New Jersey Realtor® Magazine–July/August 2023

Jarrod C. Grasso, RCE Chief Executive Officer

PUBLIC RELATIONS AND MARKETING

DEPARTMENT

Colleen King Oliver Director of Public Relations & Marketing | editor@njrealtor.com

Erin McFeeters Deputy Director of Public Relations & Marketing

Nicole O’Rourke Communications Coordinator

Lisa Fant Communications Coordinator

2023 OFFICERS

Nick Manis President

Gloria Monks President-Elect

Kathy Morin First Vice President

Gloria Siciliano Treasurer

ADVERTISING SALES

Laura Lemos | 973-822-9274 laura@boja.com

DESIGN

Rebecca Ryan McQuigg | Encompass Media Group rebecca@encompasspubs.com

New Jersey Realtors® provides legal and legislative updates as well as information on a variety of real estate related topics solely for the use of its members. Due to the wide range of issues affecting its members, NJ Realtors® publishes information concerning those issues that NJ Realtors®, in its sole discretion, deems the most important for its members.

The content and accuracy of all articles and/or advertisements by persons not employed by or agents of NJ Realtor® are the sole responsibility of their author. NJ Realtors® disclaims any liability or responsibility for their content or accuracy. Where such articles and/or advertisements contain legal advice or standards, NJ Realtors® recommends that NJ Realtors® seek legal counsel with regard to any specific situation to which they may seek to apply the article.

New Jersey Realtor®, publication number 13260, ISSN number 00285919. Published bi-monthly each year. Member subscriptions allocated annually from annual dues: $3. Non-member annual subscription: $10. Known office of publication: 10 Hamilton Avenue, Trenton, NJ 08611. Periodicals postage paid at Trenton, NJ 08611 and at additional mailing offices. POSTMASTER: Send address change to Editor, 10 Hamilton Avenue,

Showcasing the Value of Realtors ® on a National Stage

BY NICK MANIS

The National Association of Realtors® unveiled its first-ever Realtor® National Block Party at this year’s Realtors® Legislative Meetings.

The event took over Nationals Park in Washington D.C., highlighting the Riding with the Brand tour, serving in place of this year’s annual hill visits.

The Realtor® brand did not go unnoticed—thousands of Realtors® attended and showcased the Realtor® value and ideals to members of Congress, their staff, and other housing industry professionals. Several federal state representatives from New Jersey participated in the festivities, including Rep. Josh Gottheimer, Rep. Tom Kean Jr., Rep. Mikie Sherrill, and Rep. Jeff Van Drew.

We fostered connections between Realtor® members and state and our elected officials by signing baseballs and enjoying the Nationals Park takeover, which included food, drink, live music, and fun. NAR hopes to continue

the Realtor® National Block Party at future Realtors® Legislative Meetings.

NAR President Kenny Parcell’s initiative, the Riding with the Brand national tour, also made an appearance. We first saw Riding with the Brand at the 2022 Triple Play Realtor® Convention & Trade Expo, and it has since been traveling across the country and making its mark on communities. Realtors® Legislative Meetings attendees had the opportunity to pose for photos with the tour bus at Nationals Park, meet NAR leadership team members and staff, and more.

Riding with the Brand is more then halfway through its tour, and it’s been so fun following along and watching fellow state associations highlight the importance of real estate and Realtors® to their communities. See where the tour is heading next, and read about past stops at nar.realtor/riding.

Update on the State Budget

It’sbudget time again and while we won’t have an approved state budget by press time, I feel it’s important to update our membership on the types of fees, taxes, and line items we look for every year and what is different about this fiscal year.

What We Watch Every Year Realty Transfer Fee (RTF)

The realty transfer fee was created in 1968 with the purpose to record deed transfers during a real estate transaction and the fee was nominal. Over time, the fee has increased significantly. In the first quarter of 2023, the average sales price for a home in NJ was $550,000, and the RTF cost homeowners nearly $5,000. In the first decade of this century, the RTF increased by nearly 50%, making it far more expensive to buy or sell a home in New Jersey. The State Legislature should not only oppose any possible future RTF increases, but also begin the process of lowering the fee. Additionally, given the average home sale price has increased in the 20 years since the general purpose fee was created, the State Legislature should increase the threshold for when the general purpose fee begins to be collected from $350,000 to $550,000, which is closer to the current average home sales price.

Seasonal Rental Tax

In 2018, a transient accommodation tax was enacted for rentals of less than 90 days rented through new avenues, such as online rental marketplaces. New Jersey Realtors® strongly and successfully opposed applying this tax to traditional seasonal rentals, as you find at the Jersey Shore. If applied to traditional seasonal rentals, it could have cost the state more than $20 million in tax revenue and led to a loss of 2,000 jobs. At a time when more families opt to vacation locally, the state should not consider extending this tax to traditional seasonal rentals. We also believe policies should not be enacted that would restrict short-term or seasonal rentals.

Professional Services Tax

We continue to strongly oppose any proposal that would extend New Jersey’s sales and use tax to real estate licensees’

commissions when a property is bought or sold, as this is already taxed under the state income tax. This would equate to double taxation and would be a tax increase of over $1,000 when a home is sold. Any tax that will make it more expensive to buy or sell a home in New Jersey is a non-starter and should not be considered at any time.

New Jersey Real Estate Commission (REC) Operating Funds

To ensure the governing body which regulates the real estate industry has the resources it needs to protect the public and integrity in the real estate profession, we believe it is essential for the REC to have a sufficient level of funding provided by the state budget on an annual basis. The REC has had difficulty in transmitting important information to the licensees and updating its rules to ensure they are in line with newly adopted state laws, and the State Legislature must make certain the REC has the resources it needs to maintain the integrity of the real estate profession.

