Posts Tagged ‘Real Estate’
Saturday, December 26th, 2009
You probably have seen the 1993 movie Dave, which starred Kevin Kline and Sigourney Weaver. To refresh your memory, Kline plays Dave Kovic, an unassuming and likable man who heads a “temp” agency in Ohio.
Dave is hired by White House bigwigs as a one-time only stand-in for President Bill Mitchell, who has identical looks. When the President has a paralyzing stroke, the White House chief of staff retains Dave to impersonate the President to keep the political power in his court.
As Dave assumes the role of the President, he increasingly realizes that he can do much good for America and his humor and vitality energizes the country. After Dave and Mrs. Mitchell, played by Weaver, visit a homeless shelter that has a surprising number of kids as clients, Dave is touched. He is soon shocked to learn that the chief of staff removed a $650 million portion of the federal budget that was designated to fund homeless shelters. Mrs. Mitchell, who already hates her husband, is really upset.

Long story short, Dave rolls up his sleeves and really assumes the position of President instead of being a puppet stand-in. He eliminates fluff from the budget in restoring the $650 million homeless shelter funds. Now Mrs. Mitchell realizes that Dave is not her real husband, and together they conspire to change America for the better. Dave announces a plan to “give a job to every American who wants one.”
And that’s why I would like to be Dave for a month or so, just like in the movie. A common man got a chance to make a difference, to cut through the government bureaucracy of patronage and waste. To restore American’s faith in America, to bring common sense and doing what is right back to Washington, DC.
The movie was pure fantasy. But the dream of giving back our country to the everyday person and being led by someone with compassion and common sense is too much to ignore. It’s the way things should be.
Don’t you agree?
- Mountain Man
http://www.MountainManandCityGirl.com
Tags: blog, Cape May Court House real estate, Cape May real estate, Diamond Beach, Jewell Real Estate Agency, lifestyle blog, Mountain Man and City Girl, North Wildwood, opinion, political blog, Politics, Real Estate, real estate blog, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Friday, December 25th, 2009
Everyone is blessed at Christmas, whether they are aware of it or not. And you don’t have to be a Christian for Christmas to have an effect on your spirituality.
I’m a perfect example. I’m not a Christian. I don’t buy Christmas gifts or have a Christmas tree. Bah humbug. The materialism of Christmas turned me off nearly a half century ago. And a lifelong examination of my religious beliefs and the religious philosophies of the world has pretty much made me conclude that I’m perhaps an atheist.

But I am blessed with a great wife, who happens to be my best friend and business partner. Her unbridled enthusiasm for Christmas makes that a time of year that I especially appreciate all she’s done for me and all that she means to me.
I recall a quote, “Love is the soul’s recognition of its counterpoint in another.” That wraps up my feelings toward our special relationship.
So I ask on this Christmas day that you not dwell on what things you did or didn’t find under your Christmas tree. Instead, think longingly of the ones you love. For it is that love that carries you through the other 364 days of the year.
- Mountain Man
http://www.MountainmanandCityGirl.com
Tags: blog, Cape May Court House real estate, Cape May real estate, Christmas blog, Jewell Real Estate Agency, lifestyle blog, Mountain Man and City Girl, New Jersey blog, New Jersey real estate blog, North Wildwood, opinion, Real Estate, real estate blog, West Wildwood, Wildwood Crest, Wildwood real estate
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Thursday, December 24th, 2009
The legendary battles between developers and environmentalists are well documented, but the two aren’t always polar opposites. The Tejon Ranch is a good example of the two marrying and having a happy ending.
Tejon Ranch is the largest private land holding in California, measuring around 270,000 acres, or over 400 square miles. The massive Kern County tract had not been viewed by the public for 140 years. The property is located along the main north-south route on the West Coast, Interstate 5, situated 60 miles north of Los Angeles and 30 miles south of Bakersfield. It is at the confluence of four ecosystems – the Mojave Desert, Sierra Nevada Mountains, Central Valley, and South Coast, so it is a wildlife corridor of magnificent proportions.

