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| Speak Out! |
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 Want to know what’s HOT in Oaklyn? Find out here on Speak Out! It's your opportunity to share opinions, neighborhood news, event details, or share whatever exciting is happening in your life! If you're not comfortable posting, just drop me an email at katling@comcast.net and I'll add your news!
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Oaklyn Baptist Church Press Release!
Posted on: 2010-07-05
For immediate release
Handicap access in Oaklyn
Oaklyn, New Jersey-July 5, 2010
For Susan Hack, the struggle is now over. For years she has labored with an unreliable homemade lift to bring her into the Oaklyn Baptist Church sanctuary. Now she can easily maneuver her power chair into the churches elevator and access the sanctuary. And for meals and social events? No more dangerous struggles with her crutches to navigate the dozen steps to the fellowship hall; the elevator goes there too.
For the last three years the Oaklyn Baptist Church has been on a mission to make their building more handicap accessible. “For as long as I have been Pastor here, some 13 years now, we have had a dream of making our building more accessible, not only to our own members, but to the community we serve, but the costs were prohibitive,” said Pastor Eric Hoheisel. “Unfortunately, it took a tragedy to change all that.”
The tragedy was that one of the members of the church, Granville Davis, passed away from cancer in 2006 at the untimely age of 60. But Granville had a dream, and he left a donation to the church to help that dream become a reality. With that primary investment in hand, the church members took up the challenge to raise the additional funds to make the dream come true.
On July 18 the church will dedicate their new addition and conduct a ribbon cutting ceremony.
“In the midst of this down economy, it has been a joy to put at least a few people to work” said Pastor Eric. “Our desire has always been to be a church for all people. Completing this project makes tangible the message we preach; I have always believed that actions speak louder than words.”
Contact: Cara Gaehring, Secretary
Oaklyn Baptist Church
Oaklynbaptist@verizon.net
29 E. Bettlewood Ave.
Oaklyn, NJ 08107
856-854-8555
Email: OaklynBaptist@verizon.net
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| Going Green?
Posted on: 2010-03-30
Green is definitely in vogue these days! Not only is it good for the environment, it can be good for your finances. I’ve heard more people complaining about the cost to heat their homes this winter than ever before (including myself!) so anything that can reduce the burden is worth investigating! The number of incentive programs currently offering rebates and tax credit is amazing! Here’s a few I’ve researched…
Geothermal Heat Pumps: Another pricey upgrade with an average investment of $15,000 to $20,000. The upside? Reducing your heating & cooling bills as much as 60% and a federal tax credit of 30%!
Clunker Appliances: If you’re thinking about trading in the old fridge, now’s the time to do so! States are offering rebates on Energy Star qualified washers, refrigerators, air conditioners, furnaces, and more. Typical rebates range from $50 to $250 based on state guidelines. States have until February 2012 to use up the funds (if they last that long!).
Solar Panels: I’m seeing more of these going up lately. In 2008, the cost to install a solar panel system was $44,200 or $8.50 per watt. Systems installed between Jan 1 2009 and Dec 31 2016 are eligible for a tax credit equal to 30% of the cost in addition to local and state incentives. A typical residential system should lower your electric bills by 25% – 50%.
Solar Water Heaters: Costs begin at around $4000 including installation but could double depending on the size, quality and complexity of the system. There’s no cap on the 30% federal tax credit that applies to systems placed in service between Jan 1 2009 and Dec 31 2016. To earn the tax credit, at least half of your household’s energy for water heating must come from the sun.. Water heating costs can be lowered by 50%. And the good news, the average solar water heater has a life expectancy of 20+ years!
Heating & Cooling Replacement: Upgrading heating, ventilation and AC to energy-efficient units can cut utility bills by around 20%. Costs for 95% efficient furnace start at $3500 including installation. The 30% federal tax credit provides up to $1500 on eligible HVAC systems put into service during 2009 or 2010. Keep in mind the $1500 tax credit is an aggregate amount for all qualifying energy upgrades – insulation, roofs, windows, and so on. You can’t claim separate $1500 credits for each project.