What We’re Watching this Year

• $15 million for a First-Generation Homebuyer Down Payment Assistance Program

• $100 million in federal funding to create Urban Workforce Housing

• Allowing the 2.5% Corporate Business Tax Surcharge to sunset on June 30, 2023

• Additional $180 million for the Lead Hazard Control Assistance Fund

• Up to $6,500 tax credit for those over age 65 on property taxes for those earning under $500,000 a year.

All of the above items require final passage by the State Legislature.

DEC. 4-7 SAVE THE DATE

REALTORS ® DAY in Trenton a Success

BY JAILYN FRAZIER, GOVERNMENT AFFAIRS COORDINATOR

In May, New Jersey Realtors® hosted our annual advocacy event, Realtors® Day in Trenton at the Historic Masonic Temple in downtown Trenton, just a short walk from the New Jersey State House. Nearly 200 Realtors® attended, many of whom were first-time attendees, and had the opportunity to hear from elected officials, learn about key industry issues, and take a tour of the newly renovated New Jersey State House. Realtors® Day in Trenton provides attendees with a unique opportunity to meet and hear from state legislators who make policies with a direct impact on homeownership, private property rights, and the real estate industry.

“Trenton Day was an incredibly informative event that provided value for real estate professionals to connect with each other from all over the state,” said Realtor® and member of New Jersey Realtors® Young Professionals Network Kyla Niewinski. “It offered a unique opportunity to stay updated on the current issues and challenges faced by our industry while also exploring the fascinating tour of the state house, adding an extra touch of excitement to the experience! Thank you NJ Realtors® for giving us this opportunity to grow and connect.”

The morning began with networking, photo opportunities, and breakfast. New Jersey Realtors® Chief Executive Officer Jarrod Grasso kicked off the event by welcoming attendees and going through the agenda for the day which included a panel discussion with New Jersey Realtors® Government Affairs Department, remarks from Assembly Speaker Craig Coughlin, and a tour of the New Jersey State House. A welcome video from Gov. Phil Murphy, who has attended the event in previous years, was played which thanked the Realtors® for attending and recognized the members of the New Jersey Realtors® 2023 Leadership Team.

Grasso introduced and moderated the panel discussion with the New Jersey Realtors® Government Affairs Department, which included Vice President of Government Affairs

Doug Tomson, Director of Government Affairs Catherine Best, and Director of RPAC & Regulatory Affairs Bruce Shapiro. They discussed current local issues, the Realtors® Political Action Committee, the NJ State budget, New Jersey Coalition of Real Estate, New Jersey Realtors® Issues Mobilization Fund, crucial issues impacting the real estate industry, and the team’s proudest achievements while working with New Jersey Realtors®.

Assembly Speaker Craig Coughlin delivered his remarks discussing his take on the state budget proceedings, his senior property tax plan, and the state of the housing market. As Speaker, Assemblyman Coughlin determines which bills are considered in the Assembly and which are not, making him one of the top officials in the State House.

“It was my first time attending Realtors® Day in Trenton as a new real estate agent. It was great to learn that first time homebuyer affordability is something that NJ is working towards, as inventory is challenged,” said Century 21 Realtor® Justin Green. “Assembly Speaker Craig Coughlin spoke on other legislative priorities that affect us all: predatory service agreements and property taxes. It was a great day!”

Following the Speaker’s remarks and the conclusion of the panel discussion, many attendees made their way to the State House to meet other legislators and for a behindthe-scenes tour of the newly renovated capitol complex. The tour included the Senate and Assembly chambers, committee rooms, the famous rotunda, and even the governor’s newly renovated wing, which has been closed to the public since late 2016 and reopened a few months ago.

Attendees who visited the State House had a chance to meet and speak with Sen. Troy Singleton after the Senate voting session. Sen. Singleton is the chairman of the Senate Community and Urban Affairs Committee, where nearly all bills affecting housing are assigned to and considered before they can reach the Senate floor. The impromptu meeting with Sen. Singleton capped off a successful day in Trenton for New Jersey Realtors® who learned about the legislative process, our association, and just a few of the many issues New Jersey Realtors® works on.

“I always look forward to getting together with long-time Realtor® friends at Trenton Day. A lot of great information shared,” said Realtor® Ken Freeman. “See you all next year.”

NEW JERSEY LEGISLATIVE BILLS

Prohibits ownership of agricultural land in State by foreign governments and persons.

New Jersey Realtors® Position: MONITOR

NJ Realtors® will monitor this bill as it relates to property ownership rights and domestic ownership of foreign land is a growing topic.

Bill History: 01/26/2023—Introduced and referred to Assembly Agriculture and Food Security Committee.

Requires expanded use of affordable housing voucher program funding for homeownership expense assistance.

New Jersey Realtors® Position: STRONG SUPPORT

NJ Realtors® will strongly support this bill as it pertains to affordable housing. NJ Realtors® worked with North Central Jersey Association of Realtors® Young Professionals Network on this program last year and has spoken to the federal delegation about this bill.

Bill History: 02/28/2023—Introduced and referred to Assembly Housing Committee. 03/20/2023—Reported.

Requires landlord to provide various kitchen appliances in certain dwelling units offered for rent.

New Jersey Realtors® Position: MONITOR

NJ Realtors® will monitor this bill as it addresses landlord/tenant relationships. This bill requires landlords to provide various kitchen appliances (a stove (gas or electric) and a refrigerator).

