Sea Isle City Real Estate

Similar to other south Jersey Shore markets, the Sea Isle City real estate market has really turned around.
It’s a great time to buy!!

Sale Market Summary

Period Units Sold

4th Quarter 2010 42
4th Quarter 2011 57 35% Increase

1st Quarter 2011 32
1st Quarter 2012 48 50% Increase

Source: CMC Multiple Listing Service

MAYOR’S MESSAGE :
I would like to thank all of Sea Isle City’s property-owners and visitors, who have been very patient while road work has taken place throughout our town. Nobody likes to deal with street closures or detours; however, the infrastructure improvements that we are undergoing along Park Road, Central Avenue and Landis Avenue will surely benefit us all. I would especially like to thank the residents of the 100 block of 79th Street, who have been waiting for several years for repairs to take place along their deteriorated road, which required involvement from the County. Work on 79th Street is now underway, and we are grateful for everyone’s cooperation, patience and understanding.
This weekend, parishioners from Saint Joseph Catholic Church will celebrate the completion of their new house of worship with a special concert on Sunday afternoon. The concert, which begins at 3:00 p.m. inside the new church, will feature Carl Granieri and his orchestra performing with a 100-voice choir. Concert tickets cost $25 each and can be purchased at the parish rectory on 44th Street or at the door on the day of the concert. –Let the music begin!
With each passing week, more and more people are returning to Sea Isle City to resume their favorite seashore activities. I’m very happy to report that I am continually greeted by residents and visitors, who tell me how much they are enjoying Sea Isle’s recent improvements. People seem especially pleased with our new library and historical museum at 48th and Central, the recent beautification efforts along JFK Boulevard, and the current construction of our new Information Center. Clearly, this is a very exciting time for our town, and the best part is that we are not yet done growing! By the time the summer rolls around, we will also have a new public parking lot on JFK Boulevard, dredging will have begun in the Rio Grande and Rio Del Isole lagoons, and renovations at the Townsend Inlet Waterfront Park will be completed. As you will see when you read the Project Updates below, there are also other construction efforts taking place in town, which will further contribute to Sea Isle’s beauty and the strength of our infrastructure.
Occasionally, I also meet local property-owners while I am out of town. On a recent plane ride home from Florida, I was approached by Bob and Ellen Norton, who were kind enough to introduce themselves during the flight. The Nortons commented on Sea Isle’s E-Newsletter, how they appreciate being able to stay informed, and how much they enjoy reading about their favorite shore town every two weeks. It seems that no matter where I go, people are talking about Sea Isle City. It’s always great to hear positive comments about the town we all love, and I look forward to speaking with more of you in the future about what’s happening on our island. We will continue to keep everyone aware of pertinent information through Sea Isle’s E-Newsletters, E-Alerts and all other means possible, because an informed community is a productive community. After all, what good are all these wonderful changes if nobody knows about them?
Smile…You’re in Sea Isle!
Mayor Leonard C. Desiderio

CITY COUNCIL MESSAGE :
As discussed in our previous newsletters, we will have a second reading, public hearing and final vote on the following ordinances during our next council meeting on Tuesday, April 24:
–Ordinance #1517, which includes various items related to parking. Key elements in that ordinance are: A) Parking rates will now be 25-cents for 15 minutes (versus the previous rate of 25-cents for 30 minutes); B) Additional parking meter locations will be installed; and C) 15-minute parking spots will be added in the business district. This same ordinance also provides for the installation of two stop signs along Central Avenue.
–Ordinance #1518, to authorize the use of capital surplus for various items.
–Ordinance #1519, which will allow for the licensing of a new Jitney in Sea Isle City this summer.
–Ordinance #1520, which will allow the sale of alcohol on Sundays starting at 10:00 a.m.
We encourage all residents and visitors to participate in our Spring Beach Clean Up, hosted by the Sea Isle City Environmental Commission, on Saturday April 21, 10:00 a.m. to 12 noon. Sign-up takes place on Saturday at JFK Boulevard at the Promenade. All participants will be rewarded with a buffet luncheon, hosted and provided by Mike’s Seafood in Fish Alley.
City Council and the City’s Administration have formed a Landis Avenue Streetscape Committee. The charter of this group is to look for ways to enhance the Landis Avenue streetscape within our business district and make it compatible with the new improvements at Braca Plaza and anticipated improvements along JFK Boulevard this fall. This committee is made up of representatives from City Council, the Administration, the Chamber of Commerce and Revitalization and Sea Isle’s Beautification Committee. We anticipate that the committee will be in a position to share their proposals with the public by late spring.
City Council will hold our annual Saturday meeting on May 19, at 9:00 a.m., inside Council Chambers. This meeting is being held in conjunction with Community Day, which begins at 11:00 a.m. on May 19 at the Community Lodge.
Best Regards from the Members of City Council