Roof Replacement: During 2009 and 2010, you can claim a credit for 30% of the cost (up to $1500) of qualifying asphalt or metal roofing materials. A typical mid-range asphalt roof replacement for a 2200 sq. ft. home will cost from $7000 to $12,000 including labor. In warmer climates, you can expect to save between 7% and 15% on your cooling costs.
Non-Solar Water Heaters: Another 30% tax credit, up to $1500, is being offered for the installation of a tankless water heather that runs on either natural gas or propane. The cost for a tankless water heater will run from $1500 to $2500 including installation. If your current water heater is 12 years or more, now’s a good time to consider replacing it. When a water heater fails, there’s the potential for a big, wet mess!
Windows, Door & Skylights: If your windows are 15 years or older, you should consider this option. You’ll enjoy a 30% credit on the cost of materials – up to $1500. The cost to replace a window can run from $500 to $1000 including installation or about $10,000 for a moderately sized house of 2000 sq. ft. The savings on your utility bills can run from 15% to 40%.
Insulation: Adding attic insulation can cost from $1000 to $25000 including labor – and even higher if you add insulation to exterior walls or around hard-to-reach ductwork. The $1500 tax credit can be applied toward 30% of the cost of insulation installed in your primary residence during 2009 – 2010.
Residential Fuel Cells: the system costs around $50,000 plus $12,000 to $25,000 to install in an existing home. The federal tax credit allows homeowners to write off 30% of the cost but there’s a $1000 per kW cap. State incentives can reduce the system costs further but homeowner system incentives are limited. The payback period is lengthy unless your electricity rates are two or more times higher than the national average.
Biomass Stove Installation: Biomass Stoves come in either freestanding models or inserts that fit inside a traditional fireplace. They burn wood or small wood pellets made of compressed sawdust or other energy sources like corn or grass for fuel. Typical cost is between $3000 and $4500 including installation, less the federal tax credit of 30%. The cost of fuel (wood pellets @ $5 per 40 # bag) could add up to $450 for six months and the stove will only be heating the area its located in, but overall, they can cut heating costs anywhere from 10% to 40%.
Small Wind Energy Systems: If you’ve got $40,000 to invest, a small wind energy system can generate between 30% and 80% of the power required by a typical home. You can earn a 30% tax credit for the total cost of the equipment and installation through 2016, which drops the investment down to $28,000 – and there may be additional incentives available at the state level.
A word of caution when considering energy upgrades… BEWARE OF FALSE PROMISES! Meet and obtain estimates from at least 3 qualified contractors and make certain the specific model/brand you’re purchasing is eligible for the credit. It’s always good to consult with a tax professional to advice on tax implications. You’ll only be able to deduct up to $1500 for most of these improvements for the two-year period (2009 – 2010).
If you’re interested in learning more about any of these energy upgrades, drop me an email and I’ll forward a copy of the article – or, you can visit www.houselogic.com.
Website: kathiboggsshaner.gmragent.com
Email: katling@comcast.net
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| 2010 Real Estate Market
Posted on: 2010-01-12
Another year is behind us… what’s on the horizon for the 2010 housing market? Is this the year we finally turn the proverbial corner? Will mortgage rates rise? Will borrowing standards get even tougher?
From my little corner of the world (e.g., the 31 towns I’ve been following all year), there is hope. Here’s what my research reveals:
· Towns with increased home sales: 38.7%
· Towns with increased pended units: 54.8%
· Towns with increased listed units*: 19.4%
· Towns with increased average list prices: 9.7%
· Towns with increased average sold prices: 12.9%
*Sales and pending units are up compared to new listings. This generally creates a greater demand for housing, which translates into higher sold prices.
