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Local Real Estate Market
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Relocating? Local Real Estate Market...
  Living in the Garden State attracts a mix of people unlike any other, where else can you live in the suburbs, spend the day at the shore, and then have a night on the town in New York City, with out spending hours in a car or airplane. The Central Jersey area is filled with people from such a wide variety of life that rarely is the Real Estate Market affected by the down sizing of one area of commerce or another. The Real Estate Market in Central New Jersey has been very strong over the last few years and continues to thrive. The market is beginning to turn from a true "sellers market" more towards the buyer for the first time in many years. We are starting to see upper bracket luxury homes prices begin to soften and an increasing inventory of homes among which there are quite a few good buys. The Bridgewater area and surrounding neighborhoods continue to be quite hot. It is not unusual to see multiple offers for a home in these areas soon after it has been put on the market. New home construction sales are still strong for both custom and portfolio builders. Give us a call and we can discuss your needs and how the current trends that we are experiencing will personally affect you, 800-586-2347. Or just fill out the form below and we will get right back to you.
First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
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| Q |
Where can you find the world's largest residential palace?
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| A |
The Istana Nurul Iman, palace of the Sultan of Brunei, includes 2,152,782 square feet, 1,788 rooms, 257 bathrooms and a 110-car garage. |
 See More Real Estate Trivia > |
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