PROJECT UPDATES :
Please Note: As we head toward the summer, the push is on to complete projects in advance of our busy tourist season. Our objective continues to be to maintain and improve Sea Isle’s public assets and infrastructure in order to provide our residents and visitors with the best quality of life, and fulfill the City’s vision of Sea Isle as a premier destination resort, while maintaining a small town, community atmosphere.
Phase 2 of Excursion Park, Beach to Bay Corridor – This project involves streetscape improvements to the public corridor along JFK Boulevard (from the Promenade to Landis Avenue) and widening of the sidewalks along each side of this corridor by 3 feet. The contractor, Fred M. Schiavone Construction, is in the process of completing the project. New energy efficient, decorative street lighting and bollard lighting has been installed. Verizon and Atlantic City Electric are in the process of relocating utility poles and placing some utilities underground. Once the utility work is complete, the paver sidewalks will be finished and hanging flower baskets and decorative banners will be installed on the light poles. The entire project is expected to be completed within the next month.
Construction of Decorative Seat Wall at Excursion Park – To improve the appearance of the park and provide for additional seating, the City is constructing a landscaping masonry seat wall along the eastern edge of the grounds. The wall will match the masonry work recently installed, and is expected to be complete within the next two weeks.
Demolition of Existing Library / Beach Tag Facility and Conversion to Parking Lot – The old Library / Beach Tag Building has been demolished. Following the clearing of the site, construction of concrete work will start next week, along with installation of underground conduit for the parking lot lighting. The parking lot lighting will match the lighting recently installed on JFK Boulevard from Landis to the Promenade. The project also includes landscaping and a 6-foot high fence around the perimeter. Completion of the new lot is scheduled for the first half of June, prior to Skimmer Weekend (June 16 and 17).Please see photos below…
Construction of Welcome Center Addition to the Community Lodge and Renovations of the Existing Lodge Facility and Site – The contractor, R. Wilkinson and Sons, will be installing the new siding on the Lodge over the next two weeks and continuing with construction of the new Welcome Center addition. The building envelope for the addition is scheduled to be completed within the next month; with opening of the Welcome Center scheduled for mid-June. The new handicapped access ramps along with interior renovation work to the Community Lodge have been completed, and activities are once again taking place at the Lodge. The project is the culmination of several years of public discussion about the need for a Welcome Center, as well as the need for continued utilization of the current lodge facility. Please see photos below…
Improvements to T. I. Park – The contractor, Axios, Inc., is completing the installation of new decking on the ramps, stairs, and pavilion area. The pavilion has also been repainted. New aluminum railings are currently being installed, providing for compliance with the Americans with Disabilities Act. Access to the park and pavilion remains closed in order to ensure public safety while construction takes place. The project is expected to be complete by the end of the month. Please see photos below…
Lagoon Dredging — The current status of the project is as follows:
The contractor, Wickberg Marine Contracting of Belford, NJ, is continuing with construction of dike walls in the dredged material disposal area located west of the library, adjacent to Rio Grande lagoon (Rio Grande is along 47th Place). Dike construction has continued to be difficult, due to the condition of the soils, and this phase of the work is now expected to be completed by the first week of May.
Dredging of Rio Grande Lagoon and a portion of Rio Del Isole (along Venicean Road) will take place during May and into June; with measures taken to avoid disruption to boaters.
Dredging work will not take place over most of the summer and will re-commence after Labor Day, when the remainder of the lagoons will be dredged.
The lagoons to be dredged are as follows:
Rio Grande (south side of 47th Place)
Rio Delle Stelle (between 46th and 47th Place)
Rio Delle Luna (between 45th and 46th Place)
Rio Del Amore (between 44th Street and 45th Place)
Rio Delle Isole (along Venicean Road)
Rio Del Barche (between 43rd Place and 44th Street)
Rio Del Affare (between 42nd and 43rd Place)
Rio Delle Ponte (along Park Road on either side of 43rd Place)
The project provides for the ability of private property owners adjacent to the project area to enter into an agreement with the dredging contractor to dredge their private slips (at the private owner’s expense). In conjunction with the City project, properties at the above locations do have the required permit to perform private slip dredging.
As part of this project, consistent with the commitment to afford the opportunity to private property owners to have their slips dredged (at their own expense), the City continues to work with the Army Corps of Engineers and the NJ Department of Environmental Protection to obtain permits for previously identified areas of need, including the western side of Venicean Road (along the intracoastal waterway) and along Sounds Avenue in the area of 38th Street. Permits for these areas are not expected to be obtained until late summer or early fall, which will still allow time for these property owners to come to agreement with the dredging contractor to have their slips dredged prior to completion of the overall project.
Sewer and Road Reconstruction on Central Avenue (49th to 69th Street) – The project has been contracted to the firm of Lewandowski Construction Industries, Inc., of Waterford, NJ. The project will be performed in two phases: the first being from 49th to 63rd Street and the second phase from 63rd to 69th Street. The contractor will be required to cease construction operations for the summer season and start back up after Labor Day. Based on the current assessment of the project, utility work is expected to be completed from 63rd to 55th Street prior to the coming summer. The road surface will be temporarily restored to allow for vehicular travel with no detours or obstructions over the summer. Trench paving work from 63rd to 59th Street is scheduled to take place tomorrow; with the remaining trench paving to be performed before the project ceases operation for the summer.
The remainder of phase one (to 49th Street) along with phase two (from 63rd to 69th Street) will be completed in the fall; after which the entire roadway will be resurfaced. The project will provide for an upgraded sewer system and new road surface for the entire one mile stretch of roadway. This section of sewer has been problematic for years, with continuous maintenance issues; and this project will not only provide for appropriate sewage infrastructure, it will assist in decreasing the amount of ground water sent to the county sewage treatment plant, thus saving in unnecessary costs associated with the treatment of “infiltration” water.

Utility Reconstruction on Landis Avenue (54th to 69th Street) – The project has been contracted to F.W.Shawl & Sons of Marmora, NJ, and will provide for water and sewer line replacement in advance of the County project to resurface Landis Avenue from 54th to 69th Street. To date, the contractor has installed hydrant services, water main extensions out of several intersections, and new water services to adjacent properties. Utility work will continue through the third week of May, with work suspended through the summer and then resumed in the fall. The County is scheduled to resurface Landis Avenue from 54th to 69th Street either in the fall of 2012 or spring of 2013.

Inflow and Infiltration (I & I) Remediation – The firm of Video Pipe Services, Inc. of Newfield, NJ, is in the process of performing work associated with internal repairs of sewer pipelines and manholes throughout the City. The portion of the project involving sealing of sanitary sewer mains has been substantially completed. The bulk of the remaining work involves internal lining of deteriorated sewer under Pleasure Avenue in the area of 35th to 39th Street. The Pleasure Avenue work is scheduled to be performed the week of April 23rd. The entire project is scheduled to be completed within the next month. The need for this project was indentified over the past several years through a comprehensive investigation and analysis of the City’s sewer system. Sewer systems are prone to both inflow (overland water entering the sewer system through manhole covers and other surface openings in the system) and infiltration (entry of groundwater into pipelines through cracks, deteriorated pipe, and pipe joints). The effects of I & I are symptoms of deterioration of the sewer system that must be corrected to avoid more problematic maintenance issues and potential failure of the sewer system. I & I is also costly, in that the City must pay for the unnecessary treatment of water that enters the sanitary sewer system. This is the first phase of a multi-year citywide sewer maintenance and improvement project that will ensure the continued viability of the City’s vital sewer infrastructure. As indicated above, this project is expected to be completed by April. The next phase of I & I work will involve replacement of sewer lines that cannot be corrected through internal, “no-dig” repairs, as are being performed in this phase. As those projects are engineered and prepared for bidding and construction, we will provide updates on the specific details of the projects.

