Another $7mil+ Real Estate Deal in Margate? Tight Downbeach Home Inventory

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Another $7mil+ deal in Margate? Sherri Lilienfeld from EXP Realty in Margate shares an update.

Watch the January 18, 2024 DownBeachBuzz Real Estate Webcast. News and info from Ventnor, Margate, Longport and Lower Chelsea AC.

Transaction more proof of robust health of Downbeach Real Estate market especially for those with cash at these price points.

Now under contract. 105 South Franklin in Margate. New construction. Beach block. Asking price was $7.5 million. See full listing here.

An oversized lot. Not quite a double lot. It’s going to be one nice sized home.

4500 square feet of carefully crafted design. Three-levels, six-bedrooms, 6.5 bathrooms.

Sherri Lilienfeld: the buyer is someone I’ve worked with and developed a relationship with over the years.

I’m excited for my client. They’re getting exactly what they wanted.

Sherri Lilienfeld, EXP Realty

Not many homes are listed and sold that high. Recently there was a $7mil transaction. But not many properties selling at that price.

Paul Zgalich from Guaranteed Rate shares his outlook for mortgage interest rates. Paul says don’t hesitate, don’t quibble over fluctuating rates. Do you really want to compete against spring and summer buyers?

  • Lack of inventory helps keep home prices up.
  • Some moderately priced homes showing price reductions.

New York City is cracking down on secret real estate buys you uh might remember we were talking about this over the past few months there are llc’s buying up properties it’s not inherently a bad thing or there are holding company but uh some uh claim that these llc’s and these holding companies are starting businesses buying up homes renting them out for short-term rentals or some other weird thing this Phantom inventory

New York’s Governor signing a law that would shine more light on secret ll’s that are used in real estate the new law requires ll’s in New York to report the state the true state of their owners.

wow so there’s a lot there to unpack what do you think uh who who wants to jump in for Sher or Paul on this uh on
this reaction video I well basically uh you what what they’re what people are probably doing by putting it into an LLC is it it hiding their exposure on taxes right that’s one of the reasons why people would probably list a sale in an LLC because you can probably from a tax standpoint there’s less tax complications I am by no means uh a tax
accountant or an accountant by trade so there’s got to be a reason why the LLC is more dominant versus having it in someone’s personal name the whole less exposure and risk factor of someone you know getting hurt knowing that someone’s selling that’s just BS and that’s why they’re putting it in an LLC how about you

Sher I guess I’m kind of confused because I thought like when you buy real estate the title company like they’re
supposed to check like where the money’s coming from number one they also asked for the formation documents of the LLC I mean I I guess I’m kind of confused why they didn’t know who these true owners were I thought like they were doing that anyway I mean I could see why they don’t want it public per se they’re right they
don’t want everyone knowing their business especially if they’re very wealthy I guess I’m kind of like naive I
don’t think it’s for a cynical reason I just think it’s more for a private privacy reason and protection reason but
I I thought that those true owners are known when they purchase that real estate and that they follow the money
Trail like why they’re talking about money laundering and stuff I’m I’m confused actually yeah I’m uh I’m a fan of the
idea that people are almost like a real estate investment trust a Reit but now
instead of getting commercial properties you are buying up actual Residential Properties and E people can’t really get
into the uh the home ownership the landlord business by themselves but if they pull
together five or 10 other people I’m seeing more stories like that do you guys have any uh experience in what I
just shared that there’s people doing these residential real estate investment trusts I’m not and I actually originally
when I saw the beginning of this video and you mentioned it I thought it was just going to be like pocket listings where people aren’t listing them yeah
yeah yeah and and there’s buyers coming in and buy them I mean that’s that’s what we see every day that’s just knowing the right people you don’t have
to go to market it’s no different than someone doing a for sale by owner and not listing it with somebody which we
don’t want to see but um I I don’t understand the full video and I don’t I
don’t know the tax implications on on any the reasons why there maybe there is some concern with foreign ownership of of Premium real estate property Sher is I know that might be something that you overhear up when you’re up in New York City

I feel like when that title changes the title company is supposed to do their research and due diligence that that there is a record of who those true owners are so I’m not really clear on why they’re saying they don’t know who the true owners are that’s just and from

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