Bill History: 05/08/2023—Introduced and referred to Senate Community and Urban Affairs Committee.

S3770 – Pou (D35)

A5120 – Sauickie (R12), DiMaio (R23), Umba (R8)

A5246 – Stanley (D18), Atkins (D20), McKnight (D31), Jasey (D27), Wimberly (D35)

Streamlining Your Business with Essential Tech Tools

BY WILLIAM THOMPSON, DIRECTOR OF TECHNOLOGY

Customer Relationship Management System

A robust CRM system is the backbone of an efficient real estate business. Platforms such as Wise Agent, Top Producer, and LionDesk provide comprehensive features such as lead management, contact organization, task automation, email marketing, analytics, and more. CRM systems streamline your workflows from lead generation to closing and beyond, improving client relationships and the overall flow of the transaction. You can automate repetitive tasks, schedule follow-ups, and stay on top of important deadlines. CRM systems can also pull in analytics from your external platforms to provide valuable insights into your business performance, allowing you to make data-driven decisions, ensuring return on investment, and enhancing your overall productivity.

Transaction Management System

Efficiently managing transactions is a core service for real estate agents, and a TMS will ensure you’re providing while keeping you organized and reducing your liability. Gone are the days of printing contracts and enduring hand cramps from filling out forms. A TMS will allow you to complete forms online and generate the professional paperwork your clients expect. When it’s time to sign, your transaction management system allows you to send it off for signature and complete a paperless transaction. Transactions, zipForm Edition, by Lone Wolf is a NJ Realtors® member benefit. Tools such as their transaction management system, e-Signature, on-the-go access with mobile edition, and more are included at no cost.

In real estate, maximizing efficiency is paramount to success, and utilizing technology is an integral part of the modern agent’s toolkit. Let’s explore some essential technology tools to supercharge your productivity and streamline your daily tasks as a real estate agent.

Virtual Tours

97% of homebuyers utilize the internet during their home search, with most doing so before finding a Realtor®, and photos alone aren’t cutting it. Home buyers want to walk through a property and visualize themselves in the space. With tools such as Matterport, Eye Spy 360, and NJ Realtors® Member Perks Partner iStaging, you can quickly generate interactive floor plans, create virtual tours, and 3D visualization capabilities. These tools allow you to create immersive virtual experiences to enable potential buyers to explore properties remotely. This technology reduces the need for multiple in-person showings and increases the chances of finding the right buyer for your listings.

Market Research Tools

While representing your clients, you’re considered the trusted source of information in the real estate industry. To live up to this role, it is essential to stay on top of the market trends, property values, and best practices. Market research tools can provide valuable insights for you to help make informed decisions, refine your marketing strategies, and identify new growth opportunities. NJ Realtors® has partnered with every MLS to provide you with the best, most comprehensive market data in New Jersey powered by Showing Time. View the latest county and municipality reports at njrealtor.com/data. In addition, the National Association of Realtors® provides you with Realtors® Property Resource which applies current and historical market trends to an individual property. Generate professional listing presentations, including property, neighborhood, and market details, or use RPR®’s proprietary valuation model, RVM®, to find the perfect list price. RPR® is available exclusively to Realtors® and is available as a member benefit; learn more at narrpr.com.

Incorporating these essential technology tools into your workflow can significantly enhance your productivity and streamline your processes. Embrace the power of technology and leverage these tools to revolutionize your real estate business, saving time, reducing paperwork, and ultimately maximizing your success in the competitive real estate market.

RED BANK

BY ERIN McFEETERS

Named after the deep red-colored soil of the Navesink River, which surrounds it on two sides, Red Bank Borough is more than just a town with scenic water views. This Monmouth County boro is known for its walkable downtown, small businesses, dedication to the arts, and countless town events throughout the year.

“Geographically, the town is situated beautifully on the banks of the Navesink River, with several public parks nestled alongside the river,” said Red Bank Visitors Center Director Margaret Mass, whose goal is to promote Red Bank as a year-round destination.

Located just five miles from Sea Bright Beach

and 47 miles from Lower Manhattan, Red Bank offers the best of both worlds, whether your client desires a bustling city atmosphere or access to the beach. While small at less than two square miles, according to the U.S. Census, it’s packed with entertainment opportunities, one-of-a-kind restaurants, and mom-and-pop shops galore.

“If you have not visited Red Bank, you are in for a surprise...the riverfront beauty is often unexpected,” said Mass. “Our restaurants serve the most soughtafter dining experiences on the East Coast with diverse cuisine and fun for all ages. Our stores, shops, boutiques, arts, and culture venues bring people together from near and far.”

Experience walking along the charming brick paths on the main street in town, Broad Street, and during the spring and summer months, it transforms into “Broadwalk” and closes for thru traffic. According to Mass, this year, there will be alfresco dining, decorations of flowers and twinkling lights, and a community tent for live music performances on the street. Community

events like the Broadwalk, weekly farmers markets, live music series, the Red Bank Classic 5k, and more help strengthen community ties. The tight-knit community is just one of the reasons small business owners choose Red Bank to open their shops or restaurants.

The community of Red Bank is “welcoming, caring, and always striving and

excited for more,” said Prep Coffee Owner Valeria Rivera. “My favorite part about putting out new food or drink items is how willing everyone in Red Bank is to push the boundaries in food and beverage and be open to trying things!”

