OUR 8 OPEN HOUSES - Something for Everyone!!!

Another glorious weekend is upon us and we are happy to host eight GREAT Open Houses.  We have quite a selection to choose from including beach block beauties, bay front homes, Grand homes and great condos.  We love to show you our listings so come out this weekend to the shore.


Saturday, May 15th - 12pm-2pm

108 S. Philadelphia Avenue, Ventnor, NJ


Aptly named The House of Seven Gables, this former English Tudor is being transformed into the quintessential beach block home w/ important ocean views from every room. This open plan masterpiece with a “California Flair”, features 4 BDs including a vaulted master BD suite & a 1st floor bedroom suite, 4 beautifully appointed on-suite Bas, cathedral ceilings throughout the second floor, multiple decks, state of the art chef’s kitchen, a bonus playroom & a private courtyard. $1,799,000


Saturday, May 15th - 12pm-2pm

103 S. Newport Avenue, Ventnor, NJ


Tranquil & serene; sunny & spacious, best describes this newly renovated contemporary beach block home. This 5 BR, 3.5 BA beach getaway boasts unparalleled ocean views, a 2 story great room featuring custom cabinetry & gas fireplace & huge DR perfect for people who love entertaining. The newly renovated kitchen is equipped with Stainless Steel appliances & granite counters, while the master suite affords privacy, unrivaled comfort along with ocean views. Other highlights includes an oversized garage & multiple decks. $1,450,000


Saturday, May 15th - 12pm-2pm

5709 Winchester Avenue, Ventnor, NJ


The best of both worlds is offered in this magnificent bayfront home just 3 blocks to the beach. This elegant & stylish 3 BD, 2 BA showpiece was totally renovated in 2004 & in 2009 had another bedroom added! It is complete with an expansive waterfront deck w/ boat slip, a huge open great room featuring a chef's kitchen with granite counter tops and Thomasville cabinets. The master bedroom suite features a master bath w/private commode, bidet, a floating shower & access to both the porch & fenced garden. $699,000


Saturday, May 15th - 12pm-2pm

505 Jonathon Court, Egg Harbor Township, NJ


Pride of ownership & elegant décor best describes this immaculate 3 BD end unit. Nestled in the tranquil Lakeside community, this townhome offers an inviting open layout great for entertaining. Smart upgrades include hardwood floors, upgraded kitchen cabinets, gas fireplace, high end ceiling fans & custom Hunter Douglas window treatments. 2nd floor offers 2 BD, 1BA & a conveniently located laundry w/new washer & dryer. Large 3rd floor BD vaulted ceiling,walk-in closet & private deck. Best buy in EHT!!! $169,000


Sunday, May 16th - 12pm-2pm

28 S. Benson Avenue, Margate, NJ


Steps to the beach, this South side Margate beach ranch home is the best opportunity on the market today. Situated on a huge lot that runs street to street, this home features a new custom kitchen w/granite counters & Stainless Steel appliances, new A/C, remodeled baths & gorgeous hardwood floors through out. Outside there is a front porch, a back patio & a huge fenced yard perfect for big parties, a pool or an addition. Build an additional 2nd fl. unit to rent as it's also zoned multi-family. 3 car parking & shed too. $649,000


Sunday, May 16th - 12pm-2pm

9711 Ventnor Avenue Unit 4A, Margate, NJ

Priced $34k LOWER than any other unit at Royal Palm Condominiums, this immaculate 2BD 1BA, 1st floor unit is located on the border of Longport & just 2 blocks to the beach. Totally renovated & being sold fully furnished this unit features a gorgeous kitchen w/granite counter tops & SS appliances, Pergo floors, neutral Berber style carpeting & remodeled bath. Just a short walk to the best restaurants in the Marina section of Margate, this condo allows pets and has low condo fees. $335,000


