| 2011: | Jan. | Feb. | March | April | May | June | July | Aug. | Sept. | Oct. | Nov. | Dec. |
September 29, 2011
"IN THE LUXURY SECTOR, the recession is a memory," according to an Associated Press article that appeared earlier this week. In our real estate market, the 39% year-to-date increase in sales is certainly a positive sign supporting that statement. High-end sales over $3 million have more than tripled from 4 last year to 14 this year. The increased demand for shore properties has been driven by realistic prices and extremely low interest rates.
JAPANESE BLACK PINE PROGRAM CLARIFICATION: Avalon property owners wishing to explore the removal of Japanese Black Pines should contact the Avalon Business Administrator first to discuss the program. Call the Borough of Avalon at 609-967-8200 and ask for the Administrator's office if interested in the program. (Last week we incorrectly instructed property owners to contact Lomax Consulting Group.) Thank you to Andrew Bednarek, Business Administrator, for clarifying this for us.
BULK TAX LAW REPEALED: The New Jersey Division of Taxation began applying its bulk tax requirements to the sale of vacation and rental properties last year. The law required the filing of forms prior to the sale of a property, and required property sellers to escrow any tax money deemed necessary by the state. NJ Governor Christie recently signed a bill exempting single- and two-family homes, including seasonal rental properties, from the bulk tax process. According to Christie, the repeal will "boost New Jersey's real estate market and cut red tape."
READY TO MAKE YOUR own seashore memories? Contact me to get started! Whether you're ready to purchase, or just beginning to consider it, please give me a call!
September 22, 2011
MARKET STATS: there have been 188 properties sold in the local market through September 15, up 39% over last year's 135 sales during the same time frame. This year's average sale price of $1,340,304 is up 9.0% over last year's average price of $1,228,932, while this year's median price of $897,500 is down 14.5% from last year's median of $1,050,000.
THE AVALON BOULEVARD BRIDGE project will soon enter its third phase which will include installing a new concrete deck. The entire project is expected to be completed in early December.
"TEARDOWNS" remain an important part of the market. In Avalon, 29 homes were demolished through August of this year, compared to 45 for all of last year. 38 construction permits were issued through August of this year, compared to 48 for all of last year. The fall months are popular for teardowns and construction "starts", so this year's final numbers could exceed last year's.
JAPANESE BLACK PINES, which are common along Avalon's beachfront and dunes, can be removed under a new program offered by the Borough of Avalon and the Avalon Environmental Commission, in conjunction with the Lomax Consulting Group. Owners wishing to remove any black pines should contact Tim Raker at Lomax Consulting Group for details at (609) 465-9857.
September 15, 2011
SEPTEMBER'S WEATHER has lived up to its reputation. So far this month we've enjoyed warm days, gentle breezes, and cool nights. Everything's open but nothing's crowded! If you can, c'mon down!
9/11 REMEMBRANCE: this past Sunday, Avalon held a 9/11 Remembrance Ceremony featuring a steel beam from the World Trade Center. Members of Avalon's Rescue Squad and Police Department recounted their experiences responding to New York in the days immediately following 9/11, as an audience of more than 500 people listened. The 12-foot long, 1,800 pound steel beam will be housed at the Avalon Rescue Squad until a permanent memorial can be erected. The public may view the artifact during daytime hours when the rescue squad is open.
Avalon Fire Truck & Memorial Wreath Stand Before A Twisted Steel Beam From The World Trade Center
Photo courtesy of Robert D. Ross.
CANADIANS account for 17 percent of Cape May County visitors according to a 2009 county survey. The county plans to continue promoting tourism among Canadians, who spend an estimated $105 million in the county each year.
THE ORLANDO PEABODY DUCKS will be in town for the Wings 'n Water Festival this weekend. The famous mallards will walk down the red carpet on 96th Street at 5pm on Saturday, September 17. The ducks will be on display throughout the weekend, including 11am to 3pm Saturday at the Wetlands Institute.
SEVEN BRIDGES in Cape May County will see repairs, demolition, or new construction in the next year. Four of the county's Ocean Drive bridges will see maintenance projects ranging from $250,000 to $2.3 million, while the new Route 52 causeway into Ocean City is expected to be completed by Memorial Day 2012 at a cost of $400 million. The Beesley's Point Bridge will see the demolition of its drawbridge span at a cost of $1 million.
