Ann Delaney Beach Blog

Category: Seashore Real Estate

  • 2008 Rental Season

    Our repeat tenants are anxious to confirm their plans for next summer, and we are hearing from new tenants just starting their search.  The search on our web site only displays properties if the owner has confirmed rates and availability for 2008.  If you own a local rental property and would like to offer it through Power Play Realty, please let me know.  Your business is appreciated.

    If you are a prospective tenant, send me an e-mail with your requirements.  I will send you links (pictures/information) for properties that match your request.  The dreary weather is coming and a planned beach vacation will definitely help you cope!

    ann@anndelaney.com  or 800-682-5940

  • Prices and Percentages

    I follow a segment of the Florida market, and have watched values drop 20% from the height in 2005.  The property that I own was purchased in 2001, and even with the decline, has increased in value an average of 10% per year- so still a good investment.  Plus, the intangible benefit of personal use.

    We have experienced a similar trend at the Jersey Shore.  The peak of our market was late 2004 through 2005.  Values have dropped an average of 20% from the peak- with exceptions for unique locations.  New construction remains the most popular real estate in our market, and has maintained a stronger position- down just 10%.

    Future?  I am confident in my Florida location because it’s located in a “name brand” community.  I feel the same about my year round home here on the island.  Both are popular areas and will continue to attract interested buyers who want to own in beautiful locations!

  • Gossip from the Shore

    The Avalon Sunoco Gas Station is closed.  The repair crew is relocating to the end of Avalon Blvd.  The 220′ X 110′ parcel is owned by Sun Oil.  Not certain of their plans for the site.

    Henny’s Restaurant is closing, too. The liquor license was sold to the owner of the Shelter Haven project (corner of 96th and Third Avenue).  Best guess is that Henny’s will be torn down and replaced with retail shops on the lower level, with residential condos above.  The Shelter Haven parcel has been vacant for many years- so it will be a step forward to see it improved.

    The restaurant addition next to Fred’s Liquor Store is still in limbo.  We were looking forward to another quality eating establishment along 96th Street- maybe next year.

  • What Are You Saving?

    Have you been thinking about a 2nd home purchase? Are you waiting for the ideal time in the market?  How many seasons have passed in the meantime? 

    If there are options within your financial means, what are you really saving?  Time is our most valuable assest…why not enjoy the benefits of your hard work?

    This concept was clear to me the other night as I kayaked on the bay after work (instead of going to the grocery store as planned!).  The water was calm as glass. The moon was rising on one side, and the sun setting on the other.  The sky was pink and orange, and reflected off the bay.  The birds around the marsh were settling in for the evening. What a perfect way to spend my time!

  • Fall at the Shore

    Summer like weather as we transition to our next season.  The sale inventory has spiked up a bit as is typical after Labor Day.  The prime locations (including ocean front and bay front) are selling.  The rental property owners are making decisions about rates and availability for summer 2008. 

    There are qualified buyers still waiting for a sign about the right time to make a purchase along the coast.  Lower interest rates will help, but usually it’s more about fear than actual costs.  This is a “life style” purchase- not a need for housing.  And, if you can imagine the joy it will bring, then it’s the right decision.  In my experience, those who agonize too long may never find the right time and regret the missed opportunities. 

  • Highest Part of the Island?

    I was reading an article this morning about an historic home in a nearby shore community.  The owner said the house sits on “the highest part of the island”.  I laughed, because I have heard this phrase from almost every home owner I have worked with through the years.  Avalon and Stone Harbor should be covered with mini-mountain peaks based on these statements.  I even heard my husband saying it one day to a neighbor about our block – so it must be true!

  • Mortgage Concerns- a reality check

    We are hearing from the local mortgage reps who actively work in the vacation home market.  The guidelines and programs have certainly changed since the fallout from high-risk loans.  But, they are still lending money, and open for business.

    Back in the “normal” days, loans were typically 80% of the purchase price, and buyers had to show proof of income (imagine!).  The 100% loans based on stated income (often called low-doc or no-doc loans) were a risky business move and are coming back to haunt the lenders.

    If you have a solid credit score, a 10% to 20% down payment, and proof of income (tax return, W-2, profit/loss statement, etc.), the interest rates and loan programs are still favorable.

    Most buyers in our market opt for an interest only product.  The 7/1 or 10/1 ARM’s make sense for many.  There is always the option to pay down the principal if a buyer decides to stay in the property for a longer period of time.  But most have plans to trade up, re-build, or re-finance by the time the 10 year locked in rate time period expires.

    I have excellent contacts in the mortgage business- people I have known for years, and trust.  I will be happy to pass along those names and numbers if you have questions about a current or future loan.  ann@anndelaney.com

  • How Much for the Sand??

    https://anndelaney.com/wp-content/uploads/2007/07/marketjuly2007.doc

    The above file is a detailed summary of “land value” in the distinct neighborhoods of Avalon and Stone Harbor.  If you are unable to open the attachment, I will be happy to e-mail you a copy.  Send the request to ann@anndelaney.com

     

     

  • Thoughts on the Market

    This weekend is the first big rental check in weekend- summer has arrived.  Tenants who love vacationing at the shore are our future buyers.  My expectation is that the sale activity will increase as our visitors discover that they have options within their price range.

    We are surrounded by well maintained homes of every size and shape. But we are actually selling lifestyle, family time, outdoor activities, salt air, and time away from reality. 

    Avalon and Stone Harbor are well respected beach communities. The Seven Mile Beach will continue to be a smart place to own a second home, a rental property, or even live year round!

     

  • Summer = Kohler’s

    What marks the official start of summer?  Standing in line at Kohler’s for sticky buns and cream filled donuts! Judging by the crowds in front of the store this morning, I am not the only one who feels this way.

    The island is busy and the weather is perfect for Memorial Day Weekend.  Thanks to the hard work of our municipal workers, the beaches are groomed, the center islands are attractively landscaped, and the town sparkles for our visitors.

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