Sunday, May 16th - 12pm-2pm

1 Neptune Drive of Anchorage Point, Egg Harbor Township, NJ


This beautiful townhouse, just outside of Longport, enjoys all the privacy of Bay front living with unobstructed water views & magnificent sunsets. This completely custom 4BD 3.5 BA townhouse features a great room with soaring ceilings, a fireplace, top-of-the-line granite kitchen all flowing to a spectacular oversized deck. Other highlights 2 master suites, hardwood floors, 3 decks, enclosed garage and a 50’ boat slip w/floating dock w/ water & electric. The perfect summer getaway or year round home!!! $509,000


Sunday, May 16th - 12pm-2pm

5404 Ventnor Avenue, Ventnor, NJ


This classic St. Leonard Tract home offers all the best features you could ever want in a grand beach estate. Just 2 blocks to the beach, this 5 BD home with 2 FULL BA & 2 Half BA features hardwood floors through out, large foyer w/center stairs, a large living room w/fireplace & an adjoining library, a formal dining room,huge eat in kitchen, a front porch & enclosed sun porch, a master bedroom suite w/fireplace, all newly remodeled bathrooms, central A/C, huge fenced yard, full basement, deck and detached garage. $599,000

Mortgage Update from Trident Mortgage

So many of my Buyer's are still looking to take advantage of the current mortgage rates, so I asked Gary Freedman, our Trident Mortgage Consultant, to put together some information for my blog.


Rates are still at historical lows. Most economists predict that with the Fed pulling back from buying Mortgage Backed Securities (MBS) that rates will begin to rise. They are expected to reach somewhere in the low to mid sixes over the next 6-9 months. This could mean a payment increase of $200 per month on a $200,000 loan. This may be the last chance to buy a house before rates go up. Housing prices have fallen below fair market value. Relative to rents, national average home prices are about 10% below fair market value and have been the lowest relative to replacement cost in more than thirty years.



No Double-Dip for Housing


With evidence of a self-sustaining economic recovery now hard to deny, many pundits are finding new reasons to be bearish. The most recent is that the Federal Reserve has officially ended its massive ($1.25 trillion) mortgage purchasing program. This, some say, will lead to another downturn in housing, which could drag the economy down all over again.


Although the end of the Fed’s purchases will certainly not help the housing market, we do not believe it will result in a “double-dip” for housing or the economy. Instead, we expect home building, home sales, and home prices to all be up a year from now versus where they are today. Not on every street or in every community, but for the nation as a whole.


First, it’s important to recognize that while the Fed has stopped buying mortgage-backed securities, it is not planning on suddenly selling its holdings. Most likely, the Fed will hang onto the vast bulk of them for at least several years and allow the natural process of refinancing and principal repayment to gradually reduce the size of its portfolio.


Second, we do not expect mortgage rates to suddenly spike as the Fed exits the market. The Fed announced the eventual end to their mortgage purchases back in September 2009, when long-term mortgage rates were about 160 basis points above the yield on the 10-year Treasury (roughly the 20-year average). But today, even though the Fed has ended its program of purchases, the “spread” between mortgage rates and the 10-year is only 120 basis points. If mortgage lenders are suddenly having extra trouble finding the funds they need to lend, they sure have a funny way of showing it.


Third, watchful observers of the mortgage market know that the total amount of lending necessary to support the housing market in the next year is not particularly large by historical standards. Lower home prices, relatively low levels of sales, and the high loan-to-value ratios that prevailed during the bubble years mean that the capital needed to support housing in the next year is not that substantial.


The average price of an existing home sale right now is roughly $220,000. Meanwhile, the typical homeowner now has a mortgage worth 62% of their home’s value. So, if a buyer has to make a 20% down-payment (which means the new mortgage equals 80% of the home’s value) and the debt that is retired by the previous owner is 62% of value, the demand for mortgage credit goes up by only 18% of $220,000, or approximately $40,000.


So if existing homes sell at a 5.75 million rate in the next twelve months (a 10% increase versus the previous twelve months), that should require about $230 billion in net new lending. Meanwhile, new home sales should require about another $90 billion. (New homes average $275,000 and we’re assuming 20% down and sales equal to 400,000.)


