Not just selling shore homes, selling a shore way of life. Your resource for the best homes, hotspots, & happenings in Margate, Ventnor, & Atlantic City.

Monday, May 17, 2010

If You Build It..They Will Come!!!




Do you have a dream home in your mind? You know…the house in your head? Do you know the things you want your dream home to have? But do you have trouble envisioning the necessary changes to an existing home?


One of the hardest things for Buyers to do when they are looking at properties is to picture themselves in someone else’s home. Most Buyers know what they want in a house - like a first floor master bedroom or a big kitchen/great room or a front porch or an open floor plan. However, for most Buyers, unless the home is already laid out that way, it is almost impossible to imagine the transformation that will create the desired end result.


What turns you off to a house?


Is it pink walls in a living room, pet odors, too much furniture? Or perhaps it’s dark rooms, collectibles everywhere, old kitchens and bathrooms?


But it is more than that. Outdated kitchens and tired old bathrooms are a major turn-off for the average second home Buyer seeking that “move in ready” beach get-away. Even dark tight rooms can make most prospective Buyers turn heel and run…despite the fact that this can often be easily remedied by moving just one wall.


FACT #1: Most people are unable to visualize
It is the main reason Realtors® advise Sellers to de-clutter and store their personal items away - so that Buyers can focus on the house and not be distracted by other people’s “stuff”. But all the cleaning and packing in the world will not move walls and update kitchens and bathrooms. To envision these kinds of changes, you need a Buyer with vision, a Realtor® with imagination and a talented Renovator/Builder.


Let’s face some more facts.  Most of the homes on the island are older and many of them need some updating. This is not a disadvantage. On the contrary, there are a multitude of advantages, because you can:

• Buy a home in a better location for less money
• Remodel, renovate or restore the house to your specific needs
• Get what you want instead of settling for what is already there
• Do the work on your schedule - all at once or over time
• Grow into the home with an eye on the future
• Improve the home to sell and move up


FACT #2: Most Buyers Don’t Want the “Burden” of a Renovation

Perhaps you don’t want the extra “burden” of having a home renovated. It is a common feeling amongst prospective Buyers. Typical objections include:

• I just did this at my primary home
• I can’t come down and supervise as frequently as will be required
• I just want something easier


An excellent Renovator/Builder will make the job easy on you and not require all that much time on your part because the Renovator/Builder is the general contractor, not you. A number of these Renovators/Builders are also designers or have design staff adept at color and décor selection, making the entire remodeling process effortless. The level of your involvement is up to you.

 FACT #3: Renovator/Builders Offer an Alternative: The “BRAND NEW” Old Home
Meet the Renovator/Builders: They put their own money where their mouth is and buy the property because they believe:


The home featured on the cover of this coming month’s Homes & Land (due out Memorial Day weekend) was a total renovation by one of the island’s finest and most innovative Renovator/Builders, Remarkable Renovations. 108 South Philadelphia Avenue is a magnificent beach block home with ocean views and vaulted ceilings, and is a perfect example of a home worthy of saving and transforming into the “BRAND NEW” Old Home you see today.



Smart Renovator/Builders work closely with Realtors® who advise them on their Buyers’ most important criteria. As a result, these ingenious transformations have become so popular that they are often sold in the earliest stages of renovation. In fact most of the homes targeted for renovation are being sold within weeks of being listed for sale. And lucky Buyers who purchase early get more input into color selection and finish choices for their dream home.
Renovator/Builders are doing the job for Buyers all over the island and they are turning out homes better than we have seen in many years.
Build it and they will come. Come and they will build it. The choice is yours.

Thursday, May 13, 2010

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

Wednesday, May 12, 2010

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/

Sunday, May 9, 2010

HAPPY MOTHER'S DAY TO ALL!!!


WISHING ALL OUR FRIENDS, FAMILY AND CLIENTS
 A VERY HAPPY MOTHER'S DAY!!!
MARK, MITCH, ALLI, JOHN & DENISE

Thursday, May 6, 2010

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

Wednesday, May 5, 2010

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!

Sunday, May 2, 2010

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