Philadelphia Inquirer

Sat November 7, 2009

By Jacqueline Urgo

Inquirer Staff Writer

SEA ISLE CITY, N.J. – As you drive across the tall causeway bridge leading into this barrier island resort, the view of the town’s gateway, stretching from bay to ocean, is dramatic – perhaps the only one of its kind along the Jersey Shore. 

Flags flap in the breeze, flower boxes festoon the median, and the sky meets the sea along the horizon stretched in front of you.

But the actual drive along John F. Kennedy Boulevard – a mélange of tired building facades and lackluster plantings along the median and narrow sidewalks of town – brings you back to earth.

“It’s an impressive view, but the way this area looks right now along JFK Boulevard is definitely not something that puts the best foot forward for the town,” said George Savastano, business administrator of the municipality, which is embarking on a $13.4 million project to revitalize the six-tenths-of-a-mile stretch.

Building booms occurred after severe storms battered much of the New Jersey coastline in 1944 and 1962. In Sea Isle, the 1962 nor’easter destroyed or significantly damaged nearly every beachfront structure.

That led to what some have criticized as “haphazard” planning and zoning policies over the ensuing years, which allowed duplexes and triplexes to be built on lots where single-family homes once stood.

Now, the current economic downturn has put the brakes on the last wave of unparalleled development, which began in the late 1980s.

Despite the faltering economy, Savastano said, the “Beach to Bay Corridor Project,” as it is formally known, is long overdue.

Ultimately, he said, it will help the municipality, which calls itself the “Sea and Sand Vacationland,” attract and keep returning visitors and vacationers.

“The idea is to essentially shrink the distance between the marina on the bay front and the beach,” Savastano said. “Those two anchors are our greatest asset, so what goes on aesthetically between those two points is very important.”

That “shrinking” will be accomplished by creating amenities and highlighting six sites within the project area, according to Stuart Wiser, regional director of planning and development for Remington, Vernick & Walberg Engineers.

Wiser presented a preliminary design last month to the Sea Isle City Council, including a newly landscaped park with a band shell and upgraded beachfront promenade.

Plans also call for the demolition of the library, which will be rebuilt on 48th Street between Central Avenue and Park Road. A beach-tag office now there will be relocated.

The parcel where the library stands will become a parking lot – part of a plan to bring an additional 160 parking spaces to the corridor – with a Smart Meter system.

Throughout the area, open spaces will be relandscaped to create “pocket parks” with decorative fencing, wider sidewalks, interesting street lighting, and historical and ecological markers.

“They have been talking about doing this for years,” said Jeanine Cozzo, who lives near the project area. “I think that most people who live here are really happy it’s going to get a face-lift. It needs it.”

Enhancements to the marina area include new docks, an improved boat-launch system, decorative sidewalks, lighting, and a new boat-trailer parking lot, Savastano said.

The plan also proposes relocating Ludlam’s Beach Lighthouse, one of Sea Isle’s original structures, dating to the early 1900s, into the corridor from another part of town. The two-story, houselike structure may serve as a visitor center, beach-tag sales office, and public restroom, Savastano said.

The project got a jump-start last summer when the Ocean City-based Gillian’s Wonderland Pier opened a small amusement-ride center at the foot of the bridge near the marina. Sea Isle City leaders had wanted to bring kiddie rides back since the last amusement park closed here more than 10 years ago.

“That’s always a big question for prospective tenants when they come into Sea Isle to rent for the summer,” said Ruth Steedley, a local real estate agent and president of the Greater Chamber of Commerce of Sea Isle City. “They want to know about amusement rides for the kids. Now, we have this important component back that we can offer visitors.”

The corridor project is projected to take about five years to complete, using local, county, and state funding. Ultimately, it’s expected to provide an economic boost to the resort.

“They always say first impressions are the most important,” Steedley said. “After the improvements are made, when visitors enter Sea Isle for the first time, they’ll know they’ll know they have arrived someplace that is special.”

For more information on the Beach To Bay Project, visit the city’s website: http://sea-isle-city.nj.us/PROJECTS/BeachtoBayLargeFile/tabid/702/Default.aspx

A: It’s the local forecast that matters!

Don’t let the national media keep you from venturing into our market. You may find that your dream home at the Shore can be a reality.