In other words the total new lending needed to support a 10% increase in housing activity over the next 12 months is just $320 billion. Compare this to the $150 - 200 billion in principal repayments over the next year and it is easy to see that mortgage lenders do not need a large increase in their loan book to finance a rise in home sales.


Fourth, housing prices have fallen below fair value. Relative to rents, national average home prices are about 10% below fair value and have been the lowest relative to replacement cost in more than thirty years.


Markets are efficient and participants in the housing market are well aware of its problems, so we believe these prices already reflect the “shadow inventory” of foreclosures and short sales in the pipeline. Buyers and sellers are not blind, they don’t have to wait to see homes pop up on the MLS to factor them into the price they are willing to bid or ask. That’s why in the past three months some of the places with the largest excess inventories have seen the biggest gains in prices, including San Diego, Phoenix, and Las Vegas.


Fifth, and perhaps most important, the labor market – the last of the lagging economic indicators – has finally fallen into place as a positive for the economy. Private sector payrolls increased 123,000 in March (198,000 including upward revisions to prior months). Meanwhile, civilian employment, an alternative measure of jobs that includes the self-employed and start-up businesses, is up 1.36 million in the past three months, the most for any 3-month period since 1994.


Yes, the housing market has taken it on the chin. And, yes, the Fed is finally backing out of the market. But for the five reasons above, we think the battered and bruised housing market is going to be in better shape one year from now than it is today.


For more information, please feel free to contact Gary Freedman directly at:
Direct Office 609-487-7202
Mobile 609-742-4001
Fax 610-650-5592
E-mail: Gary.Freedman@prufoxroach.com
Web Site: http://garyfreedman.tridentmortgage.com/

HAPPY MOTHER'S DAY TO ALL!!!

WISHING ALL OUR FRIENDS, FAMILY AND CLIENTS

 A VERY HAPPY MOTHER'S DAY!!!

MARK, MITCH, ALLI, JOHN & DENISE

Come To These Mother's Day Weekend Open Houses

With the coming weekend there will be plenty of activity down at the shore.  Margate will be hopping on Saturday for the city wide Yard Sale and Sunday loads of people will be visiting for Mother's Day. 


Please be sure to come to one of our great Open Houses in Margate & Ventnor!!!


Saturday, May 8th - 12pm-2pm

28 S. Benson Avenue, Margate, NJ


Steps to the beach, this South side Margate beach ranch home is the best opportunity on the market today. Situated on a huge lot that runs street to street, this home features a new custom kitchen w/granite counters & SS appliances, new A/C, remodeled baths & gorgeous H/W floors through out. Outside there is afront porch, a back patio & a huge fenced yard perfect for big parties, a pool or an addition. Build an additional 2nd fl. unit to rent as it's also zoned multi-family. 3 car parking & shed too! $649,000


Saturday, May 8th - 12pm-2pm

105 N. Lancaster Avenue, Margate, NJ


This elegant Nantucket style home was built w/ attention to detail & Old World craftsmanship. Renovated & expanded this 4 BD 3.5 BA home has interior features such as detailed built-ins, original wide plank hardwood floors, loft area & a fireplace in the dining room. The sleek uncluttered kitchen has granite counter tops & a sunny breakfast room. Outside there is a large deck w/retractable awing & huge fenced yard. Other amenities include master BD suite, detached garage, walk up attic & outdoor shower. $775,000


Sunday, May 9th - 12pm-2pm

7 S. Cambridge Avenue, Ventnor, NJ


Comfort & Convenience. Spacious & Sunny. These are just a few of the words that best describe this 6 BR, 4 BA St. Leonard's Tract South Side beach home. Relax under the awning on the flag stone porch after a day at the beach, just 1 block away. Take advantage of the 50x 125 lot size and have a party in the huge backyard. Interior highlights include hardwood floors, 1st floor bedrooms, new multi-zone HVAC, new carpet & new windows. Professionally landscaped& the new vinyl fence gives the extra curb appeal. $699,000

MARGATE CITY WIDE YARD SALE - SATURDAY, MAY 8th

Margate is having their annual City Wide Yard Sale
ONE WEEKEND ONLY!!!