Last May, the Tejon Ranch Company penned an agreement with five of the most important environmental groups – including the Sierra Club and Audubon Society – to set aside permanently 90% of the property. So far, 178,000 acres have been established as Open Space or a conservancy, with an option on 62,000 acres more at fair market value.
What the Tejon Ranch gets is the unhindered ability to develop part of the remaining land, which is all located along I-5 at the western edge of the ranch. They already have tenants in parts of the 1,450-acre Tejon Industrial Complex, including IKEA with a 1.7 million square foot warehouse. Oneida and Famous Footwear also call the complex home.
Tejon Mountain Village, which developers hope will eventually contain 23,000 homes and 70,000 people in 18.4 square miles of newly-hatched city, was just approved October 5th by the Kern County Board of Supervisors. There will also be resorts and golf courses, plus hiking and equestrian trails in this “environmentally sensitive mountain resort community”.
Within the preserved portions of Tejon Ranch the bears, bobcats, mountain lions, pronghorn antelope, and more will be able to continue to roam free amongst the many diverse habitats. The Pacific Crest Trail, which runs from the Canadian to Mexican borders, will shift 39 of its miles to the breathtaking Ranch, something previously only dreamed of.
The Tejon Ranch concept, which will create 1,500 additional permanent jobs and 1,600 construction jobs, appears to be a win-win for everyone concerned. Isn’t it great when there is intelligent compromise that both spurs the economy and preserves our precious earth?
- Mountain Man
http://www.MountainManandCityGirl.com
Tags: california, california real estate, Cape May Court House real estate, Cape May real estate, developers, Diamond Beach, Jersey shore, Jewell Real Estate Agency, Mountain Man and City Girl, nature blog, opinion, political blog, Real Estate, real estate blog, realtor, tejon mountain village, tejon ranch, Wildwood real estate
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Tuesday, December 22nd, 2009
As any active realtor knows, banks are more tight-fisted with loan money now than in the past decade. In the spirit of this Christmas season, you could even call them Scrooge.
The tried and true banking tradition is that banks took deposits from customers, paying a certain interest rate, then lent money to borrowers at a higher rate. The difference in the interest rates was their profit.
The model has changed since the number of bank failures rose from three in 2007 and 25 in 2008 to 140 in 2009.
Banks are now borrowing at near-zero percent interest rates to get short term loans for themselves and putting the money into Treasury notes and other higher-yielding government securities. They make a profit with no risk (unless the United States collapses). This practice is called playing the yield curve, or carry trade.
Loans given out to consumers and businesses in America have dropped 8% in the last year. The banks claim that less people want loans. Our experience as realtors tells us a different story. We’re seeing people with solid credit and income getting turned down for loans in this vacation home market here at the South Jersey shore. At our agency, we’ve put a lot more properties in 2009 “under contract” than in 2008, but we’ve closed on fewer than last year.

Right now only FHA-backed loans, which account for 30% of home loans compared to just 3% in 2006, seem a sure thing. Loans for second homes and businesses are tough to obtain. Banks literally want no risk when giving a mortgage.
When the economy finishes turning around and businesses begin hiring, maybe banks will feel comfortable again lending money. Until then, many realtors and consumers will have to continue treading water.
- Mountain Man
http://www.MountainManandCityGirl.com
Tags: banks, blog, Cape May Court House real estate, Cape May real estate, Diamond Beach, Jewell Real Estate Agency, Mountain Man and City Girl, North Wildwood, opinion, Real Estate, real estate blog, realtor blog, Seapointe Village, West Wildwood, Wildwood Crest, Wildwood real estate
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Tuesday, December 15th, 2009
With Wells Fargo announcing Monday that it too was repaying its $25 billion in bank bailout money, the final large bank was out from under the scrutiny of the federal government.
This was the backdrop as President Obama spoke for an hour or so to top bankers in an attempt to get the major banks to loosen their purse strings and increase lending. He also implored them to make more loans to small and medium-sized businesses, which have the most potential to create new jobs.
The plea for making more loans available was made to the top brass of US Bancorp, Bank of America, JP Morgan Chase, Morgan Stanley, Goldman Sachs, Citigroup, and Wells Fargo, both publicly and in private. Combined, this big seven will soon have paid back about $200 billion of the $453 billion given to banks, automakers, and such. The total stimulus package was $787 billion.

Despite paying back the loans, the President reminded bankers that they have an obligation to the American public, which bailed them out during the financial crisis a year ago.
While Bank of America pledged to increase small business loans $5 billion in 2010 over 2009 levels, and JP Morgan promised last month $4 billion more in 2010, the bankers pointed to the slow economy as reason to be cautious about loaning money.
Until the government and banks can get money into the hands of businesses that will then make jobs and get the money to American families, the economy will sputter. Better times are ahead, but let’s hope Obama can push things along quicker.
- Mountain Man
http://www.MountainManandCityGirl.com
Tags: Cape May Court House real estate, Cape May real estate, Jewell Real Estate Agency, political blog, Politics, Real Estate, real estate blog, Wildwood real estate
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Sunday, December 13th, 2009
The Real Estate Settlement Procedures Act (RESPA), a consumer protection statute enacted in 1974, will have a new face beginning January 1, 2010. RESPA was basically designed to give effective disclosure to homebuyers and sellers prior to initiating the real estate purchase process, so there were no “surprises” at the closing table.
The new RESPA reforms are aimed at giving the consumer better information earlier in the process and the ability to shop for the best deal by comparing service providers.
Potential buyers need only give six pieces of information – name, monthly income, social security number, property address, sale price, and loan amount desired. They can do this with several banks or lenders and get a Good Faith Estimate (GFE) within three days. The GFE results can then be compared side-by-side so the consumer then can make an informed decision on which scenario and providers to use.

