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 March 2017*
ADDRESS TOWN STYLE Bds Bth G Bs YB List $ Sale $ DOM Date
43 PLEASANT HILL RD RANDOLPH TWP COLONIAL 4 2.1 2 YES 1983 $375,000 $375,000 231 3/31/17
5 ANDREWS ROAD RANDOLPH TWP COLONIAL 5 5.2 2 YES 1974 $549,000 $530,000 96 3/30/17
110 HIGH STREET RANDOLPH TWP RANCH 3 1.1 1 YES 1947 $415,000 $415,000 4 3/28/17
1 MOREY LANE RANDOLPH TWP COLONIAL 5 2.1 2 YES 1983 $599,000 $590,000 9 3/28/17
3 GUERIN DRIVE RANDOLPH TWP RANCH 2 1.1 2 YES 1960 $259,000 $259,000 6 3/27/17
22 WILKESHIRE BLVD RANDOLPH TWP COLONIAL 4 2.1 2 YES 1993 $650,000 $635,000 248 3/27/17
16 YORKSHIRE DRIVE RANDOLPH TWP COLONIAL 4 3.2 3 YES 1991 $899,900 $882,500 31 3/27/17
46 ARROWGATE DRIVE RANDOLPH TWP TOWNHOME 3 2.1 2 YES 2001 $386,000 $378,000 108 3/20/17
19 LAWRENCE ROAD RANDOLPH TWP COLONIAL 4 3 1 YES 1950 $455,000 $460,000 134 3/17/17
15 CREST DRIVE RANDOLPH TWP COLONIAL 4 2.1 2 YES 1976 $559,900 $535,000 88 3/17/17
426 QUAKER CHURCH RD RANDOLPH TWP COLONIAL 5 3 2 YES 2016 $544,900 $553,900 83 3/15/17
39 TAMMY HILL ROAD RANDOLPH TWP CUSTOM 4 3.1 2 YES 1983 $568,000 $558,000 117 3/10/17
37 CENTER ROAD RANDOLPH TWP COLONIAL 4 2.1 2 YES 1970 $499,900 $475,000 79 3/9/17
4 SHERWOOD CT RANDOLPH TWP COLONIAL 4 3.1 3 YES 2003 $825,000 $820,000 112 3/9/17
12 CORWIN STREET RANDOLPH TWP SPLIT LEVEL 3 1.1 0 NO 1960 $379,000 $325,000 61 3/8/17
95 W HANOVER AVENUE RANDOLPH TWP SPLIT LEVEL 3 2.1 2 YES 1974 $379,000 $325,000 61 3/8/17
19 TAMARI COURT RANDOLPH TWP COLONIAL 4 3.1 3 YES 1997 $799,900 $770,000 49 3/8/17
38 HERITAGE COURT RANDOLPH TWP COLONIAL 4 3.1 2 YES 1993 $594,900 $574,000 168 3/6/17
26 SPARROW ROAD RANDOLPH TWP COLONIAL 4 3 2 YES 1986 $474,000 $415,101 287 3/1/17
25 W HANOVER AVENUE RANDOLPH TWP COLONIAL 4 3.1 3 YES 2003 $649,900 $622,500 67 3/1/17
3 SHERWOOD COURT RANDOLPH TWP CUSTOM 5 4.1 3 YES 2005 $1,149,000 $995,000 165 3/1/17
Shongum Lake Closed Real Estate Transactions March 2017*
ADDRESS Shongum Lake STYLE Bds Bth G Bs YB List $ Sale $ DOM Date
47 BEAVER DAM ROAD RANDOLPH COLONIAL 5 2.1 2 YES 1977 $678,800 $678,800 11 3/27/17

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

Are you looking for a home filled with charm that is HGTV ready and located in the sought after town of Randolph, well look no further. This home checks off all the must haves on your list and then some with a brand new roof! Priced at $415,000, you will not find another home like this. Call me for more details today.

Come by today and check out this new home on the market located on a cul de sac with many updates and above ground heated pool, perfectly priced at $329,000.