Rivera opened Prep Coffee in April 2022, has loved every minute, and has met the most incredible people in town. Their menu features various toast combinations such as burrata, ricotta, and avocado, as well as espresso drinks such as a coconut macaroon latte, cinnamon toast crunch latte, and more.

“There’s something about it [Red Bank] that’s very friendly and homey,” said the Founder of

McLoone’s Restaurants Tim McLoone. He opened the first Robinson Ale House location in Red Bank almost 10 years ago and has found nothing but success. “Red Bank is our most consistent performer. It’s pretty much busy every day.”

McLoone’s father moved to Red Bank late in life and loved it. “My dad loved walking around there. He would get up in the morning and go to breakfast, go to church, get his newspaper, sit on a bench, and he felt very comfortable there. That spoke to me,” said McLoone.

Small businesses can also find the support they need from the Red Bank Visitors Center and RiverCenter, the Red Bank management

Prep Coffee

organization for the Special Improvement District. From advocating for small business needs to marketing to visual improvement projects, “Red Bank Visitors Center has been a huge supporter of both our business and so many others in trying to constantly spread the word about new places and products,” said Rivera.

No matter your commercial client’s business, there may be just the space in Red Bank for them to open up shop. “I always loved Red Bank, but to be honest, I know this is a real estate magazine, but I didn’t think I could afford rent,” said Owner and Founder of Johnny Pork Roll and

Coffee

“Red Bank, at least for this little business, will always be the place that gave me my shot.”

Yarusi grew up just outside of Red Bank but spent alot of time in town exploring when he was in high school. His business started as a food truck at the Red Bank farmers market before he found his commercial space. “Red Bank will always be an epicenter of my world, and that’s what I mean—it’s full circle to have my little business start in Red Bank. I just love it.”

According to Yarusi, the food entrepreneurs located on Monmouth Street

support one another and exude the entrepreneurial spirit. Restaurants run the gamut all around his shop, from Thai to donuts to Japanese to pizza, and it feels less like a competition and more like a community.

He attributes the town’s continued success to its feeling of escape from the real world. “I will always argue that Red Bank’s greatest asset is beyond the businesses and the buildings and the history and the cuteness of it is the fact that it’s so pedestrian-friendly,” said Yarusi. “That’s why people come here. It’s a change of pace from everything else. We’re so

digital now it’s nice to go somewhere and be, dare I say analog, in the real world.”

While visitors used to flock to Red Bank during the summer, events and attractions such as the Count Basie Center for the Arts, the historic Dublin House, the Two River Theater, Jack’s Music Shoppe, and more keep tourists coming to town throughout the year.

“It’s just a wonderful community, there’s a lot of interesting people in and around the Red Bank area, and I think that’s why it thrives,” said Yarusi.

Too John Yarusi.

Preservation Through Transformation:

ADAPTIVE REUSE

BY MICHELE LERNER

PHOTOS BY PRISM CAPITAL PARTNERS

The transition from office work to work from anywhere, accelerated by the pandemic, brought new attention to the opportunities for redevelopment of now-obsolete buildings, including offices and shopping malls. But adaptive reuse, which refers to preserving and transforming existing buildings for a new function, is not new. Many former mills, factories, and banks have been revitalized into residences, restaurants, hotels, and mixed-used developments over the past few decades.

“New Jersey is one of the most densely built states in the country, so repurposing existing buildings is extremely common and an important part of maintaining vibrant communities,” said chief real estate development officer for the New Jersey Economic Development Authority Jorge Santos. “The 21st Century Redevelopment Program was created in 2018 to help municipalities repurpose distressed properties, especially vacant malls, and suburban office parks. Now some urban offices may also be repurposed.”

While the simple solution to the housing shortage may seem to convert vacant offices or malls to apartments or condos, there are architectural and financial challenges to adaptive reuse along with the potential need for rezoning.

“When we converted the former Wonder Bread factory to

the Wonder Lofts in Hoboken, we were able to add three floors to the top of the building along with an extra internal floor,” said founder of Prism Capital Partners, LLC Eugene Diaz. Diaz’s company developers for multiple adaptive reuse projects. “We’re a vertically integrated company that does all our own construction, which is important when you do adaptive reuse because when you open the walls of a historic building there’s always something unexpected. At the Wonder Lofts, we had over 250 change orders.”

Advantages of Adaptive Reuse

From a historic preservation perspective, adaptive reuse offers the benefit of keeping the character of a community while allowing for revitalization. Typically, historic preservation groups want the exterior of a building to remain intact while the interior is reconfigured for a new use, preferably with references to its previous function and past.

“Adaptive reuse has an environmental benefit simply because the building isn’t being torn down,” said board of directors’ president for Preservation New Jersey and executive director of the Red Mill Museum Village Paul Muir.

“There’s a community benefit, too, to preserve the culture and character of a town for residents and potentially for heritage tourists, too.” Preservation New Jersey is a nonprofit

Parkway Lofts

organization that supports historic preservation in the state and the Red Mill Museum is an adaptive reuse project in Clinton.

Adaptive reuse can also be an economic driver for a municipality to attract new businesses and residents, Muir said. For example, Landmark Hospitality, a New Jersey-based restaurant and catering company, specifically looks for old banks or other historic buildings to repurpose into unique restaurants, Muir said.

“Repurposed buildings often have unique features that make them attractive for residents and businesses,” said Santos. “They’re often in denser areas that offer walkability, which is a priority for a lot of people.”