Utility Reconstruction, Various Streets – The project includes replacement of deteriorated underground utilities (water and sewer) in several streets, as part of the City’s comprehensive road and utility program. At the April 10th City Council meeting, the council authorized award of a construction contract for the project to Garden State General Construction, Inc., of Rio Grande, NJ, in the amount of $607,653.92. Garden State was the lowest bidder of the eight firms that submitted bids for the project. The work is scheduled to be performed partially in the spring, with a summer hiatus, then completed in the fall. Following utility work, the streets will receive new surface paving. The following streets are included in this project:
1. 50th Street, Landis Avenue to Promenade
2. 51st Street, Landis Avenue to Promenade
3. 60th Street, Landis Avenue to Central Avenue
4. 43rd Place street end with guide rail barrier
5. 42nd Street, Landis Avenue to Promenade
6. 79th Street, Landis Avenue to Central Avenue
7. 60th Street, Landis Avenue to Beach End

JFK Boulevard Reconstruction, from Bridge to Landis Avenue (NO CHANGE FROM PREVIOUS UPDATE) – The County has been working with the City for design of the project to reconstruct and reconfigure JFK Boulevard from the Sea Isle Bridge to Landis Avenue. The project limits also include reconstruction of Landis Avenue from JFK Boulevard to 40th Street. The project scope will include the addition of widened sidewalks, decorative lighting, streetscape improvements and landscaping, drainage improvements, and elevation of the road surface which will assist during times of flooding. The County Engineer and the design engineering firm of Urban Engineers (which is under contract to the County), along with the City Engineer, made a presentation on the JFK Boulevard project on March 7, 2012 in council chambers, at which time those in attendance were informed of the project details and the proposed timing of the project. The meeting was attended by approximately 30 members of the public and the media, with the opportunity for questions and concerns to be raised. The engineers addressed issues relative to drainage, traffic, the proposed elevation of the road surface, changes to the road configuration, and the new streetscape. The project involves federal funding, and the next step is for the County to obtain authorization from federal and state agencies to proceed to bidding. If authorization is received, the County will put the project out to bid by July in order to award a contract for a fall 2012 construction start. In this event, construction will take place between October 2012 and May 2013.

Paving of 43rd Street from Landis Avenue to Park Road – The project involves final resurfacing of the street, along with associated replacement of some of the adjacent curb and sidewalk. The work has been contracted to the firm of Arawak Paving Co., Inc., of Hammonton, NJ, in the amount of $98,500. This paving project will finalize a complete reconstruction of this section of 43rd Street, which previously received new water and sewer lines. The project is scheduled to be completed prior to Memorial Day weekend.

Turtle Sculptures (NO CHANGE FROM PREVIOUS UPDATE) – The City previously authorized the acquisition of two signature turtle sculptures, one for placement at the JFK and Pleasure Avenue corner of Excursion Park and the other at the north-end entrance of Sea Isle. The sculpture at Excursion Park will be approximately six feet in length and the north-end sculpture will be approximately three feet in length. The sculptures are expected to be delivered to the City this month.

County Drainage Improvements, Park Road – The County has contracted with RTW Construction to perform several drainage improvement projects in Sea Isle City. RTW has completed underground drainage work on Park Road and is now mobilized at 79th Street, where they will perform replacement of deteriorated storm sewer between Landis and Central Avenue. This work is scheduled to be completed within the next two weeks. Following completion of the drainage work at 79th Street, additional drainage work is scheduled to be performed on Landis Avenue between 24th and 25th Street.

VOTE FOR SEA ISLE CITY :

The 2012 New Jersey Top Ten Beaches Survey is now underway – and Sea Isle City is one of the hottest towns on the list! Conducted by the New Jersey Sea Grant Consortium and The Coastal Research Center at the Richard Stockton College of New Jersey, 2012 is the 5th year for the annual survey, which rates 48 beach communities from Sandy Hook to Cape May. In 2010, Sea Isle City ranked 5th among the state’s beach towns, and in 2011 Sea Isle City was 4th! You can let the entire Garden State know that Sea Isle City is NUMBER ONE, by casting your vote online at www.njtoptenbeaches.org . Voting is fast, easy and free – and it will help everyone learn that Sea Isle City is wonderful shore community.

LIBRARY CARD INFORMATION :

The Sea Isle City branch of the Cape May County Library, located at 48th Street and Central Avenue, is open to the public. However, visitors must have an active library membership card to use the facility’s computers, rent a movie or borrow a book. To obtain a library card, local residents simply need to show proof of residency; and those who own homes in Sea Isle City and live elsewhere must show a local tax or utility bill or some other proof of home-ownership. Visitors (weekly or seasonal) can obtain a temporary card by showing a rental lease and providing proper identification that includes their home address.

The library is open 9:00 a.m. to 8:00 p.m. on Monday and Wednesday, and 9:00 a.m. to 4:30 p.m. on Tuesday, Thursday, Friday and Saturday (closed Sunday). For more information, phone 263-7301 or visit www.cmclibrary.org.

DID YOU KNOW :

–The next City Council meeting is Tuesday, April 24, at 10:00 a.m., in Council Chambers on the second level of the S.I.C. Public Safety Building, 233 JFK Boulevard. The public is invited to attend.

–The S.I.C. Environmental Commission’s Annual Spring Beach Clean-Up is Saturday, April 21, 10:00 a.m. to 12 noon. Families, individuals, scout troops, civic clubs and all other volunteers are needed to make this important event a success. No pre-registration is required – just check-in on April 21 at JFK and the Promenade. All volunteers will be treated to a buffet luncheon immediately following the clean-up on April 21, courtesy of Mike’s Seafood in Fish Alley (263-2081).

–The owners of all Sea Isle City rental properties are required to purchase Rental Permits for each house, apartment and condo rental. 2012 Rental Permits should be purchased at the Municipal Clerk’s Office at City Hall by May 1 for $150.00 each. The late fee to purchase a rental permits is $175.00 (263-4461, ext. 200).

–A Golf Weekend is being hosted by the Sea Isle City Chamber of Commerce and Revitalization on May 4, 5 & 6, featuring discounts at area golf courses, restaurant specials, lodging deals, gifts and prizes (dcislekid@comcast.net, www.seaislechamber.com or 263-9090).

–The Police Unity Tour will be in Sea Isle City on Thursday, May 10, at the Public Safety Building, 233 JFK Boulevard, 10:30 to 11:30 a.m. (www.policeunitytourchap2.com).

–The Association of Surf Anglers will host the Karl Boehret Surf Fishing Tournament in Sea Isle City on Saturday, May 12, 7:00 a.m. to 12:30 p.m. (642-1427, www.asaconline.org).

–A City-Wide Yard Sale, hosted by the SIC Chamber of Commerce & Revitalization, will take place on Saturday, May 12, 7:00 a.m. to 1:00 p.m. Clean-out your garage, empty your attic and add your home to the official list of participating properties; no fee is required to participate (263-9090, www.seaislechamber.com).

