Posts Tagged ‘Wildwood Crest’
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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Saturday, December 5th, 2009
Lower Township, which includes such areas as Diamond Beach, North Cape May, and Villas, has decided to do an in-house reassessment of properties. No, not to increase the value of properties, but to lower them.
It seems that when Lower did its last assessment in 2007, the implications of this recession were not fully evident. But now three years of a down market in real estate have seen these assessments appear to be 20% or more too high.
That 2007 assessment tripled the township’s ratables from the 1992 figure of $1.5 billion to over $4.5 million. The new reassessment will be done by the municipal tax department, meaning there will be no on-site inspections. It’s strictly a numbers crunch. It also means that the cost will be just $25,000, instead of the million dollars for a full-blown reassessment by an outside company.
Properties expected to see the biggest drop in values are those near the water, i.e. the Delaware Bay and Atlantic Ocean. Hopefully Diamond Beach owners, who have historically been a cash cow for Lower despite fewer services and no fire station, will get a fair shake this time around.
Speaking of Diamond Beach, the new Grand condominium complex, located beachfront on Atlantic Avenue, was originally touted by developers and officials as bringing as much as $6 million in new property tax revenue to Lower Township. With one of three buildings completed, just $400,000 is being added to the coffers this year.
The Grand may someday make a big difference in the tax rate, but for now, with Lower this year paying an extra $289,000 in pensions plus a 3.7 % salary increase to municipal employees, that $400,000 from the Grand property taxes has been negated.
Seems like no matter what townships throughout New Jersey do to lower their budgets, the greedy, whiny employees – current and retired – milk the taxpayer far beyond the limits of reason. That, sadly, will never change in our current political climate of patronage and deal-making.
- Mountain Man
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, North Wildwood, ocean, real estate blog, Seapointe Village, townhouse, West Wildwood, Wildwood, Wildwood Crest, Wildwood real estate
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Monday, November 30th, 2009
When the recent “Veterans Day Storm” slammed the east coast November 11-15, some Cape May County island homeowners suffered water damage and wind damage to their properties. For most, it was business as usual and they cleaned up the mess and moved on. It’s life at the shore for those in the few scattered low-lying streets in Wildwood, North Wildwood, and West Wildwood.
The beaches are another story. So that local governments could score Federal Emergency Management Agency (FEMA) money, New Jersey Governor Corzine obligingly declared a state of emergency. The damage to Cape May County, originally ballparked at $89 million, was determined to actually be $27.3 million. Those beach erosion figures are based on $10.40 per cubic yard of sand to be replaced. Sand for dunes is calculated up to $20 per cubic yard.
The bigger question here is whether the U.S. government should be subsidizing beaches. Is it fair to someone living in Iowa to pay for beaches in Avalon rimmed with $4 million vacation homes?
What would homeowners who cry for FEMA beach funds in their communities think if the federal government started funding ski resorts? Heck, they want snow by Thanksgiving to have a good year. Should we be subsidizing snowmaking operations at the hundreds of ski slopes throughout the U.S.? Let’s take it a step further and put refrigeration lines under each ski slope. That’ll make the millions of American skiers happy.
While we’re at it, why not have FEMA subsidize all the golf courses in America? In a drought, ship in tanker trucks of fresh water from the Great Lakes and major rivers. That would please the 24 million Americans who play golf. They want lush green golf courses, not those spotted with burned out patches of grass.
Do you see my point?
With oceans rising as the Arctic, Greenland, and Antarctic melt, the beach erosion problem has intensified. Many local shore towns will be doing two beach replenishment projects this year. Ten years from now, it may necessitate three or four a year, which isn’t going to happen. FEMA will finally say, “No Mas”.
So it’s time to be proactive.
Where beaches habitually wash out in storms, it is time to rip rap with massive walls of boulders, much like the seawalls recently constructed at the north end of both North Wildwood and Avalon at the inlets. FEMA should offer to pay for the rip rapping of the ocean. Sure it means less beaches, but once the seawalls are built, the beaches will come and go. After all, beaches are always in transit. It’s just in the last 100 years that civilization decided they’d try to tame Mother Nature.
There will always be plenty of beaches in Cape May County, but people will have to search them out. Here today, gone tomorrow, but another beach pops up a mile away. And certain beaches, like Wildwood, which is over 1,000 feet in depth, will always be there.
Like it or not, the days of FEMA beach handouts are numbered. As they should be.
- Mountain Man
Tags: Cape May, Cape May Court House, Cape May Court House real estate, Cape May real estate, Diamond Beach, Jersey shore, Jewell Real Estate Agency, Middle Township, North Wildwood, ocean, 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, February 27th, 2008
I got a call recently from a real estate client. Whenever the mood hits him, he phones us to find out the real estate market conditions here in Cape May County, New Jersey, and more specifically in the Wildwood, North Wildwood, Wildwood Crest shore area. He knows we have our finger on the pulse of the market. And he knows I always have an opinion, good or bad. There’s no BS.