Incentives for Adaptive Reuse

NJEDA offers several programs to encourage communities and developers to find new uses for buildings rather than tear them down or leave them as a blight on the area. The Historic Property Reinvestment Program, which focuses on historic preservation as a component of community redevelopment, is designed to

work with the Federal Historic Tax Credit Program for private investment in the rehabilitation of older buildings. In addition, a $25 million Stranded Assets Repositioning Investment program, approved in May 2023, can be used to redevelop vacant or partially vacant shopping malls, healthcare facilities, offices, and similar buildings into commercial, industrial, or mixed-used projects. Grants are also available through the 21st Century Redevelopment Program.

“Each town in New Jersey has an affordable housing requirement, so older buildings can often be reconfigured to support those goals,” said Muir. “Some buildings, like industrial and manufacturing buildings with an open floor plan, are easier to convert to residential use than others.”

Wonder Lofts

Preservation New Jersey has a “top 10” list of buildings throughout the state that the organization identifies as ripe for remodeling.

“Our organization has architects, engineers and city planners on our board, so we have a variety of resources for local preservation groups and developers to help them get started on an adaptive reuse project,” said Muir. “These kinds of projects are often public-private partnerships because of the availability of local and state funds and tax credits.”

Challenges of Adaptive Reuse

Whenever you repurpose a building for a different function than it was originally designed for, you face some challenges, said Diaz.

“You have to start by looking at what you can preserve and then understand the limitations you face, such as ceiling heights and window openings,” said Diaz. “The biggest challenge is that very few residential buildings are made of steel, but most offices are. They have deeper floor plates from the core to the window wall, so you have to cut a hole in the building to get the flow of air and the space needed for an apartment.”

Reconfiguring offices made of concrete can be easier, said Diaz, since they typically have smaller floor plates.

“There’s a proposal for an office in Newark that basically calls for a wedge to be cut out of the middle of the building to allow for enough windows for a residential conversion,” said Santos.

Traditional shopping malls have “an ocean of parking spaces” around them, which can be converted to parks, plazas, and an amenity space if the mall becomes a mixeduse development with a residential component, said Santos.

Regulations can be a challenge for adaptive reuse.

“Most municipalities haven’t felt the pain yet from the lack of tax revenue from offices since the leases haven’t ended yet,” said Diaz. “A lot of towns won’t allow offices to be knocked down or reconfigured for residential use, which delays adaptive reuse.”

Most state programs that support adaptive reuse require some commercial element but also allow a residential component, said Santos.

Realtors® Role in Adaptive Reuse

Whether you’re a commercial or residential real estate agent, Diaz suggests talking to local leaders to advocate for adaptive reuse and to emphasize how the real estate market is changing in favor of walkable, mixed-used development.

“It’s good for agents to be aware of state and local tax credits and investment opportunities so they can share them with potential developers,” said Santos. “Developers can explore the options with these programs even before they own a building so they can structure a deal that includes these incentives.”

Realtors® are plugged into their communities, said Muir, which gives them an important role to play with adaptive reuse.

“Realtors® who understand the availability of tax credits and local grants can connect business owners, residents and developers to funds and they can identify potential projects,” said Muir. “For example, in the town of Clinton, there are grants available to renovate and preserve historic homes that agents could recommend to buyers.”

Santos anticipates more adaptive reuse projects in New Jersey because of government incentives, the continued need for more housing, and the availability of underutilized buildings.

“People sometimes worry that adaptive reuse will change the character of their neighborhood,” said Diaz. “But communities are always evolving.”

Edison Lofts

CELEBRATE YOUR COMMUNITY VOLUNTEER EFFORTS

Applications for the 2023 New Jersey Realtors ® Good Neighbor Award are now open! Share your story, and you could win money for your charity of choice.

MEET LAST YEAR’S WINNERS

FIRST PLACE BARBARA CARR MAHON

Since 1999, Barbara has devoted countless hours of service and fundraising efforts contributing to Lunch Break, an organization that works to aid underemployed people in Monmouth County and beyond, providing them with hot lunches and a food pantry, clothing, life skills, and more.

SECOND PLACE GLORIA VOTTA

As a devoted volunteer with the Ocean City Ecumenical Council, Gloria helps gather food, monetary donations, and clothing for those in need. She coordinates several fundraisers and drives such as the Warmth for Winter clothing and blanket drive.

THIRD PLACE KAREN FOLEY

Karen is a founding member of the Lake Hopatcong Foundation, whose mission is to foster a vibrant and healthy Lake Hopatcong. Through initiatives and programs, the foundation has raised a significant amount of money to give back to lake area communities.

Winners pictured with CEO Jarrod Grasso

TRENDS in Multigenerational LIVING

BY PAMELA BABCOCK

Homes are all in the family these days.

Retirees from Florida are moving in to provide childcare to their grandkids. A recent college graduate who can’t find a job boomerangs back in with his parents. An adult son, getting divorced and low on funds, moves in with his mother—a recent retiree on the cusp of enjoying her golden years.

After declining in previous decades, multigenerational living has grown in the U.S. With home prices rising, more extended family members are combining households to help each other and save on costs.

The number of multigenerational households grew during the pandemic. This past year, the National Association of Realtors® Profile of Home Buyers and Sellers revealed multigenerational buying is back near an all-time high at 14%, up from 11% in the previous year. In 2020, the report found a low before the COVID-19 pandemic of 11%, followed by a jump to 15% of all buyers.

Some multigenerational households may be temporary because of the pandemic, according to a study by LendingTree, but many Realtors® have observed its effects in the housing market.

Broker sales associate and Realtor® at Prominent Properties Sotheby’s International Realty in Montclair Kate McDonough, said in the past several years, she’s seen “a decided increase in the desirability of multifamily homes.”

