Mountain Man and City Girl

Once in a while, I’ll get into a philosophical discussion with someone concerning “what makes a good realtor?”.  Sometimes it’s a client, sometimes another realtor, or sometimes someone you happen to meet that initiates this dialog and shares their thoughts.  Let me share mine.

The first criteria of a good realtor is honesty and being ethical.  Without those two ingredients, you can end this discussion.  We try to treat everyone as if they’re lifelong friends, almost kindred spirits.  I guess it’s a little of that “do unto others” thing, too.  As we are both hovering around 60 years old, we have reached the point in our lives where everything is about friendships.  It’s a certain bond that says, “I care about you”, and will look out for your best interests.

The second criteria is sincerity.  Nobody likes a phony.  Be real.  When we tell someone something, we truly believe it.  Sometimes it’s not what they wanted to hear or expected to hear, but it’s what we perceive to be true.  If one of us is showing a prospective buyer a property and we don’t like it or think it matches their needs, we say so.  We don’t whitewash it, we don’t go along and keep silent just to get a sale.  We help you weigh the positives vs negatives.

The third criteria is enjoying what you do.  We both love being realtors, especially City Girl.  We both bounce out of bed in the morning anxious to get on with our day.  Our job is not a burden, but a pleasure.  And a challenge.  As baby boomers, we thrive on challenges.  It’s a generation thing, I guess.  Retiring just doesn’t seem to be in our future because we’re already doing the thing that makes us happy and gives us peace.

The fourth criteria is enjoying looking at properties.  We can both look at houses all day long.  My mother always jokingly told me, “Someday you’ll make someone a good wife.”  She was right, by gosh.  I appreciate kitchens, furniture, home decorating, flooring, etc - not typically “guy things”.  Curiosity also fuels our desire to see what a home looks like inside and out.

The fifth criteria is being proficient at the technical aspects of a real estate transfer.  Is the buyer’s mortgage process progressing?, is the home in a flood zone?, what expansions will zoning law allow?, does the roof need replacing?  There’s a hundred facets of a transaction that we must examine and successfully complete.

The final criteria is experience.  City Girl has been a realtor since 1978, me since 1996.  We are both brokers, a level above salesperson that required extra schooling.  We both have our GRI designations, again requiring extra schooling.  City Girl also has three more designations, all of which were earned through increasing her knowledge of the real estate business.

Experience also means practical experience.  City Girl once owned a hotel.  We once owned a bar/restaurant.  We both have been in retail and owned investment properties, and have a second home.  We’ve done renovation projects, I’ve worked for a surveyor, she’s been on the local zoning board for 20 years.  My point?  We’ve learned a lot of things in the real world that can’t be taught in books. 

No matter where you live in the country, a good realtor is a good realtor.  With one, you’ll make a friend for life.

- Mountain Man

To learn more about our agency, visit our website at http://www.JewellRealEstateAgency.com

Well, folks.  It’s back.  What’s that you ask?  It’s a feeling in the air, it’s that spring in your step.  Things are once again happening in the Wildwoods.  Our phones have been ringing since the start of the new year with people calling for information on our properties and wanting to make appointments to view them.  And, we’re not the only Realtors feeling that way.  The island is abuzz with activity. 

Remember back in 2001 when people were just starting to realize that the Wildwoods was the place to buy?  The prices were low, and you could buy a small one bedroom condo in the Crest for just $23,000.  Then prices started going up, and the crowds came and had to buy something before there wasn’t anything left.  We even had people come into our office and say, “I have to buy something today!”  Wow!

As time went on we heard people say they missed the boat.  “I waited too long.  Property is out of my price range”, they moaned.  Well, you have another chance.  The time to buy is now.  Prices are stabilizing.  Interest rates are low and expected to go lower.  Inventory is going down.  Many of the best properties are being scooped up.  Fortunately, new listings are always coming onto the market. 

I took a client around to look at property last week.  Of the five properties we looked at, three went under contract in the next 2 days.  My client didn’t even have time to think about them before they were off the market.

A lot is happening in the Wildwoods.  Investors are once again putting money into the area.  Now is a great time to buy.  Don’t miss the boat again.

- City Girl

Every now and then we see that little red sign sitting in the window of somebody’s home.  “For Sale By Owner” it proclaims.  Occasionally, a person can pull off selling their home without the help of a real estate professional.  Just like sometimes a person can figure out what’s wrong with their car’s engine and fix it themselves.  But most of us leave that to a mechanic - an experienced professional!  He’s got the computer diagnostics and the right tools and knowledge.

