Flood Insurance Update
FEMA recently adopted a more modern method via which to rate properties in order to determine flood insurance premiums. The goal is to rate properties based on their unique risk characteristics, rather than simply on flood zone and elevation. There is less reliance on traditional elevation certificates, and more reliance on the location of the property (distance to water), square footage, location of machinery, style of construction (and how it relates to cost to rebuild), and the size and number of flood vents, to name a few items. These changes will immediately affect new policies, existing policies will likely not be affected until April 1, 2022, or their renewal date. We are told that some premiums will decrease, while others will increase, but every property’s situation is unique. Per FEMA, these changes do not alter flood mapping or insurance requirements. You can find more resources regarding these changes here (FEMA). Also, two printable documents: Simple Guide for Single Family Homes (coverage limits, deductibles, structure definitions) and New Jersey – Risk Rating 2.0 (premium changes and mitigation). If you have questions about any of these changes, please let us know, and we can put you in touch with our flood insurance contacts.
Events
There are a number of Halloween events in Bay Head this Saturday and Sunday, including a parade/costume contest, pumpkin contest, and pet parade. Details and registration information can be found at bayheadlife.com.
Meetings
Many meetings remain online, though some are also in person – the best source of information right now is the town websites – check for frequent updates and changes. Bay Head and Mantoloking both offer “dial-in” options for the public to attend many of their meetings. Zoom connections are also offered, and the details are generally shared with the meeting notices.
If you can’t find an answer to your question, please let us know.
Bay Head | Mantoloking
Market
The market conditions that we have recently discussed remain largely unchanged – inventory remains low, prices remain high, but there have been a few instances of price reductions. In about two weeks, we will be attending a webinar offered by Altos, one of the leaders in real estate market data, regarding their predictions for 2022. We should have more insight from this in our November update.
At the moment there are 16 homes for sale in Bay Head and Mantoloking combined. Currently there are 10 homes under contract in Bay Head and Mantoloking. Happily, 4 of these transactions are our listings or sales, and many of the others involve agents in our office or company. There have been 2 closings in the last 30 days in the two towns combined.
Further details and discussion can be found in our October Market Update.
As always, our current listings can be found on our website.
If someone you know might enjoy these updates or find them useful, please let us know, or have them contact us.
Have a Happy Halloween, and we hope that you are able to enjoy Thanksgiving with your family!
THANK YOU!
Ed and Suzie
All statistics are per the Monmouth/Ocean MLS as of 10/27/21.