“They used to be sought after primarily by investors,” said McDonough, adding that now, buyers are scooping them up so different generations in their family can live under the same roof in separate units. “This doubles the buyer pool for such homes,” said McDonough.

Similarly, single-family homes with a primary bedroom on the first floor are growing in popularity because they allow children and grandchildren “to join parents in one house,” said McDonough.

Realtor® Jeanne Lisa Wolschina, with The Lisa Wolschina Team at Keller Williams in Cherry Hill, said in her 20 years in the business, buyers are “definitely more aware” they might need to take in family members.

“Similar to other cultures where it is common to live with extended family members to share resources, some American households have started to do the same,” said Wolschina.

High Demand in a Competitive Market

Demand for multigenerational housing in New Jersey has been historically high and in today’s competitive market, multigenerational, or multigen as it’s often called, homes are not easy to find, said vice president of Coldwell Banker Realty New Homes David Schoner.

“With higher interest rates and a lack of inventory, we are seeing a greater gulf in affordability, especially for new home buyers,” said Schoner. Pent-up demand coupled with the lack of supply, the high cost of building supplies, and increased borrowing rates make things even tougher.

In New Jersey, multigenerational housing comes in many forms. Many towns have a stock of larger homes that were once single-family residences but have been divided into separate residences.

Wolschina said bonus spaces, such as a finished basement or garage loft with heating and cooling are popular, and first-floor bedrooms and separate office spaces are also a big plus.

“Almost everyone needs a space to work from home, and a lot of college graduates are moving back home to save money while they start their first jobs,” said Wolschina.

A recent client was excited to buy a South Jersey home with a small apartment above the garage, foreseeing that one day, it might be used by his college-age daughter or as a rental property to bring in extra money.

Coldwell Banker Realty New Homes works to address the demand for more multi-generational housing by recommending its builder clients develop apartments, townhomes, and condominiums with flexible living spaces to accommodate various family members, said Schoner.

Its plans often include units that offer two primary bedrooms—one each on the first and second floors—in addition to two bedrooms upstairs and two-and-a-half or three baths.

Schoner advises buyers looking for single-family homes, townhomes or condominiums able to accommodate extended family to “get in early,” since there are generally fewer multigenerational adaptable homes in each new community or building. “They are in strong demand and typically the first to sell,” said Schoner.

Realtor® Heather Bailey, of Coldwell Banker Realty in Morristown, is the listing agent for several condos and townhomes in the area and said there is demand for firstfloor primary suites for live-in or visiting parents who may have seasonal homes in Florida, the Jersey Shore or elsewhere.

Demand for one-floor living is “very high,” said Bailey. “We often hear that the parent may not be able to navigate stairs.”

The Morris County area works well with the multigenerational family living trend given its proximity to top-rated medical facilities and cultural events as well as easy access to central highways, trains, and Newark airport, said Bailey.

Broker associate with Coldwell Banker Realty in Alpine/ Closter Anne Van Dyke, said a Bergen County property has become “a de facto multigen community.”

In November last year, Van Dyke’s client downsized from a large home in Cresskill and bought a second-floor condominium, while the client’s adult daughter bought the unit above her. The client’s son also is considering buying in the same development, said Van Dyke.

Peace of mind was a big draw. Van Dyke said the arrangement allows “total living independence,” but the opportunity to have a loved one living just upstairs.

The client is “extremely happy to be there and has made quite a few friends,” said Van Dyke. She winters in Florida and her children visit her there.

Things to Know About Multigenerational Living

Not everyone wants to live with their parents, adult children or siblings. Those who do should keep several things in mind:

Occupant and Vehicle Limits

Some municipalities and homeowner associations have zoning regulations or rules that limit the number of people who can live in one dwelling or the number of vehicles that can be parked on a city street or property.

Septic Issues

In more rural areas, the size of the septic system may be an issue for someone planning to expand. Bailey said one of her buyers who plans to renovate their basement to expand the living space found they must secure town and county health department approvals.

New Jersey’s DYNAMIC ARTS SCENE

BY LISA FANT

With its diverse population, rich history, and landscape ranging from bustling cities to tranquil rural areas and picturesque beaches, the Garden State presents a vibrant tapestry of cultural experiences.

MUSEUMS

From renowned historical sites to diverse cultural traditions, New Jersey offers an abundance of top-notch destinations to cater to every interest. Share this list with your art enthusiast clients looking to buy in the Garden

State, with your commercial clients looking for activities to do with their employees, or showcase these hidden gems on your social media platforms and email newsletter.

MONTCLAIR ART MUSEUM

Nestled in the charming town of Montclair, Montclair Art Museum was the first museum in the state to grant access to the public when it opened in 1914. Its exhibits showcase an extensive collection of American and Native American art, including more than 12,000 works including paintings, paper works, sculptures, ceramics, and more. Step into history with the works of renowned artists such as Montclair native George Inness, or explore the museum’s ever-evolving exhibits celebrating the diversity and creativity of New Jersey’s artistic community.

Montclair Art Museum,

Photo by Kate Albright

‘Space of Stone’ – Grounds for Sculpture

Photo by David Michael Howarth Photography

MUSEUMS

PRINCETON UNIVERSITY ART MUSEUM

The prestigious Princeton University Art Museum is home to masterpieces spanning ancient civilizations to contemporary installations. The museum also features two off-campus gallery spaces, Art@Bainbridge and Art on Hulfish, that showcase cycling photographic exhibitions, handson learning programs, and drop-in activities.

