Archive for Second Homes
The Progress of Residential Development in Atlantic City, NJ
Posted by: | CommentsWritten by Jamie K. Mulholland for Casino Connection Magazine
For the original post of this article go to: http://www.casinoconnectionac.com/articles/Living_the_High_Life
In Atlantic City you have the casinos, the beach, the Boardwalk, and a rich and storied history. There is no city in the world like it. So why weren’t certain areas being improved?
In the last 10 years, Atlantic City has been virtually reinvented, thanks to large-scale revitalization efforts from several segments and on multiple levels. Infrastructure and transportation improvements, beautification projects, large-scale casino and retail development and a full-scale marketing campaign billing a city that is “Always Turned On” have made Atlantic City a force to be reckoned with. And that, apparently, was just the beginning. The next 18 months will see a residential housing influx of such magnitude and magnificence that many are predicting the city will return to, even surpass, the glory days of the early 1900s. Read More→
Trump Plans Condo-Hotel on Steel Pier in Atlantic City
Posted by: | CommentsBy DONALD WITTKOWSKI Staff Writer, (609) 272-7258
Published: Thursday, November 2, 2006 in the Press of Atlantic City
ATLANTIC CITY — In the latest incarnation of a fabled but faded Atlantic City landmark, the Steel Pier will be redeveloped by Donald Trump’s casino company for luxury condominiums jutting hundreds of feet out over the ocean.
Trump Entertainment Resorts Inc. is transforming the century-old pier into condos or possibly a condo-hotel to complement the gaming operations of its flagship Trump Taj Mahal Casino Resort across the Boardwalk. Read More→
DEP to Propose Rules Impacting Development on NJ’s Waterways
Posted by: | CommentsGovernor Jon S. Corzine announced last week significant changes to the rules of the Flood Hazard Area Control Act. The New Jersey Department of Environmental Protection (DEP) will propose new rules concerning the no-development zones along many of New Jersey’s waterways. The new rules will clarify and reorganize existing regulations to limit new development in flood plains. The official proposal has not yet been released, but the DEP offers an unofficial draft of the document on their website at:
http://www.nj.gov/dep/njflood/docs/web_rule_8_31_06.pdf
The New Jersey Association of Realtors (NJAR) is reviewing the proposal to find out how it will specifically impact the real estate industry.
Home Inspections Make Sense
Posted by: | Commentsby I. G. “Zack” Lilienfeld, PE, CEM
As a long-time homeowner and real estate investor who has been through 18 real estate transactions in the last 20 years, I know that the process of buying – or selling – a home can be loaded with twists and turns. As a young buyer, I dreaded the moment when I found a problem with the home I just bought, requiring me to shell out scarce money to repair something I had not anticipated. As a young home seller, I likewise dreaded the moment when a buyer presented me with a shopping list of defects – real or imagined – that they demanded be fixed… or else! As I gained experience buying and selling homes, I learned that in an imperfect world, knowledge is king. So, I applied my engineering expertise to my enjoyment of detective work, leading me to inspect buildings for a living. Read More→
Building Boom Goes On – Major construction projects in Atlantic City, NJ
Posted by: | CommentsTrump Taj Mahal: $250 million, 800-room hotel tower to break ground next month. Scheduled to open in 2008.
Borgata Hotel Casino & Spa: $525 million project is under way. Phase I is a $200 million expansion, to be unveiled next week, with restaurants, stores and gambling space. Phase II is a $325 million, 800-room hotel tower; construction began in 2004, and the tower is to open late in 2007.
Harrah’s: $550 million expansion that includes a retail and entertainment center to open this year, and a 964-room hotel tower to open in 2008. Construction began in March. Also, $100 million in renovations are under way in the casino and hotel. Read More→
Marriage Presents Real Estate Investment Opportunity
Posted by: | CommentsIn general, an average home owner will sell their home and never have to pay capital gains taxes on it. If you own a property and are considering marriage, you’ll probably want to decide what the best option is for you: should you sell and buy a new home or should you keep this property to rent out?
With the idea that real estate is an extremely smart investment, you could keep the current home or condo you own and rent it out. You’ll be able to take a lot of deductions because it’s a rental that you wouldn’t be able to take on your primary residence.
For all the details, read more here.
The Second-Home Market Accounted for 4 out of 10 Home Sales in 2005
Posted by: | CommentsThe last two years have been records for second home sales, according to the National Association of Realtors®. Many consumers today believe that housing a good investment with vacation homes making up 12% of all home sales. Did you know that there are over six and a half million vacation homes in the United States? Many of these homebuyers purchase vacation homes dependent on their lifestyle. They want a “getaway” home or a peaceful retreat, and the last thing on their minds is renting it out to someone else.Once again, the baby boomers tend to make up the majority of second home buyers. Because of this demand for these vacation homes, the demand for them is expected to stay strong for years to come.
Read the complete article here.
Pier at Caesars to debut
Posted by: | CommentsThe project is among $1.4 billion in new Atlantic City projects
Inquirer Staff Writer
ATLANTIC CITY – This booming gambling town is about to get a close look at its latest multimillion-dollar project.
The $200 million Pier at Caesars, an upscale shopping, dining and entertainment complex, opens next week at the heart of the Boardwalk. The developer, Gordon Group Holdings L.L.C., offered a preview yesterday to the media.
It is enough to give Scott Gordon the jitters. “You go through all of these emotions,” said Gordon, president of Gordon Group, which has been working on the project for the last four years. “Most of all, we’re excited to have customers start coming through those doors.”
For Atlantic City, there is more to come. From 2002 to 2005, the resort town captured about $3 billion in new capital investment. Over the next year and a half, $1.4 billion in new projects are planned. In the coming years, billions more will be invested, by Morgan Stanley and MGM Mirage.
The Pier at Caesars will resemble a luxury cruise ship framed by 70,000 square feet of neon signs and graphics created by New York’s Clear Channel Spectacolor.
The four-story Pier has 500,000 square feet, of which 320,000 square feet is being leased to 105 tenants. Ninety of those tenants will be retail and fashion boutiques. Retailers such as Betsey Johnson, Stuart Weitzman, BCBG and Coach are scheduled to open next week, with the other stores to open throughout the summer and fall. Read More→