–A Mother’s Day Shopping Event, hosted by the SIC Chamber of Commerce & Revitalization, will be held May 12 -13 (263-9090, www.seaislechamber.com).

–An Introduction to Genealogy will be presented at the Sea Isle City Library, 48th Street and Central Avenue, on Friday, May 18, 2:00 to 3:30 p.m. Information about Ancestry.com and other genealogy resources will be presented by Clare Hughes Bebbington. No registration is required. For more information, phone SIC Historical Society President Mike Stafford (609-743-5980).

–The SIC Garden Club’s 2012 Flower Sale is Saturday, May 19, 9:00 a.m. to 3:00 p.m., at the Public School, 47th and Park Road. Many varieties of flowers (in flats and in pots) will be on sale (263-1157, ladybugsic@comcast.net).

–Sea Isle City’s Community Day is Saturday, May 19, 11:00 a.m. to 1:00 p.m. at the Community Lodge, JFK Boulevard and Park Road. During Community Day, residents and visitors can speak with City department heads, chat with volunteers from local organizations and learn all about what’s happening in town. There will also be a free shredding event taking place, sponsored by First Bank of Sea Isle City. Each household can bring two “banker’s boxes” or smaller containers filled with personal documents for shredding (proof of SIC home ownership or residency is required). Plus, there will be a City Council meeting at 10:00 a.m. in Council Chambers and a Public Bike Auction on Community Day (263-4461, ext.245).

–The Environmental Commission’s Annual Turtle Party to support Beachcomber Guided Tours is Sunday, May 20, 6:00 p.m., at the Lobster Loft Restaurant, 42nd and the Bay (263-9643).

–The S.I.C. Beach Tag Office has moved to a temporary location in a mobile office on 42nd Place (near the Lobster Loft Restaurant, across from the Municipal Marina). The Beach Tag Office will move to its permanent home inside the new Welcome Center later this year. The office is currently open seven days a week, 9:00 a.m. to 3:00 p.m. Look for the “Open” flag out front! (263-1771).

–Free 2012 Veterans Beach Tags are now available to any United States military veteran. Veterans Beach Tags are seasonal tags that will grant access to any of Sea Isle’s beaches during the summer months. These tags are only for the use of Vets (not their families). To obtain a 2012 Veterans Beach Tag, bring your DD214 Discharge Form to VFW Post 1963, JFK Boulevard and Cini Avenue (adjacent to the Sea Isle Bridge), on Wednesdays, 2:00 to 4:00 p.m.; Fridays, 2:00 to 6:00 p.m.; and Saturdays and Sundays, 2:00 to 5:00 p.m. (263-1711).

–America’s Active Duty Military Personnel can use Sea Isle’s beaches for free by visiting the Beach Tag Office between Memorial Day Weekend and Labor Day and providing a current active military duty identification card to receive a 100% discount on Sea Isle City’s beach tags (263-1771).

–Sea Isle City now offers online view and payment options for municipal property tax bills and water/sewer utility bills (visit www.seaislecitynj.us and click on the “Tax & Utility Payment Center” icon at the bottom of the homepage). You can mail-in a payment as always, or pay online through your checking account, credit card or debit card. Please Note: Online viewing is free; however a convenience charge will be applied if you pay your bills online.

–Bulk Trash will be collected on the following days: 1st Thursday of Month from 1st to 44th Street; 2nd Thursday of Month from 45th to 70th Street; 3rd Thursday of Month from 71st to 94th Street. Brush and branches will be collected on all streets on the 4th Thursday of Month. A city-wide Bulk Trash collection will take place on June 7.

–The City of Sea Isle City will gladly arrange a Welcome Home Ceremony for any members of the military as they return to town. To arrange a “Hero’s Welcome” for your favorite Sailor, Marine, Soldier, Airman, National Guard or Coast Guard service member, phone Mayor Desiderio’s Office (263-4461, ext. 245) or Commander Chick Haines at VFW Post 1963 (263-1711). You can also find a “Welcome Home Ceremony” application online at www.seaislecitynj.us (via the “Quick Links” and “Downloadable Forms” tabs).

–The Search is on for Cape May County’s Outstanding Senior Citizen of the Year and Outstanding Organization of the Year. The citizen nominee must be a resident of Cape May County over the age of 60 and have contributed time to helping others. The Organization of the Year must be made up of volunteers who have contributed to the community and can be made up of seniors helping any age group or a younger group helping seniors. The County has extended the deadline to submit nominees until Friday, April 20, 2012. Mail nominees to the Department of Aging and Disabilities Services, Social Services Building, 4005 Route 9, South, Rio Grande, N.J. 08242, Attention Carol Lennox (609-886-2784).

–The 2012 Senior Jamboree, hosted by the Cape May County Department of Aging and Disability Services in honor of Older American’s Month, is Thursday, May 3, 2012, at 10:00 a.m. inside the Avalon Community Center, 30th & the Beach in Avalon. This year, the theme is “ALOHA.” There will be live entertainment, dancing, and a free lunch served. Plus, awards will be given to the “Senior of the Year” and the “Organization of the Year.” This free event is open to all Cape May County residents age 60 and over (609- 886-2784).

–Summer Recreation Registration will begin on May 14, 2012. Registration forms will be available online at www.seaislecitynj.us or at the Recreation Service Building, 6108 Central Avenue. Forms MUST be postmarked by June 9, 2012. Registration is subject to availability (263-0050).

–The pre-season cost for 2012 Seasonal Beach Tags is $20 per tag through May 15, 2012. Starting May 16, 2012 seasonal tags will cost $25 per tag (263-1771).

–A Red Cross Blood Drive will take place on Thursday, June 7, 1:00 to 7:00 p.m. at the Sea Isle City United Methodist Church, JFK Boulevard and Park Road. Blood donors are needed (263-8025).

MAYOR’S MESSAGE :

The past two weeks have been very eventful here in Sea Isle City, and I have a lot of good news to share. First, I am thrilled to announce that FEMA (the Federal Emergency Management Agency) has informed us that our town has finally achieved eligibility to participate in the National Flood Insurance Program’s Community Rating System (CRS), which will result in Sea Isle’s property-owners receiving discounts of approximately 10% on their flood insurance premiums. That means that an estimated $400,000 will be saved collectively across town. It has taken many years to achieve this worthwhile goal, however Sea Isle City has come a long way and has made tremendous strides to get into this program. I am very grateful to all of the homeowners, who have cooperated and made the necessary improvements to their properties that helped us become eligible for the CRS program. And, I am also thankful to Sea Isle’s Construction Official, Neil Byrne, for his ongoing efforts. This is a very exciting time for Sea Isle City, and big news for everyone who owns a home in our community!