PERFORMING ARTS CENTERS

MANA CONTEMPORARY

Jersey City boasts an array of cultural gems, including the Mana Contemporary. This arts center houses an extensive collection of contemporary art and acts as a platform for local artists to showcase their talents. Explore the vibrant galleries, witness exhilarating live performances, or participate in the creative process during their artist residency programs.

NEW JERSEY PERFORMING ARTS CENTER

Experience the dynamic world of performing arts at the New Jersey Performing Arts Center in downtown Newark. Renowned as one of the largest performing arts centers in the U.S., NJPAC highlights a diverse array of performances, from lively festivals and legendary artists’ shows to outdoor concert series and community events. Enjoy the melodic harmonies of the New Jersey Symphony Orchestra or witness the artistry of the esteemed American Ballet Theatre.

STATE THEATRE NEW JERSEY

Central New Jersey’s largest nonprofit arts presenter, the historic State Theatre New Jersey in New Brunswick offers diverse and thrilling performances spanning from Broadway hits to comedy shows and world-class concerts. The theatre boasts mesmerizing dance performances, holiday shows, and an array of films catering to every taste and interest. The theatre takes pride in ensuring world-class arts programming remains accessible and affordable to individuals of all ages and backgrounds. Through their collaborations with community partners, they offer thousands of members of the community the opportunity to enjoy free lower cost admissions to live performances and educational programs.

BROADWAY THEATRE OF PITMAN

Situated in the charming small town of Pitman, this cherished historic venue offers an intimate setting for theatrical performances. From Broadway musicals to thrilling plays, the Broadway Theatre of Pitman presents an impressive collection of productions to engage audiences of all ages. Be immersed in the storytelling as talented actors who bring characters to life on stage, delivering powerful performances to leave a lasting impression. With its warm and welcoming atmosphere, the Broadway Theatre of Pitman invites everyone from families to theater enthusiasts to experience the joy and wonder of live performances.

Photo Courtesy of Broadway Theatre of Pitman

Photo Courtesy of State Theatre New Jersey

Princeton University

CULTURAL CENTERS

PERKINS CENTER FOR THE ARTS

For over four decades, Perkins Center for the Arts in Moorestown has been a cherished regional arts center, enriching the cultural landscape of southern New Jersey and beyond. Housed within a 1910 Tudor home and carriage building as well as a repurposed former printing press in Collingswood, Perkins Center continues to foster artistic expression and engagement in the community through its exhibitions by national, regional, and local artists, classes, and events. Pull up a lawn chair for their weekly outdoor concerts, try your hand at crafting pottery, or work on a sewing project with an experienced embroiderer. The Perkins Center for the Arts ignites creativity through an eclectic array of programs for limitless creative possibilities.

GROUNDS FOR SCULPTURE

For more than half a century, Grounds For Sculpture has stood as a treasured staple in Hamilton Twp, Mercer County, captivating visitors with its stunning collection of contemporary sculptures set amidst beautifully landscaped gardens. Originally founded in 1992 by renowned sculptor J. Seward Johnson Jr., the center offers a unique blend of art, nature, and immersive experiences. Explore the expansive grounds and encounter awe-inspiring sculptures crafted by Johnson and other worldclass artists, each piece seamlessly integrated into the lush surroundings. With over 270 sculptures adorning the landscape, every step unveils a new artistic marvel. Additionally, Grounds For Sculpture hosts engaging exhibitions, interactive workshops, and educational programs, inviting visitors of all ages to deepen their appreciation for the arts. Embrace the beauty of the sculptures, stroll through the mesmerizing gardens, dine at the Van Gogh Cafe, or savor a picnic in the park at Rat’s Restaurant, then uncover the treasures of the museum shop.

‘Leucantha’ – Grounds for Sculpture

Photo by David Michael Howarth Photography

‘Dorion’ – Grounds for Sculpture

Photo by David Michael Howarth Photography

‘Monet Bridge’ – Grounds for Sculpture

Photo by David Michael Howarth Photography

INTERNATIONAL TRANSACTIONS

BY THE NUMBERS ACROSS THE U.S.

44% 74%

Foreign buyers who purchased a property for use as a vacation home, rental, or both (compared to 17% among existinghome buyers)

Foreign buyers who purchased a detached single-family home or townhome (compared to 89% of all existing-home buyers)

$59 Billion

Dollar volume of foreign buyer residential purchases during April 2021-March 2022 (2.6% of the $2.3 trillion of the dollar volume of existing-home sales)

Percent of leads and referrals from personal or business contacts

Percent of respondents who had a client who leased a U.S. residential property

Percent of respondents who had a client, whether international or not, seeking foreign property outside of the U.S.

70

3% 9%

%

46% Foreign buyers who purchased in a suburban area

98,600

Number of foreign buyer existing-home purchases during April 2021-March 2022 (1.6% of $6.06 million existing-home sales)

44% 57%

Foreign buyers who paid all cash (compared to 24% amount all existinghome buyers)

Foreign buyers who reside in the U.S. (recent immigrants; less than two years at the time of the transaction) or nonimmigrant visa holders (Type B)

$366,100

Foreign buyer median purchase price (compared to $355,700 for all U.S. existing homes sold)

Ways to Build Better Business Habits

BY LEE NELSON

S

Realtor® -Associate at the RE/MAX Platinum Group and 2023 Immediate Past President of Sussex County Association of Realtors® Nancy Swanson encourages all agents, especially new ones, to set aside 30% of their commissions— making sure you have money for taxes, dues to your associations, marketing, technology, and just to live.

