Category - Buying a home

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302 N. Mansfield Avenue, Margate
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NEWS FLASH: Ventnor Ordinance Amended
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How To Prep Your Bank Account To Buy A Home In 2017
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Why Buying A House Is Like Planning A Wedding
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4 Ways The Real Estate Market Changes After Labor Day
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4 Real Estate Lessons From Old-School Board Games
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Don’t wait, It’s Time to Buy That Beach House in Jersey Shore is Now
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100 S Osborne Ave Margate NJ 08402 | MLS # 411219 – Mark Arbeit and Company
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4330 Atlantic Avenue, Atlantic City, NJ 08401
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MARK ARBEIT AND CO. LOVES MARGATE, NJ

302 N. Mansfield Avenue, Margate

Take a tour of 302 N. Mansfield Avenue, Margate 

Renowned architect and builder Robert Kiejdan delivers another stunning 2,500 square foot NEW CONSTRUCTION masterpiece in Margate’s prestigious Parkway Section. This 5 bedroom, 3.5 bath home spans three stories.

The first floor highlights include a covered front porch, state-of-the-art eat-in kitchen, separate dining area and spacious great room with a beautiful stone fireplace. The first floor is perfect for family gatherings with its bright open layout.

The second floor features a large master bedroom suite with walk-in closet and spa bath, two additional bedrooms, a hall bath, laundry room, and another large covered porch.

The third floor is perfect for family, guests, or kids, with a fourth bedroom featuring single bed built-ins, two closets, another full bathroom and a bonus room or 5th bedroom.

Built on a 41.6′ x 80′ lot it provides space for a backyard, great outdoor storage shed, and the driveway can fit up to 4 cars. Just a few blocks to the beach, this is the perfect summer or year-round home! This architectural design is copyrighted by Kiejdan Architects and has never been built in Margate before.

For more information on this property click here!

NEWS FLASH: Ventnor Ordinance Amended

Ventnor Ordinance

HAVE YOU HEARD?!

NOW, VENTNOR HOMES CAN BE RENOVATED EVERY YEAR!

 

GOODBYE, IMPROVEMENT LIMITATIONS

Until recently, there was a severe limit to the amount of improvement possible for homes situated below the required elevation. In the past, such homes could only be improved 40% of their market or assessed value every 10 years.

Here’s a hypothetical example:

Let’s say John Doe owns a home in Ventnor that does not meet the required elevation.  He wants to renovate his kitchen and bathrooms. His home is assessed at $450,000.

In the past, Mr. Doe could spend no more than $180,000 (40% of his home’s value) on renovations every 10 years. This put our hypothetical homeowner in a pickle – if he renovated his kitchen, he would have to press pause on the bathroom project until 2027. If he wanted to tackle both projects in this decade, he would have to tear down his entire home and build a new construction.

 Ventnor City Hall

 

HELLO, ORDINANCE AMENDMENT

Effective October of 2016, The Board of Commissioners AMENDED the previous ordinance. Now, Ventnor homes can be improved 50% of the market or assessed value EVERY YEAR!

Now, homeowners can take on major renovation projects without tearing down their residence.

Now, your Ventnor home is worth more!

And now, John Doe can renovate his kitchen AND his bathroom – no tear down necessary!

The Mark Arbeit And Co team thanks Mayor Holtzman, Commissioner Landgraf and Commissioner Kriebel for helping preserve our beautiful Ventnor homes!

 

MORE INFORMATION

To view the official amended ordinance, Click Here.

Want to find out what your home is worth? Call Mark Today!

How To Prep Your Bank Account To Buy A Home In 2017

how to save money to buy a homeGetting your finances in order can help you buy a home in the new year.

This is it: 2017 is the year you will finally buy a home! But even once you’ve made the ultimate decision to make the leap into homeownership, your hard work is far from complete. Buying a home is a big commitment and costs a lot of money — and getting the mortgage you want at the best interest rate possible is enough to stress anyone out. Organizing your financial house, so to speak, can help reduce that stress and set you up for home-buying success.

Whether you’re eyeballing a home for sale in Jacksonville, FL, or a humble abode in Phoenix, AZ, you can take action to prep your bank account and savings to be ready to buy a home in 2017. So, if your goal is to nab the keys to a brand-new place, these six steps will help you get organized, stay on track, and fund your dreams.

1. Set a specific goal

It’s hard to make a plan of action if you don’t know where you want to go. Look at how much it will cost you to buy a home in 2017. What amount of money do you need to save for that down payment? Your best option is to save at least 20% of a home’s purchase price. This allows you to get better options when it comes to mortgages and interest rates, and it means you avoid the extra cost of PMI (private mortgage insurance).