It’s interesting to point-out that our new FEMA rating was announced very close to the 50th Anniversary of the infamous March Storm of 1962, which was a dark hour in our town’s history. During that storm, Sea Isle’s boardwalk washed-out to sea, many homes and businesses were turned to rubble and flood-waters covered much of our island.

To commemorate the storm’s 50th Anniversary, the Sea Isle City Historical Society has created temporary exhibits featuring photographs, artifacts and videos that clearly depict the storm’s impact on Sea Isle City. They also have scheduled special panel discussions with residents who were carried to safety on the mainland in military helicopters during the storm. Also, on Saturday, March 10, a Coast Guard helicopter demonstration will re-create the feeling of the emergency evacuations that took place fifty years ago. I want to encourage everyone to stop-by the Historical Society’s museum, located on the first level of Sea Isle’s new library at 48th and Central, and learn about the storm of ‘62 – and how Sea Isle City came together to rebuild in the years that followed.

In other news, our city’s current construction projects are progressing very nicely. Phase 2 of our Beach-to-Bay project has already resulted in beautiful improvements that make our downtown beach-front area better than ever. Plus, sewer and road reconstruction work has begun along Central Avenue, from 49th to 69th Street, which will continue until the summer season arrives and then recommence in the fall. Also, work is wrapping-up on our beach replenishment project, which has pumped huge quantities of sand onto our shoreline. When you also consider that Sea Isle’s 2012 Budget was recently passed with a 0% tax-rate increase, you can see that we have carefully planned for all of our public improvements in a manner that prepares us for the future while using your tax dollars wisely.

In closing, I would like to invite everyone to attend Sea Isle’s Saint Patrick’s Day Parade on Saturday, March 17, at 3:30 p.m., along Landis Avenue, 93rd to 63rd Street. It will be a very festive event that your entire family will enjoy, so put on your favorite green sweater and join the fun on Saint Patty’s Day – because everyone is Irish on March 17!

Smile…You’re in Sea Isle!

Mayor Leonard C. Desiderio

CITY COUNCIL MESSAGE :

On February 28, during our last council meeting, we unanimously approved Sea Isle’s 2012 Operating Budget, which reflects no tax-rate increase. This is the third year in a row that Sea Isle City has maintained the same tax rate. Also, our 2012 budget was among the first in the state of New Jersey to be adopted this year.

At our next council meeting on Tuesday, March 13, at 6:00 p.m. in Council Chambers, we will have a second reading, public hearing and final adoption on ordinance # 1514, which regulates the outdoor sale of alcohol after 11:00 p.m.

City Council would like to congratulate Sea Isle City Historical Society President Mike Stafford and his team of volunteers for successfully commemorating the 50th Anniversary of the Storm of 1962. On Tuesday, hundreds of people attended an interesting Panel Discussion, which featured local residents who shared their stories of the storm. Next, on Saturday, March 10, the Historical Society will host a second Panel Discussion with new speakers, which will be followed by a Coast Guard helicopter demonstration over the wetlands directly behind the library and museum on Central Avenue. The helicopter demonstration will honor the emergency evacuations that took place in 1962, when many of Sea Isle’s residents were air-lifted to safety on the mainland. The demonstration promises to be an exciting event that everyone will enjoy. More details about the 50th Anniversary Commemoration can be found below.

Best Regards from the Members of City Council

PROJECT UPDATES :

Please Note: As we head toward the summer, the push is on to complete projects in advance of our busy tourist season. Our objective continues to be to maintain and improve Sea Isle’s public assets and infrastructure in order to provide our residents and visitors with the best quality of life, and fulfill the City’s vision of Sea Isle as a premier destination resort, while maintaining a small town, community atmosphere.

North End and Downtown Beach Replenishment Program – The project included the placement of sand at several areas of the beach on the entire island, including portions of Strathmere and Sea Isle City. Sea Isle’s project area is from 1st to 15th and 30th to 52nd Streets. The contractor, Weeks Marine, has completed beach-fill placement and has removed the dredge from Corson’s Inlet. Dune fence installation and dune grass planting is 90% complete, and is expected to be totally completed within the next week.

With the project substantially completed, the City will be coordinating with representatives of FEMA to obtain reimbursement of 75% of the eligible costs of the project. The beach-fill and dune reconstruction from 1st to 15th and 40th to 52nd Street was previously determined to be eligible for FEMA reimbursement, based on the damages that had occurred in a November 2009 storm event, which was a federally declared disaster. The beach from 30th to 40th Street, while not eligible for FEMA funding, was 75% funded by the State of New Jersey, as the City was successful in its efforts to obtain available funds from the state’s dedicated shore protection funding source.

Please see photos below of Sea Isle’s beach replenishment efforts and new dune fencing…

Phase 2 of Excursion Park, Beach to Bay Corridor – This project involves streetscape improvements to the public corridor along JFK Boulevard from the Promenade to Landis Avenue, and widening of the sidewalks along each side of this corridor by 3 feet. The contractor, Fred M. Schiavone Construction, is in the process of placing the surface pavement, in efforts to open up the street for the coming weekend. The landscape planter walls, landscaping, sod and sidewalk pavers have been substantially completed for the entire project. New, relocated utility poles have been placed; and the electric, cable, and phone utilities are scheduled to relocate the overhead wires over the next two weeks. Delivery of the new, decorative light poles is scheduled for April, at which time the project will be able to be completed.

Please see photos below of Phase 2 construction, taken earlier this week…

Demolition of Existing Library / Beach Tag Facility and Conversion to Parking Lot – NO CHANGE FROM PREVIOUS UPDATE – Demolition of the old library facility will start in April. Construction of the parking lot will follow immediately afterwards. The completion of the parking lot will be prior to Skimmer Weekend (June 16 and 17).

Construction of Welcome Center Addition to the Community Lodge and Renovations of the Existing Lodge Facility and Site – The contractor, R. Wilkinson and Sons, has completed piling installation for the Welcome Center addition and the handicapped access ramps. Renovation work inside the Community Lodge is in progress, to completely rehabilitate the restrooms. The City has relocated the Lodge activities to the former Library Building; and the renovation work in the Lodge will be complete in order to allow re-entry into the Lodge at the end of March. The Welcome Center addition is scheduled for completion by mid-June. The project will provide for improved heating, ventilating and air conditioning in the existing lodge; improved restroom facilities that comply with handicapped accessibility requirements; improved access to the lodge that also complies with handicapped accessibility requirements; and a complete addition of a Welcome Center. The project is the culmination of several years of public discussion about the need for a Welcome Center, as well as the need for continued utilization of the current lodge facility.