It’s a great time to buy in Sea Isle!

Call us today at (800) 648 – 9316

http://www.njrealtyinc.com

If you’ve been thinking (or dreaming) of owning a home at the Shore, the next 6 months may represent the best time in years to make a purchase!

Prices have come down 20-30% from the highs of 2004, and mortgage interest rates have dropped over 2 percentage points in the past 2 – 3 months.

The combination of these two factors makes purchasing a home at the Shore more affordable than it’s been in years!

Example:

Monthly Saving: $1,775.72   ·   Yearly Savings: $21,308.64!

Contact your NJ Realty Agent today @ (800) 648 – 9316 to find out how you can best take advantage of this market!

Number of units sold through 3 quarters:

2006 (134 Sales)

• High Sale Price: $2,600,000
• Low Sale Price: $110,000
• Avg Sale Price: $808,036

2007 (178 Sales)

• High Sale Price: $3,850,000
• Low Sale Price: $182,500
• Avg Sale Price: $788,598

2008 (162 Sales)

• High Sale Price: $1,863,000
• Low Sale Price: $100,000
• Avg Sale Price: $652,941

What does this data mean?

First, that the Shore real estate market is active, despite what you see or read from the media. Real estate markets are local – not all are the same. Seashore real estate is desirable. Always was, always will be.

Second, although the number of units sold has remained relatively steady; the average sale price has dropped considerably.

Prices have come down. Interest rates have come down. It’s a Buyers market!! If you’ve been waiting to purchase that second home at the Shore – it’s a good time to buy.

Talk to a Pro! Contact me today so we can dicuss the local market. Call (800) 648 – 9316 or email me at df@njrealtyinc.com.

Andrew Fasy
Broker/Owner
NJ Realty, Inc

Are you still “on the fence” about purchasing the Shore home of your dreams? Recently released information from the National Association Of Realtors has provided potential homeowners with the top reasons why now is the opportune time to buy.

* Home ownership is a direct investment in your future. It offers immediate benefits and a long-term value.In other words, homeowners accumulate wealth for the future by building equity in their home while enjoying all the benefits a (Shore) home can bring. Homeowners can live in and enjoy their properties, make improvements on it, and even turn around and sell it, if they wish to.

* If new construction is the route you choose, you may have noticed that many homebuilders are offering enticing incentives or upgrades when you purchase one of their new homes. The savvy buyer is able to reap the benefits of these offers.

* And finally, when you own a home, you have an added sense of connection to a community (stability, security) that is something you can never achieve from renting.

Questions or Comments?
Give me a call today! (800) 648 – 9316

By Kevin Post, Business Editor, Press Of AC
Published: Wednesday, May 14, 2008

The Atlantic City area is in a sweet spot of the nation’s real estate market, according to first-quarter price and sales figures released Tuesday by the National Association of Realtors.Median home prices increased 4.8 percent in the Atlantic County market from the first quarter of last year, better than the 3.2 percent price rise for the Northeast region. Meanwhile, home prices dropped 7.7 percent nationwide for the period.

And New Jersey was one of just three states (besides Indiana and Alaska) where home sales increased from the year-ago period, rising 4 percent to 169,600 units sold in the first quarter. Nationwide, sales fell 22.2 percent and in the Northeast as a whole dropped 23.9 percent.

Lester Argus, president of the Atlantic City & County Board of Realtors, said the figures match what he’s seeing in the area.

“All of the Realtors I’ve talked to are doing a lot more business than they were six months ago,” Argus said. “My office (Argus Real Estate in Ventnor) itself is very busy. … With interest rates as low as they are and prices the way they are, I think it’s going to pick up even more.”

For Ian Lazarus, president of the Cape May County Association of Realtors, the first-quarter figures suggested the declining home resale market has pretty much bottomed out.”That’s telling me the worst is probably behind us,” Lazarus said. “I don’t know if the market is done dropping, but I do know that we’re closer to the bottom than the top.”

He said price reductions lately have been yielding quick sales, and more buyers are waiting for a signal that prices have stopped falling.

“I’m now working with 15 to 20 buyers, and as soon as they feel the market has built in some kind of floor, they’re going to buy,” Lazarus said.

To the state Realtors association, the performances of New Jersey and the Atlantic City area prove its longtime contention that the depth of the housing slump depends on the region.

