| 2012: | Jan. | Feb. | March | April | May | June | July | Aug. | Sept. | Oct. | Nov. | Dec. |
February 23, 2012
AVALON'S SUCCESS, OUR GOOD FORTUNE: That's the title of an article architect Mark Asher wrote about designing and building homes in Avalon. Mark's well-written piece provides insight into what makes Avalon, and the high quality homes built here, special.
Read and enjoy the article here: Working In Avalon
THIRTY YEAR FIXED RATE MORTGAGES remain at an all time low of 3.87%, according to Freddie Mac. Jumbo mortgages over $417,000 are a bit higher. Not only is it a great time to finance a purchase, it's a great time to refinance a higher-rate loan on your primary residence or vacation home. Email or call me for the names of reliable mortgage lenders.
NAVAL AIR STATION WILDWOOD is home to a fascinating collection of airplanes, ranging from a Boeing-Stearman to a Grumman F-14 Tomcat. This past Friday, the last pilot to have flown the F-14 visited the NASW Museum to see his former plane. Lt. Cmdr. Dominick Telenko brought his wife and children to the museum to show them the plane he flew on missions in Iraq, Afghanistan, and elsewhere including a flyby at the Gator Bowl in Florida. The Navy donated the plane to the museum several years ago, and sent a crew to repaint it. Lt. Cmdr. Telenko's name is still stenciled beneath the plane's cockpit window; museum staff convinced Telenko to autograph the plane.
The NASW Museum is currently undergoing renovations, but is open on its regular winter schedule of Monday-Friday, 9am-4pm. www.usnasw.org.
MARKET STATS: From January 1 - February 15th of last year, 35 purchase contracts were written in the local market. During the same time this year, 39 contracts were written, up 11%.
VOTE EARLY, VOTE OFTEN! It's time for the annual contest to name the top beaches in New Jersey! Cape May County beaches have always been well represented, with Avalon, Stone Harbor, and Sea Isle City placing in the top ten multiple times. The Wildwoods have won the contest the past few years. Visit www.njtoptenbeaches.org to cast your vote.
February 16, 2012
AVALON'S BACKPASSING BEACHFILL is running ahead of schedule. Sand from south end beaches is being relocated to north end beaches. The project will continue for the next several weeks and is expected to be completed on or before March 14th.
ONLINE RENTAL SCAM: The Avalon Police Department issued a public warning about an online rental scam that has been occurring up and down the New Jersey coast. Scammers have been taking rental information, including property photos and rates, and posting it on various websites, including Craigslist. The fraudulent listings are often advertised at below-market rates and suggest that the property "owners" are out of the country. The scammers then request that the potential renter send funds via PayPal or Western Union to secure their rental. The victims often don't know they've been cheated out of their funds until check-in time. The Avalon Police Department has recommended that tenants work with licensed real estate professionals when renting a shore property, and make all payments via check or credit card.
| LOOKING UP? Fannie Mae released its future home price outlook for the next 12 months. The percentage of respondents who expect home prices to "stay the same" or "go down" has steadily decreased in recent months, while the percentage of respondents who expect prices to "go up" has increased! Image Source: Wall Street Journal February 7, 2012 |
Fannie Mae Home Price Outlook: |
PLEASE TELL A FRIEND, neighbor, or coworker about the Avalon/Stone Harbor Update! Whether you're looking to buy, sell, or rent, or if you just love the Seven Mile Beach, the Avalon/Stone Harbor Update contains everything you need to know! Subscribe Here
February 9, 2012
ARE WE THERE YET? Those watching the real estate market have been asking for a while if we're at the bottom of the market. It sure looks like it! For the first time since 2004 all the major indicators in our local market are heading in the right direction: available inventory is down, prices are stabilizing, and sales are up in every segment, including a 58% rise in Stone Harbor condos/townhomes and a 133% rise in beachfront sales.
Reasonable prices coupled with low interest rates and strong rental returns have made it affordable, once again, to purchase a vacation home!
A word of caution to property sellers: it's not a seller's market yet! Although significantly reduced, the 547 available properties represent a supply of over 14.5 months; value reigns supreme in the minds of buyers, and proper pricing is critical to a successful sale.
