes that are available for sale in the area.   

See House Details

Now with the map search, you can see more details right around the house you're interested in.  Using the satellite or hybrid views, you can see many things like how the property is situated, neighboring homes and street layouts.  

Other Features

If you create a free account on the site, you gain access to the full suite of advanced web based tools, including advanced search, saving searches, creating favorites folders, viewing detailed property information and receiving e-mail notifications of new listings based on the criteria of your saved searches. This allows you to conveniently make informed decisions about properties you are interested in well before you commit to a viewing appointment.

So what are you waiting for?  Head over to SJHomes.net and start searching for South Jersey Homes for Sale.

How To Buy Homeowners Insurance

Thanks to the folks over at Howcast - here is a nice video tutorial of how to buy homeowners insurance.  This should give you a basic overview of what homeowners is and why you need it.

via AgentGenius

2009 South Jersey Restaurant Week

 

I think the banner says it all!  If you live in South Jersey or are visiting this week (maybe looking for a new home) it's Restaurant Week!  If you venture out you're sure to have a great meal at some of South Jersey's finest at a great price!

Head over to SJ Hot Chefs to view the list of participating restaurants and view menu's!

Enjoy!

Got $7.7 Million?

If so, then maybe you're the lucky person who just set a new Philadelphia record for buying the most expensive condo in town!  According the NBCPhiladelphia, the luxury condo on the 46th floor of Two Liberty Place just went for a staggering $7,678,149!

If $7 million is a little out of your reach, then maybe you'd be willing to settle for $3.6 million.  Supposudely this is what Richie Sambora of Bon Jovi paid for his condo on the 52nd floor!

Here is a video about Two Liberty Place...

Will NJ Property Tax Rebate Get Cut?

With Corzine's new budget plan, it's a high probability.  NJ is already known to have some of the highest property taxes anywhere in the nation.  The new budget plan has the intention to eliminate the property tax deduction next year on state income taxes for everyone but seniors.  Property tax rebates would be maintained at current levels for seniors, the disabled and those earning less than $50,000 a year. Households making $50,000 to $75,000 a year would only receive two-thirds of the rebate they received last year.

The following is via NJAR -

NJ REALTORS^®: BUDGET PROPOSAL IS AN ASSAULT ON PROPERTY OWNERS

(Edison, NJ) Responding to Governor Jon Corzine's proposal to eliminate the property tax deduction next year on state income taxes for everyone but seniors, New Jersey Association of REALTORS^® (NJAR^®) Executive Vice President Jarrod C. Grasso, RCE issued the following statement:

"As NJAR^® has said over and over again, the real estate industry is a major economic engine driving our state's economy. Governor Corzine's proposal to eliminate the deduction of property taxes on state tax filings is counterintuitive and ill-advised. At a time when efforts are aimed at revitalizing this crucial industry, the elimination of this important deduction will further slow down New Jersey's economic recovery.

"Tax deductions that residents receive from owning a home are powerful incentives to get people into the housing market. Efforts to do away with incentives such as these send the wrong message about the importance of homeownership and the strength of New Jersey's real estate industry.

"Property taxes continue to have a devastating and long-lasting impact on the real estate industry and residents of the Garden State. In fact, a recent survey commissioned by the NJAR^® Governmental Research Foundation found that 89.7 percent of people believe property taxes to be too high. While NJAR^® understands the budget constraints facing the state, Governor Corzine and the Legislature, as a means of jumpstarting the economy, should be focused on reforming our property tax system. Instead of looking for ways to hike taxes, lawmakers should  reduce taxes and fees on real estate and property owners, including rolling back the realty transfer fee."

 

Revised Home Buyer Tax Credit

This past Friday the stimulus package was finally approved and it included revisions to the existing first time home buyers tax credit.

