Sea Isle City Reflections

It has been a tough few years for real estate at the Jersey Shore, but this year so far, we have seen a slight increase in sales in Sea Isle City. Due to the economy and the unstable stock market, and CD’s that are barely paying 2.5%, many investors have come back to buying at the Jersey Shore. The interest rates are great, and the prices have come down to where people can afford them once again. If you are not sure where to invest your money, try looking in Sea Isle City and not only have a sound investment, but one you will enjoy time and time again. Call Joe Prato at 609-602-5147 for more details.

According to the Cape May County Multiple Listing Service, NJ Realty is the Number 1 sales office (year to date as of 9/10/07) in Sea Isle City for the 9th consecutive year!

NJ Realty has a 19% market share with 48 units sold and #38,679,750 in total dollar volume. Additionally, NJ Realty has an astounding 35% market share in units currently Under Contract, with 14 units and $8,592,900 in dollar volume, and is #1 in current sale listings: with a 15% market share with 42 units.

Overall, 2006 was a very slow year with property values coming down and leveling off. Most buyers waited to see what was going to happen and how low the prices would come down.

We had a huge inventory of new construction because purchases and permits for the new construction occurred in the fall of 2005 before the slow down started. This lead to a large number of new construction properties being completed in the spring and summer of 2006, and not too many buyers. Owners waited, and eventually lowered the prices until they started to sell. November and December of 2006 started showing an increase of interest in these properties. Our office had a good December compared to the rest of the year. It seems that buyers are starting to purchase again.

My advise to anyone who is still interested in owning a property at the Jersey shore is to start looking now. We are only one week into January and the calls for properties are starting to come in. The news media is suggesting that the 18-month market correction that followed the four-year housing boom has just about run its course. Interest rates are still very reasonable, (about 6%), which makes the conditions very good to buy a property at the shore. I am personally looking for another investment property because I believe this is the right time to do so, before everything starts taking off again. 2007 looks to be a good year for Real Estate at the Jersey Shore.

This is something that was discussed in our office the other day. My broker had a discussion with his financial advisor about the Real Estate and Stock Market

His financial advisor made an interesting comment to him. He said: “Buying stocks are just like buying real estate. For some reason, everyone wants to buy their shoes on sale, but nobody wants to buy a stock - or real estate- when it’s on sale!”

I also find this to be true.

Real estate has appreciated on average 17% per year over the past 25
years in Sea Isle City. The market saw a downturn in 1991-1992, and now
again in 2005-2006. It seems to me that properties are on sale right now.

Interest rates are down again - 30 year fixed rate is about 6.5% with 0
points.

If you are interested in purchasing a property at the Shore, and hadn’t
done so prior to 2001; NOW is the time to buy. I believe the next six
months (prior to the Spring season) will be the best time to purchase a property.

Don’t wait for EVERYBODY to get back in the market because once this starts to happen, prices will start to rise, and the opportunity to buy a property on sale will be gone.

Let me help you be a part of the group who will talk about the great opportunity you saw when real estate properties were on sale at the Jersey Shore.

I look forward to hearing from you.

Sincerely,

Joe Prato
NJ Realty
www.sea-isle.net
jep@njrealtyinc.com
1-800-648-9316 ext. 21

As many of you are aware, the real estate market in Sea Isle City, along with almost every other area, has leveled out over the past several months. By doing so, this leaves a great opportunity for buyers to take advantage of the market at the shore. With low interest rates, reduced prices and motivated sellers, opportunity knocks.

If you have missed the opportunities the shore has had to offer in the past, don’t miss out again. As an investor, I’ve just put in an offer on an investment property in Sea Isle myself. The conditions are great for buyers.

Sea Isle City’s only Condotel, the Colonnade Inn, has opened for business this 2006 Season. With 18 units available, visitors can rent from two nights and up at a very reasonable price. This property, which is located at 4600 Landis Ave, was a Bed & Breakfast up until two years ago. With a hint of the Victorian décor, visitors can come stay at one of the unique rooms or rent a two or three bedroom condominium, with every unit being different from each other.

Most studio units have a gas fireplace and Jacuzzi tub, allowing visitors the luxury without the high prices. Many also have a kitchenette with stove, sink, and refrigerator. The larger units offer two or three bedrooms, full kitchen, and living room area.

All guests are welcome to use the wrap around porch with wicker furniture that allows for a relaxing time with an ocean view. Or you can spend your evening in one of the two large living room areas. Included in your charge is a continental breakfast and beach tags. When you have all this, there would be no reason to want to stay anywhere else.

For those looking to purchase a property in Sea Isle, there are still a few units available for sale. Ranging from $149,000.00 - $299,000.00, the Colonnade is a great investment property. Compared to others, it is the best value on the Island.

If you would like more information on the Colonnade, please contact Joe Prato at 1-800-648-9316 ext. 21, or jep@njrealtysic.com. Also, please visit my web site at www.sea-isle.net.

According to CNNMoney, one of the best locations for real estate growth through 2007 turns out to be South Jersey’s Vineland/Millville/Bridgeton region which they foresee as having an 8.5% price growth. One of the reasons for this regions growth is its location. Because it is located about halfway between Philadelphia and the South Jersey Shore points (Atlantic City, Cape May County, etc.), many professionals are choosing to have the best of both worlds: a job in Philly and a short drive down to the shore.

The Ocean Cove, located in Sea Isle City at 85th and Landis Ave. is a private community of single-family homes located in the quiet south end of Sea Isle City. Each home features upgraded amenities and has a shared private pool, which is new to Sea Isle. These units start at $999,000.00, and are a great investment at the Jersey Shore. Call Joe Prato for more information and a brochure at 609-602-5147.

Spring is in the air, and spring also brings on the thought of having a summer home at the shore. Investors are starting to look at the Jersey shore once again for a property that will give them income, offer appreciation, and on the down times allow them to have the time of their lives relaxing at the beach.

Investing in Real Estate has been a proven positive for many, many, years. Many think that real estate is over priced. This is not the first time or the last we will see this trend. But no matter how and what is said, history proves that real estate always becomes a wise investment.

When I’m asked to sell a home, I like to provide the seller with as many tips as possible to get them the best possible price for their home. Recently, I compiled a list of these tips into an article that I’ve posted on my main page called Selling Your Home: Tips from the experts

First, I give suggestions on how to improve curb appeal (the first impression matters!). Next, I give tips for how to make the inside of your home as neat and clean as possible. Finally, I suggest that you pay special attention to the two most important rooms in the house: kitchen and bathroom.

Check the article out here.
http://www.sea-isle.net/selling-your-home.html