Vol. 5, No. 4, April 2008
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Real Estate 101
Q & A with Lori Tofani, Real Estate Agent, Prudential Fox & Roach, Brigantine
Are home prices in the Atlantic County area on the upswing, holding steady, or going down?
Of course prices have declined since 2005. We’ve seen some stability return to certain pockets of the market; for example, oceanfront and bayfront properties tend to hold their own. On the positive side, we’ll continue to see market growth due to all the incoming projects (Revel, Pinnacle, MGM). More people will relocate to join the workforce, more people will vacation here and come here to retire. These factors will continue to fuel the economy and drive the market up. We should see the market rebound as early as spring 2009. If you’re on the fence about buying, it’s a perfect opportunity to get low interest rates. For the most accurate market analysis, contact a professional realtor who possesses an in-depth familiarity of your current market conditions.
In an older home, which room would you remodel first and why?
According to the Cost Versus Value Report of the National Association of Realtors, the most cost-effective plan is a kitchen remodel. A minor remodel will provide an 83 percent return on investment; a major remodel will net a 78 percent return. Typical remodel projects include new cabinets (or cabinet fronts) with raised-panel wood doors and drawers, including new hardware. You can also replace wall ovens and cooktops with new energy-efficient models, laminate countertops, install mid-priced sink and faucet, repaint trim, add wall covering and replace flooring.
Does it make sense to take a longer mortgage to reduce monthly payments?
I do not suggest taking a longer-term loan. With a 40-year mortgage, you’re actually paying less principal over the period. Here’s an example: On a 30-year $350,000 fixed mortgage, the rate is 6.375 percent versus 40 years at 7 percent. On the 30-year, you’ll pay $2,495 per month. Over 40 years, the payment per month is $2,485. The difference is $10 per month, but on a 40-year term with principal and interest, it will cost you almost $1.2 million over the course of the loan. With a 30-year, it’s less than $900,000—a difference of $295,000. There are many programs available that can reduce monthly payments.
OPEN HOUSE
If you’re looking for an apartment community with the spaciousness of a home inside, the serenity of a park outside, and every imaginable convenience at your fingertips, Evergreen at Timber Glen is a great place to begin—and, for that matter, to end.
First, there’s the convenience factor. Situated in the center of it all (across from Consumer Square Shopping Center, near the Hamilton Mall), the Mays Landing community of luxury apartments and town homes is just 20 minutes from Atlantic City, close to shopping and all major thoroughfares.
Next, there’s the comfort factor. As you drive the broad, tree-lined avenue that welcomes you home, you’ll find an almost resort-like atmosphere that truly sets this community apart. The philosophy at Evergreen: If you’re going to rent, you might as well love it! And they’ve thought of everything.
Among the amenities: a 24-hour fitness center stocked with free-weights and exercise machines (of course, there are showers and lockers on-site). The residents’ clubhouse features a big flat-screen TV (great for their Super Bowl Sunday party and other resident events), and plenty of comfy sofas and easy chairs around the fireplace.
The fun continues outside with an enormous swimming pool with cabana, two tennis courts and two basketball courts, a jogging trail, and a tot lot for the little ones. Completing the serene atmosphere are ponds with fountains scattered here and there around the quiet, wooded property.
But it’s the warm, inviting apartments and town homes that make the difference here. The unique floor plans offer something for every family, and they’re big—the two-bedroom, two-bath apartments start at 1,164 square feet, and three bedroom units, with two and a half baths, go up to 1,750 square feet.
Each home is characterized by the kind of contemporary, open-space design and crisp, neutral palette that make decorating a pleasure. Ample living room and dining areas—you’ll love the private patios and balconies—flow into modern kitchens, equipped with Maytag appliances and plenty of gleaming white wooden cabinets.
The bedrooms are equally substantial, with oversized walk-in closets and vaulted ceilings. Master bedroom suites feature private baths with relaxing garden-style soaking tubs (in select homes), plus separate showers. Some vanities have twin sinks (no more fighting for face time at the mirror). With accoutrements like these, it’s not surprising to learn that the management company of Evergreen at Timber Glen were the primary builders of a home for a deserving family on TV’s Extreme Makeover: Home Edition.
Importantly for those with physical challenges, the community offers disability access and elevators to second- and third-floor homes. Attentive concierge services include 24-hour emergency maintenance, valet dry cleaning, package pickup and coming soon—complimentary continental breakfast at their clubhouse. You’ll also enjoy the convenient 24-hour business center with free wireless internet —great for when you are at the pool and faxing service.
Short-term leases are available—good news for people between homes or transitioning in for a new job. Each unit has a full-sized washer and dryer in the separate laundry room and parking in the attached garage of the town homes.
Saving the best for last—pets are welcome.
The management at Evergreen at Timber Glen emphasizes a home-like but utterly carefree feeling at this contemporary community. Stop by and see if “resort-style living” is for you.
BY DESIGN
Most people have shoeboxes full of family photographs: baby pictures and school portraits, wedding photos and photos of long-departed ancestors, candid shots and “posed” pictures. How can you put them all together in a great-looking, cohesive wall gallery?
Use similar frames and the same color matting to tie together a disparate group of photos (and artwork). Don’t skimp on the number of images, especially when they’re 11x14 inches or smaller. A small selection on a large wall will get lost. Try a big grouping on the wall leading up the stairs. Guests will be fascinated by this family “wall of fame;” family members themselves will be flattered and touched.
