No Comments

Sea Isle City Fall Festival, Todd Rundgren, Bang on the Drum


The weather was perfect of Fall Festival 2010. Produced by Ian Lazarus, The Lazarus Team, The Landis Co. Realtors. So much fun and games in Sea Isle City, NJ September 21, 2010. The music is not mine nor is it meant to be ! Enjoy ! For real estate information contact us at 609-457-0258 or online at ian.lazarus@mygo2realtor.com

No Comments

Fall Family Festival Weekend in Sea Isle City

September Saturdays don’t get get much better that this. It was a pristine day for the Fall Family Festival in Sea Isle. Plenty of great food, drinks, vendors and people out enjoying this perfect weekend.

Some of the weekend’s activities include live music, sand sculpting contest, local food, bounce houses, car show, and more,

It definitely seems like the annual Family Weekend is getting bigger.

2015 Sea Isle City Fall Family Festival

No Comments

The time to invest in a second home is now

By Shelly Schwartz

With interest rates projected to rise and inventory increasingly tight, the window for purchasing a second home at an affordable price may be starting to close.

Such sentiment has helped to fuel the recent boom in vacation property sales among affluent investors, many of whom are feeling flush on the heels of a six-year stock market rally. Demand is particularly high among baby boomers who are prepositioning for retirement.

“Last year’s impressive increase reflects long-term growth in the number of baby boomers moving closer to retirement and buying second homes to convert into their primary home in a few years,” said Lawrence Yun, chief economist for the National Association of Realtors (NAR).

Vacation home sales rose 57 percent last year over 2013, to 1.3 million properties, well above their most recent peak level in 2006, according to NAR. In fact, vacation home sales accounted for 21 percent of all real estate transactions last year, their highest market share since the survey was first conducted in 2003. NAR found in a survey that 85 percent of vacation buyers think now is a good time to purchase real estate.

Does it make sense to double down on real estate, especially in light of the interest-rate outlook and inventory dynamic?

Three main themes emerge when you consider a real estate investment properly.

1. Only buy a second home from a position of financial strength—gamblers need not apply.

Potential buyers should not consider the purchase of a second property if their job security is in question or it compromises financial goals that are higher on the list of priorities, said Diane Woodward, a certified financial planner with Oak Tree Wealth Management. “Is your own financial house in order?” she said. “Is your retirement in good shape? Are you able to keep up with college savings for your kids?”

Those considering the purchase of a second property should beef up their financial safety net, Woodward said, noting six months to a year’s worth of living expenses (that includes the new housing payment) in a liquid interest-bearing account is appropriate.

Banks have tightened their lending practices in the wake of the housing crisis, too, so buyers these days must have a stellar credit rating to qualify for the lowest rates and keep debt levels under control. Most lenders want your debt to be no more than 36 percent of your monthly pretax income, which includes both home payments.

Buyers should also come to the closing table with a 20 percent down payment to eliminate the monthly expense of private mortgage insurance—money that could be put to better use in the markets, Woodward said, where long-term returns are higher than real estate returns.

“When I was working at traditional financial-planning firms, it was often the people with second homes who were having difficulties retiring early (or at all) because the cost to maintain two properties is so high,” said Sophia Bera, a certified financial planner and founder of Gen Y Planning.

Historically speaking, the median single-family home has appreciated 5.4 percent since 1968, while the S&P 500 index of blue-chip stocks has produced an annualized return of roughly 6.7 percent. (The value of vacation homes in more popular destinations may grow more quickly, so it’s important to research historical price appreciation in any market you are considering.)

Real estate can be a wise asset-allocation play—it’s an investment not correlated to stocks, but consider the following: The recommended allocation to real estate in an average investor’s portfolio is (or should be) a much smaller component of their asset allocation, whereas a second home is a disproportionately large, illiquid asset being added to the mix.

So if your motivation is price appreciation alone, you may be better served in the stock market, said Bera. And real estate is far less liquid than equities. In a financial pinch, you may not be able to sell your second home quickly at fair market value. In fact, it could take years.

2. Additional costs can add up and eat into the benefits of buying a second home.

Craig Venezia, author of “Buying a Second Home: Income, Getaway or Retirement,” estimates that insuring a vacation home that gets rented either in part or in full costs about 20 percent more than a primary residence.