INTEREST RATES are unbelievably low! Recent offerings by mortgage lenders include a thirty-year fixed rate of 4% for loans up to $417,000, a thirty-year fixed rate of 4.75% for loans to $750,000, and 4.99% for a 5/1 ARM for loans up to $8,000,000. In the market to buy? Now is a great time to lock in low financing costs!
September 8, 2011
THE WEST POINT CATHOLIC AND PROTESTANT CHOIR returns to Avalon for the 29th year. On Saturday, September 17 the choir will sing for 25 minutes before the hour of 5pm at Maris Stella Church at 50th Street and Dune Drive and again on Sunday, September 18 for 25 minutes before the hours of 9am and 11am. The choir will also appear at the Methodist Church at 34th Street and Dune Drive at 10am on Sunday, September 18. Those wishing to help with housing for choir members should contact Richard Hoy at 215-605-1014.
A PIECE OF THE WORLD TRADE CENTER is coming to Avalon. On Thursday, September 8 a twelve foot piece of the World Trade Center will arrive in Avalon via Avalon Boulevard. The piece will be draped in an American Flag and will be welcomed by the Police Department, Fire Department, and Rescue Squad at the Avalon Public Safety Building at 31st Street and Dune Drive. On Sunday, September 11 at 12 noon the Borough will hold a special 9/11 Remembrance Ceremony at 11th Street and Dune Drive at the baseball field.
TOURISM at the Jersey Shore may have increased by as much as 7.8% according to the Philadelphia Inquirer. The Cape May County Department of Tourism is still awaiting its own final results from its own annual tourism survey, but preliminary indications show an increase of 8% over last year. Tourism is a $38 billion industry in New Jersey, and the Shore is responsible for most of it.
BULK TRASH will be collected at the following times: Avalon, September 3-12; Stone Harbor, Monday, September 19; Sea Isle City, Thursday, September 22.
THE "SECOND SUMMER!" It's September, a month that typically sees beautiful weather, warm ocean temperatures, good fishing, and fewer crowds. Take advantage of the "Second Summer" here at the Shore! Want to make some permanent memories? Call me to discuss acquiring your very own shore house!
September 1, 2011
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| Toppled trees in Avalon. |
A few very important factors helped to minimize local damage:
First, Irene weakened slightly as it approached Cape May County, becoming a Category 1 storm, instead of Category 2 or 3. Second, the storm surge began to build just as Saturday night's high tide had passed. And finally, by the time of the next high tide on Sunday morning, the storm's winds had shifted from northeasterly to northwesterly, pushing water offshore, and preventing any further storm surge from flooding the island.
Most damage was limited to missing shingles, toppled trees and branches, and other relatively minor things. The newly rebuilt beaches and dunes survived remarkably well, suffering only minor erosion. As one happy islander stated, "my boat is floating, my house is not, I'm happy." Inland areas of New Jersey saw heavy rain followed by flooded creeks, streams and rivers. Many of those areas are still dealing with major flooding troubles.
THE MID-ATLANTIC $500,000 fishing tournament saw good catches last week, despite being shortened from 5 days to 4 due to Irene. 451 white marlin were caught, with 435 of them being released. 21 blue marlin were caught, with 17 of them released. Additional catches included 23 tuna, six mahi mahi (dolphin), two wahoo, and a spearfish.
SUPPORT BEACON ANIMAL RESCUE! Visit Natali Vineyards this weekend and listen to great music while enjoying some local wine. Cape May County bands will compete from 12-8pm on Saturday & Sunday, September 3 & 4. Your votes will determine the winner. Natali Vineyards is supporting Beacon Animal Rescue, a no-kill animal shelter. Natali Vineyards is located at 221 North Delsea Drive, in Cape May Court House. To make a donation, visit Beacon Animal Rescue and click the donation button.
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Sunday evening's |
LABOR DAY is upon us, and island towns are expecting good crowds to accompany the good weather that has returned to the area. As Avalon Mayor Martin Pagliughi said, "We are open for business!" C'mon down and enjoy the last three-day weekend of the summer.
The weather is expected to be great, with daytime highs from 78 to 84 degrees! Local restaurants and businesses are open, as are the beaches. We look forward to seeing you!