The GFE has three parts – charges that can not increase, those that can only increase a maximum of 10 percent, and those that can change at settlement if you don’t use the service company identified by the lender.
That said, here’s the downside of the new RESPA.
There will need to be a huge increase in communication between the lender and whoever is doing the closing – either a title company or attorney. That’s a scary thought, especially when a lawyer is involved.
The other concern we have as realtors is that lenders – who are often located 100 or 200 miles from us here in Cape May County – are going to be supplying names of home inspectors, termite inspectors, etc., to the prospective buyers. The only way we can sidetrack a potential logistic fiasco is to give these buyers a list of reputable local puveyors to submit to the lender upon first contact.
The new HUD-1 Settlement Statement used at closing, which is now three pages instead of two, also has two drawbacks. Closings will take longer and the HUD-1 is less detailed and more about total costs.
The federal goverment received 12,000 public comments prior to designing the new RESPA and its GFE and HUD-1 forms. Once realtors, title companies, lenders, attorneys, sellers, and buyers get used to the new format and procedures, hopefully all the parties concerned will be pleased.
- Mountain Man
http://www.MountainManandCityGirl.com
Tags: Cape May, Cape May Court House, Cape May Court House real estate, Cape May real estate, condo, Diamond Beach, Jersey shore, Jewell Real Estate Agency, Middle Township, mountain man, Mountain Man and City Girl, nature blog, Real Estate, real estate blog, realtor, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Saturday, December 12th, 2009
Most people would agree that the real estate market of the last 15 or 20 years has been fueled by the Baby Boomers. As you know, that’s the 80 million Americans born between 1946 and 1964, and now ages 45 to 63 years old. They’ve had careers and saved money and invested in real estate, stocks, and retirement plans, amongst other things.
The next generation has been called “Generation X”, originally called the “Baby Bust” due to the low birthrate in America. They were born from 1965 to 1979, with the latter half mostly children of early Baby Boomers. They are now 30 to 44 years old, but they are just 48 million strong. With the average age of a first-time homebuyer pegged about 33 years old, they are filling that niche right now while the Baby Boomers upgrade to add vacation homes or downsize to smaller homes as “empty nesters”.

The next group to arrive was Generation Y, those born between 1980 and 1995. Now 14 to 29 years olds and children of the latter half of the Baby Boomers and the early Gen X’ers, they will be the next group to arrive on the real estate scene. The exciting news for the real estate industry and the economy of the United States in general is that there are 74 million of them. They should eventually have the economic impact equal to that of the Baby Boomers. Tattoos and piercings and all, this generation will soon enter the first-time homebuyer market and take their place on the economic ladder until they are perhaps 60 years old or so.
As the population demographics shift from one group to another, there will always be a new generation to carry the day. Isn’t that why we reproduce?
- Mountain Man
http://www.MountainManandCityGirl.com
Tags: blog, Cape May, Cape May Court House, Cape May Court House real estate, Cape May real estate, Jersey shore, Jewell Real Estate Agency, Middle Township, Mountain Man and City Girl, North Wildwood, ocean, opinion, Real Estate, real estate blog, realtor, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Friday, December 11th, 2009
Nearly a year into the Obama administration I think Americans can see that the No.1 issue in the nation’s mind – the economy – is still sputtering. Bank bailouts and all that stuff just aren’t working fast enough.
As Mighty Mouse used to say, “Here I come to save the day!” So here’s my simplistic approach to ending the Recession.
The United States of America has the highest bond rating possible – AAA. That rating means that the U.S. is not likely to default on debt. Thanks to the Bretton Woods Accord back in the 1970s, the U.S. dollar is no longer backed by the gold in Fort Knox. The American dollar – of which there are 829 billion – is backed by the government’s ability to generate revenue to pay down it’s debt.
New dollars are issued when the Federal Reserve elects to fund the purchase of debt, which is usually through U.S. Treasury Bonds. Done in excess, this can cause inflation, but bear with me.
The net worth of Americans is currently $53.4 trillion. Prior to the Recession, it was $64.5 trillion. In other words, we’ve lost 17.2% of our worth. By the way, $348 billion of our collective $53.4 trillion is household real estate holdings, i.e. your house.
That’s the background, now my proposal.