Please call or email me to discuss your situation and we'll formulate a strategy to achieve your goals!
THOSE GREEN POSTCARDS containing your property tax information are arriving in mailboxes; if you haven't received yours yet you will soon. If you have questions on your assessment, contact the tax assessor:
Avalon, Jeff Hesley, 609-967-5754
Stone Harbor, Margaret Slavin, 609-368-6812
Middle Township, Lee Ann Russ, 609-465-8726
If you wish to appeal your current property tax assessment, you may file an appeal by April 1st. You'll find the tax appeal form and instructions here: Petition Of Appeal, County Board Of Taxation (PDF). You'll also need to provide at least three recent sales of similar homes which closed prior to October 1, 2011 in order to prove the value of your property. Call me and I'll be able to provide you with the sale information. I've also been through the tax appeal process multiple times and can offer you some guidance.
UNBURIED TREASURE! A fisherman fishing in the surf at Hereford Inlet discovered a unique find at the water's edge: a 19th century wooden pulley, known to sailors as a "block". The block may have been beneath the ocean floor for a hundred years or more, and may have been loosened by a recent dredging project. The 25-30 pound hand-carved block has been kept wet by its finder, in order to prevent it from drying out and deteriorating.
"YIPPEE!" That's a direct quote from one of our tenants who was thrilled to hear that we now accept credit cards for rental payments! Pay for your vacation using your credit card and earn mileage/points/rewards at the same time!
Property owners: we're the only agency on the island accepting credit cards for rental payments--list with us and garner a bigger share of rentals!
REMEMBER WHEN? Who remembers Donnelly's Deli at 21st Street and Dune Drive? Maybe the better question is "who doesn't?" It's hard to believe it's been more than five years since the Donnelly's building was razed, along with the bank building at 20th Street, to make way for a new commercial/residential structure.
Did you know that the structure that housed Donnelly's was Avalon Real Estate Agency's first home from 1962-1966? Before moving to its present location at the intersection of 30th Street and Dune Drive, Avalon Real Estate Agency resided in the brick building at 21st Street and Dune Drive.
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AVALON REAL
ESTATE AGENCY'S FIRST HOME 1962-1966 21st Street & Dune Drive Donnelly's Deli occupied the left end of the building beginning in the 1970s. |
February 2, 2012
NOW ACCEPTING CREDIT CARDS! Paying for your vacation rental just got a whole lot easier! No more writing checks and mailing them--just call me or MaryAnn to make your credit card payment over the phone by Visa, MasterCard, or American Express. You'll save a stamp and earn credit card points/rewards/mileage too!
UNDERINSURED? One of the mortgage lenders that we work with regularly reports that many condominium associations are not adequately insured. If you're part of a condo association, don't assume that your coverage is sufficient--check it. If unsure, contact your insurance agent for a review.
AVALON AWARDED a contract for its backpassing beach fill project that will result in 60,000 cubic yards of sand being moved from south end beaches to north end beaches between 16th and 26th Streets. The project will begin soon and will be completed by March 15, 2012.
REMEMBER THE BLIZZARD of two years ago? Twenty inches of snow blanketed the island, and knocked out power for several days. Fortunately, this week's weather was much nicer, with temperatures approaching 60 degrees!
A frozen, wind-whipped dune covered in snow after the February, 2010 blizzard.
Photo courtesy of Bob & Kathy Ross
HAVE BUYERS, NEED PROPERTIES! I'm working with buyers that are ready to purchase, but haven't yet been able to locate the ideal property. Here's what I'm looking for: a rancher, Cape Cod, or upside down home east of Dune Drive in Avalon's north end, priced at or below $1 million. If you've got a property that fits this general description and you're thinking of selling, please call me! Or if you know a friend or neighbor thinking of selling, please have them call me!
OUR ADDRESS: Changing postal regulations mean we must end our use of "30th & Dune Drive" as our mailing address, and instead use our street address and post office box number. Our official address is:
Avalon Real Estate Agency
2997 Dune Drive
PO Box 10
Avalon, NJ 08202
If you're going to mail a contract, lease, or check, please be sure to use the new address!