Where rental properties are concerned, tax rules differ, marketing costs exists, and added medical and liability insurance coverage may be required. (If you rent your home for more than 14 days a year, you will need to report rental income and your state may require that you pay sales tax on that income. But you will be able to deduct rental expenses, including repairs.)

Those who plan to rent their property for added income should investigate potential return more aggressively. Is the opportunity to rent seasonal or year-round? Is the property close to local attractions, such as a beach or a lake, which makes your home more marketable? Do you need to hire a property manager? And how much can you reasonably expect to make in rental income, relative to similar properties?

Where vacation and rental homes are concerned, due diligence on owner communities is critical. Vacation homes are often built in communities with a homeowner’s association, which divvies up annual maintenance fees among its residents.

“If any of the homes in that community get foreclosed upon, that puts tremendous pressure on the other homeowners to pay those fees,” Woodward said. “Make sure that the community you’re buying into is in good financial shape.”

Lastly, be aware of the added costs associated with owning a second home. You may need to pay a handyman, for example, if you don’t live close enough to fix leaky pipes or leaf blow yourself, and flood insurance is often required for properties near the water.

“I am not a huge fan of buying second homes, but I am a big advocate of investment properties,” Bera said. “Usually people don’t use their second homes enough to justify the costs. It would be cheaper for them to rent a furnished apartment for a few months a year and then change locations if they decide to try a different country, city or apartment for a while.”

3. The value investment play may have already peaked, so scrutinize deal pricing closely.

With interest rates still historically low, buyers who can afford the costs of owning a rental property may be wise to act now before rates and prices head higher, Bera said.

Yet despite strong rental demand in many markets, investment-home sales have been less robust.

The sale of residential properties purchased primarily to produce rental income, or for potential price appreciation, declined in 2014 for the fourth straight year as rising home prices and fewer distressed properties coming onto the market have reduced the number of bargains available to turn into profitable rentals.

Even so, 68 percent of investment buyers surveyed by NAR indicated they are “very” or “somewhat likely” to buy another investment property in the next two years.

So the iron may be hot for buying a second home, but that doesn’t mean it’s right for you. Before you saddle yourself with another mortgage, make sure you factor in your other financial goals, research the market carefully, and crunch the numbers to be sure you can comfortably afford the costs.

“What’s more important is what’s going on in your personal economy rather than the U.S. economy,” Bera said.

By Shelly Schwartz, special to CNBC.com

Original article link below;

http://www.cnbc.com/2015/04/17/the-time-to-invest-in-a-second-home-is-now.html

No Comments

2 BEDROOM APARTMENT IN ATLANTIC CITY ON THE BEACH

If real estate is about location, location, location, then it does not get any better than living at The Ocean in Atlantic City. Enjoy life steps from the famed Atlantic City boardwalk and the sands of Crystal Beach. Living here you are only a short walk from numerous restaurants, casinos and entertainment. If you enjoy life outdoors, you are in luck. .

The recently started $50 million project to rebuild the boardwalk is going to make this one of the best walking and biking areas of the Jersey Shore. You can live right on the boardwalk between Gardner’s Basin and Margate.

We currently have a 2 bedroom apartment available for lease available early next month. This pet-friendly apartment in Atlantic City is a rare find as it offers views of both the ocean and inlet.

For those who love the beach, Crystal Beach is a real treat. The beach offers a bathhouse and one of the best possible locations, between the inlet and ocean making for some of the best surfing, skimming, and fishing in all of the South Jersey Shore.

Find out what life in Atlantic City at The Ocean is like. For more information on the 2 bedroom apartment or life in Atlantic City, gives us a call at 609.457.0258.

BEACHFRONT APARTMENT IN ATLANTIC CITY

The view from a 2 bedroom apartment in AC at 101 Boardwalk

The kitchen and waterfront view in Atlantic City

2 bedroom apartment interior in Atlantic City

No Comments

Revitalization is Happening in Atlantic City

Atlantic City Beach One of the best-kept secret’s in Atlantic City is the revitalization of the North End. Just like the great things happening at The Ocean, big changes are occurring throughout Atlantic City. Unlike, the dramatic stories you hear about AC’s demise, revitalization is happening in many places across the city and especially on the North End.