Let’s give each American household $10,000 tax free. With 105,480,101 households, that’s $1.05 trillion.
There are 7.7 million businesses in America. Let’s give them each $100,000 tax free. That’s a mere $770 billion.
So add it up and the American government can print and distribute $1.82 trillion. This isn’t money raised by taxes. We’re just gonna print it and give it out. There’s just one stipulation – the money can’t leave the country. It can’t be sent to relatives in Nicaragua or used to hire workers in China. It has to be spent in the 50 states.
Think of the ramifications. The boost to the economy will be incredible. Some people will pay down debt or save their homes, while others will buy TVs, cars, and yes, useless junk. Some might even use some of the money for booze, cigarettes, and methamphetimines, but that can’t be helped.
All this will turn into many of the 7 million people laid off from work since the beginning of the Recession getting gainful employment again. For every dollar currently in circulation, there will now be three dollars. Banks will start lending again and the good times will roll. States will see an increase in sales taxes collected, easing their budget pains.
The nay-sayers will yell that my plan will cause inflation. Sure, it will. But it’ll be manageable, maybe 10% at most and it will be a one-time thing, just like my giveaway windfall. But the trade-off of jobs and reduced personal debt is well worth it. The American economy will have the jump-start it needs.
Some might call my plan crazy. But at least I have a plan.
And I bet you’re smiling and already thinking about how you’d spend your $10,000.
- Mountain Man
http://www.MountainManandCityGirl.com
Tags: blog, Cape May, Cape May Court House, Cape May Court House real estate, Cape May real estate, Diamond Beach, Jersey shore, Jewell Real Estate Agency, lifestyle blog, Middle Township, mountain man, Mountain Man and City Girl, North Wildwood, ocean, political blog, Real Estate, real estate blog, realtor, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Thursday, December 10th, 2009
“Surprise, Surprise, Surprise”, as Gomer Pyle used to say.
To the surprise of many, including this ardent Cape May County observer, voters successfully recalled City of Wildwood Mayor Ernie Troiano and Commissioner Bill Davenport in Tuesday’s special election.
The first part of the ballot asked whether voters wanted to recall the pair. Voters went 624 to 487 to recall the mayor and 649 to 470 to unseat the commissioner. Apparently there was enough dissent within the community to overcome the regular party machine.
The second part of the ballot then asked to vote for two of the six candidates. With only about a dozen or so provisional ballots not yet counted, the vote went:
Ed Harshaw 600, Al Brannen 577, Troiano 496, Davenport 453, Ernesto Salvatico 45, and John Roat 42.

And so Harshaw, a real likable high school history teacher, and Brannen, who’s been a thorn in the administration’s side, take over a city with the highest tax rate in Cape May County and a mountain of debt. They join Commissioner Gary DeMarzo, the controversial third commissioner.
The trio will decide amongst themselves who will be mayor and they haven’t hinted publicly yet whom they each will vote for.
The outgoing mayor took a parting shot, not indicating whether or not he knows exactly who will be the new mayor. “The only thing that bothers me is you’ll have an absolute nitwit for a mayor now.”
- Mountain Man
http://www.MountainManandCityGirl.com
Tags: blog, Cape May Court House, Cape May Court House real estate, Cape May real estate, Diamond Beach, Jersey shore, Jewell Real Estate Agency, mountain man, Mountain Man and City Girl, North Wildwood, ocean, opinion, Politics, Real Estate, real estate blog, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Thursday, December 10th, 2009
If you have credit cards – and who doesn’t? – you probably got a notice in the last few days from Bank of America. The letter said that your credit line has been reduced to a few hundred dollars. The tens of thousands of dollars of available credit or cash you had the week before is suddenly gone! Merry Christmas.
Chase Bank and Bank of America, which merged with Merrill Lynch in 2009, pretty much have the credit card business all to themselves. These two giants of the financial world control the credit destiny of tens of millions of Americans.
So why would Bank of America suddenly cut off five or ten million hard-working American families from having credit lines?
This past Tuesday, December 8, Bank of America paid back the $45 billion it got from the U.S. Government in the big bank bailout. It did it with about $19 billion in cash and the balance by selling off securities. To make sure they had the cash on hand, B of A apparently needed to make sure you couldn’t borrow any of it.
Here comes the kicker.
Bank of America paid back the $45 billion to the U.S. Treasury so that they would no longer be bound by the rules that were instituted as a condition of using the bailout funds. Since the CEO of B of A recently announced his resignation as of December 31, the board of directors has been searching for a new CEO. It seems they feel that they can’t offer “proper incentives” to attract a quality CEO and accepting the government grant money limited the bonuses allowed to be paid to the company’s top management.
So, to make sure they can offer their new CEO $50 million or $100 million in bonus incentives, they cut off the credit of millions of American families!
Where’s the public outrage?
- Mountain Man
Tags: blog, Cape May Court House, Cape May Court House real estate, Cape May real estate, Jewell Real Estate Agency, Mountain Man and City Girl, North Wildwood, ocean, opinion, political blog, Real Estate, real estate blog, realtor, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Tuesday, December 8th, 2009
I read a Letter to the Editor in today’s Press of Atlantic City that addressed one of my many pet peeves – not getting a real, live person on the phone when you call a business.
Isn’t it annoying? Especially when you know there’s a bunch of slackers sitting there probably drinking coffee and eating doughnuts and listening to the phone ring.
Automated answering systems are impersonal and make you feel like your business is not appreciated. As the Press letter states, the worst scenario is when your first prompt is “Press 1 for English”. Arrrgh!

