Public Advocate Reaches Out to Real Estate Community regarding Foreclosures and Tenants

Public Advocate Reaches Out to Real Estate Community

Around  March 12, 2009, New Jersey Public Advocate Ronald Chen sent letters to the executive officers and managers of real estate companies informing them of the rights of residential tenants in buildings that have been foreclosed upon.

According to the 1994 Supreme Court ruling in Chase Manhattan Bank v. Josephson, the Anti-Eviction Act protects tenants living in rental units from eviction even if the property where they live has been foreclosed upon.

To obtain information from the Public Advocate and New Jersey Real Estate Commission on the rights of tenants in the foreclosure process, to see a brochure that has been prepared.

IRS Provides Filing Guidance on First-Time Home Buyer Tax Credit

IRS Provides Filing Guidance on First-Time Home Buyer Tax Credit

Home buyers wanting to utilize the newly improved home buyer tax credit have to wait until they complete the purchase and close or, in the case of new construction, take up residence to claim the credit, the Internal Revenue Service (IRS) says in a newly released filing guidance. For households that won't close before the April 15 tax-filing deadline, the guidance provides four options: 1) file an extension, 2) file now, amend later, 3) amend the 2008 tax return, or 4) claim the credit in 2009 rather than 2008. Read the IRS guidance .

Call for Full Restoration of the Property Tax Deduction in NJ

Call for Full Restoration of the Property Tax Deduction

In his budget address on March 10, 2009, Governor Jon Corzine called for a one-year suspension for all non-senior households, regardless of income, to deduct property taxes from their state tax filings. Reacting to overwhelming public angst, Governor Corzine recently adjusted his budget plan to include the restoration of the property tax deduction for senior citizens and households earning up to $150,000.

Although the partial restoration of this critical deduction is a step in the right direction, NJAR^® still needs your help! Governor Corzine still has plans to eliminate property tax rebates for everyone except senior citizens and households who make less than $75,000. Given current economic conditions, this is the worst possible time to propose any legislation that undermines the basic foundation of homeownership.

Take action by participating in NJAR®'s new letter-writing campaign calling for the full restoration of the property tax deduction. Additionally, encourage your clients, friends and family to send a public letter to lawmakers.

Buying A Condo or Townhouse in Monmouth County,NJ?

Buying a condo or townhouse

When purchasing a condo/townhouse consumers need to  evaluate the entire scenario.

Most complexes charge a one time association fee to set up your account. How much is it? A set amount? or a percentage?  Most associations charge a monthly maintenance fee.  

Make sure you get this information from your agent and find out what is included.

What do your monthly dues typically include?

• Ground maintenance / gardeners
• Trash pick-up
• Insurance: How much coverage and what does it cover? Does it include Flood Insurance?
• Professional management fees
• Water, Sewer, Cable
• Pool, spa or fitness centers
• Roads and sidewalks
• Assigned parking (and if so, how many spaces?)
• Docks is there a separate fee for a boat slip?
• Beach acess, Cabanas
• Gate access
• Any assessments due or to come?

How do the fees compare to other condos/townhouses in the area?

Once you make an offer, It is always a good idea to speak with the association yourself You need to assess How Financially Sound the Homeowners Association is.

Try to get copies of:

• Covenants, Conditions and Restrictions
• By-Laws and Regulations
• Meeting Minutes for the last year
• HOA Financial Statement

This requires hours of reading but it will help you get a handle on what's in store for you.

These documents will tell you about:

• Special assessments being planned to address deferred maintenance.
• Capital improvements planned
• Amount of cash reserves
• Whether the association is being or has been sued
• History and likelihood of dues increases

Make every effort to educate yourself so you know what your buying.

2008 Condo Sales by most active town

January 2008 91 Sold Condos by Town Average Condo SOLD price $339,279	Most Active Town in Condo Sales 1.Long Branch 12 2.Freehold 11 3.Howell 10
February 2008 107 Sold Condos by Town Average Condo SOLD price $316,498	Most Active Town in Condo Sales 1.Tinton Falls  16 2.Freehold  11 3.Long Branch  9
March 2008 107 Sold Condos by Town Average Condo SOLD price $294,969	Most Active Town in Condo Sales 1.Freehold  16 2.Middletown  11 3.Tinton Fall  11
April 2008 115 Sold Condos by Town Average Condo SOLD price $325,691	Most Active Town in Condo Sales 1.Manalapan  15 2.Freehold  15 3.Howell  11
May 2008  139 Sold Condos by Town Average Condo SOLD price $334,763	Most Active Town in Condo Sales 1. Long Branch 19 2. Tinton Falls 16 3. Manalapan 11
June 2008  131 Sold Condos by Town Average Condo SOLD price $338,278	Most Active Town in Condo Sales 1.Long Branch 16 2.Tinton Falls 16 3. Freehold Twshp. 15
July 2008 132 Sold Condos by Town Average Condo SOLD price $317,337	Most Active Town in Condo Sales 1. Freehold Twshp 19 2. Tinton Falls 15 3. Long Branch  11
August 2008 127 Sold Condos by Town Average Condo SOLD price $316,986	Most Active Town in Condo Sales 1. Tinton Falls 15 2. Freehold Twshp. 12 3. Long Branch  11
Sept 2008 134 Sold Condos by Town Average Condo SOLD price $304,534	Most Active Town in Condo Sales 1. Tinton Falls 17 2. Howell 16 3.  Long Branch  14
Oct 2008 131 Sold Condos by Town Average Condo SOLD price $ 332,915	Most Active Town in Condo Sales 1. Manalapan 14 2. Freehold Twshp 12 3. Asbury Park 10
Nov 2008 56 Sold Condos by Town Average Condo SOLD price $ 284,781	Most Active Town in Condo Sales 1. Tinton Falls  9 2. Freehold Twshp. 8 3. Manalapan 6
Dec 2008  79 Sold Condos by Town Average Condo SOLD price $ $297,218	Most Active Town in Condo Sales 1. Middletown 2. Asbury Park 3. Manalapan

