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 July 2017*
ADDRESS TOWN STYLE Bds Bth G Bs YB List $ Sale $ DOM Date
2 BLACK BIRCH DRIVE RANDOLPH BI-LEVEL 4 2 2 NO 1977 $425,000 $415,000 15 7/31/17
40 W HANOVER AVE RANDOLPH COLONIAL 5 3 2 YES   $579,000 $585,000 15 7/31/17
13 OAK DRIVE RANDOLPH RANCH 3 1 0 YES 1956 $339,900 $337,500 37 7/28/17
15 MOUNTAINSIDE DRIVE RANDOLPH COLONIAL 4 2.1 2 YES 1923 $500,000 $480,000 159 7/28/17
289 CENTER GROVE ROAD RANDOLPH SPLIT 4 2.1 2 YES 1965 $549,999 $537,000 8 7/28/17
28 CROMWELL DRIVE RANDOLPH COLONIAL 4 2.1 2 YES   $635,000 $635,000 19 7/28/17
27 WOODMONT DRIVE RANDOLPH TOWNHOUSE 2 2.1 2 YES 1994 $299,900 $292,500 112 7/26/17
63 LOGAN ROAD RANDOLPH CUSTOM 4 2.1 2 YES 2005 $459,900 $471,000 17 7/25/17
14 DIANE COURT RANDOLPH COLONIAL 4 4 3 YES 1997 $730,000 $712,000 102 7/25/17
16 SYLVIA PLACE RANDOLPH COLONIAL 6 4.1 3 YES 2009 $750,000 $735,000 57 7/25/17
14 EAGLE COURT RANDOLPH COLONIAL 4 2.1 2 YES 1992 $659,000 $650,000 64 7/24/17
30 BARBARA DRIVE RANDOLPH COLONIAL 4 3.1 3 YES   $799,900 $795,000 62 7/24/17
34 HILLTOP DRIVE RANDOLPH COLONIAL 4 2.1 2 YES   $439,900 $433,000 102 7/21/17
11 POWDER HORN TERRACE RANDOLPH RANCH 4 3 2 YES 1978 $529,900 $530,000 30 7/21/17
12 SANDY LANE RANDOLPH COLONIAL 4 2.1 2 YES 1968 $569,900 $569,900 8 7/21/17
142 PARK AVE RANDOLPH RANCH 3 1 2 YES 1920 $232,500 $206,000 288 7/20/17
21 COUNTRY LANE RANDOLPH RANCH 4 3 2 YES 1967 $609,000 $614,000 2 7/20/17
18 FAIRFIELD AVE RANDOLPH COLONIAL 4 3.1 2 YES 1999 $598,800 $600,000 3 7/19/17
30 BLACK BIRCH DRIVE RANDOLPH CONTEMPORARY 5 3.1 2 YES   $549,999 $550,000 30 7/18/17
1 ALBERT COURT RANDOLPH TOWNHOUSE 3 3.2 2 YES   $592,825 $592,825 4 7/18/17
171 RESERVOIR AVE RANDOLPH RANCH 2 1 0 YES 1979 $313,000 $300,000 24 7/14/17
5 CEDAR TERRACE RANDOLPH RANCH 2 1 0 YES   $345,000 $335,000 19 7/14/17
13 JAY DRIVE RANDOLPH COLONIAL 4 2.1 2 YES 1979 $489,900 $510,000 13 7/14/17
6 HELENE DRIVE RANDOLPH COLONIAL 4 2.1 3 YES 2003 $749,900 $740,000 8 7/14/17
77 ARROWGATE DRIVE RANDOLPH TOWNHOUSE 3 2.1 2 YES   $389,000 $379,000 20 7/13/17
34 WILLOW DRIVE RANDOLPH COLONIAL 4 2.1 2 YES 1966 $539,900 $545,000 16 7/13/17
181 MILLBROOK AVE RANDOLPH CAPE COD 3 1 1 YES   $177,900 $165,000 0 7/12/17
619 WENDOVER COURT RANDOLPH TOWNHOUSE 2 2.1 1 YES 2001 $339,000 $335,000 9 7/12/17
11 LILAC PLACE RANDOLPH SPLIT 4 2.1 1 YES 1956 $474,900 $485,000 11 7/12/17
69 BARBARA DRIVE RANDOLPH COLONIAL 5 4.1 3 YES   $784,900 $770,000 65 7/11/17
3 NOTTINGHAM WAY RANDOLPH COLONIAL 5 3.1 3 YES 1998 $799,900 $777,500 42 7/11/17
73 PLEASANT HILL ROAD RANDOLPH BI-LEVEL 4 2.1 2 NO 1996 $449,900 $442,500 81 7/10/17
14 PATRIOTS WAY RANDOLPH COLONIAL 4 3.1 3 YES 1997 $770,000 $785,000 13 7/7/17
44 DOGWOOD TRAIL RANDOLPH BI-LEVEL 4 2.1 2 NO 1974 $409,900 $425,000 10 7/6/17
6 GRIST MILL ROAD RANDOLPH RANCH 3 2.1 2 YES 1930 $475,000 $475,000 17 7/6/17
6 TIMBER LANE RANDOLPH BI-LEVEL 4 3 2 NO   $555,900 $536,000 56 7/6/17
58 MORRIS TURNPIKE RANDOLPH COLONIAL 3 2.1 2 YES 1997 $429,900 $435,000 84 7/5/17
5 TAMMY TRAIL RANDOLPH BI-LEVEL 3 2 2 NO   $344,500 $362,914 7 7/4/17
Shongum Lake Closed Real Estate Transactions July 2017*
ADDRESS Shongum Lake STYLE Bds Bth G Bs YB List $ Sale $ DOM Date
74 RADTKE ROAD RANDOLPH RANCH 3 3 2 YES 1964 $450,000 $410,000 13 7/31/17
8 BEAVER DAM ROAD RANDOLPH BI-LEVEL 4 3 3 NO   $625,000 $625,000 0 7/24/17
23 LAKE SHORE DRIVE SOUTH RANDOLPH SPLIT 5 4.1 2 YES   $600,000 $590,000 30 7/21/17
26 CLOVER LANE RANDOLPH CAPE COD 5 2 1 YES 1959 $479,000 $479,000 8 7/7/17
11 BUTTERNUT ROAD RANDOLPH COLONIAL 4 2.1 2 YES   $575,000 $575,000 70 7/5/17