And this all brings me to mention Jewell Real Estate Agency. We don’t have an automated system. We ALWAYS have a live person answer the phone. I’m not talking just during business hours, but 6am to 9pm every single day of the year. That’s 15 hours a day that one of us is there to actually take the receiver off the hook and say, “Good morning (or afternoon or evening), Jewell Real Estate Agency, Joyce (or Chris or Douglas or ….) speaking”.
We will NEVER, NEVER, EVER have an automated system. You’ll never hear “Choose from the following menu options” or “If you know your party’s extension, dial it now”. It upsets me just thinking about the idiot companies that do this.
In this fast-paced world, isn’t it nice to know that somewhere out there you can speak to a real live person. If you ever call 609-729-8505 or 609-463-8423 and you get an automated system with extension options, then guess what? You missed my funeral!
- Mountain Man
Tags: Cape May, Cape May Court House, Cape May Court House real estate, Cape May real estate, condo, Diamond Beach, Jewell Real Estate Agency, Middle Township, North Wildwood, ocean, opinion, Real Estate, real estate blog, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Tuesday, December 8th, 2009
In the October 2009 issue of New Jersey Realtor, the magazine did a typical pre-election article asking the governor candidates – incumbent Jon Corzine and challenger (now Governor-elect) Chris Christie – a series of position questions.
Their answers were mostly, well, carefully worded non-answers or non-commitals.
The first question asked was, ”what steps will you take to reform our property tax system?”
Gov Corzine gave a long-winded eight paragraph account of his accomplishments in office, but sidestepped the actual question. Christie gave a better answer, but limited his solution to “a smaller, leaner, more efficient government” and that he would keep the property tax rebate in place.
The second question dealt with repealing the Realty Transfer Fee, which averages $2,958 for each transaction.
Christie called it “one of the best examples of a tax that was imposed to capitalize on a booming real estate market that has now proven to be incredibly damaging”. Good answer, but he stopped short of proclaiming he’d repeal it. Corzine again completely avoided directly addressing the question.
The next question asked, “Do you support efforts to partially eliminate the property tax deduction?” and would they support “imposing a sales tax on rentals or professional services?”

Corzine basically said, “Leadership is about making difficult choices” and “I cannot guess what actions we will be required to take”. Typical incumbent evasiveness! Christie did step up by saying, “I do not support either the further elimination of the property tax deduction or expansion of the sales tax or any other tax.” He stopped short of saying he’d veto such attempts.
The fourth question was “What actions will you take to encourage stabilization and growth of the real estate market?”
Christie spoke of “restoring the vitality of our cities” and “an elimination of the outrageous quotas and requirements of the Council on Affordable Housing (COAH)”. Good answers, but they don’t really address stabilization and growth. Corzine talked about business development and his Economic Stimulus Act of 2009, but it fell short of being reassuring.
The final query was concerning the government’s right of eminent domain, especially seizing a person’s property and giving to another private property owner for redevelopment purposes.
Both candidates gave “feel good” two sentence answers, but no concrete proposals. Hmmm.
I must admit that I voted for neither of these candidates but instead voted for an alternative choice, which pollsters interpret as a dissenting vote. I guess I’m becoming increasingly disenfranchised from the system. Can you blame me?
Governor-elect Christie has inherited a giant pile of chicken manure. Let’s see if he can turn it into chicken salad.
- Mountain Man
Tags: Cape May Court House, Cape May Court House real estate, Cape May real estate, Jersey shore, Jewell Real Estate Agency, Real Estate, real estate blog, realtor, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Monday, December 7th, 2009
While most folks are struggling to make ends meet in this depressed economy, New Jersey government and municipal retirees are cleaning up. In fact, 428 retirees pull in over $100,000 per year in pension money.
In 2008, the median pension in New Jersey was $61,800 for police and fire retirees, $81,700 for State Police, and $43,200 for teachers. These figures are more than the salary – yes, salary – of the average New Jersey worker, which is $37,900.