A seller tries to sell their home without a realtor for one main reason.  They want to save on the commission.  The problem with that is that most buyers immediately deduct that same commission amount from what they feel the real price is.  If the property is listed at $500,000, the buyer already has the real asking price pegged at $470,000.  They’ve subtracted the 6% commission from the price.

So eight months later, a prospective buyer, the third to view the home, offers $420,000.  The seller feels somewhat insulted.  In negotiating face to face, it will be difficult for the seller to mask his annoyance with the buyer. 

Let’s say the two, somehow, eventually reach a verbal agreement on price.  A week or so later, the buyer submits his written offer that he has had prepared by his attorney.  The agreed upon price is there, but the contract is asking for the seller to take care of any repairs or treatments necessary due to termite inspection, septic inspection, water test, and home inspection.  The seller finds he could be on the hook for an unexpected $10,000 of possible remediation.

More tense negotiations, more animosity, veiled threats, more stress.  You get the picture.  The seller never saw it coming.

Let’s back up and suppose the seller started by listing his property with a local, licensed real estate agent.  Upon signing the listing, the agent goes room by room and tells the seller what needs to be addressed to make the home more attractive to warrant the $500,000 price tag.  It’s just cosmetic stuff mostly, maybe touching up some woodwork with paint.  Outside, the leaves might need to be raked and that doggie poop cleaned up.

The agent now advertises the property in a number of effective Cape May County homes magazines.  Plus the realty’s internet site, which is also widely publicized and linked to chamber of commerce and other popular sites.  The  realtor also puts the property on a half dozen other high viewer websites.  This will lead to many potential buyers viewing the property.

Once negotiations begin with a buyer, the agent does your bidding.  You’ll often never meet the buyer until closing, so no hard feelings.  The agent can advise the seller as to contract conditions, inspections, down payments, etc.  Once the contract is signed, the agent oversees many details such as inspections, is the mortgage process progressing, survey, deed, the title company, etc.  You’ll even know your approximate closing costs before you ever sign the contract.

In the end, the price realized may be exactly the same, though it’s often more.  But consider the ease with which the transaction was completed.  No sleepless nights, no big surprises, no agata!  Wasn’t it worth it?

- Mountain Man

To find out more about what realtors do for you, visit our website at http://www.JewellRealEstateAgency.com

Real estate markets are quite localized.  While one area of a state may have a stagnant market, 50 miles away the market can be going along just fine.  The reasons are varied.  Vacation home markets, suburbs of cities where jobs are plentiful, or desired features like mountains, lakes, a river, or the ocean tend to make an area more immune to extended downside markets.

Here at the southern New Jersey shore, “vacation homes” and “the ocean” have fueled a real estate market rebound.  While some areas of the country are three full years into tough times and still struggling, our Cape May County region had 24 months of sluggish sales and now it appears to be headed back up.

Another distinction that the real estate market here has that other markets may not is that Open Houses don’t work.  Nope!  They’re a waste of time.

Statistics show that two-thirds of potential buyers do their research for a home on the internet.  With 121 million Americans having internet access, I suspect that number from my experience is more like 80% to 90% here in the Wildwoods.

People don’t come to the shore to search for a second home unless they are armed with MLS sheets detailing the properties that have caught their interest.  Their day is planned out - first a two hour drive to get here, then two properties to see, then lunch, then four more homes or condos to tour, then back on the road home.  They had appointments to view all six units.

Meanwhile, a realtor is sitting somewhere in an open house.  There’s little or no legitimate traffic through the home.  The only visitors you get are nosy neighbors, folks who already own a vacation home here but are looking for ideas to improve that place, builders checking out the floor plan and extras to incorporate in their next project, or bored non-buyers walking to or from the beach.

At our real estate agency, we have discouraged our sellers from requesting open houses.  We try to explain to sellers that our time is better spent on Saturdays and Sundays in the office, where we attract more potential buyers.  We work the phones, show properties, and have a much better shot promoting that property.

The only open houses that work here are those in large tracts of new construction.  Locally, K. Hovnanian, Ryan Homes, Beazer Homes, amongst others, have projects with 15 to 200 units.  They staff an on-site office with their own sales people, and are generally open seven days a week.

