Randolph & Shongum Lake Real Estate

Hello, I am Missy Iemmello and I am your Randolph Twp & Shongum Lake Real Estate Resource. This website is your one stop shop for all things related to Randolph & Shongum Lake Real Estate .

Missy Iemmello

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Here you can find last month’s closed transactions in Randolph Twp and Shongum Lake. You’ll be able to see the Street Address, the list price (List $), the sold price (Sale $) as well as the beds, baths, garage, basement, year built, days on market (DOM) and the date closed. Please note that List Price and Days on Market are reflective of the listing contract in place at time of sale and do not consider any previous listing agreements.

*Information deemed reliable but not guaranteed. Not all sales made by Missy Iemmello or Remax.

Randolph Twp Closed Real Estate Transactions June 2017*
ADDRESS TOWN STYLE Bds Bth G Bs YB List $ Sale $ DOM Date
68 ARROWGATE DRIVE RANDOLPH TOWNHOUSE 3 2.1 2 YES 2001 $359,900 $355,000 25 6/30/17
3 OLD WOOD LANE RANDOLPH RANCH 4 2.1 5 YES 1983 $445,900 $410,000 102 6/30/17
3 ALBERT COURT RANDOLPH TOWNHOUSE 3 3.1 2 YES 2017 $534,990 $546,836 18 6/30/17
15 FAIRFIELD AVE RANDOLPH COLONIAL 4 2.1 2 YES 1998 $549,900 $539,000 22 6/30/17
37 WOODMONT DR RANDOLPH TOWNHOUSE 3 2.1 2 YES 2,000 $389,999 $380,000 42 6/29/17
7 ALBERT COURT RANDOLPH TOWNHOUSE 3 3.1 2 YES 2017 $596,785 $657,839 16 6/29/17
42 VALLEY RD RANDOLPH COLONIAL 4 3.1 2 YES 1992 $739,000 $729,000 53 6/29/17
9 DEVONSHIRE DR RANDOLPH COLONIAL 4 2.1 3 YES   $939,900 $915,000 28 6/29/17
45 CLOVER LANE RANDOLPH SPLIT LEVEL 3 2.1 1 YES 1959 $475,000 $475,000 43 6/28/17
3 LONGHILL ROAD RANDOLPH BI-LEVEL 4 2.1 2 NO 1977 525,00 $525,000 15 6/28/17
35 WINCHESTER TERRACE RANDOLPH COLONIAL 4 2.1 2 YES 1992 $598,800 $589,000 22 6/28/17
9 FLORAL DRIVE RANDOLPH COLONIAL 4 3.1 3 YES 1989 $715,000 $707,500 80 6/28/17
46 QUAIL RUN RANDOLPH COLONIAL 4 3.1 3 YES 1998 $959,000 $950,000 36 6/27/17
93 HIGH STREET RANDOLPH COLONIAL 4 2.1 2 YES 1987 $550,000 $538,000 46 6/26/17
4 PINNACLE POINT RANDOLPH CONTEMPORARY 5 3.2 3 YES 1990 $589,900 $540,000 34 6/23/17
6 JAMES ROAD RANDOLPH COLONIAL 4 2.1 2 YES 1992 $299,900 $340,000 42 6/22/17
29 MISTY MOUNTAIN ROAD RANDOLPH CAPE COD 5 3 2 YES 1966 $549,900 $544,900 12 6/21/17
12 DIANE COURT RANDOLPH COLONIAL 5 2.1 3 YES 1997 $798,800 $767,000 19 6/21/17
10 MERRIMAC ROAD RANDOLPH COLONIAL 5 2.1 2 YES 1987 $600,000 $595,000 9 6/20/17
26 CENTER GROVE ROAD RANDOLPH CAPE COD 3 1.1 1 YES   $249,900 $240,000 69 6/16/17
32 HILLTOP DRIVE RANDOLPH BI-LEVEL 4 1.1 2 NO 1970 $429,900 $430,000 35 6/16/17
1 OVERBROOK ROAD RANDOLPH COLONIAL 4 2.1 2 YES 1971 $499,900 $478,000 41 6/16/17
26 RIDGE ROAD RANDOLPH SPLIT LEVEL 4 2.1 2 YES 1968 $548,800 $545,000 5 6/16/17