Just this week a $50 million project to reconnect the Atlantic City boardwalk was started and according to reports this project has been 70 years in the making and could mean a major transformation for the inlet area of Atlantic City.

6 ABC Reports…

Construction of a seawall and a new boardwalk in this area will mean that once again you’ll be able to bike or stroll the entire boardwalk from Margate all the way to Gardner’s Basin in Atlantic City…Replacing the damaged boardwalk is a big deal. Officials say once you can walk continuously to the other end of it in the Inlet it’ll become a major economic driver for this area.

No Comments

The time to invest in a second home is now

The time to invest in a second home is now

By Shelly Schwartz

With interest rates projected to rise and inventory increasingly tight, the window for purchasing a second home at an affordable price may be starting to close.

Such sentiment has helped to fuel the recent boom in vacation property sales among affluent investors, many of whom are feeling flush on the heels of a six-year stock market rally. Demand is particularly high among baby boomers who are prepositioning for retirement.

“Last year’s impressive increase reflects long-term growth in the number of baby boomers moving closer to retirement and buying second homes to convert into their primary home in a few years,” said Lawrence Yun, chief economist for the National Association of Realtors (NAR).

Vacation home sales rose 57 percent last year over 2013, to 1.3 million properties, well above their most recent peak level in 2006, according to NAR. In fact, vacation home sales accounted for 21 percent of all real estate transactions last year, their highest market share since the survey was first conducted in 2003. NAR found in a survey that 85 percent of vacation buyers think now is a good time to purchase real estate.

Does it make sense to double down on real estate, especially in light of the interest-rate outlook and inventory dynamic?

Three main themes emerge when you consider a real estate investment properly.

1. Only buy a second home from a position of financial strength—gamblers need not apply.

Potential buyers should not consider the purchase of a second property if their job security is in question or it compromises financial goals that are higher on the list of priorities, said Diane Woodward, a certified financial planner with Oak Tree Wealth Management. “Is your own financial house in order?” she said. “Is your retirement in good shape? Are you able to keep up with college savings for your kids?”

Those considering the purchase of a second property should beef up their financial safety net, Woodward said, noting six months to a year’s worth of living expenses (that includes the new housing payment) in a liquid interest-bearing account is appropriate.

Banks have tightened their lending practices in the wake of the housing crisis, too, so buyers these days must have a stellar credit rating to qualify for the lowest rates and keep debt levels under control. Most lenders want your debt to be no more than 36 percent of your monthly pretax income, which includes both home payments.

Buyers should also come to the closing table with a 20 percent down payment to eliminate the monthly expense of private mortgage insurance—money that could be put to better use in the markets, Woodward said, where long-term returns are higher than real estate returns.

“When I was working at traditional financial-planning firms, it was often the people with second homes who were having difficulties retiring early (or at all) because the cost to maintain two properties is so high,” said Sophia Bera, a certified financial planner and founder of Gen Y Planning.

Historically speaking, the median single-family home has appreciated 5.4 percent since 1968, while the S&P 500 index of blue-chip stocks has produced an annualized return of roughly 6.7 percent. (The value of vacation homes in more popular destinations may grow more quickly, so it’s important to research historical price appreciation in any market you are considering.)

Real estate can be a wise asset-allocation play—it’s an investment not correlated to stocks, but consider the following: The recommended allocation to real estate in an average investor’s portfolio is (or should be) a much smaller component of their asset allocation, whereas a second home is a disproportionately large, illiquid asset being added to the mix.

So if your motivation is price appreciation alone, you may be better served in the stock market, said Bera. And real estate is far less liquid than equities. In a financial pinch, you may not be able to sell your second home quickly at fair market value. In fact, it could take years.

2. Additional costs can add up and eat into the benefits of buying a second home.

Craig Venezia, author of “Buying a Second Home: Income, Getaway or Retirement,” estimates that insuring a vacation home that gets rented either in part or in full costs about 20 percent more than a primary residence.

Where rental properties are concerned, tax rules differ, marketing costs exists, and added medical and liability insurance coverage may be required. (If you rent your home for more than 14 days a year, you will need to report rental income and your state may require that you pay sales tax on that income. But you will be able to deduct rental expenses, including repairs.)