From the National Association of Realtors: The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser's income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

The following chart shows what has changed from the previous tax credit -

FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
February 2009

FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination	July 1, 2009 (But note program changes for 2009)	December 1, 2009
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	All revisions are effective as of January 1, 2009

Important Real Estate Documents to Keep in a Safe Place

photo credit

 

Buying and selling a home generates a lot of documents…no question about it!  When you walk away from the table, you generally have a binder full of documents from activities leading up to and including the day of sale.  Which ones should you keep?  As long as you own your home, here is a list of important real estate documents you’ll want to keep in a safe place:

 

1. Property deed: keep it for as long as you own the property.  
2. Closing statements: keep statements for three years after your purchase to show capital gains.  
3. Home improvement: some remodeling projects can reduce a potential capital gains hit when you sell your property, so save your receipts and consult your accountant.  
4. Warranty information: keep until the warranty expires.  
5. Loan papers: keep until paid off or refinanced, or in the case of mortgages that have tax-deductible interest, keep them for three years.  
6. Insurance policies: keep until the policy expires.  
7. Receipts or statements: save credit card receipts and/or checking account statements or cancelled checks for all major purchases such as appliances, furniture, antiques and art  

When you sell your home, you’ll usually be required to submit a disclosure form. Receipts for major home improvements like a new roof or remodeling project can help you complete disclosure forms and substantiate the good condition of your home.

 

A bank safety deposit box or fireproof safe is the best place to store your important documents. Be sure to save an up-to-date household inventory, complete with appraisals, receipts and photos or a videotape for insurance purposes in case of loss.

 

Please call or send us an email if you have questions about the real estate process.  We’d be happy to discuss with you!

 

 

 

 

Condo vs. Single Family

Did you know that condominiums are one of the fastest growing segments of the housing market? Owning a condo is perfect for those with busy lifestyles, little interest in home maintenance or landscaping chores or who frequently travel. Condos are a fine choice for a first home or when downsizing from a larger house.

Here are some pros and cons to consider:

Condo:

·        Fewer maintenance requirements.

·        Usually less expensive than a single family home.

·        You own the space inside the walls.

·        There can be more security with neighbors close by.

·        The exterior of the building, landscaping, surrounding roads and driveways, and common areas all owned by the condo association, a group made up of all unit owners.

·        Special assessments by the association for painting or repairs can be a substantial added expense.

Single family home:

·        Usually offers more storage space.

·        You own the interior as well as the exterior.

·        You are responsible for all maintenance, landscaping and repairs.

·        You usually don’t have to pay community dues or special assessments.

·        You have room to grow plants, flowers, trees, veggies, etc.

Think about how your household may change over the next few years. Will you still need a larger home or will you have enough space in a condo? Or would you be happier in a smaller house with room for a garden?

For more information about real estate options in our market, call or email us. We’d be happy to discuss your goals and options available to you.

      

The Battle Over Affordable Housing

Late last year Gov. Corzine signed an amendment to the Fair Housing Act which had some major impacts to local towns.  These changes ended RCAs (which let towns pay other towns to meet their requirements) and increased the amount of units needed to be built.  Five local towns have filed an appeal, this include Cherry Hill, Evesham, Medford, Mount Laurel and West Deptford.   

via the Courier Post:

"The three main complaints of the lawsuit, according to coordinator Michael F. Cerra, challenge COAH's methodology for producing the mandated numbers; its failure to account for state and local initiatives, like open space and local zoning; and its ignorance of the Fair Housing Act, which states affordable development should not burden taxpayers.

Medford, which is required to build 271 affordable units, was one of the first towns in the state to file a separate court appeal, according to its COAH attorney Ron Morgan. The township doesn't have the sewer capacity to hold that additional number of units and is challenging COAH's mapping, Morgan said. "The numbers are completely unrealistic," he said. "The vacant land maps COAH used are completely off the wall, with areas of Lenape High School marked as potentially developable."

At least 60 tri-county municipalities have not filed affordable housing development plans with the state, while 39 in the tri-county, including Cherry Hill, Evesham, Medford, Mt. Laurel and West Deptford, have joined in the League of Municipalities in appealing 24 of COAH's policies."

To learn more visit The New Jersey League of Municiplities website