“It’s worth saying again, all real estate is local,” said Drew Fishman, state association president and broker with ReMax Atlantic in Northfield. “National trends don’t necessarily translate to every market.”

Lazarus of Sea Isle City said the inventory of homes available in that city has shrunk from 375 units a year ago to about 290 now, reducing choices. “People are saying, I want one like my friend got last year,” he said. “Well, that’s not there now.”

Home prices dropped in two-thirds of the 149 metropolitan areas surveyed by the National Association of Realtors. The national median price – one at which half of homes sold for more and half for less – dropped to $196,300 from $212,600 the year before.

The Atlantic City metro area – all of Atlantic County – saw its median home price rise from $264,600 to $277,400 during the same period.

Home prices nationwide might be stronger than the survey suggests, according to NAR economist Lawrence Yun, because difficulties lining up jumbo mortgages may have held down sales of houses in the high end of the market.

Two other housing price surveys – from the Office of Federal Housing Enterprise Oversight and Standard & Poor’s Case-Shiller Home Price Index – track price changes at particular properties to make comparisons between quarters more accurate. Those surveys, which come out later this month, have indicated a weaker housing market.

The Federal Reserve Bank of Philadelphia reported Tuesday that 36 professional forecasters it surveyed believe those home price indexes won’t stop declining until the second quarter of 2009, and won’t turn positive for the year until 2010.

Questions or Comments?
Email to df@njrealtyinc.com, call (800) 648 – 9316 or post below…

As a Realtor, that is always the question. Well, the numbers speak for themselves:

As of Saturday morning March 15th, there have been 37 closed residential sales this year (1/1/2008 – 3/14/2008) in Sea Isle City. There are currently 48 residential properties Under Contract. There have been 17 residential properties that have gone Under Contract this month (3/1/2008 – 3/14/2008) – more than 1 per day!

How’s the market? You tell me ………

Interested in discussing the Real Estate scene with a Pro? Fire off an email to df@njrealtyinc.com or call (800) 648 – 9316.

One of the Main Line’s star realtors has a bone to pick with the media
By Lavinia Smerconish

In any market, people are interested in the value of their home. But I’ve been in real estate for 24 years, and today, the intensity of interest in the market is unprecedented. It’s gotten so I can’t go anywhere on the Main Line without being buttonholed by some panicked acquaintance worried about the so-called “real estate crisis”. I’ve fielded inquiries over dinner at the Guard House in Gladwyne, in the Cosi coffee line in Bryn Mawr, in the frozen foods section at the Genuardi’s in Radnor, and at the movies in Edgmont.
I tell the curious what I know: Yes, the Main Line market has indeed softened, but it’s a far cry from any crisis. The softening has nothing directly to do with the sub-prime market, or the availability of quality real estate or mortgage money. The market forces in effect here are Matt Lauer, Diane Sawyer, Ann Curry and their ilk. Of course, not everyone in the media has nefarious motives. (I should know; I’m married to a member of their ranks.) But the media-driven perception of what’s going on in the marketplace has me concerned.

Let me explain. The din of the network morning shows fill all of our kitchens as we hurry the kids off to school or otherwise begin our day. Inevitably, we see a plethora of so-called market experts on TV telling us the industry is in decline and the worst is yet to come. No doubt this drives ratings. But on the Main Line, there’s no sub-prime failure to speak of, and we haven’t created a real estate bubble so large as to precipitate a burst. So why are we soft? Because we believe what we see on TV. I can’t imagine anyone changing the channel while being told that the greatest investment he or she will make in a lifetime is in jeopardy. There are never any exceptions offered. It’s a blanket prognostication for the country, overlooking the deviations, such as the Philadelphia suburbs.

The minute they say it, we’re on our way to a self-fulfilling prophecy. First, there are the buyers. They hear about the decline in the market and believe it must be the case everywhere. They certainly don’t want to appear foolish or unsophisticated by purchasing a home at anything close to an asking price, no matter how reasonable that asking price may be. So they either make ridiculously lowball offers, or stay home and wait for a complete bottoming-out or until those same national experts tell them the water is warm enough to jump in again. Sellers, meanwhile, are frustrated about the absence of buyers. They try the usual array of staging, sprucing-up, painting and polishing. And when that fails, they bury St. Joseph in the yard. Finally, they significantly drop their asking price to get the attention of the few buyers who have to move due to life circumstances -­ relocations and new babies and the like.

