Very exciting to see interest rates drop again. And, essential in our market, “jumbo loans” are at reasonable levels, too.
For loans up to $417,000, I saw published rates of 4.75% for 30 year fixed loans. For loans $417,001 to $750,000, a rate of 5.625% for 30 year fixed (fixed rate jumbo loans were hard to find until recent weeks). For loans over $750,000, and up to $3,000,000, adjustable rates are available under 5%, and fixed rate loans for 6%.
As with any major financial decision, you should work with a reputable and experienced lender. Ask your friends for recommendations, or contact me for suggestions.  A low rate on a web site may not apply to a second home- or there may be hidden points/fees that will dramatically alter the figures. The long time mortgage reps at the shore understand the quirks of our market (high land values, furniture included in sales, summer rentals, etc.)
 Avalon and Stone Harbor beach tags are available for pre-season order through each municipality. Tags are reciprocal between the two towns, and the cost is the same as last year- $19 if purchased prior to May 31st. 
 Have you booked your family vacation at the shore?  We have a wide variety of homes and condominiums still available for prime weeks this summer- check out our web site for more information: 
 St. Patrick’s Day is a good day to answer that question. My grandparents on my father’s side were both from Ireland- arriving in the United States as young adults.
 January 1st through today:  49 properties posted as sold or under contract in the Cape May County Multiple Listing Service for Avalon and Stone Harbor.  16 of those are the converted condos at 79th and Dune Drive called Ocean View (selling $350,000 to $400,000 range). The highest price for a sale pending is $5 million. The average is $1,085,000.
Highest Part of the Island
I’ve commented on this before- selling real estate on the island for 25+ years, I can’t tell you how many home owners proclaim that their property is located “on the highest part of the island”.  I’ve even heard my husband make the claim when talking with neighbors!
Well, the Borough of Stone Harbor provides supporting data – a color coded brochure mailed to each property owner (and available on their web site):
http://www.stone-harbor.nj.us/elevation.asp
The green sections are the “highest points” in Stone Harbor. Most are along the beach/ dunes, and in the south end past the Bird Sanctuary. The white areas are next, and cover most of the blocks between First and Second Avenues. The blocks between Second and Third Avenues are a mixture of white and yellow elevations. In my experience, the yellow areas will see standing water in the street during a heavy rain storm/high tide combination. The bayside of town is mostly orange, with sections of pink (the lowest elevation). These areas will flood during severe storms. Residents are told to move their cars to avoid salt water damage. Flooding may be limited to the street and just over the sidewalk- but potential buyers in those areas should be aware of the situation.
When you live in a beautiful community surrounded by water, understanding the lay of the land is just part of the deal 🙂