Saturday, May 8th, Yard Sale Day
(rain date May 9)


Sunday, May 9th is Clean Up Day

(clean up rules apply)

Here are the guidelines:

• No Permits are required to have a yard sale
• Maps with addresses of those having yard sales will be available at City Hall, Schools, Library, Post Office and through the Margate Business Association beginning Tuesday, May 4th.  No names or phone numbers will appear on the maps.
• NO chemicals, fertilizers, oils, paints, batteries, antifreeze, propane tanks,, tires, carpets, bottles, cans, newpapers or electronic waste
• THIS IS NOT TO BE CONFUSED WITH YOUR REGULAR TRASH DAY!

CHECK THIS OUT - IN 2011 WE MAY SEE A HOUSING SHORTAGE!!!

Last week I came across three articles predicting a major change in the National housing market.  Sources from Forbes, ABC News and The Philadelphia Inquirer concur that by 2011 the Nation could be experiencing a housing shortage.


I can not stress enough the fact that "ALL REAL ESTATE IS LOCAL". Through out the "National housing crisis" we saw devastating effects across the country in various markets that experienced dramatic declines in sales, huge percentage drops in prices and a massive amount of short sales and bank foreclosures.  Thankfully the effects on the Shore market were not comparable.


However, articles likes these change the mind set of the public at large, including Buyers and Sellers, so it is
good to be aware of what the media is putting out there.


Here are the links to these articles.  Your comments are always welcome:


http://realestate.msn.com/article.aspx?cp-documentid=23505825


http://abcnews.go.com/Business/us-face-housing-shortage-2011/story?id=9853626


http://seattletimes.nwsource.com/html/realestate/2011493819_realshortage04.html?syndication=rss

HOMES DO SELL AT OPEN HOUSES - COME TO OURS THIS WEEKEND!!!

Summer really is just around the corner.  Temperatures are predicted in the 80's this weekend and properties are selling like crazy!!! 


CONGRATULATIONS to two of our beach block listings from our "SPRING FLING Open House EXTRAVAGANZA" from March 21, that settled THIS week:


105 S. Newport Avenue - Representing BUYER AND SELLER


118 S. Sacramento Avenue -  Representing SELLER


Homes DO sell as a result of Open Houses!!!


So come down this weekend and checkout our 11 Open Houses!!!


Saturday, May 1 from 12pm-2pm

5601 Edgewater Avenue, Ventnor


THE DORSET BRIDGE HAS RE-OPENED!!!


This charming 3 BD 2 BA rancher is a bright, sunny & spacious residence on a corner lot with exterior highlights including a front porch, patio, fenced yard,attached 1.5 car garage & 3 car parking pad. Inside the home has been professionally decorated featuring a large living room, spacious eat- in kitchen, largemaster bedroom suite and an expansive laundry room & pantry. The home has central A/C and is located on a beautiful block directly across from the canal and walking distance to the beach. $279,000


Saturday, May 1 from 12pm-2pm

227 N. Clarendon Avenue, Margate


WOW! That is just what you will say when you walk through this newly renovated 2 BD 1 BA beach home located on a huge corner lot. Professionallydecorated & offered fully furnished as an option, this charming & stylish home features hardwood floors, huge eat in kitchen w/granite center island & largedining room (that could be converted into a den or guestroom). Don't miss the new bath, flat screen TVs, front porch, expansive back deck, fenced yard, new C/A, new carpet, shed & 2 car parking. JUST MOVE IN! $399,000


Saturday, May 1 - 12-2 PM

4 S. Iroquois Avenue, Margate


This immaculate Southside custom built home offers every amenity for the discriminating Buyer. The contemporary open floor plan features a great room w/state of the art theater w/surround sound & custom built-ins flowing into the expansive eat-in gourmet kitchen w/granite countertops, Sub-Zero refrigerator, Miele dishwasher & Dacor stove/oven w/warming drawer. The 2nd floor master BD suite includes a private sauna & deck w/ocean views. Other features are: fenced yard, garage, porch & rear deck - both covered. $825,000


