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The Jersey Shore

103 The Terrace Sea Girt Monmouth County NJ 08750

See block 17 lot 4 on the Public Records for Sea Girt

Margaret Fisher and Shannon Stanley joint owners/borrowers:

  • purchase price: $2,300,000 (deed)
  • 30-year ARM for $1,500,000 @ 4.625% for 10 years, LIBOR + 2.25% thereafter (mortgage)
  • Sale date  05/25/2011, recorded 07/23/2011 Book 8259 Page 4411

  • Prior sale 05/29/2003 $1,492,500

Second home rider specifically prohibits renting the property.

  • Annual mortgage payment: $93,446.18
  • Real estate taxes: $17,296
  • [subtotal $110,742.18]
  • Estimated
    • Utilities $3,000
    • Insurance $5,000
    • TV/phone/Internet $3,000
    • General maintenance $10,000

  • Estimated total:
    • $131,700 per year
    •      10,975 per month
    •             361 per day

Presumably the next step will be to sell the Newtown home, which is currently listed on Zillow for 775,000; obviously the best outcome would be for a private sale at a premium to that.

To retire the new mortgage entirely would require a sale price of "X", where X - ((X - (basis + 250,000)) * 0.15) = 1,500,000. This produces a number in the neighborhood of 1,670,000 (net of fees).
4 br, 4 ba, 1- ba. MLS ID # 21011182. 1 Hour to NYC! Sophistication, style and quality with ocean views! Custom built with architectural details. The use of space and the way the views are captured will surely impress. Your own private getaway on the 3rd floor and plenty of room for family and guests. Elevator Included! Overlooking Wreck Pond, this home offers privacy while sunbathing and enjoying the ocean breezes. The listing agent - Linda R Romano - was also the property owner.


Fact: That is an annual number that comes perilously close to my gross annual income. Wow.
Posted by: Stuart   |   Aug 22, 2011 9:39 PM

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