Ann Delaney Beach Blog

Category: Seashore Real Estate

  • Real Estate at the Shore

    house “How’s the market?”  A common question from property owners, potential buyers, and tenants.

    My answer is “getting better”- defined by the number of recent transactions and my own experience. 

    When a settlement is complete,  the selling price is posted. For the most part, we are not seeing shockingly low prices.  In fact, we often say that the price was a fair number for both the buyer and seller.

    During just the past 30 days, 24 properties in Avalon & Stone Harbor sold/settled.  There are an additional 33 sale pending with closings scheduled in the near future.  That’s 57 buyers with enough confidence in the market to take the leap of seashore ownership!

    We anticipate an active fall market as well.  Buyers sense that we are “at the bottom” for pricing, and want to take advantage of the favorable interest rates.  The inventory in certain segments of our market is finally at a more reasonable level (that makes our sellers happy- less competition).

    If you, or someone you know is interested in a seashore purchase, please contact me    ann@anndelaney.com   or (609) 967-7950

     I appreciate the opportunity to help!

  • Vacancies

    boats

    The Catamaran slips south of 122nd Street should be filled by this point of the season.

    Another sign of the times-  almost 1/3 of the slips are empty.

    Likewise, we have a larger than average supply of rental properties available for the next few weeks.

    If you know anyone looking for a last minute vacation at the shore, please share this information:  www.powerplayrealty.com

    Thanks!  ann@anndelaney.com

  • Real Estate Signs

    rainbow The rainbow Saturday evening…a symbol of improving weather.

    Likewise, there are signs of an improving real estate market at the shore.

    January 1, 2009 to today-  47 properties SOLD in Avalon & Stone Harbor, ranging in price from $340,000 to $3,700,000.  The average selling price was $1,073,544.  Plus, an additional 30 properties are sale pending with settlement to occur during the next few months.

    In Sea Isle City, 54 properties sold during that same time period, ranging in price from $222,000 to $1,800,000.  The average price was $645,681.  And, there are 29 additional properties posted as sale pending.

    All good “real estate signs” for our little beach communities!

  • Summer Rentals- update

    grafviewPass the word:   Vacation Rentals are still available at the shore.   Potential tenants have not been as willing to commit far in advance for their summer vacation- understandable with the economy.  But, hello…it’s May.   Time to think about warm days on the beach or boating along the bay.

    We have a wide variety of options available.  Visit our web site   www.powerplayrealty.com  or e-mail me a specific request  ann@powerplayrealty.com  

    I appreciate the opportunity to help with your plans!

  • Sand and Real Estate

    sandcastles Castles by the sand.

    Just returned from a quick trip to the west coast of Florida.  In spite of their challenging real estate market, construction continues in the high end locations along the beach.  The magnificent homes along Gulf Shore Blvd in Naples are comparable in size to the homes nestled in the Avalon dunes.

    Like other coastal areas,  the real estate values on our island are driven by the location of the “sand” under a house.  The closer the sand is to the water…the better!

    A weird aside- on the flight home last night, almost 1/2 of the passengers were wearing surgical masks.  Very unsettling.  Glad to be back in the fresh, salt air!

  • Craig’s List- caution

    http://www.pressofatlanticcity.com/181/story/452497.html

    I know many owners post their rental properties on Craig’s List for the added exposure- and I guess fraud follows what’s popular (see attached article from The Press).

    When traveling and looking to rent a house,  I like to search on line, but prefer to talk with a live person about the property- ideally an established agent located in the community who will be there to assist with any issues.  

    Likewise, I take my responsiblity seriously when I help a family book a seashore rental.  It’s a large sum of money, and I want it to be the best fit for their needs.  After 25+ years of handling rentals, I have knowledge of not only the properties, but the neighborhoods as well. 

    If you are looking to vacation in the Avalon/ Stone Harbor area,  I appreciate the opportunity to help.      ann@anndelaney.com

  • Mortgage Interest Rates

    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.)

  • Summer Rentals

    Deck 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:  www.powerplayrealty.com

    Or send me your specific request, and I will e-mail a list of  options:  ann@anndelaney.com

    Thanks for the opportunity to help with your 7 Mile Beach vacation!

  • Market Stats

    pavillion-2  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.

    Interest rates continue to be in the 5% range for conforming loans; 6% for loans over $417,000.   Just like the “old days”,  lenders want to see income to qualify for the loan,  and good credit- what a concept!

    If you are interested in purchasing a summer home, send me an e-mail with your wish list.   You might be pleasantly surprised with the options available.

    I appreciate the opportunity to help  🙂

  • Philadelphia Magazine

    Interesting article in this month’s Philadelphia Magazine regarding real estate in the area.  Although not specific to the shore, the information is relevant because the majority of our owners and potential buyers live in the Philadelphia region.

    Bottom line:  We should not be lumped together with other markets.  The conservative financial traits of home owners in our area have allowed us to weather the downturn better.

    Read the article on line:

    http://www.phillymag.com