In a state with an $8 billion budget deficit this year, the $5.7 billion in pensions is an unfair drain on taxpayers. To add insult to injury, the state and many municipal governments have failed to keep up with fully funding these pension funds, meaning the public will get increasingly larger bills each year.
So what to do?
Obviously, the system needs to be changed. The thought that a fireman or policeman can work from age 21 to 46 and collect substantial sums of pension money after this 25 years, then start a second career, is unconscienable. Newly hired state employees, who could retire at age 55 as of 2001, have seen outgoing Governor Corzine increase that back to age 60.
It appears that legislators are fearful of reigning in the money grab by retirees. So taxpayers will continue to fund this act of greed through real estate taxes, which are already the highest in the United States.
There is one group that won’t be funding the pension through real estate taxes. Did I mention that one-third of these pensioners have moved out of New Jersey?
- Mountain Man
Tags: blog, Cape May Court House, Cape May Court House real estate, Cape May real estate, Diamond Beach, Jersey shore, Jewell Real Estate Agency, North Wildwood, ocean, Real Estate, real estate blog, realtor, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Monday, November 30th, 2009
The popular homebuyer tax credit program, which was due to expire November 30, 2009, has been extended to April 30, 2010. Adding to the good news is the fact that it is no longer confined to just first-time homebuyers.
The rules are that the first-time homebuyer can not have had interest in a principal residence for three years prior to the purchase. A current homeowner must have used their existing home as a principal residence for five of the previous eight years. The first-timer gets an $8,000 credit ($4,000 if married filing separately), while the existing homebuyer gets a $6,500 credit ($3,250 if married filing separately).
All other provisions of the Tax Credit are the same for both first-time homebuyers and current owners.
The prospective property must be put “under contract” before May 1, 2010 and the transfer must take place by July 1, 2010. The income limits are $125,000 for a single person and $225,000 for a married couple (up from $75,000 and $150,000) for a full tax credit. A partial tax credit is given for $125,000 to $145,000 for singles and $225,000 to $245,000 for married couples. Above those incomes is no tax credit.
The maximum price of the property being purchased is $800,000. The property transfer can not be between dependents (parents and child or grandchild) and documentation of the purchase must be attached to the tax return. Parents can still, however, co-sign on the mortgage and the child gets the tax credit.
All in all, the homebuyer tax credit is a good deal. If only it was permanent.
- Mountain Man
Tags: Cape May Court House real estate, Cape May real estate, Jersey shore, Jewell Real Estate Agency, Middle Township, North Wildwood, ocean, Real Estate, real estate blog, townhouse, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Saturday, January 10th, 2009
Happy New Year Everyone! Jewell Real Estate Agency had a good 2008, and we are looking forward to an even better 2009. The year started off with a bang on January 2. Our office was so busy and crowded you couldn’t move. Both Douglas and I had people in our office looking to buy and there were people in the front office waiting to talk to us. Instead of all the doom and gloom that you read in the newspaper, the people we talked to were upbeat and felt it’s the right time to buy. We couldn’t agree more. Interest rates are at an all-time low.
I received a rate sheet today from Wells Fargo that had a 4.75% 30 year fixed mortgage rate with 0 points. Other rate sheets I received were slightly higher but in the same range. How long will this last? No one knows.
Here’s some stats for Cape May County that may interest you. Last year (2008) there were over 1900 properties sold. The year before had over 2200 properties sold. Properties available now in the Wildwoods (Wildwood, North Wildwood, Wildwood Crest, and West Wildwood) number around 1192. Other areas: Avalon – 297; Lower Township – 386; Middle Township – 425; Upper Township – 83; Dennis Township – 137; Cape May – 300; Sea Isle City – 252; Stone Harbor – 149.
If you’re considering whether to buy, now is a good time to see what’s out there. There are some great properties to be had. If you’re looking to sell, it’s still a great time because the low interest rates are helping to get a lot of people off the fence and making an offer.
If the past week is any indication of what’s to come, it’s going to be a good year. Check out our Featured Listings and the entire MLS on our website. Give us a call or send us an email. We’d love to hear from you.
City Girl – Joyce Jewell, GRI, ABR, ePRO, ASP
Tags: interest rates, Middle Township, North Wildwood, Real Estate, sale, sold, Wildwood, Wildwood Crest
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Wednesday, January 30th, 2008
In June, 1994 I found myself hitchhiking on one of my favorite roads – the Pacific Coast Highway. I had been hitching around the country since mid-April, and now it was early June.
I got up one morning after sleeping on a beach near San Luis Obispo, California. A magnificent sunset had concluded my previous day, and now an eerie, yet calmingly invigorating, fog-shrouded morning greeted me. I packed up my sleeping bag and backpack and headed for the highway.
In the parking lot, I met a woman, with bicycle and guitar case in hand, who had also spent the night on a different part of the beach, unbeknownst to me. We swapped travel stories for a while, then I got back on the road heading north toward San Francisco.
This was a day of short rides, but the view of the Pacific Ocean from the cliffs was dazzling. The fog by now lifted, and the end of each ride found me walking to the edge of the cliff to sit and reflect on the beauty of the desolate beaches and pounding waves. It was also a time to write notes in my journal.
An afternoon ride took me past San Simeon. The driver, a young guy and his wife, spotted a stretch of beach where elephant seals were basking in the sunlight and we pulled over. Other cars were also pulled off the highway to watch. We couldn’t get out of the car fast enough, the sight of the seals getting our adrenaline pumping. We jumped a fence, then headed across a meadow to the beach.