Those who plan to rent their property for added income should investigate potential return more aggressively. Is the opportunity to rent seasonal or year-round? Is the property close to local attractions, such as a beach or a lake, which makes your home more marketable? Do you need to hire a property manager? And how much can you reasonably expect to make in rental income, relative to similar properties?

Where vacation and rental homes are concerned, due diligence on owner communities is critical. Vacation homes are often built in communities with a homeowner’s association, which divvies up annual maintenance fees among its residents.

“If any of the homes in that community get foreclosed upon, that puts tremendous pressure on the other homeowners to pay those fees,” Woodward said. “Make sure that the community you’re buying into is in good financial shape.”

Lastly, be aware of the added costs associated with owning a second home. You may need to pay a handyman, for example, if you don’t live close enough to fix leaky pipes or leaf blow yourself, and flood insurance is often required for properties near the water.

“I am not a huge fan of buying second homes, but I am a big advocate of investment properties,” Bera said. “Usually people don’t use their second homes enough to justify the costs. It would be cheaper for them to rent a furnished apartment for a few months a year and then change locations if they decide to try a different country, city or apartment for a while.”

3. The value investment play may have already peaked, so scrutinize deal pricing closely.

With interest rates still historically low, buyers who can afford the costs of owning a rental property may be wise to act now before rates and prices head higher, Bera said.

Yet despite strong rental demand in many markets, investment-home sales have been less robust.

The sale of residential properties purchased primarily to produce rental income, or for potential price appreciation, declined in 2014 for the fourth straight year as rising home prices and fewer distressed properties coming onto the market have reduced the number of bargains available to turn into profitable rentals.

Even so, 68 percent of investment buyers surveyed by NAR indicated they are “very” or “somewhat likely” to buy another investment property in the next two years.

So the iron may be hot for buying a second home, but that doesn’t mean it’s right for you. Before you saddle yourself with another mortgage, make sure you factor in your other financial goals, research the market carefully, and crunch the numbers to be sure you can comfortably afford the costs.

“What’s more important is what’s going on in your personal economy rather than the U.S. economy,” Bera said.

By Shelly Schwartz, special to CNBC.com

Original article link below;

http://www.cnbc.com/2015/04/17/the-time-to-invest-in-a-second-home-is-now.html

No Comments

Stone Harbor New Construction 213 105th St.

213 105th St., Stone Harbor, NJ 08247
On The Chealsea Place Park
Contact Ian Lazarus for more information about this fantastic opportunity at
(609)457-0258 or ian@mygo2realtor.com
Ian Lazarus
New Construction Specialist
The Landis Co., Realtors
No Comments

Top 4 Tips For Avoiding Vacancies in Your Vacation Rental Property

Top 4 Tips For Avoiding Vacancies in Your Sea Isle City Rental Property

 

 

Having empty Sea Isle City homes for rent for a long time might be one the things that keeps you up at night as a landlord. That needs to stop. And there are things you can do about it. First, make sure you work with a good Sea Isle City real estate company. They can help you market your property so that tenants will be lining up. Here are some other things you can do if you are worrying about vacancy periods.

 

These great tips will help rid your vacancy worries for your Sea Isle, New Jersey rental property.

 

  1. Know the reason why tenants leave and deal with it

 

Before you think about getting a new tenant to fill the recently empty home, take time to analyze why the current tenants left. If your renters are happy and satisfied, there wouldn’t be any reason to leave.

 

Find out why tenants stay and find out why they go. Don’t worry about hearing negative feedback or criticism. Hearing and acting on it might just save you from all those long vacancy periods.

 

 

 

  1. Revisit your pricing

 

No need to raise your eyebrows. It’s a suggestion worth hearing I assure you. Price is one of the biggest motivations tenants have when choosing rentals. They are willing to pay as long as it’s within their budget and they know that the home is worth it. So think of those two things.

 

Some of the questions you may ask are: Is my rent priced too high compared with other properties in the neighborhood? Is my pricing appropriate for the tenants I am targeting?

 

Whenever you think about price, always have an open mind about slightly lowering the price if it is really needed. Remember that having very long vacancy periods can cost you more in the long run than having to adjust your pricing now.