Realtors, of course, can’t justify spending that much time in one condo or townhome.  So, obviously, being at an open house 11am-3pm on a Saturday or Sunday is hit or miss.  No, it’s miss!

- Mountain Man

To learn more about the real estate market in the Wildwoods, visit our website at http://www.JewellRealEstateAgency.com

                Gated Oceanfront Community

Seapointe Village is situated on 17 oceanfront acres and has the unique distinction of having a private beach along with 4 separate pool areas, 2 tennis courts, exercise room, sauna, steam room, hot tubs, BBQ grills, game room, playground for the kids, and 24 hour security all year for your peace of mind.  There is also underground parking for your vehicle.

Once you enter this paradise, you won’t want to leave. There’s something for everyone!  The oceanfront pool also has a small kiddie area for the little ones, a Jacuzzi with a waterfall, and hot tubs.  The beachfront is directly in front of the pool.  Spend some time basking in the sun on the beach, quench your thirst and hunger at the convenient concession on the beach, then cool off in the large pool.  Lifeguards are always present for your safety at the pools and on the beach.

The Centre Court multi-level pool is a family favorite.  Kids and parents alike love the water slide and Jacuzzi.  And, if you get hungry, the BBQ grill is right there available for your use. 

New in 2007, The Ibis Building opened along with an indoor/outdoor pool.  Rain or shine, the pool is open and ready for you to enjoy.

The Garden Building is aptly named for all the flowers and waterfalls surrounding it.  It’s located in the heart of the Village and also has a pool, hot tub and BBQ grill.  Each building in Seapointe has its own special flavor.  There are now 6 separate condominium buildings, many townhouses and even single family homes. 

Whether you’re looking for a vacation destination for you and your family or an investment, or both, this is one place you won’t want to miss.  Many units have a tremendous repeat clientel.  A typical 2 bedroom oceanview unit rents for more than $2800 per week. 

 We have a number of units for sale in several locations.  Please visit our website at http://www.JewellRealEstateAgency.com and see for yourself.  Oh, and don’t forget your sunglasses. 

- City Girl 

Even as a realtor, I never fully grasped the implications of the real estate market’s influence on so many other occupations.  With the downturn, which here in Cape May County, New Jersey began in mid-2005 and seemed to turn the corner and head back up in mid-2007, the realization really hit home.

The slowdown in real estate sales affected, first, those who build new homes.  I’m talking about masons who put in the concrete footing, followed by a few coarses of block to get the home away from the ground and any possible flood situations.  Then there’s the framers, who frame out the house and cover it in plywood.  Then there’s the roofers to get the shell waterproof, followed by the siding guys to put up vinyl siding.

Then there’s carpenters to install the windows and doors, and do other wood work.  Now the inside of the home is buzzing with electricians, plumbers, and heating and air conditioning crews.  After those tasks are completed, the drywall guys can enclose the inside walls and get them spackled.  Painters do their thing on the new walls in turn.

The kitchen requires installers of cabinets and countertops.  The kitchen and bathroom floors need a tile guy, and the bedrooms need a carpeting crew.  A carpenter lays down hardwood floors.

Finally, a landscaping crew sets irrigation lines and heads in the yard, then grass and shrubs are planted after the driveway is asphalted and concrete sidewalks are added. The house is ready.  It has used 17 different trades, employing about 40 workers.

The real estate industry also fuels title companies, attorneys, home inspection companies, termite inspectors, septic tank inspectors, water test companies, mortgage companies and bankers, and those professions called to fix a deficiency in the home revealed by one of those inspections.

The other aspect is all the companies who produce lumber, tile, carpet, concrete, block, roofing shingles, sheetrock, cabinets, granite and corian countertops, toilets, sinks, washers, dryers, refrigerators, ovens, microwaves, dishwashers, windows, doors, heating and air conditioning systems, and even televisions and such.  Wow!  If new home building is off from the previous year, that’s a lot of manufacturing income and jobs lost.

Now that the real estate market recovery has begun here at the southern New Jersey shore, it’s nice to know that so many folks will be getting back to work.

- Mountain Man

To learn more about our real estate market, visit our website at http://www.JewellRealEstateAgency.com

The old adage in real estate is “location, location, location”.  But in the latter half of 2007 and now 2008, I believe the phrase should be “price, price, price”.