1464 SUSSEX TURNPIKE RANDOLPH COLONIAL 4 3.2 4 YES 1982 $675,000 $655,000 66 6/16/17
47 MISTY MOUNTAIN ROAD RANDOLPH COLONIAL 4 3.1 2 YES 1972 $565,000 $565,000 7 6/15/17
5 ARTHUR LANE RANDOLPH COLONIAL 5 3.1 2 YES 1976 $600,000 $596,500 28 6/15/17
37 EAST LOGAN ROAD RANDOLPH COLONIAL 4 2.1 3 YES 1992 $745,000 $700,000 26 6/15/17
2 PAR COURT RANDOLPH TOWNHOUSE 2 2.1 2 YES 2016 $599,900 $644,092 30 6/14/17
6 KNIGHTS BRIDGE DRIVE RANDOLPH COLONIAL 4 2.1 2 YES   $689,000 $689,000 12 6/14/17
1 COUNTRY CLUB DRIVE RANDOLPH TOWNHOUSE 2 2.1 2 YES 2017 $609,900 $671,990 28 6/12/17
18 KNOLLWOOD TERRACE RANDOLPH COLONIAL 4 3.1 2 YES 1992 $718,000 $730,000 10 6/12/17
124 MILLBROOK AVE RANDOLPH COLONIAL 3 1.1 2 YES 1930 $349,900 $370,000 17 6/9/17
4 BLACK BIRCH DRIVE RANDOLPH BI-LEVEL 4 2 2 NO 1977 $469,900 $479,900 10 6/9/17
3 HARVEY TERRACE RANDOLPH COLONIAL 3 2.1 2 YES 1994 $490,000 $485,000 38 6/9/17
109 ARROWGATE DRIVE RANDOLPH TOWNHOUSE 3 2.1 2 YES 2000 $360,000 $370,000 46 6/6/17
3 EDINBURGH DRIVE RANDOLPH COLONIAL 4 2.1 2 YES 2000 $524,900 $524,900 51 6/5/17
1 TWINS COURT RANDOLPH COLONIAL 4 3.1 2 YES   $579,900 $550,000 86 6/5/17
3 ARLYN LANE RANDOLPH RANCH 5 3 2 YES 1966 $349,900 $370,000 56 6/2/17
31 SANDRA LANE RANDOLPH BI-LEVEL 4 3 2 NO 1983 $499,900 $500,000 16 6/2/17
22 HIGH AVENUE RANDOLPH COLONIAL 5 3.1 2 YES 2010 $714,900 $695,000 211 6/2/17
6 ELM PLACE RANDOLPH SPLIT LEVEL 3 1.1 1 YES 1955 $325,000 $320,000 20 6/1/17
2 ALLEN WAY RANDOLPH COLONIAL 4 2.1 2 YES 1990 $599,900 $592,450    
Shongum Lake Closed Real Estate Transactions June 2017*
ADDRESS Shongum Lake STYLE Bds Bth G Bs YB List $ Sale $ DOM Date
52 BEAVER DAM RD SHONGUM LAKE COLONIAL 5 2.1 2 YES 1980 $671,900 $640,000 57 6/30/17
43 MEADOWBROOK RD SHONGUM LAKE COLONIAL 5 3.1 2 YES 1972 $769,900 $750,000 56 6/30/17
45 CLOVER LANE SHONGUM LAKE SPLIT 3 2.1 1 YES 1959 $475,000 $475,000 43 6/28/17
11 WOODED HILL LANE SHONGUM LAKE COLONIAL 4 2.1 2 YES 1971 $559,900 $559,900 15 6/22/17
21 BEAVER DAM ROAD SHONGUM LAKE COLONIAL 5 2.2 2 YES 1974 $675,000 $672,000 19 6/21/17
34 SHONGUM ROAD SHONGUM LAKE BI-LEVEL 4 2.1 2 NO 1962 $409,900 $395,000 23 6/16/17
9 FIELDSTONE COURT SHONGUM LAKE COLONIAL 5 3 2 YES 1974 $525,000 $515,000 50 6/16/17
14 DEER RUN DRIVE SHONGUM LAKE COLONIAL 5 2.1 2 YES 1973 $499,900 $499,000 236 6/9/17

As we head into the spring market, our 2017 has been one of the most active real estate markets in the past years as far as I can remember. With consistently low inventory and homes receiving contracts right away we are finally back into a sellers market. So far to date, we have not exceeded over 95 homes on the market when in the past we would have already seen 130-140 active homes at this time of the year. In any given 30 day period since January, we are seeing anywhere from 25-35 homes Under Contract.