Once you have the specific target number in mind, you can break it down by month. If you want to save a total of $20,000 before you buy, for example, you need to put away about $1,667 per month to meet your goal at year’s end.

2. Designate a savings account just for your down payment fund

You can stay organized by putting the money you save for this specific purpose into its own savings account. Online banks like Ally or CapitalOne360 offer great options, because they allow you to have multiple accounts that you can designate for specific goals. (CapitalOne360 allows up to 30 accounts without a fee!)

Online banks also tend to offer higher interest rates in the current low-rate environment than traditional, brick-and-mortar banks. But that’s not a hard-and-fast rule. Shop around and look for a bank (or credit union) that offers the best savings account option, with the best interest rate — and don’t settle for an account that charges you fees. There are too many no-fee options available.

3. Create an automatic transfer

You have your specific goal and now you know where you’ll put that money while you save. The next step: Set up an automatic transfer from your checking to that designated savings account. Setting up an automatic transfer is a great way of “paying yourself first.” You prioritize your savings by moving it into the designated account first. This means you won’t be tempted to spend that money like you might if it sat in your checking account for a while before you made the conscious decision, month after month, to transfer it to savings.

It also means you’ll make progress toward your savings goal even if you forget about it one month (or two). An automatic transfer means you won’t fall short of your goal at the end of the year simply because you forgot to move the money to the right savings account.

4. Revise your budget to cut costs

Depending on how much you want to save for a down payment, you may need to move a lot of money from checking to savings each month. This can severely limit your cash flow and leave you short in other areas of your budget. To prevent this, review your budget with your monthly savings goal in mind. Where can you cut costs so you can afford to save this much per month? Start by looking at your discretionary income. You don’t need to eliminate everything, but could you cut back on how much you spend to eat meals out, for example?

Don’t forget to evaluate your bills and living expenses too. While you may not be able to cut these costs entirely, you can take action to reduce them. Call providers and ask about discounts or lower-priced options. Every little bit of expense you can eliminate makes it that much easier to add to your savings so you can stay on target.

5. Allocate extra funds to your home-buying goal

In addition to freeing up money from current costs in your budget, you can allocate any extra money you make to your down payment fund. This can accelerate your progress toward your ultimate savings goal — and even help you exceed it. Put any kind of windfall toward your designated savings account. This could include overtime pay, quarterly or annual bonuses from work, or extra money you make on the side (but be sure to set aside funds to cover taxes on your added income). Allocate at least half of cash gifts to savings too.

6. Resist making massive transfers before you apply for a mortgage

You’ve worked hard to save up the money you need to buy a home in 2017. You know your home-buying budget, you’ve identified a lender, and you’re ready to apply for a mortgage. Now is not the time to do anything drastic with any of your bank accounts. Remember, when you apply for a home loan, the lender will carefully scrutinize all of your financial activity. You’ll need to explain the source of any large transfers and provide documentation for proof.

Talk to your lender about what kind of funds they’ll approve and what cash they won’t allow you to use toward a down payment. Ask what documentation or proof you need for different kinds of transfers. Doing so now will help you prepare to buy a home in 2017 and secure the mortgage you need to help you reach your goal.

– See more at: https://www.trulia.com/blog/how-to-prep-your-bank-account-to-buy-a-home/?ecampaign=con_cnews_digest&eurl=www.trulia.com%2Fblog%2Fhow-to-prep-your-bank-account-to-buy-a-home%2F#sthash.SpLdo8Dl.dpuf

 

Why Buying A House Is Like Planning A Wedding

10_MISTAKES_TO_AVOIDLocation, Location, Location! It’s just as important in real estate as it is in executing the wedding. It basically sets the mood for the rest of your life. Do you want a country setting? A city high rise? Cozy backyard shindig?

And just like a wedding, there are multiple players involved in purchasing a home. Each has an important role to play in making things go down without a hitch. Here are the main players:

Bride = Buyer

As long as she thinks she’s in charge, it’s all good. Expect momentary flashes of schizophrenia and crazy texts over nothing of actual importance. Normally, a very nice person but always be on the lookout for Bridezilla to emerge.

Groom = Moving Company

Not really an important player until after the paperwork is signed.

Mother of the Bride = Home inspector

“Nope. This house sucks. No good. Needs to be replaced. Might as well start over and find a new dream property. I said no. No means no. Fine do whatever your want.”

Minister = Insurance Agent

Mostly along for the ride after the union passes regulated counseling. Likes to be paid (and fed) handsomely at the reception.