The media, while finally admitting that real estate trends are “localized”, isn’t exactly beating the drums to announce that the real estate market here at the southern New Jersey shore has rebounded.  The reason is clearly price.

That’s especially good news for first time home buyers, who were shut out of the market back in 2003 when prices wildly escalated.  In our market, sales prices rose 3% per month in 2003 and 2004.  That’s a whopping 36% a year!  So a home priced at $200,000 in 2002 jumped to $270,000 a year later and $360,000 in 2004.  Young couples just couldn’t afford it.  Neither could many families contemplating a second home in the Wildwoods.

In the first half of 2005, prices rose another 1% per month.  So by July, that home was now $380,000.  With so many folks looking to cash out at these higher prices, plus people trying to buy new condominiums and flip them for a profit, the market suddenly had too much inventory.  The rest is history.

Prices stabilized in the second half of 2005, then dropped in 2006, although many sellers didn’t want to admit that the market had changed so they stuck to their high asking price …. and didn’t get it.  Their properties just sat on the market - few lookers, even fewer offers.

In 2007, reality appeared to set in.  Sellers dropped prices again and again, in increments of $20,000 or more each time.  That home we talked about that went from $200,000 up to $380,000, had now dropped back to a more respectable $260,000.  At that price, buyers got off the fence and started buying again. 

We have seen a big increase in business since mid-2007.  The phones are ringing again.  Buyers are walking through our doors.  Our fellow realtors are reporting the same upsurge in business.

So before prices start to creep up again, don’t you think it’s a good time to buy?  The price is right!

- Mountain Man

To learn more about our real estate market here in the Wildwoods and Cape May County, visit our website at http://www.JewellRealEstateAgency.com

There are many aspects of real estate sales that make being a realtor an enjoyable pursuit.  I’m not talking about the money - though that helps - but instead the pleasure of helping assist your clients in completing a successful transaction.

The interaction between us, as realtors, and our clients has brought us countless lifelong friendships.   It may sound a bit corny, but our motto, “You’re more than a customer, you’re a friend” actually is our philosophy and not some corporate gimmick.

Our real estate agency is quite small - we are a husband and wife team along with our loyal secretary and assistant Chris.  That’s it.  The buck stops here.  Our name is on our business, so everyone here in Cape May County, New Jersey knows that when you are dealing with Jewell Real Estate Agency you are dealing with the Jewell’s.  Not some part-time agent, not some rookie straight out of real estate school.

That’s makes it more possible for us to have a true relationship with our clients.  Answering phones 6am to 9pm 365 days a year doesn’t hurt either.

We enjoy our sellers and our buyers.  All folks entering the real estate market have a need.  For Sellers, it may be the first step in upgrading to a larger unit, selling because of inheriting the property, a divorce, or simply giving up their shore home because the kids are grown and don’t use it anymore.

Buyer’s needs range from changing primary homes to getting a vacation home to buying a motel or pizza shop.  There’s nothing like seeing that twinkle in the eye of the husband and wife when they walk into a prospective property and know “This is it!”

My personal favorite, the thing that gives me the most satisfaction, is a first time buyer.  It’s a new frontier for them.  The culmination of their dream.  Whether they are buying their first-ever home or their first vacation home, they are at a benchmark moment in their life and you are part of it.

I guess everyone enjoys helping people realize their goal, their dream.  It makes me nearly as happy as they are.  No, it makes me happier.  That’s satisfaction!

- Mountain Man

To learn more about our agency, visit our website at http://www.JewellRealEstateAgency.com

At one time or another, just about everyone in our country dreams about owning a second home.  For many it is just that - a dream - but for others it becomes a reality through hard work and frugality.

We realized our dream of a second home in the autumn of 2006.  We fell in love with Pocahontas County, West Virginia during a late summer vacation.  On the fifth and final day of our stay, we decided to visit a realtor to look at vacant properties.  Two days later, back in New Jersey, we bid on and had an accepted offer for 19 acres.

We went to closing on October 4, and our custom built, 2300 square foot log cabin was completed on April 4, 2007.  It was done in a remarkable 6 months.

We make the 404 mile trip together once a month.  Many months, I go alone another time to cut trees, clear brush, gravel our roads, etc.

There are many parallels between our second home in WV and the second homes that we sell here in the Wildwood area of the southern New Jersey shore.  But the biggest similarity is “getting out of your daily routine”.

