If you’re looking for a fantastic home with a bay view at a reasonable price you’ll love my listing in West Atlantic City. West Atlantic City is a section of Egg Harbor Township and it has a Pleasantville mailing address. It’s a tucked away spot with amazing views that is not as well known as some of our other shore areas. Take a look at my listing tour for 209 Seville Avenue, Pleasantville NJ and let me know what you think.
It’s a great time to sell your home. If you’re thinking about selling or just want to know what your home is worth right now please contact us.
Recently one of my listings in Atlantic City was bombarded by multiple showings and multiple cash offers. It ended up going under contract over the asking price. The interesting thing was that 3 out of the 4 offers we had were investors looking to purchase the property as an Airbnb rental.
The benefit of an Airbnb is that you can use the property while it’s not being rented. It helps offset the cost of buying a second home while getting income at the same time. At the Jersey shore there are some great potential areas for Airbnb. I’ll go over that in a minute. First lets look at 5 tips buying an Airbnb at the Jersey Shore.
1. Check Local Ordinances And Rules
Many municipalities and associations don’t allow short term rentals. This is really important to know up front before being a home. It may be best to avoid condos and home owners associations.
2. Don’t count on Airbnb to carry the house expenses.
Short term rentals like Airbnb and VRBO can fluctuate as seasonal changes and buyer demands change. A good rule to consider is will the property work as a long term rental. If so it’s a great investment regardless or what may happen with the short term rental market.
3. Check with your accountant
IRS tax code may not allow you to use the property for personal use and still get tax write offs. Check with your accountant before jumping in to any real estate investment.
4. Calculate the expenses of a short-term rental
Vacation and short term rental property are more expensive to operate and painting. They need frequent cleaning and repairs. Also all utilities need to be on and ready for a potential tenant. If you own a property out of the area you may need to hire a property manager or have a maintenance contract in place.
5. Work with an expert to pick the right location
Location is a key factor in buying any property and especially when choosing an Airbnb or short term rental. Some things to consider: Is the are safe? Is it close to restaurants, activities, transportation? Is it close to the beach or a short drive to the beach? It helps to work with an expert who knows the area. For example in Atlantic City there are some great location for short term rental properties and then a block or two away areas that are undesirable. You may also consider areas on the mainland like Galloway or Egg Harbor Township. You can get more house for your money to accommodate larger groups of people. Plus your still a short drive to the beach and attractions.
Contact us for help with your next purchase or sale.
Buying a vacation home at the Jersey shore may seem out of reach for most people. Typical beach homes range in the $400,000 range and up. However it is possible to purchase something much less and and actually keep the price under $200,000. Here are 3 ways to purchase a NJ shore beach home for less than $200,000.
Choose a location further from the beach.
Many of our shore town have areas that are further from the beach. These sections typically have more year round residents and more affordable prices. For example, I recently listed this ranch home in Ventnor Heights that was raised and renovated and is currently priced at $190,000. Click here for details on the house.
Choose An Up And Coming Area
Not all shore towns are priced the same and if you’re looking to spend less choose an up and coming area like Atlantic City. Prices for many homes and condos are under $200,000. There are some great locations in Atlantic City and some not so great locations. Choose a local agent who can help you find the right location and home.
Look For A Home Off Shore
If you’re willing to take a short drive you can get more house for the money off shore. Communities like Somers Point are just a 5 minute drive into Ocean City. Absecon is just 5 minutes from Atlantic City and 10 minutes to Brigantine. And if you’re will to drive a little further communities like Egg Harbor Township, Linwood, Northfield and Galloway are within a 20 minute drive to the beaches.
If you’re considering purchasing a shore home or investment please contact us for a free consultation. No matter what your budget is we’re here to help.
Grant money is now available in Atlantic City for first time home buyers. Grants are available from $10,000-$20,000. It’s a great time to buy a home in Atlantic County. And if you’re looking outside Atlantic City the Atlantic County Grant is also available now with up to $10,000 available. So here are some more details on the Atlantic City Grant program.
- Persons who have resided in the City of AC for the last 12 months.
- Persons who have not owned a home for the past 3 years.
- Persons with an acceptable credit history and ability to obtain an approved mortgage.
- Persons with incomes below 80% of the median family income. Please contact me for HUD income limits.
- Single family properties, condominiums in the city of Atlantic City. Exclude manufactured homes.
- Sale price cannot exceed $250,000.
- Property must meet all requirements for an approved mortgage.
- Property acquired must meet all state and local housing quality standards and code requirements. Any findings are to be corrected, reinspected and certified prior to settlement.