Improvements to T.I. Park – The contractor, Axios, Inc., has completed framing for the new decks and ramps and is in the process of installing the deck on the access ramps. The project involves replacement of all the ramp and pavilion decking with Timbertech (plastic material similar to that used at the Marina); replacement of the wood railing with aluminum; addition of a handicapped ramp at the southern end of the park; and other various improvements to the facility to ensure compliance with the Americans with Disabilities Act. Given the magnitude of the work and the removal of existing ramps and accesses, in order to ensure public safety, the park will be closed to public access while the construction takes place. The project is expected to be completed by early April.

Please see photos below of T. I. Park, taken March 6…

Lagoon Dredging – On February 14, City Council authorized award of a contract to Wickberg Marine Contracting, of Belford, NJ, in the amount of $719,336. Letters have been issued to property owners adjacent to the lagoons, advising them of the particulars of the project, and providing contact information for the contractor, in the event the property owners wish to participate in the project.

The current status of the project is as follows:

*The contractor has mobilized his equipment on site and has started construction of dike walls in the dredged material disposal area, located west of the library, adjacent to Rio Grande lagoon (Rio Grande is along 47th Place). Dike construction will take approximately 6 weeks.
*Dredging of Rio Grande Lagoon and a portion of Rio Del Isole (along Venicean Road) will take place from about mid-April through May.
*Dredging work will cease over the summer and re-commence after Labor Day, when the remainder of the lagoons will be dredged.

The lagoons to be dredged are as follows:
Rio Grande (south side of 47th Place)
Rio Delle Stelle (between 46th and 47th Place)
Rio Delle Luna (between 45th and 46th Place)
Rio Del Amore (between 44th Street and 45th Place)
Rio Delle Isole (along the east side of Venicean Road)
Rio Del Barache (between 43rd Place and 44th Street)
Rio Del Affare (between 42nd and 43rd Place)
Rio Delle Ponte (along Park Road on either side of 43rd Place)

The project provides for the ability of private property owners adjacent to the project area to enter into an agreement with the successful dredging contractor to dredge their private slips (at the private owner’s expense).

Please see photos below of the preparation efforts at the dredge disposal area adjacent to Rio Grande Lagoon, taken March 7…

Sewer and Road Reconstruction on Central Avenue (49th to 69th Street) – The project has been contracted to the firm of Lewandowski Construction Industries, Inc., of Waterford, NJ, and will be performed in two phases. The first phase is from 49th to 63rd Street (prior to the 2012 summer season) and the second phase is from 63rd to 69th Street (following the 2012 summer season). The project will rehabilitate or replace the deteriorated underground sewer system, as well as provide for reconstruction of the entire one mile stretch of roadway. The contractor has mobilized on site, and is currently working between 60th and 63rd Streets (traffic is currently detoured between 60th and 63rd on Central Avenue). Work will proceed through the spring, then be halted for the summer. The current plan includes installation of the required manholes and sewer lines, along with reconstruction of the street surface from 63rd to 49th Street, prior to the summer season.

Please see photos below of the construction on Central Avenue near 63nd Street…

Utility Reconstruction on Landis Avenue (54th to 69th Street) – The project has been contracted to F.W. Shawl & Sons, of Marmora, NJ, and will provide for water and sewer line replacement in advance of the County project to resurface Landis Avenue from 54th to 69th Street. The contractor has started to mobilize on site and work will start this week. The project is scheduled to be completed around mid-May. The County is scheduled to resurface Landis Avenue, from 54th to 69th Street, either in the fall of 2012 or spring of 2013.

Inflow and Infiltration (I & I) Remediation –The firm of Video Pipe Services, Inc., of Newfield, NJ, is in the process of performing work associated with internal repairs of sewer pipelines and manholes throughout the City. The portion of the project involving sealing of sanitary sewer mains has been substantially completed. Repair and lining of sewer laterals identified as needing corrective work is in progress, and that work is now scheduled to be completed in April, which will complete this phase of the I & I remediation. The need for this project was identified over the past several years through a comprehensive investigation and analysis of the City’s sewer system. Sewer systems are prone to both inflow (overland water entering the sewer system through manhole covers and other surface openings in the system) and infiltration (entry of groundwater into pipelines through cracks, deteriorated pipe, and pipe joints). The effects of I & I are symptoms of deterioration of the sewer system that must be corrected to avoid more problematic maintenance issues and potential failure of the sewer system. I & I is also costly, in that the City must pay for the unnecessary treatment of water that enters the sanitary sewer system. This is the first phase of a multi-year citywide sewer maintenance and improvement project that will ensure the continued viability of the City’s vital sewer infrastructure. As indicated above, this project is expected to be completed by April. The next phase of I & I work will involve replacement of sewer lines that cannot be corrected through internal, “no-dig” repairs, as are being performed in this phase. As those projects are engineered and prepared for bidding and construction, we will provide updates on the specific details of the projects.

Utility Reconstruction, Various Streets – The City is in the process of preparing plans and specifications for a project to replace deteriorated underground utilities (water and sewer) in several streets as part of its comprehensive road and utility program. The following streets are currently being engineered for utility work in order to put the project out to bid; and the City expects to advertise for construction bids within the next three weeks. The work will be completed in the spring, with a summer hiatus and a fall completion. Following utility work, the streets will receive new surface paving. The following streets are included in this project:
1. 50th Street, Landis Avenue to Promenade
2. 51st Street, Landis Avenue to Promenade
3. 60th Street, Landis Avenue to Central Avenue
4. 43rd Place street-end with guide rail barrier
5. 42nd Street, Landis Avenue to Promenade
6. 79th Street, Landis Avenue to Central Avenue
7. 60th Street, Landis Avenue to Beach End

JFK Boulevard Reconstruction, Bridge to Landis Avenue – The County has been working with the City for design of the project to reconstruct and reconfigure JFK Boulevard from the Bridge to Landis Avenue. The project limits also include reconstruction of Landis Avenue from JFK Boulevard to 40th Street. The project scope will include the addition of widened sidewalks, decorative lighting, streetscape improvements and landscaping, drainage improvements, and elevation of the road surface, which will assist during times of flooding. The County Engineer and the design engineering firm of Urban Engineers (which is under contract to the County), along with the City Engineer, made a presentation on the JFK Boulevard project on March 7, 2012 in council chambers, at which those in attendance were informed of the project details and the proposed timing of the project. The meeting was attended by approximately 30 members of the public and the media, with the opportunity for questions and concerns to be raised. The engineers addressed issues relative to drainage, traffic, the proposed elevation of the road surface, changes to the road configuration, and the new streetscape. The project involves federal funding, and the next step is for the County to obtain authorization from federal and state agencies to proceed to bidding. If authorization is received, the County will put the project out to bid by July in order to award a contract for a fall 2012 construction start. In this event, construction will take place between October 2012 and May 2013.