 

Homes Sales by Area for February 2009

Average Sold Price for a single family home in Monmouth County for February 2009 was 446,673

Most active towns for February were: Neptune, MIddletown and Howell

 

Single Family Home Sales by Town in January 2009!

Average Closed Price for a single family home  in  January 2009 was $438,968

Most Active Towns in Monmouth county were Freehold, Howell and Middletown

 

FOR SALE 1566 Ocean Ave Unit #30 Sea Bright $699,900

Information on Garage Door Tax Credit of $1500 for 2009

Last weekend I was getting ready for an Open House and all my items are stored in my garage so I went and got all my stuff put it in my car  clicked on the garage door opener and backed  out of the driveway and off I went not looking back at the garage door.

During the open house my husband called me asking me what did I do to the garage door I said nothing. Well he said it is broken and we cannot close it. You and your stuff got in the way of the door.

So now I am a nervous wreck another major bill I can't really afford, but it is a necessity. So I started researching about prices on garage doors etc., when I came across this article and was pleasantly surprised so here it is for your information also.

The U.S. government is offering financial incentives to homeowners to buy qualifying insulated garage doors. Under the stimulus legislation signed by President Obama on Feb, 17, 2009, tax credits for energy-efficient home improvements have been extended and increased significantly. That means that adding a new garage door in 2009 or 2010 can save you money by helping to lower home energy consumption and costs, AND it will help pay for itself this year through the tax credit incentive. Important details regarding the tax credit: The new tax credits are available for qualifying garage door purchases "placed in service" from Jan. 1, 2009, through Dec. 31, 2010. Garage door purchases made in 2008 are not eligible for the tax credit. The maximum tax credit that a taxpayer may claim from all qualifying improvements combined is 30 percent the cost of each product and $1500 over the lifetime of the tax credit periods (2009 and 2010). THE TIME TO BUY IS NOW Homeowners now have another significant reason to buy qualifying insulated residential garage doors – a tax credit. Tax credits are more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only decreases the amount of income that is taxed. HOW TO IDENTIFY AN ELIGIBLE GARAGE DOOR To be eligible for the tax credit, the purchased garage door must meet all of the following criteria: The door must be an insulated residential garage door. It must be installed on an insulated garage. The door must have a U-factor equal to or less than 0.30, even if the door contains glazing. The door perimeter must have a means to control air infiltration. The door must be expected to remain in service for at least five years. The garage must be part of the taxpayer's principal U.S. residence. Dealers should provide homeowners with a Manufacturer’s Certification statement and a breakdown of the material and labor costs. CALCULATING THE CREDIT The homeowner's tax credit is based on the total material cost of the purchase (the cost of installation does not qualify). The tax credit is equal to the sum of 30 percent of all qualified energy-saving improvements installed in an existing home in the calendar years of 2009 and 2010. The maximum credit is $1500. For example, if a homeowner paid $2,500 in material costs for two qualified insulated garage doors, that individual would be eligible for a $750 tax credit. If the material costs were $1,000, the tax credit would be $300. A CHANCE OF A LIFETIME The tax credit essentially gives the homeowner a 30 percent savings off the material cost of the door. If additional incentives are offered by your dealer, the savings could be even more attractive. This kind of opportunity may never happen again in your lifetime. How often has the government helped you purchase a garage door or upgrade your home? If you play your cards right, this tax credit promotion can help you make the improvements to your home that you never dreamed you would be able to in a down economy. For more online information on the garage door tax credit, check out: Tax Credits Available for Qualifying Garage Doors Purchased in 2009 and 2010 – GarageWowNow.com Text of the American Recovery and Reinvestment Act of 2009 [PDF download]. See pp. 208-210, Sect. 1121 About the Manufacturer’s Certification Statement Energy Star’s Comments About the Tax Credit Energy Star’s Comments About Garage Doors www.Garagewownow.com  is sponsored by the Door & Access Systems Manufacturers' Association (DASMA), and by the International Door Association (IDA). All dealers in the GarageWowNow search database are IDA dealer members who practice the IDA Code of Business Conduct, which signifies their commitment to quality, excellence and customer service.

42 Riverside Ave Oceanport Back On Market

Riverfront single family house with 3 bedrooms, 2 baths large patio Contact Gloria B @ 732-245-4031 for more info