Monmouth County Real Estate

These days a lot of people are looking for great rentals instead of buying a new home. There are tons of rental units available right now. Here is a unit in Sea Bright that is just perfect, just in time for the tourists to clear out and an Indian Summer to start. Enjoy the beach in the next 2 months with a lot less crowd. Live in a Jersey Shore town known for its private beach clubs and beautiful restaurants. In Sea Bright, there are seven beach clubs, a day-care center for dogs. and if you want to shed off some pounds and get into shape, they also have a brand new fitness club. Stress getting you down? Sea Bright also has the Brama Yoga Spa; a beautiful place for reflection and concentration. Sea Bright is a great place to have fun and enjoy life.

Available for rent, 5-35 Island View Way, is a 3 bedroom, 2.5 bath condo in Island Way, Sea Bright. There is an eat-in kitchen, one-car garage, and ocean views from the master bedroom balcony! Don’t miss out on this great rental!

“The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4, 2010 to lock in a low monthly insurance premium,” said Gibran Nicholas, chairman of the CMPS Institute, an organization that trains and certifies mortgage bankers and brokers. “After October 4, the monthly insurance premiums on FHA loans will increase by over 63%.”

What does this mean for home buyers?
A home buyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. If the same home buyer waits until after October 4, the insurance premium would jump to $148.01.

“In this example, the home buyer would lose $59.55 per month, or $7,146 over a ten year timeframe,” Nicholas said. “Although the upfront mortgage insurance premium is going down after October 4, the real impact to the home buyer is actually a net increase in their out of pocket costs because the monthly premium is going up by 63%. Remember, sellers can pay the upfront premium or it can be financed into the loan amount, so home buyers rarely pay the upfront premium out of pocket. On the other hand, the increase in the monthly premiums will be paid right out of the home buyer’s pocket with their mortgage payment each month.”

Ironically, home buyers who plan to be in the mortgage for less than three years and decide to pay the upfront fee themselves (instead of having the seller pay it for them), may actually save money by waiting until after October 4 to apply for an FHA loan. “Home buyers with a short term time horizon may actually benefit from this change because the upfront premium will be reduced to 1% from 2.25%,” Nicholas said. This change will impact over 30% of the home buyers in today’s market who use FHA-insured financing. Home buyers considering an FHA loan should find and contact a CMPS professional in their area to discuss their options and what this means for their situation. Also, you can follow CMPS Institute on Twitter to stay updated on these and other mortgage and housing industry developments.
 http://rismedia.com/2010-09-01/fha-gives…

It is without question that Asbury Park, NJ is catching on! When you walk down the rehibilitated areas, you see top notch dining, amazing yet querky bars & grills, yoga studios, artist’s shops, and musical events.

Asbury Park has come back as one of the most progressive and open-minded small cities in the country! Asbury Park has maybe even surpassed the “competition” such as Burlington, Vermont and it is being seen that the artsy and hipster types (20, early 30-something types) are relocating from Brooklyn!

The triCity News reports that if Asbury Park is left to prosper without the expectation to conform to the likes of other suburban Monmouth and Ocean County towns, then Asbury will continue to build up an alternatibe and urban-centric community of those who love diveristy of a progressive city. Asbury Park has worked hard against suburban conformity. “The suburban population in New Jersey certainly did not get Asbury Park back to where it is now. In fact, they held the city down for decades as the readership of the Asbury Park Press rejected Asbury Park, and harshly trashed it. That same narrow-mindedness could now destroy all that’s been achieved,” reports the triCity News.

Asbury Park is seeing creative young people (from Brooklyn specifically) loking for hte next big AFFORDABLE thing, just like when everyone started to leave Manhattan for Brooklyn 20 years ago. They are starting to move in and other friends from Brooklyn are coming down to visit. The consensus is that this could trigger something big. If Asbury catches on as the affordable alternative to Brooklyn, it’s all over… That population is a bigger pool of people willing to live here and visit than those from the suburbs of Monmouth and Ocean County. This young demographic can easily take over large swaths of Asbury, just like they did in sections of Brooklyn.