 

 

 

 

 

  1. Make it pleasing to the eyes

 

It’s what they see that tenants will remember. So if you have them over for viewing, make sure there’s no eyesores anywhere. This does not just mean having dirt and clutter all around. Unfixed faucets, broken windows, and other minor details can easily turn them off. The impression they’ll get is that the property is not well maintained and some problems might come up soon.

 

Moreover, how you take care of your property and how you present it to tenants also says a lot about you as a landlord. You wouldn’t want to scare them off, that’s for sure.

 

 

 

  1. Make it visible to many

 

The internet – that’s your biggest tool right now. Having many people view your property both online and offline ensures you of higher chances of having someone rent it out sooner. Take advantage of a tenant’s tendency to go online and start their search. Make sure your property is on top sites like RightMove, FindAProperty, PropertyFinder and others. But of course if you have a Sea Isle City property manager, this wouldn’t be part of your to-do’s. Marketing, advertising, and even tenant screening will be handled for you.

 

 

 

You never have to have sleepless nights because of vacancy periods again. If you are working with a good Sea Isle City Realtor and if you tackle the tips above, you’ll have tenants lining up for your property in no time. Call me,

Ian Lazarus. The Landis Co., Realtors,  ian.lazarus@mygo2realtor.com ,

(609)457-0258

No Comments

Vacation Home Purchasing as a Real Estate Investment

How to Do Real Estate Investing Right

 

By: Michele Lerner

 

While we can’t all build a portfolio of hotels, condos and resorts with our names on them like Donald Trump, plenty of individuals include local real estate investment in their long-term strategy to build wealth.

 

For most people, their home is their biggest asset, particularly after they’ve owned it for a decade or more and have paid down their home loan to build equity. Of course, most people also appreciate the inherent value of living in a place they own and love.

From an investment point of view, your primary residence not only builds in value over time, it also provides you with a tax benefit when you write off your mortgage interest payments on your taxes. In addition, you receive protection (up to $250,000 or $500,000 if you’re married) from capital gains taxes when you sell it.

If your home has increased in value over time, you may be thinking you’d like to own more real estate. If so, you can look into purchasing a second home or vacation home for yourself—or purchasing a property you intend to sell or rent.

 

Vacation Home Purchasing as a Real Estate Investment

A second home you use for vacations can be treated the same way as your primary residence, with your mortgage interest payments tax deductible, but typically you’ll need to make a down payment of at least 20% to 25%—and you must have good credit along with the income to handle the additional mortgage payments.

If you opt to rent out your home for more than 14 days a year, the property will be considered an investment property and the tax treatment changes. You’ll only be able to deduct the expenses considered part of the investment—such as mortgage interest and maintenance or repair costs—proportional to the number of days the property is rented.

A vacation home can be an excellent investment both for your quality of life—but also as a future retirement home or an asset to earn income or to sell when you retire.

Buy and Flip or Buy and Rent?

If you’re more interested in owning real estate for purely investment purposes, you’ll need to think carefully about how much time and money you want to put into a real estate investment.

You should work with a REALTOR® who invests in property and knows about your local market, but you also should educate yourself about your current market conditions. Ideally, you should buy when prices are low and sell when prices are high, but market timing can be difficult.

Some investors opt to buy property that needs repair, do the work and then sell it within a short time period (“flip”). Whether that works for you depends on whether you can do some of the work yourself or have reliable contractors available.

In addition, you need to be fairly certain you find a property at the right price and then find a buyer willing to pay enough so you make a profit beyond the money you put into it. You should have funds available for a down payment of 20% to 25%, good credit, and funds for the repair work—as well as to make the payments until the property sells.

Many real estate investors prefer to buy a home and rent it, but you need to be prepared for the possibility your property could remain empty in between renters. You’re also responsible for all maintenance and repairs, so you need to be prepared financially and emotionally for that commitment. You need to educate yourself about home prices in your area—but also about rental rates and demand to see if you can keep the property rented at a rate to cover your mortgage payments (or most of it).

Acquiring and managing a real estate investment requires a team of professionals including a REALTOR®, a tax advisor and good contractors you can rely on to renovate or repair a property to keep it attractive for renters or buyers.