Saturday, May 1 - 12-2 PM

9717 Beach Avenue, Margate


Treat yourself & your loved ones to the ultimate beach getaway, in this contemporary direct ocean front 3 BD 2.5 BA townhome. Located on the border of Margate & Longport, w/incomparable ocean views the home features a custom kitchen equipped w/ Miele appliances & granite counters, wet bar, 2nd storydeck off the master bedroom suite & a large ocean front patio w/ direct private access to the beach. The home has been extremely well maintained by thecurrent owners including a new bulkhead & roof. $1,099,000


Sunday, May 2nd 11-1PM

103 S. Newport Avenue, Beach Block, Ventnor
Tranquil & serene; sunny & spacious, best describes this newly renovated contemporary beach block home. This 5 BR, 3.5 BA beach getaway boasts unparalleled ocean views, a 2 story great room featuring custom cabinetry & gas fireplace & huge DR perfect for people who love entertaining. The newly renovated kitchen is equipped w/ S/S appliances & granite counters, while the master suite affords privacy, unrivaled comfort along w/ocean views. Other highlights includes an oversized garage & multiple decks. $1,450,000


Sunday, May 2nd 12-2PM

100 S. Newark Avenue, Beach Block, Ventnor, NJ




Spacious & sunny this immaculate beach block masterpiece has it all! With 5 BD & 4.5 BA, this home features fabulous unobstructed ocean views from 2large decks. The expansive open floor plan w/living room, dining room & huge open kitchen w/HW floors through out all flow effortlessly into one another. There are BDs on the lower floors as well as a breathtaking master bedroom suite w/vaulted ceiling, custom bath & large deck w/ocean views. Other features include a fireplace, 2 laundry rooms & custom built-ins. $1,550,000


Sunday, May 2nd 12-2PM

4800 Harbour Beach Blvd. Unit #2102, Brigantine


Only at the Cloisters, one of Brigantine’s premier ocean front Condominium, will you find this 1600 sq ft 2 BD 2BA condo perfect for entertaining and beingsold fully furnished! Fine details include a spacious living room/dining room/great room with gas fireplace,an oversized eat-in kitchen, a master bedroom suite, and a private deck with oceanviews. Amenities included elevators, covered parking and a heated pool. Low condo fees and PET FRIENDLY TOO! An easyto walk to the beach! $439,000


Sunday, May 2nd 12-2PM

105 N. LancasterAvenue, Margate


This elegant Nantucket style home was built w/ attention to detail & Old World craftsmanship. Renovated & expanded this 4 BD 3.5 BA home has interiorfeatures such as detailed built-ins, original wide plank hardwood floors, loft area & a fireplace in the dining room. The sleek uncluttered kitchen has granitecounter tops & a sunny breakfast room. Outside there is a large deck w/retractable awing & huge fenced yard. Other amenities include master BD suite,detached garage, walk up attic & outdoor shower. $775,000


Sunday, May 2nd 12-2PM

4503 Winchester Avenue, Lower Chelsea, Atlantic City


GREAT BUY!!! Located in the highly desirable Lower Chelsea section of AC, sits this historic 4 BD, 2.5 BA home just a few blocks to the beach. Interiorhighlights include original stain glass windows, H/W floors, wood burning fireplace & an expansive sun porch w/water views. The large eat-in kitchen has sliding doors that lead to a deck perfect for outdoor entertaining. 1st floor also has a spacious family room. There are 4 BDRMS on the 2nd floor & a hugedeck that boasts breathtaking bay views. $395,000


Sunday, May 2nd 2-4PM

101 S. Quincy Avenue, Parkway Beach Block, Margate


Within this distinguished Parkway Colonial home one will find a welcoming ambience that is suited to the best of beach block living. This 4BD 3BA homeboast large rooms with an easy flow, and a newly renovated kitchen to meet all the demands of a modern lifestyle. The home sits majestically upon anoversized 75x90 lot and the extensive grounds includes a massive wrap around porch with ocean views, and a patio off the dining room for outdoorentertaining. $1,575,000