October 27th, 2010
It’s been speculated for the past few years that the Jersey City real estate scene would be seeing on a city wide scale its Revaluation. Well the time has come. Mayor Healy in all his wisdom has notified the Hudson County Board of Taxation that the City intends to begin the 18 month process of conducting a property revaluation, a decision the Board intends to support.
Let’s take a look at exactly what the Jersey City real estate property Revaluation is…..
What Is A Revaluation?
A revaluation is when a municipality appraises all real property within the municipality, according to its full and fair value. Full and fair value simply means current real estate market prices, or what that particular piece of property, in that condition, in that specific neighborhood, would currently sell for between a willing seller and a willing buyer.
A revaluation will appraise each property based on its current market value and, as a result, each property’s taxes will be based on that current market value. Cities undertake property revaluations periodically to update housing valuations for the purpose of attaining uniformity in assessments.
This will serve as the first Revaluation, also known as a city wide “property assessment” done on such a scale since 1988.
This has obviously been a long time coming, but given the economic conditions of many of the city’s residents, many may question the timing. Obviously with the recent tax increases and lay-offs of city employee’s the city is strapped which points to wanting to raise revenue derived from Jersey City real estate property taxes or as the city calls it, “The purpose of this revaluation is to ensure a fair and equitable redistribution of the City’s tax levy so all property owners are shouldering their fair share of the City’s tax burden. The City of Jersey City website also states “Now is the best time to do a property reevaluation because property values are at their lowest.
Over the last 22 years, Jersey City has undergone a tremendous growth in both residential and commercial properties. During the 2000s, like most of the country, we saw real estate prices escalating far beyond their reasonable worth. Since the near collapse of the global economic financial system in October of 2008, we’ve seen Jersey City inundated with a substantial number of underwater mortgages and short sales.
I don’t know about you, but last time I checked, the Reval was done in’88? It sounds like someone is trying to calm the upcoming storm.Much has changed since the last Revaluation, property values are significantly higher, infrastructure has been approved along with the public transportation systems which will all be taken into account when the Jersey City Revaluation is conducted.
This is how the City of Jersey City see’s the Revaluation in terms of assessing properties…
“During those 22 years many changes in the real estate market have taken place—new housing and commercial properties have been constructed while older, dilapidated structures have been torn down, rehabilitated or replaced. Prices have fluctuated. Houses which appear exactly the same from the street may be drastically different inside due to renovation, repairs, deterioration or lack of maintenance, the addition or removal of a rental unit, or a change of property class from residential to commercial.
When you compare the current true market value to the assessed market value (set in 1988) of many properties across the city, you can see that they are dramatically skewed and out of line with the average assessed market value of city properties as a whole.
This means that instead of each property paying its fair share of city taxes based on its assessed value (which should be an accurate reflection of each property’s value in today’s real estate market), many properties are under assessed and are therefore under paying property taxes.
When Revaluations are conducted most expect their property taxes to increase, however this is not always the case. The City is stating that often 1/3 of the municipal properties will see their share of the tax burden go down, 1/3 will see their share of the tax burden go up, and 1/3 of assessed municipal properties will see no change at all.
I know I am not alone in the thinking that this is going to be hard to believe this go around. Especially in the Downtown Jersey City area, which in 1988 was a different world.
Categories: Holiday |
Tags: City, Estate, Jersey, Property, Real, Revaluation | Comments Off
September 9th, 2010
Folly Beach is located just southeast of Charleston, SC and about a 15 minute drive from downtown. It is a barrier island with 19 total square miles, with 6 of it being water. Folly Beach has an eclectic mixture of older beach bungalows and the obvious newly constructed larger homes. As you drive over the Folly River to get to the beach, you will find a colorful blend of surf shops, restaurants, pubs, and beach stores- all heavily visited in the summer months by tourists and locals alike. Many of the locals here refer to Folly Beach as the “Edge of America”. It has the Atlantic Ocean on one side, and the Folly River on the backside of the island, with many tidal creeks and marsh that extend for miles. This allows for great views and ocean breezes whether living on the “marsh side” of the island, or on the beach.
Folly Beach real estate is ever changing. We’re seeing the transition from older single story beach homes to new, larger homes with all the upgrades and features any discreet buyer might want. Here on Folly, you can choose a Key West style, small 1,000 square foot older beach house with character, or you can choose a large 4,000+ square foot oceanfront estate, with a walk to the beach from your backyard. Historically, property values have climbed over 250% in the last 15 years, making real estate on Folly Beach a superb investment.