At our cabin, we never turn on the television unless it’s been raining for a while.  We have a library of a hundred books and 575 National Geographic magazines, including every issue since 1956.  I read a half dozen NG’s every time I’m there, so it should take me at least eight years to finish.  I relish that thought.

We take walks down the many old logging roads on our property.  We built a corn feeder that holds 50 pounds of corn at a time.  Our dinner guests include 6 whitetail deer, 4 grey squirrels, 1 red squirrel, 2 chipmunks, a half dozen bluejays and a dozen crows.  We spend hours everyday sitting at our kitchen table watching them chow down just 25 feet away.

We also built a bird feeder that holds 20 pounds of feed and hangs 14 feet in the air (so it’s bear-proof).  Our friends there include nuthatches, black-capped chickadees, bluejays, tufted titmice, hairy woodpeckers, juncos, white-throat sparrows, and more.  This bird feeder is in close proximity to the corn feeder, so sitting at our kitchen table often offers a view of so much wildlife that we feel like we’re in a Disney movie.

My point?  Breaking out of your daily routine re-invigorates you.  It clears your mind of clutter, gives you a renewed perspective on life.  It washes away your worries, puts the bounce back into your step.

The Wildwoods offer wide sandy beaches, a world class boardwalk that is 38 blocks long, and countless opportunities to go boating or fishing.  There’s restaurants, shopping, a great free county zoo, and a dozen golf courses.  You can bike, hike, comb the beach for seashells, or go bird watching. 

West Virginia is our sanctuary, our private corner of the world.  Don’t you deserve one, too?

- Mountain Man

To find out more about property in Cape May County, NJ, visit our website at http://www.JewellRealEstateAgency.com

Let’s face it, some people just love to bring bad news.  We all had our first experience with this type of individual when we were still kids.  They were the brats that let you know that your fly was down, your cat was up a tree, your bicycle had a flat tire, etc, and they seemed to thoroughly enjoy conveying that bad news.

As adults, those grown up brats are called “Doom and Gloom” people.  Same modus operandi; your car is being recalled, your hair’s thinning out, your belly’s getting bigger, your stocks are taking a dive.  They regale in seeing you squirm, feel embarrassed or downright depressed.

Unfortunately for us as realtors, we seem to attract an excessive amount of doom and gloomers.  They started surfacing in late 2004, letting us know that the real estate market was just a boom and a big bust was to follow.  They were partly right, but their smugness put an ugliness to their message.

Now that the overpriced market has dropped prices to more reasonable levels, the doom and gloomers have picked up on the mortgage foreclosure aspect of real estate.  That’s their new whipping boy at the company coffee pot.

Three recent phone calls from clients in the Philadelphia area and North Jersey suburbs had a familiar ring.  “I hear there’s 1500 condos being foreclosed on in Wildwood.” Another said 2000, and the other claimed 2200.  Their source is always, “Somebody said …” or “I heard it from a reliable source”.

Here’s the facts.  Our island consists of the vacation destinations of Wildwood, North Wildwood, West Wildwood, Wildwood Crest, and Diamond Beach.  In those communities, as of today (Jan 16, 2008), there are 1147 condominiums and townhomes for sale.  Of those, nine are bank owned, meaning they’ve already been foreclosed on.  In addition, the county sheriff’s website lists 16 more properties currently in the foreclosure process.  So these five beachside towns have a whopping 25 foreclosures.  Not 1500, not 2000, certainly not 2200. 

So what makes some folks so intent on repeating such blatantly false numbers to anyone who will listen?  The result of their tattling is that the word soon gets out that the Wildwoods are crumbling.  “It’ll become a ghost town”, they say.

The truth is that they aren’t making anymore seashore or beachfront.  It’s in demand.  Baby boomers have worked hard all their lives and know they want to enjoy the fruits of their labors.  What better way than a home at the shore.

Our real estate market is 95% second homes.  They are mostly folks who own their own business or have a high paying corporate job.  They can afford to buy a $400,000 to $700,000 vacation home.  They don’t need sub-prime loans, they don’t need interest only loans. 

New Jersey holds the distinction of having the most millionaires - 7.12% of households, and that doesn’t count equity in their primary home.  That’s a lot of affluence, and a lot of them find their way to our island.

So to the doom and gloomers:  The real estate market here is just fine, thank you!  By the way, is that your real hair color?

- Mountain Man