12 Lakeshore Drive, Mine Hill

12 Lakeshore Drive, Mine Hill

$329,000

Updated Split Level Home on Cul-De Sac in Great Neighborhood is not to be missed.Inviting Foyer Leads to Formal LRM w/Hwd Flrs & Recessed Lighting. Half Bath Conveniently on 1st Level.See Full Report. Powder Room is Updated with Brand New Floor.1st Level has Updated Kitchen w/Granite Counters, Wood Cabinets, SS Appliances, Breakfast Bar for Easy Dining,Tile Floor Leads to Formal Dining Room w/ Hardwood Floors. Lower Level Family Room has Hardwood Floors & Sliders to Terrific Flat Yard & Heated Pool. All 3 Bedrooms on 2nd Level have Hardwood Floors & Updated Neutral Bath.Partial Finished Basement w/Rec Room for Additional Living Space and Laundry Room. New Hot Water Heater, Newer Septic System,New Furnace. Brand New Garage Door. Close to Major Highways,Shops,Malls Restaurants, Minutes from Train and Beach.

Then look no further! This Shongum Lake colonial with 4 beds plus 1st floor office, finished basement, large, flat, fenced in property and all the fun and events that this lovely community has to offer. Join me for an Open House today from 12-3pm. 

 

This home, The McGrath/Lorey house, built in the early 1700’s and with the same family until now, is filled with so much history plus wonderful and interesting stories such as the femme fatale that once lived there during prohibition.

For many in our area it seems as though real estate season starts in the spring and ends just as the kids head back to school in the early fall. While many home and property sales take place in the spring and summer, the reality of the real estate market is that it’s all about timing. Whether you’re a buyer or a seller of a home or property, there are optimal times throughout the year, but for the most part, the real estate market and when it’s ‘hot’ depends on many reasons.

SPRING AND SUMMER

Real estate inventory fluctuates with each season. For many of us that peruse the market throughout the year, the spring and summer months (for the majority of the country) seem to be when the most properties are available. Spring and summer and even early fall are considered the best times for real estate for buyers as the market will see a wide variety of properties, but it also likely means more competition from other buyers. The reality of this, though, is that if you live in a competitive real estate market, no matter the time of year people will search for real estate and sellers will be able to sell their properties.

One of the main things that drives an influx of real estate in the spring and summer are households with children – parents want and like to move when kids are out of school. If you live in an area where there are a number of families, or where schools are relatively close, spring and summer are great seasons for properties.

A handy tip for sellers: if you’re going to have an open house, the first Sunday of every month is considered the best day to host it. Many listings will hit the market on Thursday afternoon or Friday morning and have a rushed open house the Sunday after. To create intrigue and build momentum for your property, talk with your agent or Realtor to have your listing appear on Monday or Tuesday and follow with an open house the following weekend.

FALL AND WINTER

Early fall is also a very popular time to list property. Buyers will find a good number of listings hitting the market by those sellers who were not quite ready to list over the summer. If you’re a buyer, the winter is also a great time of year for buyers as sellers who are motivated and eager to sell will have no issue listing in the winter and making a deal. Listing in the winter allows sellers to get what they want for their property rather than feel pressured to make quick decisions in the spring or summer when competition is hot.

REAL ESTATE IN GENERAL

I have found that there are motivated sellers and buyers throughout the year and that this time of the year, January & February are more favorable because the inventory is so low and the buyers that come out in the winter are SERIOUS buyers. There are times in each season when listings and properties will be more plentiful. But it’s important to remember that while there might be more properties in the summer, that doesn’t mean the market will be any less competitive. Competition is the name of the game in real estate markets; if you’re interested in a new home or property, start your search as soon as possible.

Spring and summer will see more properties and greater competition while the late fall and winter will attract more serious sellers and buyers will find less competition overall. If you’re looking to buy or sell remember to enjoy yourself, and work with your agent or Realtor so you have the best real estate experience you can have.

Visit my website at Randolph-NJ-Homes.com to get the most up to date information on the recent homes sales.

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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