We watched the elephant seals, in awe of the brute strength of the 15 or 20 big adult males. Occasional battles between them took place, but the rest of the herd of 1oo were peacefully lounging. After a while, the couple was ready to leave. “Thanks for the ride,” I said, “I think I’ll stay here.”
I sat at the edge of the beach and meadow, my eyes transfixed on this surreal group of animals. An hour later, I heard a “Hello again”. It was the woman from the parking lot. She sat down and we shared the wonderment of this setting.
Several times before her arrival, the highway patrol had cleared the cars from beside the ride. They were enforcing the “No Stopping or Standing” rules. The road was narrow there, so they were doing their duty.
I told her of my plans to spend the night with the elephant seals. She had the same idea, so we went back to the road to fetch her bike and pass it over the fence.
That night we sat on the beach, no more than 50 feet from the 3,000 pound males and 1,200 pound females. She played her guitar, lulling the beasts with her soft voice and soothing melodies. The ocean waves pounding rhythmically added to the music’s harmony. Eventually, we each crawled into our sleeping bags as the symphony and inspiring day came to an end. But to this day, I can still hear the gentle sounds of that night.
- Mountain Man
Tags: blog, Hitchhiking, Real Estate
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Tuesday, January 29th, 2008
With the presidential primary season in full swing, Democrat and Republican politicians exchange charges and point fingers at their in-party competition. With so much bickering, it’s no wonder elected government office holders can’t accomplish anything meaningful. It’s just late January and I’m already sick of the November, 2008 election.
Wouldn’t it be nice if political candidates would talk about issues. I’m not talking about sound bites and cute little three sentence pat answers. I’m talking about laying out a comprehensive plan to solve each problem and issue. But no, that might alienate a few voters. We can’t have solutions clouding the election.
I have been on the websites of most of the presidential primary candidates. They’re junk! They start with pictures of the family and a declaration of what church they belong to. Stop it! Enough of playing the religious card. It’s pandering for votes. Groveling to the vocal religious minority.
Read a candidate’s entire website and you’ll still have no idea what their solution is to issues. “I won’t raise taxes. I’ll start new programs. I’ll upgrade healthcare, kick start new jobs, raise wages, lower gasoline prices.” Blah, blah, blah. Still, there’s no position paper telling the public how they’ll accomplish it. Give me a break!

Out in public on the election trail, you see the politicians visiting a senior center, hugging babies at a WalMart, or talking tough with workers in a poultry processing plant. Get real! You guys (and girl) are all millionaires. You have nothing in common with these folks, real Americans. You don’t struggle paying your bills, worry about being laid off from your job, or shop in WalMart. All your senior friends own villas and yachts and belong to country clubs.
Unfortunately, until we have election reform and end private campaign contributions, we will only have millionaires in office. Let’s face it, they make political decisions at black tie affairs, on the golf course, or in the back room. The real American is not privy to those decisions.
What America needs is a president who’s been there. Someone who worked through high school to afford clothes and college to pay their tuition. Someone who has toiled through physical labor – like milking cows, waiting on tables, running a cash register, or hammering nails. Someone who raised their own kids and changed their diapers, not someone who had a nanny to do that.
I want to see a regular person become president. A down home, intelligent, honest person who puts the good of the country before the good of his political party. Not a Democrat, not a Republic, but an Independent with a realistic chance to be a uniter. A person not tempted by money, corrupted by power. A person who understands the big picture, who wants to leave the world a better place for his grandchildren. A true philanthropist.
I’m available.
- Mountain Man
Tags: political blog, Real Estate
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Monday, January 28th, 2008
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
Tags: buying, properties, Real Estate, Wildwood, Wildwood Crest
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Monday, January 28th, 2008
Just about everyone thinks that they’re the world’s best at something. Admit it, don’t you think you’re the world’s best soda guzzler, television show critic, cell phone talker, make-up applicator, pizza eater, belly button lint remover, armchair pro football expert, or something? Deep down inside, you feel you’re the cream of the crop at something.
I think I’m the world’s best long distance hitchhiker. Maybe I’m really not. But since there is no criteria, I will continue to reflect on my abilities and think no one is better.
I have hitchhiked over 20,000 miles in my life, logging enough miles to practically circumnavigate our planet. But mileage isn’t what made me No.1, it’s what I learned it those miles that helped me refine my craft. Let me share a few tips.