Our conversation began with my monologue on how busy we have been since mid-Summer, 2007. He heard the same thing from me back in October during our last talk. “It’s still going great,” I added. “We’ve just had plenty of closings in January and February, plus we’ve got several more properties ‘under contract’ and we’re in active negotiations on a few other deals.”
Sounds like typical realtor hype, right? Actually not. This client knows that when the market started to stall in mid-2005, even though few recognized it, we were quick to alert anyone who’d listen that it was NOT the time to buy. Conditions were changing. We could just sense it. Something was amiss.
Just like a recession, the signal that a real estate market is going up off the charts or down into the hopper isn’t generally acknowledged until you are a half year or more into it. The thinking is that it isn’t a trend until it has been sustained for a while. That’s fair enough.
By 2006, much to the chagrin of City Girl, I openly admitted that, as realtors, we were losing our shirts. The real estate market was dead, the phones weren’t ringing, and we went weeks at a time without any walk-in traffic. It was disheartening. And we told our clients so. Honesty is so much more refreshing than deceit, and definitely easier on your conscience.
Fast forward to my recent phone call. “Give me a reason to buy now,” the client queried, “Why buy?” I was ready.
“Give me a reason to NOT buy,” I quipped. “Interest rates are at near historic lows, inventory is plentiful, and the range of selection is great. And as you know, prices are down $100,000 to $150,000 or more from 2005.”
“Remember all those sellers you were envious of back in 2003 and 2004? The ones who had bought in the bad real estate market times of the late 1990s,” I continued. “You thought how smart they were to be cashing out on their investment a few years later and making $100,000 or more, sometimes much more. Well, the cycle is repeating.”
“You’re right,” he said, the wheels turning in his mind. “Tell you what. Email me some investment property listings, then I’ll pick a few and we’ll go look at them this weekend.”
”Is Saturday or Sunday better for you?”, I replied, knowing that another client – and friend – was about to make some money.
- Mountain Man
To find out more about investment properties in Cape May County, visit our website at www.JewellRealEstateAgency.com
Tags: Mountain Man and City Girl, North Wildwood, real estate blog, Wildwood Crest, Wildwood 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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Friday, January 25th, 2008
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
Tags: beach, oceanfront, pools, Seapointe Village, security, tennis, Wildwood Crest
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Saturday, January 19th, 2008
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
Tags: blog, Cape May Court House, Jewell Real Estate Agency, Seapointe Village, Wildwood Crest, Wildwood real estate
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Wednesday, January 16th, 2008
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
Tags: condo, Diamond Beach, North Wildwood, Real Estate, townhouse, West Wildwood, Wildwood, Wildwood Crest
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Wednesday, January 16th, 2008
Who do you think has the most powerful voice in the world? You know, the one who most influences people’s opinions.
It’s not George Bush. It’s not some presidential candidate or Hollywood star, professional athlete or music idol. It’s not even the Pope or the Dalai Lama or Bill Gates.
It’s the MEDIA. Yes, the media decides what is important and what isn’t. Who’s good and who’s evil, what is right and what is wrong. It sways opinion, builds concensus. It can give someone their 15 minutes of fame or tear down and destroy a person. Consider how the media has influenced your perception of Anita Bryant, Jimmy the Greek, Vietnam, Patty Hearst, Thomas Eagleton, Walter Mondale, Muhammed Ali, Richard Nixon, hippies, the World Trade Center bombing, John Dean, Mel Gibson, Bill and Hillary Clinton, Paris Hilton, and Hurricane Katrina. And …, the real estate market.
The real estate market was the darling of the media from 2001 to 2005. “Buy, buy, buy”, they said, and people did. But then that story got old and tired. Time for a new slant. “There’s gonna be a bust” became the new story. Folks backed off from the real estate market, choosing instead to sit on the fence to see what happens. Actually, most were just waiting for the media to say it’s okay to buy property again. The media hasn’t yet bestowed its blessing on that notion.
In the second half of 2007, our real estate agency noticed a decided upturn of business in our Cape May County, New Jersey area. Buyers were coming back. It seemed to be people mostly in their 50′s and 60′s who came to the realization “What am I waiting for? I’m not getting any younger”. If they wanted their piece of the pie at the Jersey shore, now was the time.
The trend continues here in early 2008, making us wonder when the media will catch on. Interest rates are under 6%, there is plenty of inventory to choose from, and prices are down about $100,000 from 2004. To the opportunist, the conditions are perfect to get a good deal.
To those unwittingly hog-tied by the media, they’ll continue to sit on the sidelines. But for folks who have worked hard all their lives while dreaming about owning a condominium or house at the shore, their time is now!
- Mountain Man
To read more about the real estate market in Cape May County, New Jersey go to our website at http://www.JewellRealEstateAgency.com and click on “Newsletters”. You’ll find years worth of our Newsletters, full of our thoughts and observations.
Tags: beach, Cape May Court House, Jersey shore, media, ocean, real estate blog, Wildwood, Wildwood Crest
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