Affordability is a great advantage for Folly Beach. Folly Beach enjoys some of the least expensive beach-living prices around Charleston. Folly Beach homes for sale typically start in the low 400’s, with oceanfront homes starting just over 1 million. Many find this to be an affordable spot to live, with close proximity to town, while still living at the beach. The other islands that are in close proximity to downtown Charleston hold much higher prices than Folly Beach, making it an easy choice for some.
Another option that many are looking into is Folly Beach condos. This affords a less expensive price tag, while still living the island lifestyle. Condos are a great option for those that are planning on being at Folly Beach for only a certain amount of time during the year, or for those that don’t want to bother with the upkeep that a single family home requires. Options for condos include condos on Folly Beach outside of the Folly River, condos on the Folly River, and condos with ocean views and/or beachfront condos. Condos in general outside of the Folly River start in the 200’s. These are all within biking distance to the ocean, but on the other side of the Folly River from the beach. Examples of these would be Pelican Pointe Villas, Palmettos at Folly, and those on Little Oak Island. Condos on the Folly River start in the 300’s. These are within walking distance to the shops, restaurants, and the beach. Mariners Cay, Marsh Winds, and Turn of River are fine examples of those on the Folly River. Condos at the beach typically start in the 4 to 500’s. There are the condos with an ocean view, and being within a couple hundred yards from the beach or closer. These are Pavilion Watch, Ocean Pointe Villas, and Pier Pointe. Oceanfront condos typically start in the 500-700’s, and can go into the millions. These provide unobstructed views of the Atlantic.
Retirement at Folly Beach is an excellent option. Since ocean property values are still significantly lower in comparison to the rest of the coastal country, many people from out of state are finding it an affordable opportunity to live at the beach. We have historic, downtown Charleston only minutes away. Make a quick excursion into town for the afternoon exploring all of the history that this wonderful city has to offer. There are several (if not dozens) of award-winning restaurants that have a lowcountry flair, available to satisfy any palate. Charleston has great shopping, parks, carriage tours, theaters, art exhibits, and a great nightlife. Enjoy the outdoors? Folly Beach has chartered inshore and offshore fishing tours, an avid kayak and surfing community, and plenty of shells for the beachcombing enthusiast. All in all, Folly Beach is a great place to live. Long walks at the beach in the evenings with your toes in the sand seem to be about as relaxing as one can get. Come see why so many call Folly Beach, home!
Looking for Folly Beach SC real estate? Search the MLS for Folly Beach condos and townhouses as well as all other Folly Beach real estate property types!
Categories: Beaches |
Tags: Beach, Buying, Estate, Folly, Real | Comments Off
September 3rd, 2010
There are many reasons to move to Oklahoma City, Oklahoma. Oklahoma City has the excitement of being the capital of the state of Oklahoma but yet can give you the hometown feel family members crave on some of their quieter residential streets. The city has so much to offer visitors and residents including political events, downtown activities including those of the Bricktown Entertainment district and the Myriad Botanical Gardens located in downtown Oklahoma City.
General Facts:
It is the 36th largest city in the U.S. with an estimated population in 2006 of 1,172,339. In 1993 the city passed a redevelopment package called: Metropolitan Area Projects which includes a baseball park, central library, a canal to the Bricktown entertainment district and renovations to the civic center, the convention center and the fairgrounds. The “Core-to-Shore project creates a connection between the core of the city and the shores of the Oklahoma River.
When deciding on whether or not to purchase real estate in Oklahoma City it is important to look at all the areas of interest including: Weather, schools and hospitals, sports and entertainment, demographic information including median price of housing.
Weather:
Oklahoma City weather has an average annual temperature of about 60 degrees with an average rainfall of 33.36″ and an average snowfall of 9.1″ per year and also the skies are usually clear.
Population and Education:
Oklahoma City is the 29th largest metropolitan city in the U.S. with 635,000-employed individuals. The Median age in years of a resident of Oklahoma City is 34.1 with 403,138 households and an average of 2.52 persons per household. The median household income is $32,286. Education is valued in Oklahoma City with 28% having a high school diploma or technical school certificate and 27% having a college degree or higher.