- The program will provide a maximum amount of $10,000 – $20,000 to eligible applicants to assist with down payment and closing costs, in accordance with the rules and regulations of the HOME Investment Partnership program.
If you think you would qualify for this program or know someone who could benefit from this. Please contact us immediately. Funds are available on a first come first serve basis and typically go quickly.
Traditionally Linwood has always been sought after as one of the best school districts in the county. Linwood is still one of the best school districts and as I studied for this article I found a few surprises. According to www.niche.com the number one Elementary school was: William H. Ross III Intermediate School in Margate. This school received an A+ rating. Eugene A. Tighe Middle School in Margate was also the number one public middle school with an A rating.
Margate’s schools are fantastic. However Margate’s high school is Atlantic City High School which is not top rated and received a B grade. The number one high school was Mainland Regional High School in Linwood with an A rating and number two was Egg Harbor Township High School also with an A rating. Linwood’s Bellhaven Middle School and Seaview Elementary School came in number two behind Margate so overall Linwood is still the best ranked school district.
When you’re buying a home and need help selecting the right school district you need a real estate agent that knows the school systems and districts and can help you determine what schools are best for your needs. Contact me for a free consultation. Also, comment on this post and let me know what you think are the best schools and school districts in Atlantic County. Best wishes, Matt
Keller Williams Realty Atlantic Shore Team participates annually in the corporate Keller Williams’ Red Day. Red Day was designed to be a day that thousands of Keller Williams Realtors and staff in every state give back to their communities in a way that will have a drastic, positive impact on that community.
On May 11th, 2017, the agents of Keller Williams Realty Atlantic Shore Team partnered with Texas Avenue Public School in Atlantic City, NJ to help promote their anti-bullying program titled “Live the Pledge.” 100+ students participated with KW volunteers in a celebratory, fun-filled day. There was carnival games, a scavenger hunt, awards and a public dedication to the school presented by the KW team.
The local KW office also donated outdoor basketball and soccer equipment that the school was lacking. The challenge faced by all New Jersey schools is to create a positive and healthy school climate. The Anti-Harassment Intimidation and Bullying (H.I.B.) Bill of Rights goes beyond the requirements of providing a full investigation of alleged HIB incidents, consequences for those found in violation of the Bill of Rights and support for the children found to be a victim. Since the Bill of Rights in 2011, Texas Ave. School has implemented several school and community-wide programs that promote a positive school environment. Each program has given birth to the other. The inception of the Bucket Filling Philosophy, led to the “Take a Stand, Lend a Hand” initiative, which resulted in the current incentive program of “Live the Pledge.”
Keller Williams Realty is grateful to have partnered up with Texas Avenue school children who “Live the Pledge.” Their commitment of creating a positive climate for their classmates is truly inspiring.
You may have heard recently about the casino closures, property tax hikes, and other issues effecting Atlantic City. In my opinion I don’t see new casino’s coming to Atlantic City to solve the cities woes. I do see a great opportunity for businesses to move to Atlantic City or start in Atlantic City. There are excellent incentives to bring businesses and development to the city.
You may have heard about the call center that launched in Atlantic City. The company was approved for $33,000,000 in tax credits! The company plans to hire over 300 people and will recieve $3.27 million per year in tax credits over a 10-year period through the Grow New Jersey Assistance Program. Through this program businesses that are creating or retaining jobs in New Jersey may be eligible for tax credits ranging from $500 to $5,000 per job, per year; with bonus credits ranging from $250 to $3,000 per job, per year.
The other fantastic incentive program is the Economic Redevelopment and Growth (ERG) Program. This also run by the NJ Economic Development Authority. For residential projects: Tax credit of up to 20% of total project cost with 10% bonus possible if the project constructs and reserves at least 10% of the residential units for moderate income housing. And for commercial projects: Incentive grant reimbursement of up to 20% of total project cost. Because Atlantic City is located in one of the five Garden State Growth Zones there is up to an additional 20% in incentives. Imagine building a brand new building or development and getting up to 40% of the cost back in tax incentives!
So besides the incentives there are a few other reasons to bring your business to Atlantic City. We have an ample work force of good hard working people. You’ll have no problem hiring great talent in Atlantic City. Also the location is fantastic. We have fabulous beaches, world class restaurants, shopping, entertainment, and recreation. We’re also one hour from Philadelphia and two hours from New York City.
This is clearly the best time to bring your business to Atlantic City. If you or someone you know is considering starting or expanding their business please contact me. I’d love to connect them with the resources they need to take advantage of the opportunities right now in Atlantic City commercial real estate.
P.S. For additional incentive for Atlantic County visit Atlantic County Economic Development Site.