What can Brigantine expect from last night’s election results? What does a new Congress mean for Brigantine Real Estate? We’re guessing plenty of gridlock with tax reform, flood insurance and other housing policy.
Brigantine homeowners can expect flat Real Estate values and additional retail store closings. The epidemic of vacant store fronts will only grow as the full-time population of Brigantine decreases. Little will be done to stem this problem. That’s all because taxes are still being paid by those shuttered business properties.
Brigantine City Hall has no problem with empty businesses. As long as they pay their property taxes that support a bloated school district and those crazy public employee salaries.
To be fair, Brigantine Real Estate doesn’t make sudden moves based on events like an election. But in a small Jersey Shore town like Brigantine, local elections do have more immediate consequences. Bad news travels fast. Especially among the Brigantine Real Estate community.
Sure, buyers will still purchase homes in Brigantine. It’s a buyers market.
Those thinking about selling their Brigantine home, are more likely to do it now.
One Brigantine City Hall insider promptly placed their home on the market upon hearing Councilman Andy Simpson wanted to become Mayor.
Reports of potential Brigantine home buyers…backing out…have surfaced. Faulty Brigantine property assessments and over-taxation, especially against 2nd homeowners, are just too scary for most. These buyers are now looking at Ventnor, Margate and Ocean City.
Sad but true. Simpson looks to cash-in big time as mandatory, affordable housing projects get started in Brigantine. Note: Simpson owns property designated for future low-income housing projects in Brigantine.
Brigantine Mayor Elect Andy Simpson Real Estate Conflict of Interest.
Those who moved to Brigantine Island because of the environmental bounty, are thinking about that decision today. The NJ State takeover of the Brigantine’s north end beaches just about killed fishing visitors to that part of town. It was once a big attraction.
For those wanting our lush dune system protected, it was nothing but disappointment. Brigantine taxpayers were dismayed by Mayor Guenther & Councilman Simpson’s move to allow certain homeowners to slash and cut greenery and dune sand adjacent to their beachfront home.
Slashing Brigantine dunes. Ocean-views for the politically connected.
From INMAN Real Estate site: The tax reform bill included some major changes for real estate, including capping mortgage interest deductions at $750,000 for both primary and secondary residences (down from $1 million previously), and capping state and local tax deductions at $10,000 (no previous cap). There is unlikely to be a major roll back of this policy anytime soon.
Even with a new split House and Senate, the Congress is unlikely to pass a full rollback and President Trump would not sign a retreat of his major policy initiative. However, certain adjustments could be made through amendments, such as raising the property tax deduction.
Brigantine flood insurance will not be reformed.
In just a few weeks, the National Flood Insurance program will lapse. This will happen in December without re-authorization or partisan support of the ’21st Century Flood Reform Act.’
Premiums on Brigantine Beach high-risk properties could skyrocket under a reform initiative. Under the terms of the ’21st Century Flood Reform Act,’ premiums could spin out of control in coastal regions like Brigantine.
In the future, new mapping technology could potentially reduce rates by calculating the true risk of flooding farther inland.