Schools:
Oklahoma has a mix of public schools, private and parochial schools, colleges and universities and also Oklahoma city Technology Centers.
Sports and Entertainment:
Oklahoma City has everything for family entertainment including – museums, liberated arts center, children’s theatre, music hall, International gymnastics Hall of Fame, Martin Park Nature Center, National Cowboy Hall of Fame and the National Softball Hall of Fame, the city zoo, the Oklahoma Opry, parks and recreation department, the Philharmonic Orchestra, and White Water bay.
In the minor leagues Oklahoma City has the RedHawks a AAA affiliate of the Texas Rangers, Yard Dawgz of the Oklahoma City Lightning, of the National Women’s football Association, City Blazers of the Central Hockey League.
The New Orleans Hornets of the National Basketball Association temporarily relocated to the Ford Center during the 2005-2006 and 2006-2007 seasons.
When considering a real estate decision, cost of housing, location, education, job opportunity and entertainment are all major items to discuss. Oklahoma City has all your major points of interest in a big city style without forgetting about the hometown residential needs of those who seek those comforts.
Categories: Holiday |
Tags: City, Estate, Oklahoma, Opportunities, Real | Comments Off
April 21st, 2010
Despite a gloomy economy and a stumbling real estate market, Oklahoma City remains a viable market with strong buyers and sellers working together to rejuvenate the economy. If you are in the market for a real estate investment, Oklahoma City is a prime location to find some of the countryÕs best deals.
Oklahoma City is located near the center of the state of Oklahoma and serves as the stateÕs capital and the seat of Oklahoma County. The city covers 621 square miles, making it one of the largest cities in land area in the United States, according to the official Oklahoma City website. The city has a population of 558,000 people.
Energy forms an important piece of the economy, both of the city and of Oklahoma state, with oil reserves first discovered in the area in 1928. ÒOklahoma remains an energy state and the heavy concentration of oil and gas activity in the metro area will provide a boost to area job and income growth as long as energy prices remain high enough to encourage local firms to expand their operations,Ó according to the 2008 Oklahoma Economic Outlook report by Mark C. Snead of Oklahoma State UniversityÕs William S. Spears School of Business. Because of this, the rising oil costs that are bringing other regions to their knees may actually be helping counties in the state of Oklahoma.
ÒThe Oklahoma City region is outperforming the state for much the same reason that the state is outperforming the nationÑenergy,Ó according to Snead. ÒThe greatest income gains in the metro area have occurred in Oklahoma County and have propelled the county among the ranks of the top ten nationally in terms of income growth in recent data releases.Ó
The city boasts a low median housing cost of $134,900, according to Zillow.com, and 87 percent of Oklahoma City homes are occupied, leaving the area with a 13 percent vacancy rate. Of occupied homes, 38 percent are rental units with the remainder being owner-occupied. A property owner in Oklahoma City should expect to pay approximately $1,104 per month for property-related expenses and mortgage payments, while owners without a mortgage will pay approximately $373 on average, according to 2006 U.S. Census data. Median gross rent was $570 per month as of 2005, according to census data.
Oklahoma CityÕs overall economy may bode well for investors. Although job growth in the area was down in 2007 from previous years, it still exceeded the national average growth rate for the year. The Oklahoma City Metropolitan Statistical Area (MSA) experienced a job growth rate of 1.7 percent for 2007, a drop from a rate of 2.2 percent in 2005. The United States averaged a growth rate of 1.3 percent for 2007. Oklahoma City is expected to add 6,800 jobs in 2008 and 9,400 jobs in 2009, according to Snead.
And, despite the difficulties befalling housing markets around the world, Ò[t]he Oklahoma City construction market has hardly noticed the national building slowdown and should remain strong through 2009. While some housing-related hiring weakness is expected in the financial services sectors, the metro area will primarily be impacted by the national housing slowdown in an indirect manner through marginally slower U.S. economic growth,Ó according to Snead. He also wrote that homeowners can expect home values in the Oklahoma City MSA to increase by 2 to 4 percent through 2009.
So there you have it, Oklahoma City remains a diamond in the rough. It is a perfect time to consider this pristine Midwest city is the place to invest your next real estate dollars.
Categories: Holiday |
Tags: Bubble, Busting, City, Estate, Midwest, Oklahoma, Real | Comments Off