Paving of 43rd Street from Landis Avenue to Park Road – The City will receive bids for construction of the project on March 14. The work will involve final re-surfacing of the street. This paving project will finalize a complete reconstruction of this section of 43rd Street, which previously received new water and sewer lines. The paving work will be completed prior to the summer season.

Washington, DC, February 27, 2012

Pending home sales are on an upward trend, which has been uneven but meaningful since reaching a cyclical low last April, and are well above a year ago, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.
The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.
Lawrence Yun, NAR chief economist, said this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
The PHSI in the Northeast rose 7.6 percent to 78.2 in January and is 9.8 percent above a year ago. In the Midwest the index declined 3.8 percent to 88.1 but is 10.8 percent higher than January 2011. Pending home sales in the South increased 7.7 percent to an index of 109.1 in January and are 10.5 percent above a year ago. In the West the index fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.
“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun said. “If and when credit availability conditions return to normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

Washington, DC, February 27, 2012

Pending home sales are on an upward trend, which has been uneven but meaningful since reaching a cyclical low last April, and are well above a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.

The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.

Lawrence Yun, NAR chief economist, said this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”

Washington, DC, February 22, 2012

Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors®.

Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7 percent above a spike to 4.54 million in January 2011.

Lawrence Yun, NAR chief economist, said strong gains in contract activity in recent months show buyers are responding to very favorable market conditions. “The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents.”

Total housing inventory at the end of January fell 0.4 percent to 2.31 million existing homes available for sale, which represents a 6.1-month supply2 at the current sales pace, down from a 6.4-month supply in December.

“The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” Yun said. “Foreclosure sales are moving swiftly with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.”

Total unsold listed inventory has trended down from a record 4.04 million in July 2007, and is 20.6 percent below a year ago.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said buying power is enticing more potential home buyers. “Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,” he said. “With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We’re cautiously optimistic that an uptrend will continue this year.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January, down from 3.96 percent in December; the rate was 4.76 percent in January 2011; recordkeeping began in 1971.

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.
However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

Written by Ann Richardson Wednesday, 08 February 2012
Ocean City Gazette
The rental scam artist takes the money and runs, leaving a would-be vacationer in the lurch when they arrive at the shore and discover the whole deal was a shame.
It’s been a problem in Ocean City in the past, and it could happen here again.
The scam artist, according to Capt. Steve Ang of the Ocean City Police Department, surfs the Web looking for victims. Scammers are also getting increasingly more tech-savy, he said. The scammer now poaches information from the owner of a rental or sale listing on the Internet, or simply cuts and pastes details to Craig’s List. Either way, they troll for victims and too often make a catch.
“They would look at a sale listing, cut and paste the information and post it as a rental listing,” he said.
Would-be renters are instructed to send or wire a check. When the agreed upon summer week rolls around, they arrive to pick up the key at a local real estate office.
Except there is no rental; the deal was a fraud and the “deposit” is long gone.
“We had this happen two years ago, we almost had an incident again just recently,” Ang said. “They continue to trickle in. It’s a problem nationwide, and in our region, the summer rental is a problem. We have a lot of rental properties, and the rentals are for a short period of time. People try to take advantage.”
A recent scam was foiled before a victim was ensnared.
“Realtors have become more aware and they are watching out for each other,” he said.
A few weeks ago, a Realtor noticed something fishy concerning a competitor’s sale listing on Craig’s List and was immediately suspicious.
“So he called the other Realtor, and they prevented someone from becoming a victim,” Ang said.
“It’s the old saying, ‘If it sounds too good to be true, it probably is,’” he said. “A lot of times they price the scam really low. You have to know the market, if the price is very low for a peak week in the summer, watch out. Check out some neighboring listings and see how it compares.”
Mistakes, poor grammar and misspellings often give away a scam, but not always, Ang said.
“If they cut and paste everything, you might not notice,” he said. “You really have to be careful if you use an Internet site. Sometimes it’s obvious it’s not legitimate, but not always.”
The best thing, he said, is to use a local licensed Realtor and deal through a local office.
“You should go in, face-to-face with the Realtor, that’s the safest way to avoid becoming a victim,” he said. “You can use a ‘rental by owner’ type of website, but you take a big chance. If you go to the local Realtor, actually see the property and sign a legitimate lease, you are a lot better off. There is a reason these people get paid to provide a service and it’s worth it to pay them to provide the service.
“It’s in the best interest of the tenant and the property owner to use a Realtor. Owners can become victims, too. Any time you try to undermine the service provided by a Realtor to save the money you can become the victim of a scam.”
Nick Marotta, of Prudential Fox and Roach’s Battersea Road office and past president of the Ocean City Board of Realtors, said Ang is correct.
“When you use a Realtor, the credentials are there,” he said. “The problem is not widespread, but it does happen. When you use email only, and never meet the person or talk to them, you can run into a problem. You are much better off using a licensed Realtor, a trained professional.
Websites, such as For Rent By Owner, FRBO and others, he said, can work out fine or be a nightmare. Using a Realtor, the worst that can happen is a double-booking, but that can be remedied.
“Your deposit is not lost,” he said. “A Realtor is much more secure and safe. You want to deal one-on-one with a live body.”
“They encourage the Realtors to work with each other, and the customers,” he said. “It really is the safest way to conduct business. You sign a lease and you have someone watching out for you.”
“A few years ago we had a family that mailed a deposit to a scammer,” Ang said.
The family showed up a local real estate office and the scam was uncovered.
“The Realtors did everything they could to help them,” he said.
Finding accommodations for the family at the last minute was easier than getting the money back.
“The money was gone,” he said. “We have no way of getting the money back. In a scam, the money quickly goes overseas. You might as well stand on the beach and throw it in the ocean, it’s gone. In this particular case, the Realtor was able to find a place for the family, but on a peak week, that’s not always the case.”
Scammers are becoming more sophisticated, Ang said.
“They’re actually hacking into rental websites,” he said. “The scammers know that people are looking. The Internet is filled with opportunities for scams. The pictures are there, the information, you really have to be careful. We live in a safe community with beautiful, high-end properties to rent and these scammers are out there trying to take advantage.”
Listing on Craig’s List could be dangerous for the property owner, too, Ang said.
“You don’t know who is going to show up, and you don’t have a Realtor representing you,” he said. “A Realtor does a lot more than just collect the money and hand out keys. They help to facilitate a smooth transaction to make your stay more enjoyable and they take some of the worry off the owner, too.
“We don’t want to see anyone get scammed,” he said. “People need to use common sense. We’re in a bad economy and people are trying to save money. You have to do your research, really think about the rental. If the property next door is renting for $6,000 a week and you see a property for $6,000 for the season, watch out. Ask yourself ‘why would that be?’”
It’s a “buyer beware” rental world.
“Our economy is not the greatest, you have to watch out,” he said. “Be aware of what the market will bear, be careful. Deal with a licensed Realtor.”