Bridesmaids = Buyer’s Agent

These are the people who will walk hand in hand with you to see 14 different dresses/houses. They will laugh, cry and stress over every little detail with you.

Best Man = Listing Agent

Been buddies forever. Lots of embarrassing stories but we will all try to ignore those because we are serious, sophisticated adults now. Mostly just involved for the drinks and witness the bridal party meltdown.

Father of the Bride = Loan Officer

Also known as the gatekeeper for the whole transaction. Usually bringing all the funds to closing. Don’t lie to this person. Your fate is in their hands.

Wedding Planner = Title Agent/Closing Attorney

This is the person running the whole show from behind the magical curtain. Deserves a pay raise and WAY more credit than they usually get.

Flower Girl = Appraiser

Sure, she’s been cute for 6 months leading up to the big day. However, by the bridal luncheon the day of, she seriously needs a nap, a lollipop and a bribe to behave like a sweet little angel until we can get this knot tied up. Pretty please?!

Photographers

Crucial in both weddings and real estate. Overpaid but totally worth every penny.

Oh, and although the following isn’t a “person”, it’s a crucial component of both a wedding and real estate transaction:

Engagement = Due Diligence

During this period you’ll want to check for:

  • Leaky pipes (i.e. a gossip-driven Mother in Law)
  • Roofing issues (how long until hubby starts balding?)
  • Code restrictions for expansion (you promise you won’t get fat, right?)
  • Potential for future development in the neighborhood (KIDS!)
  • Architectural drawings of original site map (dang, you were an ugly kid… sure glad you grew into those ears!)

 

Re-posted from Lighter Side of Real Estate

Original Article by Whitney Nicely

http://lightersideofrealestate.com/real-estate-life/why-buying-house-is-like-planning-a-wedding

 

4 Ways The Real Estate Market Changes After Labor Day

Parkway Brick Home MargateThe summer home-buying frenzy wanes after Labor Day, but you can still take advantage of what the fall season offers.

The time between Labor Day and Thanksgiving, unofficially known as fall, is prime time for enjoying the great outdoors. And while there’s no substitute for spending time in natural green spaces, if you’re in the market for a house, fall weather presents an ideal backdrop for strolling through potential neighborhoods and checking out real estate for sale in Atlanta, GA, or Minneapolis, MN.

While some homeseekers might throw in the towel after Labor Day and wait until spring to begin a new search, others will find some definite advantages to starting their home pursuit in September. Find out how the market changes after Labor Day and what makes it a pivotal day for the real estate industry.

1. Fall real estate can be more of a buyer’s market

A buyer’s market means you, as a buyer, are in the driver’s seat. That’s good news if you’re home-hunting in the fall: There are typically fewer buyers after Labor Day. “This, of course, is dependent upon local market cycles,” says Michael Kelczewski, a Pennsylvania and Delaware agent. “But typically, families need to be settled into a home by the start of the school year.” And the date school starts can’t be moved. “This results in plenty of ‘fun’ conversations between spouses, as there’s no negotiating when they need to be in the house,” Connecticut agent Scott Elwell says.

But if you don’t have school-age kids, the school year doesn’t matter and you can take advantage of this. You might find that competition is down for homes after Labor Day, meaning you’re probably in a buyer’s market. And this is significant. “I find that I am able to negotiate better prices for buyers [during September and October] because we have less competition and the market is slower,” says Joan Brothers, an agent in New York, NY.

2. Vacation-home sellers see action

Summertime is prime vacation season. Even Congress breaks for the entire month of August. After you’ve had a particularly lovely time at your summer getaway spot, you might consider buying a place in the area and going back every year. “If you start looking for a vacation home in the fall, you can have it purchased and furnished by spring,” says Tammy Berry, director of sales and marketing for Heritage Harbor Ottawa resort in Illinois. By purchasing in the fall, you can see what the area has to offer in the off-season.

Winter is also a popular vacation time, particularly for skiers and people who love ice-skating and snow tubing. If you buy at a ski resort in the fall, you can enjoy the resort yourself or earn some serious dollars renting the place to winter-wonderland enthusiasts. “Resort communities, like in Colorado and the Rocky Mountains, offer robust winter rentals,” says Tricia Mccaffrey Hyon, a Colorado agent. “Purchasing in the fall allows a buyer to see immediate rental income from their property during peak holiday times.”

3. Home prices, like leaves, fall

Many people list their home for sale during what they think will be the best time to sell: summer. And it often is. “Summer is peak selling season,” Mccaffrey Hyon says. But not everyone is successful. “When a property hasn’t sold by Labor Day, sellers will reevaluate asking prices, creating greater room for negotiation.”

