I ran into this great article that lists 10 great reasons to visit the Jersey Shore. I couldn’t agree more. The Jersey Shore is the best northernmost beach vacation spot in the mid-Atlantic region and there really isn’t a better place to visit for your next vacation.
And Sea Isle City might be the best of the best;-)
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.
My wife and I had the opportunity to visit Ocean Grove N.J. over the weekend. We had never been to the coast in Central or Northern N.J. and we were pleasantly surprised. This small town takes you back to the turn of the 20th Century with its victorian houses, and quaint shops and cafe’s.
We stayed at the Majestic Hotel, that is located just a few short steps to the beach, and has a great ocean view. The hotel, (although it was more like a bed & breakfast), was wonderful and our host, Valerie took care of all of our needs. Being we were not that familiar with the area, we were sent to great eating spots, local areas of interest, and we had a fantastic weekend.
I will be writing a more detailed article on Ocean Grove and our weekend on www.jerseyshoreguide.net, in the begining of 2007. If you have a weekend or even a day to get to Ocean Grove, you should. You’ll be glad you went.
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.
We took freinds visiting from central N.J. to the “Gourmet” restaurant located off the parkway around mile marker 45. To get to it you have to go into the service station and exit to Jimmy Leads Road. You make a right on Jimmy Leads Road and go about two miles and the Gourmet is on the Left.
We have been eating there for several years and it is a great casual place to go to dine out. You can get sandwiches and salads, pizza, or fine dining meals. The food is always good and the prices are fair. We usually go for the salads, pizza’s, and sandwiches, but occasionally we will get a fine meal. The atmosphere is friendly, and the food is great. The one misconception the place has is that it is just an Italian Cuisine. The Italian food is very good, but it also have many other options to offer.
If you are a salad person, the ingredients are fresh and the portion is large. You get great value for your dollar. The next time you are traveling the Parkway, try the Gourmet located just a few miles east of the service station around mile marker 45.
I recently ate at the Bonefish Grill in Egg Harbor Township, N.J. on Fire Road. What a pleasant surprise. I had heard that it was owned by Outback, so I figured it was going to be a typical “chain” food restaurant. After eating there, I would highly recommend it. The first thing I noticed when you walked in was that it did not seem like a chain restaurant. The decor was very nice. It had a large bar for patrons to wait until their table was ready. Everything inside was upscale. I would not have thought it to be anything less than an individual restaurant.
My wife had one of the specials which was salmon with a cream sauce and spinach, while I had the scallops and shrimp in a creamy butter sauce. For an appetizer we shared the “Bang Bang” shrimp which was very good. We were too full to try dessert, but it looked incredible. Our bill came to $50.00 with each of us having a coctail w/dinner, and the food was excellent. I would highly recommend this everyone.
On Friday March 24, 2006, my wife and I went to a restauarant in Avalon called the Sea Grill. We have been going there for several years. The meals can be pricey, but we’ve always had good meals. Unfortunately, this was not the case. My wife had scallops w/bacon and horseradish sause, and they were extremely rubbery. I had flounder w/ mustard sauce, and it tasted dry and bland.
We both walked out of the restaurant very disappointed. We decided that it was the last time we would be going there. We do not mind spending the money if the meals are good, but for both of us not to like our meals, we’ve decided that the quality of the food has gone down.
A common question that I get from prospective buyers looking to buy an investment property at the shore is whether or not the current market can provide a profit. The answer is almost always no…unless, you buy at the low-end.
The low-end of the shore market provides a great opportunity for several reasons. First of all, there will always be a market for low-priced properties in a beach town. The lower the price, hte more people there are who can afford beach properties And since everyone wants to be at the shore, you’ve always got a great market. Second, even if there is a market correction at the high-end, it normally doesn’t affect the low-end, so your investment has a sturdier foundation. Third, there is much more room for appreciation, even after a run up in prices like we’ve seen lately. Fourth, you are more likely to cover expenses and even mortgage for cheaper properties than for expensive properties. The range of rental rates during the summer is smaller than the range of prices for purchase. So, with a $200,000 property you cover a larger percentage of your costs through rentals than a person would with a million dollar home. You may even make a profit.
So, the next time you’re looking for an investment beach property, consider looking at the lower end of the market. It makes better investment sense.