When I hitchhike, I always make eye contact with drivers. And if they pass me by, I just smile and look toward the next vehicle. I don’t cuss them out or flip ‘em the bird. My philosophy is that the ride I’m meant to get just hasn’t arrived yet to pick me up.
I always use a sign. I make them from cardboard, which is always easy to find, and I always carry a magic marker in my backpack. If I’m in a city, I’ll pick a destination about 50 miles away. If I’m outside a city or out in the country, I’ll shoot for somewhere 200-300 miles away or more. The bottom line is that I don’t want a ride that’s just a few miles away, especially if I’m standing in a good spot – one that offers good visibility and ample room for a car to pull over.
So let’s say I’m in Albuquerque, New Mexico heading east and my sign says “El Paso”, the westernmost city in Texas. If I see a possible prospect checking out my sign, I pull another sign from behind the El Paso one and it says “Please”. I’m looking for a reaction. If I get a sympathetic look, I flip that sign over and it reveals the show stopper “Aw C’mon”. That almost always solicits a smile. A third of the time, it also gets me a ride.
Once in a car, you have to carry on a good conversation, while also making the driver feel at ease and not threatened that you’re a weirdo or mass murderer or something. Never reach into your backpack, lest they think you have a gun.
With the right personality and gift for gab, which I have, the driver will open up to you. In a half hour you both feel as if you’ve been lifelong friends. More times than I can remember, a 300 mile ride has ended with me staying at their house for a night or two, getting fed the whole time, and even being taken out to meet their friends. I’ve ended up the center of attention at numerous parties and bars.
My budget when hitchhiking is $4 a day. Impossible, you think. Actually not. People are extremely generous. They want to feed you, even give you money when you part. I accept food, but never money. I’m not in it for money, in fact I usually have hundreds of dollars stashed in my socks. Four bucks a day can go a long way in a grocery store, especially if you live on fruits, nuts, and vegetables.
I’m into hitchhiking for the thrill, the adrenaline rush, the adventure. Meeting new people, seeing new places. Hitchhiking always restores my faith in humanity. People, for the most part, are decent folks. That rediscovery makes it all worthwhile.
- Mountain Man
Tags: blog, Hitchhiking, Real Estate
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Sunday, January 27th, 2008
Earlier this month, January 2008, I traveled to our West Virginia cabin to spend a few days. I needed to meet with our builder, our excavation guy, and cut a few trees to open up a mountain vista to the east.
When I arrived at 9am on a Friday morning, the temperature was 6 degrees. It had been 1 degree a few hours prior. I worked throughout the weekend and accomplished my tasks. By Monday, my last day, it was a balmy 62 degrees. I decided to spend the day hiking and exploring. I felt like a school kid skipping class!
There is a couple hundred acre parcel behind our 19 acres that leads up to the crest of the small mountain. I had never explored it, so I headed up the mountain on our road. Soon I was climbing over the gate onto the neighbor’s property. There were no structures on the land, and only hunters ever went up there.

I traveled up the dirt road, gradually gaining elevation. Meadows opened up to the north, a sight I don’t see on our heavily wooded parcel. Soon I was to an area where thick pine trees clustered along the north side of the road, but they grew from a 20-foot lower creekside area, so only the top 10 feet were exposed to me. They shown brilliant light green in the full winter sun.
Suddenly, a large bird the size of a crow burst from one of the pines and landed in another 100 feet ahead. Was that a pileated woodpecker? Could it possibly be?

I proceeded slowly up the road, knowing that I would come upon him again. Sure enough, as I got close, he launched out of the tree. His wings beating made a definite noise, almost a thumping. They were so powerful that I swore I felt the vibrations.
His large size and pronounced red pointed head confirmed that it was a pileated woodpecker. If indeed the ivory-billed woodpecker is extinct, then the pileated is now the largest woodpecker in North America.
He and I continued our hide and seek game. Twice more he flew 100 feet at a shot, landing in the pines ahead of me along the road. When he tired of my presence, he flew away from the road to the edge of a dense forest. Each time, his wings beating foretold that he was airborne again.
Now he hung to the edge of the forest, heading parallel to the road and back where we started. My view of his trajectory was unobstructed, so I continued to follow his progression. I didn’t move a muscle except for the slight turning of my head.

After 10 or 15 minutes, he finally flew deep into the woods. I had seen him in flight six times. I heard him fly three other times.
My hike continued another couple hours, but all the time I kept thinking about him. How magnificent he was! How fortunate I was to share some time with him.
I will be going back up the mountain the next time I’m in West Virginia. I expect to visit my feathered friend again. It’s the neighborly thing to do!
Mountain Man
Tags: blog, Cape May Court House, Green Bank, Real Estate, West Virginia, Wildwood
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