Local realtors, such as myself, are seeing an influx with renters and first-time homebuyers from Brooklyn who are about 30 years old. We are seeing musicians, artists, and teachers relocating and it is basic economics driving the trend. Asbury Park is cheaper than Brooklyn, and it doesn’t hurt that Asbury has it own unique cool dynamic as it emerges in a new form. Realtors are running out of rental inventory for the Brooklynites even!

According to the triCity News, Bond Street Bar just opened a couple of months ago and it’s become a center for the alternative and creative community. It’s the perfect place to spot the Brooklyn trend. They are starting to call it Little Brooklyn. At Bond Street, there are so many people coming from there. That is all they are seeing on their IDs. And, the age range is 21-30. “The young crown will keep coming back. They’re not scared to jump on a train and travel down just for the day or for the weekend. What they spend here in a weekend, they’re spending in a half a day in Brooklyn. It will be interesting to see this trend rise!

I just closed a captivating hill top Colonial in Country Hills Estates for $770,000!!  From the private cul-de-sac entrance to the rustic wooded backyard, elegance is spoken here. This estate features 5 bedrooms, 4 baths, and a huge kitchen that opens to a family room with vaulted ceilings and a stone-facade gas fireplace and beautiful views of the grounds.

Largely unknown to most of its current residents, Marlboro’s history is a chronicle that is rich in tradition. In fact, its history might be called typical of the growth of the nation outside the large cities. From the earliest settlements until fairly recently, Marlboro was a rural community composed of a number of small hamlets with names like Morganville, Robertsville, Wickatunk, Bradevelt, Topanemus, Hillsdale, Montrose, and Pleasant Valley. Although they each had small inns or taverns, the hub of activity centered around what is still referred to today as Marlboro Village. This is the area around the intersection of Main Street (Route 79) and School Road.

At the time of its incorporation, Marlboro had a population of about 1,500. By the 1880 census, that figure had grown to 2,200. After World War II, as the State started to build new roads and improve existing roads, the Township began to change from a rural to a suburban community. By the time of the 1980 census, Marlboro’s population had risen to 18,000, and in 1990, it had grown to 28,000. Today, it stands at well over 30,000.

If you would like me to show you a tour of Marlboro and the current homes and townhomes on the market, contact me at  anthony at aagrealestate.com.

Another forclosure in Interlaken off the market and sold. Congrats Dave and Teresa on your new second home!

Interlaken is a small, quiet community of single family homes on tree-lined streets.

There is no commercial district or business district. Interlaken is a purely residential community of just over 395 residences, and a total population of approximatly 900.

Named for a small town in Switzerland, between the lakes, Interlaken is bordered on the north and south by arms of Deal Lake. A quiet respite near Ocean beaches and shopping.

Applications for home loans rose last week as rates on 30-year and 15-year fixed-rate loans sank to the lowest levels on the survey’s record.

The Mortgage Bankers Association said Wednesday overall applications increased nearly 7.6 percent from a week earlier. That incorporates an adjustment for the Independence Day holiday.

Applications to refinance home loans climbed 8.6 percent. Applications taken out to purchase homes rose 3.4 percent, fueled by an 8-percent rise in government purchase applications.

Refinance applications made up nearly 79.4 percent of total applications, the highest since April of last year.

Mortgage rates have fallen since mid-April after investors, concerned over European debt problems and the health of the global economy, have poured money into the safety of U.S. Treasury bonds. That has caused the yields on those bonds to fall. Long-term fixed mortgage rates tend to track those yields.

The average rate for a 30-year fixed loan fell to 4.59 percent last week and the rate for a 15-year fixed loan dropped to 4.05 percent. Both were the lowest rates recorded in the MBA’s survey, which has been conducted since 1990.