4. There’s no deadline for most fall home buyers

When you’ve picked a certain neighborhood because of the school district for your kids, it’s imperative that you are actually in your home before school begins. But if the first day of school is not your concern, you don’t really have a deadline. You might want to be in a home before the holidays, but the stakes aren’t as high if you aren’t. “Plenty of buyers have aspirations of moving in by certain holidays,” Elwell says. “But that can always be adjusted depending on the financial implications.” Let’s say you prefer to be in your new home by Thanksgiving, but you can get a better deal if you wait. You’ll probably adjust accordingly, Elwell says.

Have you bought a house during the fall real estate market? Tell us about your experience in the comments!

Re-posted From Trulia.com
http://www.trulia.com/blog/fall-real-estate-market-characteristics/
By Laura Agadoni| September 5, 2016

4 Real Estate Lessons From Old-School Board Games

dice-dominoes-and-game-pieces

The real estate game is all about taking risks and trying not to run into trouble.

Playing old board games with friends is a fun way to spend a Saturday night. The drinks are flowing, the snacks are as plentiful as the laughs, and the spirit of competition keeps everyone a little livelier than usual.

During one wildly successful board game night, we had an epiphany — some of the skills we use when playing could be applied to a search for a home for sale. Get out your egg timers and your velvet satchels full of wooden letter tiles, because we’re about to lay some gaming knowledge on you.

1. Have a strategy (and allies)

The real world isn’t always candy-themed. Unless you’re playing a game where you rely on the luck of the dice to move you along, you’re going to need a strategy. Are you coming in hot and trying to build an early lead? Or are you lying a little low, waiting to see how the game unfolds, and then striking at precisely the right moment? The exact same thing applies to house hunting.

Bold and aggressive? Buy low on a fixer-upper and make something amazing out of it. More conservative? Prepare for the long haul to find the right match that you’re willing to pay a premium on. Get your strategy straight with the help of an ally in the form of a real estate agent — a third party who’s not directly playing the game but is there when you need guidance. Check those boxes, and you’re on the way to winning this thing.Dice-Roll

2. Sometimes you need a little luck

Sometimes in the real estate world, you can do everything right but still find yourself on the house hunt six months later. The truth is, finding a home often requires luck. And there’s not much you can do to encourage the luck factor except hope to get lucky. In board games, it’s a dice roll or the spin of a plastic wheel. In house hunting, it might be that the offer ahead of yours falls through or you just happen to get your offer in five minutes before someone else. One of the tenets of Stoic philosophy is to try to control only what you can control, and it’s a perfect match for house hunting. Do your best but don’t stress about what’s out of your control. It won’t help you and it will only make you anxious.

3. Don’t make emotional decisions

We’ve all been there. You don’t have the cards, the dice have been coming up snake eyes, and your pink plastic dude is so many spaces behind. This is not the time to dwell on those feelings. Swallow the despair and double down on the comeback run that you have in you.

House hunting is no different. You’re going to lose a house that you put an offer on. Maybe several of them. And sometimes, you’ll lose a bidding war on a home you’d already started dreaming about moving into. Don’t get frustrated and settle for something you don’t want or a place with serious red flags. This is going to be one of the largest purchases you ever make in your life. Breathe deep and make these decisions with your head on straight and your eyes wide open.

monopoly-pieces-500x2734. Be in it to win it

In a board game, it’s easy to get caught up in the superdope-looking board or choosing between the silver top hat or the silver Scottie dog. Those are just distractions. You’re a coldhearted winner; you’re not here to make friends (although, ironically, you’re probably playing those old board games with your friends). You’re in this thing for one reason and one reason only: to crush the competition. Don’t forget that when house hunting either. It’s fun to look at places and check out the market, but don’t get caught up in seeing every Southwestern ranch-style home in the city when what you really need is your home.

Go forth and use these lessons like trump cards on your way to your dream house. Just don’t forget to consider a board game closet.

 

Article Re-posted from Trulia.com

Don’t wait, It’s Time to Buy That Beach House in Jersey Shore is Now

The COST of a Home: Last Year….This Year &….. Next Year…

The cost of a home is determined mainly by two components: price and mortgage rate. Today, we want to show how the monthly cost of purchasing a median priced home has changed over the last twelve months and how it might change over the next twelve months. For the first two examples, we will be using the National Association of Realtors’(NAR) Existing Home Sales Report to establish median price and Freddie Mac’s Primary Mortgage Market Survey to establish mortgage rate. We also assumed a 20% down payment in all examples.