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.

I remember when we purchased our first home back in 1988 and mortgage interest rates were 11%! I worked for a bank at the time and was elated to get a discounted rate of 8% which helped us tremendously to purchase our brand new condominium which at the time was $125,000, a stretch for our budget.

Well luckily it is now 2016 right around the corner from 2017 and though the mortgage rates have slightly creeped up, they are still historically low. When buyers and sellers ask me questions about predicting the future market, I give them my professional opinion of course, but I always say “if I only had a crystal ball”, which I do not, I could predict with certainty the future of the real estate market.

So why do you ask is the real estate market so HOT? Because no one can predict where the mortgage interest rates will go to in the New Year and most people don’t realize how even the smallest increase in the rate can effect a buyers buying power. That my friends is getting buyers off the fence even in the midst of a cold holiday season when most sellers think no one is buying…think again.

Mortgage rates profound effect on affordability. Below is an example of how the price of waiting can affect your buying power;

Rate Payment Max Price Buying Power Difference
3.875%  $1,900  $380,000  $0
4.375%  $1,900  $363,000  -$17,000
4.875%  $1,900  $345,000  -$35,000

So what are you waiting for, with home prices at their lowest in years and definitely on the rise and historically low interest rates, there has never been a better time to buy a piece of the American dream and buy your own home!

For the latest Randolph market update, go onto www.Randolph-NJ-Homes.com to view monthly home 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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