The Mortgage Bankers Association’s survey covers more than 50 percent of all applications nationwide.

On July 13, 2010, Governor Christie signed a property tax cap into law which states that municipalities cannot increase their property taxes by more than 2.0 percent annually. There would be four limited exceptions to the property tax cap, which include health care and pension costs, as well as debt payments. Towns would also be granted leeway under the proposal in the event of an emergency, and voter approval of 51 percent would be required to exceed the cap.

The state Legislature will now move forward in considering the 32 other bills included in the Governor’s property tax reform package. NJAR® will continue to urge the Legislature to work with Governor Christie to enact proposals that will not only slow the rate property taxes increases but eventually lower them. For further updates on critical property tax legislation, stay tuned to the NJAR® Government Affairs Twitter feed at www.twitter.com

To view the text of the bill, go to:
 http://www.njleg.state.nj.us/2010/Bills/…

The Assembly Monday voted overwhelmingly in support of bipartisan legislation that sets a 2 percent cap on annual property tax hikes and county and municipal government and school district spending.

The proposal, a compromise between Republican Gov. Chris Christie and the Democratic- controlled Legislature was approved 73-4. Christie will sign the legislation at 2 p.m., Tuesday at the home of Lori and Daniel Danko in Trenton.

“Thanks to the quick action taken last week by the Senate and today by the Assembly, New Jersey families can finally look forward to the kind of real, long-term property tax relief that Trenton has failed to deliver for decades,” Christie said following the 12:34 p.m. vote. “A hard cap of 2 percent with limited exceptions that puts final authority to exceed the cap in the hands of the people is the substantial and sustainable reform New Jersey needs.

“…I look forward to continuing to work with each of them and members of both parties in the legislature to enact the necessary tool kit reforms to control costs and empower local governments to effectively manage under this new cap,” the governor added.

The vote brings to an end the special legislative session Christie ordered on June 30. After the vote, the Assembly immediately adjourned. The Senate also overwhelmingly approved the measure on Thursday.

The governor initially wanted a 2.5 percent cap while the Democrats sent him a 2.9 percent bill. A compromise led to the approval of the 2 percent cap.

When the cap goes into effect locally depends on whether a municipality’s budget year begins on Jan. 1 or July 1.

Under the legislation, there will be a so-called hard 2 percent cap that would have limited exceptions while giving local voters the ultimate decision making authority in whether or not the cap should be exceeded. The cap or any future changes would need to be approved only by the Legislature and the governor and not voters statewide on the November ballot.

Assemblyman John Wisniewski (D-Middlesex), who is also chairman of the state Democratic Party, voted against the cap.

“Today I cast a vote against the conditional veto because it does not contain the conditions the governor himself laid out when he visited this chamber,” Wisniewski said. “I agree with the goals of the cap, especially in light of the success of the current cap passed by Democrats 3 years ago.

“In today’s New York Times, the governor and his aides admitted this is all part of his strategy to demonize public employees to meet his political goals. We already know that billions in local aid and property tax rebates were cut so he could fund his massive tax cut for the 16,000 millionaires in this state.

“There is no exception for reduction in state aid, no exception for energy cost increases, no exception for current contracts and no exception for increases in state mandated reserves for uncollected taxes,” Wisniewski said. “All of these factors are out of the hands of local governing bodies. As was said on the floor of the Assembly, this bill needs work — there are many flaws. My ‘no’ vote was a vote for us getting it right.”

Assembly Republican Leader Alex DeCroce (R-Morris) stressed how the legislation will give local voters the final say on spending in their town or school district.

“Today’s vote represents a victory for taxpayers who have waited many years for elected officials to address their number one concern — property taxes,” DeCroce said. “It is a signal that special interests no longer set the agenda in Trenton at taxpayers’ expense. Cap 2.0 marks the beginning of a reform process which mandates that government establish spending priorities and become more efficient.