Prices continue to drop, but because there’s been no public pronouncement that the market has recovered, homes languish on the market while buyers wait for the proverbial bottom to fall out, even though there are great values to be had. We have good inventory on the Main Line; interest rates are at some of the lowest points they’ve been in years; there’s still no shortage of mortgage money, and even jumbo mortgages are available at no penalty to qualified buyers. Sellers remain welcoming, but buyers are stuck in a holding pattern, waiting, waiting, waiting.

They’re waiting for clearance. Not from someone like me, who knows their streets and deals with the market forces in their community every single day. No, they won’t get in the game until somebody deemed a market expert, sitting in a TV studio far away, looks into a camera and tells them the crisis that never existed in their community has ended.

And where in the world is Matt Lauer then? On to the next big story.

The preceding article was printed in Philadelphia Magazine’s March issue.

I could have easily replaced any mention of the Main Line with Sea Isle City – the same holds true. While our real estate market softened in 2005 – 2006 like elsewhere in the country, it stabilized and has begun to become active again. The number of homes Sold in 2007 increased by 68% over 2006 units Sold, and the first quarter of 2008 numbers are double those of 2007 so far. Prices are certainly down from the 2004 highs, mortgage rates are very attractive, there is ample inventory, rentals are booming, and there is constrained demand. Like the author (and most would-be buyers) I’m just waiting for someone to say it’s OK to buy again!

What does that mean exactly? OPPORTUNITY!

When there are more Sellers than Buyers, conditions favor the Buyer. Currently, conditions really couldn’t be better for a Buyer at the Shore. Although the real estate market has begun to turn around; almost twice as many sales have occurred in Sea Isle in 2007 versus 2006, average sale prices are down 10 – 20% since the peak of the market in 2005. There is still ample inventory, and mortgage interest rates have dropped once again (current fixed rate mortgages are in the low 6% range).

What does all this mean to a Buyer? Opportunity!

What may have cost $650,000 2 years ago, now is selling for $550,000. The real cost of that money is less, as the interest rate on the loan is lower. And, there are more homes on the market to choose from. Opportunity!

“When people are buying, sell. When people are selling, buy!”
John D. Rockefeller

Don’t believe the headlines: It’s a great time to purchase and to borrow

That’s right — If you’ve had your eye on the perfect Sea Isle get-away, but put off purchasing because you think mortgages are difficult to obtain, go ahead and take the plunge.

Despite all the press accounts of an industry in crisis, if you’re a qualified borrower and choose the right lender, there’s plenty of mortgage money available.

What does the investor market have to do with getting a mortgage? Typically, mortgage lenders sell their loans in the secondary market to generate money to fund new loans. If a loan becomes delinquent, the investor may ask the Lender to buy back the loan. However, if the lender lacks the capital to do so, the problems start. With delinquencies in some areas of the country rising, many investors have backed off purchasing loans, leaving mainly government agencies like Fannie Mae and Freddie Mac willing to purchase mortgages, and then, only if they are within the “conforming” limit of $417,000.

What if you need a mortgage greater than $417,000? That’s called a “non-conforming” or “jumbo” loan, and they are still readily available. There are mortgage companies and banks that don’t rely on investors to purchase their loans. Therefore, a customer with good credit, the necessary down-payment, income and reserves, will easily qualify for a jumbo loan.

My best advice is to choose a Lender carefully by researching their financial stability. Once you decide on a lender, make sure you fully understand the terms of the loan product you choose. Make sure it fits your needs and comfort zone.

What constitutes the right lender? Liquidity and the ability to generate it. Most of the mortgage lenders that have failed or are currently in crisis made questionable loans in the past; and as a result, do not have the liquidity to continue lending. With solid lending practices and financial backing many mortgage companies experienced no disruption in lending because they were not dependent on investors in the secondary market to purchase its loans.

Don’t let the headlines scare you. Reliable financing is available to purchase your dream home. Rates are very good and homes are priced to sell. Happy house hunting!

Did you find this information useful? Let me know by posting your comments below or email me at df@njrealtyinc.com