“Some Realtors® have it mentally spent before they even get it. But being an independent contractor is a roller coaster,” said Swanson. She began in 2005 when the market was at a high with a heavy influx of inventory and demand. “I wasn’t fighting an uphill battle,” said Swanson. However, three years later when the mortgage world collapsed, the real struggles began.

Save, Save, Save

Visit

Devote Time to the Industry

“Real estate is all about networking and relationships,” said owner/broker of Coccia Real Estate Group and 2023 North Central Jersey Association of Realtors® PresidentElect Christopher Coccia.

“I love my involvement in my local board of Realtors®. I feel so strongly about giving back to the industry that has provided so much for me and my family,” said Coccia.

1 3 2 4 6

He believes his volunteer work with his association is where he learned how to be a better person, broker, and leader. “The people that I have met and the friendships that have developed through local and state involvement are so important and have taught me so much. Don’t look at your fellow Realtors® as competitors, but look at them as colleagues. Watch how quickly that small change will change the way you’re treated,” said Coccia.

Enjoy Life Along with your Job

Your time is your most valuable asset, said Realtor® and broker/owner of eKey Realty Inc. in Shrewsbury Erica Herbst. “Save your lengthy conversations for the people who matter most to you, including trusted peers and your best clients. Make sure your work-life balance is in check,” said Herbst.

You can enjoy the flexibility of this business and carve out enough time for the things you love to do like going to the gym, taking walks, and meeting up with friends. Herbst makes herself available for lunch or coffee at least once a week, and the best source of information is speaking with her peers at the local market.

“It’s amazing how much I’ve learned about our local area, homes, and businesses, and it usually sparks a few great ideas,” said Herbst.

Systemize, Organize, and Prioritize

Herbst uses the 12-3-1 method in organizing her business. For every meeting, seminar, or coaching

session she attends, she summarizes them into categories:

• Twelve things I could do.

• Three things I should do.

• One thing I will do.

“One great takeaway is more valuable than pages of notes,” said Herbst.

During normal days, she organizes her day by taking a little time for herself, then answering emails, prospecting, and moving her deals forward. “I will schedule calls and appointments in the evening, but only if necessary, as time with my family and friends is important to me,” said Herbst.

5

Continue Excellence Through it All

A judge took Coccia out to lunch at one of his favorite restaurants, which was unusually

busy that day. When they finally received their meals, the judge’s fish was dry, and Coccia’s chicken was slightly undercooked. Through his huge disappointment, he told Coccia, “Failure is hard enough, you should never struggle with success.” Coccia interpreted this as to not cut corners or get complacent when you are busy.

“I think of this saying and use it often to my newer agents. It impacted me more than I can tell you,” said Coccia.

Embrace Designations to Learn More and Help Clients

During the lull in business during the housing market crash beginning in 2008, Swanson took advantage of her free time by earning Realtor® designations.

“I amped up on education. I didn’t make as much money then, but I was strengthening myself as a Realtor®,” said Swanson.

Her first one was an Accredited Buyer’s Representative to excel at working with buyer clients. She also earned the Graduate, Realtor® Institute. “This was the most encompassing with so much information. But the most fun was the staging designation – Accredited Staging Professional®,” said Swanson.

Those skills have helped her many times including turning around a big house on the market a long time without selling. “I moved his house around, borrowing furniture and items from one room to another, and getting rid of a lot of stuff. His house looked great and sold,” said Swanson.

In commercial real estate financing, “experience” is what matters most. Commercial Mortgage Depot (CMD) is a nationwide commercial real estate financing firm. We offer wholesale first mortgage commercial loans as a direct lender. We also have the flexibility to tailor the right loan product for the borrower, as a correspondent or agent, through our investor network Our highly trained, knowledgeable staff examines each transaction to place it in the best program based on your unique scenario. We understand the complexity of a commercial transaction in today's market and most importantly, we have the relationships with lenders, investors and banks to close deals efficiently and quickly.

Realtors ® Rally for a Cure

After a successful Spring Fling Networking event, the Monmouth Ocean Regional Realtors® donated more than $13,000 to The Ashley Lauren Foundation, a local nonprofit organization dedicated to offering immediate relief and support to individuals fighting pediatric cancer.

CORE Realtors ® Rock Denim for a Cause

CORE Association of Realtors® Community Outreach Committee organized an impactful project: Denim Day with Safe + Sound Somerset. Through this initiative, over $1,500 was raised to support survivors of domestic and sexual violence. CORE members showed their support for victims of violence by wearing jeans on Denim Day and expressing solidarity through social media, raising awareness, and demonstrating their support.

Greater Bergen Realtors ® Helps Empower Local Family

Greater Bergen Realtors® teamed up with the Realtors® Care Foundation, Rebuilding Together North Jersey, and the International Brotherhood of Electrical Workers—Local 164, for National Rebuilding Day 2023 to bring local communities together in the effort to assist low-income earners in need of home repairs and renovations. They renovated a home in New Milford, providing a single mother and her children with a transformed living space. More than 50 volunteers worked on interior and exterior renovations, including a new kitchen and electrical rewiring.

Greater Bergen

and local organizations weathered the rain to complete a home renovation project for a local family.

SUDOKU

Have a few minutes? Challenge yourself!

Monmouth Ocean Regional Realtors® present their donation to the Ashley Lauren Foundation. Puzzle provided by sudokuoftheday.com. Get the answers to

Realtors®

CORE members wore jeans on Denim Day, April 26, to show support for victims of domestic and sexual violence.