1st Quarter- 2007

When I am asked about the real estate market at the shore, my first thought is the return of buyer confidence.  Potential buyers have been watching the market and are ready to move forward with a purchase- if the right opportunity is available.

There are many options for a buyer as they proceed methodically through the selection process.  If a property is priced higher than the competition, the home will quickly be eliminated from their list. 

With the activity in the last quarter of 2006, and the 1st quarter of 2007, we have true comparable sales to establish current market value.  For a single family home, the “land value” is the leading factor.  The age/condition of the structure, and more importantly, the value of the structure to the buyer- completes the picture.

We expect market activity to increase as summer approaches.

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Beach Tags/Avalon and Stone Harbor

An early reminder to order your beach tags at the pre-season discount rate:  tags are $17 each if purchased before the end of May.  You can order the tags through the mail and pick them up later in the spring.  The Borough of Avalon 3100 Dune Drive, Avalon, NJ 08202; The Borough of Stone Harbor 9508 Second Avenue, Stone Harbor, NJ 08247.

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March Madness

Not basketball… but frustration with the weather and its effect on business.   Yesterday’s storm made a mess in our “feeder” market (Phildelphia area), and several appointments for sale and rental showings were cancelled.

Overall, activity in our sale market has improved.  But just as we lowered the number of homes on the market by posting a few sales, the normal spring inventory was added to the mix.  We are back over the 300 mark of single family homes for sale in Avalon and Stone Harbor.

We need a few warm, spring days to keep up the momentum!

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March Snow

I spoke too soon when I mentioned the improving weather at the shore.  We had a few inches of snow yesterday from the quick moving storm.  It will melt just as quickly with temperatures forecasted to be in the 50’s by the weekend.  So, still plan your visit to Avalon and Stone Harbor!

beachmarch2.jpg   

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Wish you were here…really!

I am anxious for the return of civilization.  We endure January and February at the shore, knowing that spring is around the corner.  In March, the days are longer and the sun is warmer (…if you are out of the wind).   Just yesterday, I noticed that I could “smell” the ocean- a true sign of improving weather!

So, schedule a visit to the beach soon…the locals will be happy for the company!   

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President’s Weekend at the Shore

After 2 weeks of bitter cold temperatures, we are grateful for what feels like a spring day!  Mid- 30’s, sunshine, and less wind.  President’s weekend typically brings prospective tenants and buyers to the shore.  Most are anxious for a day out of the house, and a trip to the beach- even in February- is a nice change of pace.

Only a few more weeks before we see the true signs of spring: restaurants and businesses back open!

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Avalon Beach Replenishment- ’07

Article in The Press of Atlantic City- published 2/3/7. 

The Borough of Avalon is preparing to borrow nearly $3 Million to restock beaches in Avalon’s Northern End damaged by erosion in the past year.

     Avalon scheduled an emergency meeting for Monday, 1/29/07, to appropriate money for beach replenishment before the tourist season.

     Last year, Avalon paid nearly $2.8 Million for a dredge to replace 8 blocks of beaches – about 350,000 cubic yards of sand – between 9th and 18th Streets.

     Avalon Mayor Martin Pagliughi said the Borough hoped its beach fill in 2006 would last through the start of an upcoming U.S. Army Corps of Engineers project.

But Pagliughi said Avalon can’t wait. “ That’s all we need is a hurricane or a coastal storm and all of those houses are going to get whacked”.

     Municipalities such as Avalon are on a schedule to receive money for beach replenishment through a funding formula that divides the costs between federal, state and local governments.

     Before 2006, Avalon’s last beach fill was in 2003, when it entered into a 50-year partnership with the U.S. Army Corps of Engineers. Under that Agreement, the federal government pays more than half the costs. Avalon anticipates the federal government will help fund a larger beach replenishment for later this year or in 2008.

     Avalon Public Works Director Harry Debutts checks the conditions of the beaches nearly every day. Like the vacationers who frequent the beaches, the sand itself tends to migrate and return, but not in the same volume in which it left.  “The beach has actually started to recover a little on its own in the north end…for that part of it, I’m grateful. What we need to see happen there is finally starting to come around”, Debutts said. “But, it’s not enough for us to feel comfortable with entering the summer season”.

Debutts said this year’s project will likely not include a dredge. Instead, it may involve back-passing – trucking sand from one end of Avalon to the other – or carting sand in from elsewhere.

 

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January Weather

Okay…I will admit that I was feeling proud of myself…maybe even a bit smug.  Every morning, I slipped on my sneakers and iPod to enjoy a long walk on the beach.  Why go to a gym when I have a beautiful view just down the street? 

But this past week, something changed.  It’s called JANUARY- the true test of my dedication to a fitness routine.  I have added a few more layers to face the 20 mph winds and the 30 degree temperatures (it’s not a fashionable look).

My younger son, who lives in Colorado, thinks I’m a wimp when I complain about the cold.  He copes with below freezing temperatures on a regular basis- but it’s a “dry cold” (he says that so we don’t worry). With the mightly Atlantic Ocean nearby, our cold is anything but dry. 

Many of my fellow walkers have fled to warmer climates for the winter (or maybe just to their treadmills).  There are a few hardy souls left and they inspire me to stay outdoors and keep walking!

snowonbeach-3.jpg

 

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Football vs. Real Estate

Last night’s game was a disappointing loss for Eagles’ fans, but as a real estate agent, I know that the end of the line for the Philadelphia team triggers the “kick off” of the seashore sale and rental season.  Planning a vacation or a purchase of a beach house soothes the soul of a heartbroken fan…and we are here and ready to help!

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Happy 2007!

The New Year is bringing good news on the real estate front.  Philadelphia Magazine’s recent issue has an interesting article about second and vacation home opportunities, and a segment on the Today Show this morning talked about the benefits of buying real estate now.  Locally, the number of  “under contract” postings in our Multiple Listing Service confirms this positive trend. 

Another gauge of the confidence level in our area is the vast amount of new constrution underway.  Developers may not be as enthusiastic about building spec houses right now, but private homeowners are tearing down their older seashore homes and building beautiful new homes on their lots.  The quality of the architecture and construction is impressive, and continues to set a high bar for real estate along the coast.

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