POLAR BEAR PRINCE & PRINCESS / KING & QUEEN CONTEST
February 17, 2012, Prince & Princess 6:00 PM, King & Queen 7:00 PM, LaCosta Lounge
Info: (609) 263-3756

POLAR BEAR PLUNGE COSTUME CONTEST
February 18, 2012, 12:00 PM, LaCosta Lounge
Info: (609) 263-3756

POLAR BEAR PLUNGE
February 18, 2012, 2:00 PM, 40th Street Beach
Info: (609) 263-3756

POLAR BEAR 5 K RUN/ 1.5 MILE WALK FOR AUTISM
February 19, 2012, 12:15 PM, JFK Blvd. & the Promenade
Info: (609) 778-8418
www.polarbearrunwalkforautism.com

STRATHMERE ENSEMBLE CONCERT
February 19, 2012, 4:00 PM, United Methodist Church
Info: (609) 263-9090

AEROBICS
Mondays, Wednesdays & Fridays – Adults, 9:00 am @ Community Lodge
$5/class or $40/10 session pass

YOGA
Wednesdays 7:00 pm, Fridays 7:30 am, $10/class
Info: (609) 602-3398 or www.njbeachYOGA.com

SENIOR CITIZENS SIT & BE FIT
Tuesdays 10:15 – 11:00 am, Wednesdays & Fridays, 2:15 – 3:00 pm @ Community Lodge, No fee

IRISH DANCE
Monday evenings, September – May
Info: (215) 840-8587

Submitted by the Sea Isle City Department of Community Services
*VISIT THE SEA ISLE CITY WEBSITE AT www.seaislecitynj.us *

Posted: Sunday, January 1, 2012 12:00 am | Updated: 8:39 am, Sun Jan 1, 2012.

Prices and sales of homes expected to rise in 2012 By KEVIN POST, Business Editor pressofAtlanticCity.com | 0 comments

Real estate industry professionals won’t feel any nostalgia for 2011, which saw the double dip in home prices continue and sales fall more than 4 percent.

But at least the year ended with numerous indicators showing prices stabilizing again and sales picking up.

Forecasts by Fiserv and the National Association of Realtors say prices will start rising in early to mid-2012. The NAR reports sales already have turned around with a dramatic 17 percent gain in the third quarter.

The Economist magazine, which tracks prices of homes globally and since 1975 has estimated their fair value based on incomes and housing rents, says U.S. home prices “now look cheap.”

So 2012 looks fairly certain to be an improvement over this year for the existing homes market – once the still fairly dismal current conditions pass.

Fiserv, whose Case-Shiller home price indexes show the second dip began in 2010, expects U.S. home prices to fall another 3.6 percent by the second quarter of 2012 – but then rise 2.4 percent in the following 12 months.

Fiserv’s chief economist, David Stiff, said prices could stabilize earlier if economic growth has picked up more than expected toward the end of 2011.

The National Association of Realtors similarly expects existing home prices to increase 1.2 percent in 2012.

NAR expects the annual pace of home sales to rebound to 5.2 million, after falling to 4.9 million in the second and third quarters this year.

The latest data from three organizations tracking local home sales continue to show price declines across the region.

The Federal Housing Finance Agency’s Home Price Index – based on purchase and refinancing prices of particular houses – shows a 7 percent decline in Atlantic County for the 12 months ended Sept. 30. Cape May County prices fell 8 percent and Cumberland County 10 percent.

Figures from the New Jersey Association of Realtors, which looked at any home sold in the third quarter, show a 4 percent price decline for the past 12 months in Atlantic County, a 5 percent drop in Cape May County and a 4 percent decline in Cumberland.

NJAR also breaks out data for Ocean County (not a federal Metropolitan Statistical Area and therefore not included in other surveys), which also saw prices fall 4 percent.

A third survey from CoreLogic, a private provider of business information and services, had Atlantic County home prices falling 6 percent from October 2010 to October 2011. In Cape May County they fell 5 percent and in Cumberland County 4 percent.

The NJAR survey also showed a small increase in home affordability, which was already very good. In the third quarter, New Jersey home buyers needed to put just 17 percent of their income toward paying the principal and interest on their mortgages.

Fiserv’s Stiff said that affordability has reached record levels nationwide, with mortgage payments accounting for just 13 percent of median family income.

He said the decline of both home prices and mortgage interest rates has reduced the payment on a median priced home from $1,140 in 2006 to $700 now – a drop of nearly 40 percent.

One cloud threatening the brightening outlook for home prices and sales is the backlog of distressed properties yet to reach the market.

Court intervention in the foreclosure process in response to processing irregularities has made it impossible to tell how much of November’s 14 percent nationwide decline in filings from the prior year is due to market improvement or backlog buildup.

In New Jersey, whose courts suspended filings by big banks for much of the past year before allowing them to restart recently, the plunge in foreclosures has been dramatic.

Atlantic County’s 47 filings in November were 20 percent fewer than in October and 79 percent less than the year before. Similar percentage drops attended the 21 foreclosures in Cape May County, 18 in Cumberland County, and 157 in Ocean County, according to foreclosure information service RealtyTrac.

A comparison of the N.J. and U.S. rates of foreclosure suggests much of the improvement is due to processing delays. One in every 579 U.S. houses is in foreclosure, but only one in 3,093 in New Jersey. The Garden State may be doing better than the nation, but surely not that much better.

If the market can work through the foreclosure backlog over an extended period, there is strong potential for a housing market recovery in the price declines and pent-up demand.

The Economist said in late November that American homes are 8 percent undervalued compared to the rental costs of houses, and 22 percent undervalued compared to incomes.

But while that much rebound looks built into the current market, the magazine cautioned that prices can still fall further, and noted that home prices in Britain and Sweden in the mid-1990s undershot fair value by 35 percent before increasing.