The reason this is so important is because these numbers provide us with our towns absorption rate. An absorption rate simply put is the months it would take for current inventory to be absorbed based on the following equation, the number of active homes on the market divided by how many homes have gone under contract in the past 30 days. For example, as of today March 5th there are currently 95 homes on the market and in addition 27 homes went under contract in the past 30 days which gives a 3.5 month supply. Anywhere from 0-6 months is considered a sellers market, from 6 months plus is a buyers market and 5-6 months is a normal market where we saw ourselves in most of 2016.

So what does this mean for sellers? Your home still needs to be priced according to condition but with fewer homes as competition we are seeing more multiple offer situations.

For a complete list of homes that sold in Randolph & Shongum Lake, please visit Randolp-NJ-Homes.com for the most updated home sale information.

As your neighborhood resource, my real estate blogs are filled with advice and weekly triumphs and troubles that the road of real estate leads us through. Let me be your guide, I can provide you with the local market expertise and knowledge to give you the best advantage in today’s market.

 

 Randolph & Shongum Lake Real Estate

Some of the great features of this home:

  • Spectacular Shongum Lakefront setting with wonderful views
  • Hardwood floors throughout
  • Great room with Fireplace and built ins
  • Abundant storage, including walk-in pantry
  • Dramatic 2-story solarium with indoor jacuzzi
  • Luxurious Master Bedroom suite with dressing room, additional twin walk-in closets with shelving, twin skylights and balcony
  • Huge, designed to be enjoyed 2 tier deck

Call me today for more details!

 

This Shongum Lake sought after Braddock Model with 5 bedrooms, updated kitchen with granite and stainless steel appliances. Family room with wood burning fireplace open to living room which makes for a great open floor plan has sliders leading to large spacious deck great for entertaining with a in ground pool in this fully fenced in yard located on the waterway that leads into Shongum Lake, perfect for fishing or grab your canoe and boat to the open lake. Updated baths with main bath just redone in Fall 2016. Newer windows, this home is meticulously kept. Finished basement adds additional living space. Call today for more details, this home will not last!

Thank you to all my past and present clients for making 2016 an amazing year! Circle of Excellence Gold is a great achievement and I could not have attained it without your trust and loyalty!

The process of buying and selling a house has evolved over the years but one thing has remained the same, taxes. When buying, selling, or even renovating a home, there are tax benefits and penalties that all homeowners must be aware of. The last thing a homeowner needs is to receive a penalty letter for not paying taxes on something they should have. Worse than that, you could end up paying too much in taxes by failing to take advantage of the exclusions and deductions made available by the IRS.

Home Ownership

When purchasing a home there are three important deductions to be aware of: points, mortgage interest, and property tax deductions. There are other tax benefits for homeowners, but they vary based on the state in which you own your home.

Mortgage points are a fee charged by the lender that is usually 1-2 percent of the total loan amount. Most buyers are not aware that these “points” can be used as deductions on your tax return. The handling of the mortgage points depends on who pays the fee and if it meets certain criteria set forth by the IRS. The criteria that the IRS specifies are this: It must stay within regional averages and not exceed certain yearly set limits. If the mortgage points meet these requirements and are paid by the buyer, they can use this payment as a deduction similar to paying interest on your mortgage. If the seller pays the fee, they can use the points to increase their basis in the home. An owner’s basis in a home is the amount they originally paid for the home plus any additional renovations and fees (ex. Points). There are some instances where the basis can be decreased as well. Once the basis in the home is determined, that is the number that the IRS will use to determine the gain/loss the owner receives from selling their home. If the points paid do not meet the criteria set forth by the IRS, they are not eligible to be deducted the year they are paid. They can, however, be deducted in even amounts over the life of the loan. So if you have a 30-year mortgage, you can take the points paid and divide it out over the 30 years.

