Do I Want Condo Or Single Family When Buying Jersey Shore Real Estate

Do I Want Condo Or Single Family When Buying Jersey Shore Real Estate

Condominiums and townhouses offer an affordable option to single-family homes when buying Jersey Shore real estate, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork. These are some of the important elements to consider:

• Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.
• Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain out doors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.
• Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
• Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home – good news if you like to travel.
• Security. Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency.
• Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity.
• Resale. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar.
• Condo rules. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
• Neighbors. You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors.  

Thinking of buying Jersey Shore real estate? Visit PatrickParkerHomes.com or give me a call. I’m glad to help!

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Making Good Offers When Buying Jersey Shore Real Estate

Making Good Offers When Buying Jersey Shore Real Estate

The current Jersey Shore real estate market is challenging for both buyers and sellers. Many sellers have not accepted the fact that their home has decreased in value and are trying to sell at peak 2006 prices. At the same time, buyers want to make sure they don’t overpay, fearing prices will continue to drop even more.

Of course, there are exceptions. Well priced homes in desirable neighborhoods or foreclosed properties selling at ‘yard sale’ prices may generate multiple offers. But all in all, it is a buyer’s market.

So how do Hersey Shore home buyers prepare to make an offer and put themselves in the best negotiating position? Here are some suggestions made by Dian Hymer in a recent Inman news article:

1. Before you make an offer on a listing that’s priced over market, try to find out as much as possible about the sellers’ motivation, and if there’s any flexibility in their price. If the seller owes more than the house is currently worth, they may not have any negotiating room. They may want to sell the house, but really can’t sell at today’s prices.  A lot of time and emotional energy goes into making an offer. Save your efforts for listings where the sellers are motivated. That is, they don’t just want to sell — they need to sell.

Reverse 1031 Exchange Demand Rising When Selling Jersey Shore Real Estate

Reverse 1031 Exchange Demand Rising When Selling Jersey Shore Real Estate

A slower Jersey Shore real estate market is creating more of a demand for reverse 1031 exchanges. Properties are taking longer to sell making it difficult for sellers to adhere to 1031 exchange 180 day rules. But there is another option called a Reverse 1031 Exchange allowing for the roll-over of proceeds after closing on another property. Inman had a great article by Ilyce Glink addressing reverse exchanges. Read what she has to say:

Q: We are Canadian citizens who have owned a home in Fort Myers, Fla., for four years. There is no mortgage on the property.

We have put the property up for sale, and have made a down payment on a new house. We have bought and sold in the past, and I understand that as long as the new house is equal or higher in value, there are no capital gains taxes owed on the profits under IRS tax code 1031.