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100 S Osborne Ave Margate NJ 08402 | MLS # 411219 – Mark Arbeit and Company

Great Time to own on beach block !

Mizner Mediterranean in Margate

100 S. Osbourne Ave, Margate NJ

NOW $1,500,000

A touch of Palm beach in the Parkway, this classic Addison Mizner built home is a 1 of a kind beach block masterpiece of architecture & beauty. Enter the 4BR 2.5BA home into a large living room, bathed in light thanks to huge windows, w/20ft cathedral ceilings, a sweeping stairway & gas fireplace all adorned with antique Mercer tile. There’s a large dining room and spacious eat-in gourmet kitchen. 2BR up, 2BR down, H/W floors through out, all flowing onto decks, patios and loggias with ocean views & attached garage.

4330 Atlantic Avenue, Atlantic City, NJ 08401

“Sand Dollar House”

Beautiful Beach Block Home in Heart of Lower Chelsea A.C.

Here at Mark Arbeit and Co its a rare find to come across a home with such history and style, such is “Sand Dollar House” so named because of the sand dollars carved by turn of the century artist going up the stair case.

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MARK ARBEIT AND CO. LOVES MARGATE, NJ

ADDRESS         DATE       REPRESENTING
22 N. Lancaster Avenue, Margate

1/5/12

Seller & Buyer

7 N. Thurlow Avenue, Margate

2/10/12

Buyer

411 N. Rumson Avenue, Margate

2/14/12

Buyer

9600 Atlantic Avenue, Unit 1612, Margate

3/1/12

Seller

9 Bayshore Court, Margate

3/2/12

Seller

1 S. Douglas Avenue, Margate

3/5/12

Seller

211 N. Nassau Avenue, Margate

3/15/12

Seller

7803 Bayshore, Margate

3/23/12

Buyer

402 N. Clarendon Avenue, Margate

3/26/12

Seller & Buyer

404 N. Clarendon Avenue, Margate

3/26/12

Seller & Buyer

116 N. Belmont Avenue, Margate

3/27/12

Seller

6 Baycrest Drive, Margate

4/4/12

Buyer

319 N. Union Avenue, Margate

4/5/12

Seller

214 N. Lancaster Avenue, Margate

4/11/12

Seller

606 N. Delevan Avenue, Margate

4/20/12

Buyer

11 N. Madison Avenue, Unit B Margate

4/27/12

Seller & Buyer

9 S. Brunswick Avenue, Margate

4/30/12

Buyer

16 N. Jasper Avenue, Margate

5/11/12

Seller

215 N. Washington Avenue, Unit 1, Margate

5/18/12

Seller

215 N. Washington Avenue, Unit 2, Margate

5/19/12

Seller

215 N. Washington Avenue, Unit 4, Margate

5/20/12

Seller & Buyer

9600 Atlantic Avenue, Unit 715, Margate

5/21/12

Buyer

9600 Atlantic Avenue, Unit 715, Margate

5/24/12

Seller

11 N. Rumson Avenue, Margate

5/29/12

Buyer

215 N. Washington Avenue, Unit 3, Margate

6/22/12

Seller & Buyer

23 S. Monroe Avenue, Unit A, Margate

6/22/12

Seller

121 N. Hanover Avenue, Margate

6/26/12

Seller & Buyer

121 N. Clarendon Avenue, Margate

6/28/12

Buyer

15 N. Exeter Avenue, Margate

6/28/12

Seller

22 N. Huntington Avenue, Margate

6/29/12

Seller

6 N. Adams Avenue, Unit 5, Margate

7/2/12

Buyer

116 S. Lancaster Avenue, Margate

7/20/12

Seller

7508 Freemont Avenue, Margate

7/21/12

Buyer

36 N. Douglas Avenue, Margate

8/15/12

Seller

20 N. Lancaster Avenue, Margate

9/4/12

Buyer

9510 Amherst Avenue, Unit 116, Margate

9/7/12

Seller

14 N. Exeter Avenue, Margate

9/12/12

Buyer

13 N. Rumson Avenue, Margate

10/19/12

Buyer

121 N. Iroquois Avenue, Margate

10/20/12

Buyer

9600 Atlantic Avenue, Unit 1019, Margate

11/19/12

Seller

9400 Atlantic Avenue, Unit 1008, Margate

11/30/12

Seller

114 S. Rumson Avenue, Margate

12/7/12

Buyer

9202 Ventnor Avenue, Margate

12/14/12

Buyer

© 2014 Mark Arbeit and Co Atlantic City, Margate, Ventnor and Longport Beach NJ Real Estate. All Rights Reserved.