Interest expense is any amount of interest you are charged on your mortgage during the year. Your primary home interest expense can be used as a deduction on your yearly taxes. For secondary homes, you can deduct your interest expense only if you live in the home for 14 days, or at least long enough to equal 10% of the time it is rented during the year. This allows you to deduct the interest from both your primary residence and your secondary home. As a homeowner, you will receive a Form 1098 from your mortgage company that will breakdown the amount of mortgage interest you paid during the year.

Property taxes paid to your local township are also deductible on your federal tax return. As a homeowner, if your property taxes are paid through your mortgage, you will receive a statement with the breakdown of property taxes paid during the year. If you do not have a mortgage, or property taxes are not included in your mortgage, then you can simply keep track of your payments and include what you paid during that calendar year. (Topic 504-505, IRS)

Renovations on a Home

Typically, home renovations are not eligible for tax deduction but there are a few exceptions. Improvements that fall under the energy efficiency guidelines set forth by the IRS like energy efficient air conditioners and hot water heaters are eligible for tax deduction. If you replace your air conditioner or hot water heater and it is energy efficient, then you can receive a deduction either in the year of purchase/installation or over the expected life of the unit.

If you make improvements to your home like a kitchen or bathroom remodeling, then this is not deductible on your taxes. However, there are benefits to keeping track of the cost of these renovations. The amount you spend on the remodeling of a room or adding a deck/patio to your home can be added to your basis in the home. This means that when you sell the home your realized gain will actually be lower, making it more likely to fall under the exclusion amount. A realized gain is the amount that the IRS qualifies as your gain on the sale of your home. This is calculated using the owner’s basis in the home as mentioned above. The realized gain is what the government uses to determine if you qualify for the Capital Gain Exclusion that will be explained more in the next section. Even if you are over the exclusion amount, your taxable gain (the amount of gain from your sale that the IRS can tax) will be lower due to the renovations or improvements you made being added to the cost you paid for the home.

Selling a Home

Though very exciting, selling a home can be stressful, as the transaction will certainly affect your tax position for the year. When selling a home, we are always focused on making as much on the house as possible but remember if you’re making money, Uncle Sam wants his share.

There are two things that all sellers must remember for tax purposes. 1.) Sellers should maintain records to establish their basis in the home (as explained in the home Renovations Section) and 2.) The realized gain as a result of the sale. For someone selling their primary residence (resided in the home two of the previous five years) you are allowed to use the Capital Gain Exclusion, as long as your gain does not exceed $250,000 if you are single, or $500,000 if you are married filing jointly. Capital Gain Exclusion allows you to exclude the gain up to those limits from your income on your federal tax return. Maintaining proper documentation for home improvements is important because it could result in you keeping your realized gain below the threshold and, therefore, not having to report any income from the sale in your total income for the year.

There are a couple of reasons that the IRS would allow you to take advantage of this exclusion if you haven’t lived in the house two of the previous five years. Those reasons include the following: death, divorce, job loss, employment changes that force the owner to move, multiple births from the same pregnancy, and partial exclusion if the sale is caused by damage done by a major storm. This exclusion can also be used for second homes. You will not be allowed to use the full amount, but if you can prove that you’ve lived in the home for a certain period of time, you will be allowed to take a partial exclusion based on the time lived in the home. (Topic 701 Selling your Home, IRS)

Conclusion

So whenever it comes to buying, selling, or renovating a home, you must be aware of the tax opportunities available through the IRS. Maintaining proper documentation allows you or your tax preparer to make the most of the available deductions. Just like no one wants to over pay for their home, no one wants to give more to the government than legally required. Best of luck!

Sources-RE/MAX NJ

The Shongum Lake is a private lake community which offers a resort like community right in your own backyard. Families who live near the lake and whom are members of the lake walk to the lake in the summer for family outings, ice-skate on the lake during the winter, and jog around the picturesque neighborhood in the fall and spring. Friday nights in the summer are Happy Hour where families and friends gather to enjoy the lake, weather, and each other’s company. Parties at the Lake House are always a big hit and parties for Memorial Day, Fourth of July, and Labor Day are huge community events that are truly fun for the whole family

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