“This legislation is the most important initiative in the governor’s tool kit as it puts property taxpayers first by limiting county, local and school spending,” the Assemblyman said. “Just as important is the fact that voters will now have a say in whether government spending should go beyond the capped level, not bureaucrats. It marks the beginning of the process where we now must focus our attention on the remaining tool kit measures in order to provide mayors and local officials the ability to work within the cap.”

Assemblyman John McKeon (D-Essex) said, “This plan is far removed from what the governor first sought, and is a victory for those favoring a flexible cap that could both control property taxes and allow local governments and schools to continue to function. But that doesn’t mean it’s a perfect plan. Without an exemption for special education costs, for instance, this plan will be hurtful and destructive to all the good things we’ve done to help children with special needs.”

Assemblyman John Burzichelli (D-Gloucester) said, “We’ve come a long way to get to this point and this is a far different plan than the governor first demanded. The people we represent desperately need real tax relief, so we will continue working to refine this plan and push forward other concepts in the months ahead.”
 http://www.newjerseynewsroom.com/state/n…

On July 8th, Chief Executive Officer of the New Jersey Association of REALTORS® Jarrod C. Grasso praised Governor Chris Christie and the New Jersey Senate for their work on developing a cap aimed at controlling the yearly increase in property taxes. Over the Fourth of July weekend, Governor Christie and lawmakers in the Senate came to a property tax cap compromise.

“As the leading advocate for Garden State homeowners, the New Jersey Association of REALTORS® is encouraged by Governor Christie and his Senate colleagues in their efforts to reign in soaring property taxes,” said Grasso. “While we recognize that the tax cap compromise is not the definitive answer to our State’s property tax crisis, we are happy to see our elected officials taking a bold first step to address this issue.”

Under their plan, municipalities cannot increase their property taxes by more than 2.0 percent annually. There would be four limited exceptions to the property tax cap, which include health care and pension costs, as well as debt payments. Towns would also be granted leeway under the proposal in the event of an emergency, such as a natural disaster. Voter approval of 51 percent would be required to exceed the cap.

“Perhaps the most important component of the compromise was allowing voters to have a say in the process,” added Grasso. “New Jersey residents have suffered too long under a broken system and they certainly have earned a right to have a voice in how their tax dollars are spent. It was only fitting that over a holiday weekend when we celebrate freedom and our nation’s independence, lawmakers came to a consensus that will empower the voters.”

Grasso urged the Legislature to continue to work with Governor Christie to enact proposals that will not only slow the rate property taxes increases but eventually lower them.

Citing Governor Christie’s accompanying property tax “toolkit,” Grasso concluded, “We have a long way to go before we defeat New Jersey’s property tax beast. However, the tax cap legislation represents a truly bipartisan willingness to finally address the matter. I hope this era of compromise continues throughout the summer as lawmakers consider the other measures put forth by the Governor.”
 http://www.njar.com/pressroom/releases/2…

First-time homebuyers will have until Sept. 30 to close on their purchases and land an $8,000 tax credit under a bill passed by the Senate late Wednesday.

President Obama is expected to sign the bill, which was overwhelmingly approved by the House on Tuesday. The deadline had been June 30.

The bill doesn’t help anyone currently shopping for a home. Buyers must have signed a contract by April 30 to qualify for the tax break. At issue is when the deal must be finalized.

Qualified existing homeowners also have until Sept. 30 to close on new homes and receive a tax credit of up to $6,500.

Congress has been trying to pass the extension for the last month, but it got caught up in Washington politics. Only when it was separated from a larger jobs bill did deficit-wary lawmakers sign off on it. The extension will lower the deficit by $9 million over a decade since it is offset by certain other provisions.

An estimated 200,000 people have missed out on the tax credit because they wouldn’t have been able to close by the end of business Wednesday. Many are trying to take advantage of short sales, which are complicated deals to complete.

The Senate approved the stand-alone homebuyers tax credit shortly after a failed attempt to advance a bill that combined the credit with an unemployment benefits extension.