With only 12.9% of my research area reporting an increase in sold prices, what’s the real damage to home values? The two towns posting the most significant losses (23+%) were Camden, and the once impenetrable Medford Twp. Collingswood had the lowest loss in value at only 1.6% and, I believe, is poised to take off in 2010. When averaged, the net loss comes out to 7.6% for my research area. Here’s how the 87.1% that lost value break down:
· 35.5%, or 11 towns reported a loss in average sold price of 10% or higher
· 16.1%, or 5 towns reported a loss in average sold price of 6% - 9.9%
· 35.5%, or 11 towns reported a loss in average sold price of 0% - 5.9%
Some highlights of 2010 projections by Fannie Mae, Freddie Mac, Mortgage Bankers Associate, National Association of Homebuilders, and the National Association o Realtors are:
· The housing downturn will come to a close in 2009
· Look for 9.6% increase over 2009 existing home sales
· The 2010 median home price will increase 0.6% over 2009
· 30-year mortgage rates will average 5.7% in 2010
· 2010 new home sales will increase by 25.4% over 2009
· Mortgage originations are projected to decrease 22% to $1.731 trillion in 2010
Dana Gounaris of Trident Financial reports that in 2009, mortgage approval requirements continued to tighten. Buyers who may have qualified in years past were unable to meet current credit requirements. Dana believes this trend will continue through 2010, citing that Fannie Mae recently lowered their allowable debt to income ratio to 45%, which will force more conventional buyers into FHA mortgages and limit real estate investors. He cautions that in months ahead FHA guidelines are poised to become more restrictive... Underwriters and appraisers will continue to be under increased scrutiny... and imposed RESPA regulations will change the way mortgage information is disclosed to the consumer. These changes will have a significant impact on our business in 2010.
Personally, I believe 2010 is going to be an exciting, busy, but very challenging year. Every aspect of a home sale/purchase will be a little bit tougher than 2009 – which makes working with a knowledgeable, pro-active Realtor© more important than ever. As always, I’m available to assist you with any questions, concerns, or real estate needs you may have. May the coming year bring you the best of everything!
Website: kathiboggsshaner.gmragent.com
Email: katling@comcast.net
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Oaklyn Real Estate
Posted on: 2009-11-13
As a Realtor for Prudential Fox & Roach, I follow area real estate statistics very closely. I'm sad to report that Oaklyn has taken a significant hit this year. The average home is currently selling for $173,030, or 13.4% BELOW this time in 2008. To put the numbers in perspective, Oaklyn is down 8.2% from this same time period in 2005! It could be worse... Barrington is down 15.1%, Camden is down 23.6%, and Runnemede is down 12.4%. Some other areas with significant drops include Haddonfield, down 11.7% and Pennsauken, down 11.2%.
There are a couple of forces driving home values down in Oaklyn: 1) property taxes are out of sink with home values, and 2) short sales (where the homeowner owes more than they can sell their home for).
Oaklyn is past due for a re-assessment. As much as that brings fear to many homeowners' hearts, it's the only way to even out the discrepancies between home values and the amount of property taxes homeowners are paying.
Consider this... I have a short sale home listed in Oaklyn for $155,000. Taxes are $5471.15 based on an assessment of $98,900. The problem? Buyers in that price range cannot afford to pay $5471.15 a year in taxes. Even if this home were worth $180,000, the taxes are too high.
It’s expensive to re-assess property values, which is probably why Oaklyn has postponed the process. But I think it goes further than just the COST to re-assess. Property taxes are currently at $5.532 per thousand dollars of assessed value. When a re-assessment occurs, typically, a home is assessed for double the former assessment and the tax rate is reduced 50% For example, when Haddonfield re-assessed home values, the tax rate went from $4.892 per thousand in 2007 to $2.310 in 2008. It increased again in 2009 to $2.338.
Here's the BIG problem... in many cases, Oaklyn homes are not going to appraise for twice their current assessed value. For example: consider my Oaklyn short sale for $155,000. The home is assessed for $98,900. If needed repairs were made, it would be worth $180,000 in market value. If Oaklyn cut their tax rate in half to $2.766, the new property tax bill would be $4979 or a loss of $492/year in tax revenue to Oaklyn. And not for nothing, but if Oaklyn's tax rate is $2.766, it would be $0.428 HIGHER than Haddonfield. Ouch!
Comments welcome!
PS: Email me if you would like a copy of the monthly home statistics I compile.
Website: kathiboggsshaner.gmragent.com
Email: katling@comcast.net
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| South Jersey News!
Posted on: 2009-11-13
Stay on top of pertinent issues to our area!
Website: www.southjerseynews.typepad.com
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