Good Weather is FINALLY HERE!!!

I have lived at the shore for over 10 years. It has snowed on occasion. When it has snowed in general the snow that landed vanished in a day or two. After all...we are at the beach!!!


During the past 3 months we...like most of the Northeast...experienced the worst snow storms seen by most in YEARS!!! If it didn't keep us at the shore snowed in, it most certainly kept the people up north from traveling down to our area. Every time we thought we would get a little bit of relief...we got another dumping of snow. It was ridiculous!!!


Happily after a bit of rain and a few weeks of 50 degree weather the snow is all but a bad memory. People are flocking down to the shore again and houses are selling and renting. For a while it felt like ALASKA AT THE SHORE...but I am happy to say that life is back to normal again!

WHY BUY NOW???

1. Is the market recovering?

2. Is this the right time to buy?
3. Is Real Estate a safe place to invest my money?

4. I think I will just RENT again this year…maybe prices will come down

5. I’m looking for a STEAL!!! Someone who is desperate.

6. I’m waiting for the “bottom of the market”

As a Realtor I hear all of the above from Buyers on a regular basis. So let’s take a look at these and address each one so as a Buyer you can accomplish your goals and avoid any pitfalls.

1. Is the market recovering? ALL REAL ESTATE IS LOCAL! There is a general misconception about the shore housing market. While the price of homes were severely impacted across the country over the past 12-18 months, the same was not true of cities like Margate, Longport and Ventnor. Sales did decease around 7-10%, but to compare our market to places like Florida, Las Vegas and even cities in Northern, NJ is misleading and inaccurate. ALL REAL ESTATE IS LOCAL! Absecon Island experienced one of smallest percentage changes in the country during the National Housing Crisis.

2. Is this the right time to buy? If not now, WHEN? At the shore, homes prices have stabilized and are lower than they have been in over 5 years. There is an abundance of homes for sale in all sizes, prices and conditions which you can choose and consider. Top notch renovators are also available to remodel to perfection your dream home in the “perfect” location. If you are a first time home buyer and this will be your primary residence, you may qualify for the $8,000 tax credit. Conventional mortgage rates continue to hold around 5%, close to the all time low in the past 38 years.

3. Is Real Estate a safe place to invest my money? A Buyer commented to our mortgage representative that he was nervous about putting his bonus money into the purchase of an $800k home. The mortgage rep. remarked: In the stock market, if you purchase stock for $800k, the cost is $800k. Hopefully it will go up in value, but it will cost you $800k. To purchase an $800k home, you don’t come up with $800k, just a percentage down and you have an investment that you will immediately use, enjoy, share with your family and create memories that will last a lifetime; month after month, year after year. You have also created an investment that will be increasing in value over time. And you did not tie up $800k to buy this $800k home!

4. I think I will just RENT again this year…maybe prices will come down! Maybe they will…Maybe they won’t. Most experts predict that mortgage rates will increase over the coming year. In addition, the average full summer rental is $15-$25,000 for a house, money that could be used towards a down payment. A number of my savviest Buyers have purchased a home and immediately rented it out for the summer, or a portion of the summer. This gave them a good investment property purchased at a good price with some income to defray costs, while at the same time still owning a shore home that they were able to use for part of the year.

5. I’m looking for a “STEAL”…”SOMEONE WHO IS DESPERATE!!!” Last week I received an offer from a Buyer on a beach block home in Margate that was $700k off the asking price. He thought that since the Seller had the property on the market for a while he might be “desperate” to sell. All I can say is, you can’t blame the guy for trying. But the fact remains that EVERYBODY who is looking to purchase a property wants the best possible deal and most Sellers are very eager to sell their homes, but for FAIR MARKET VALUE. If a similar house on the same block sold in the past few months for $800k, chances are that the house two doors down is NOT going to sell for $400k, or significantly less even if the Seller actually is desperate. 

6. I'm waiting for “the bottom of the market” mirrors the child’s chant on a long trip: “Are We There Yet?”... I have been telling some Buyers for about a year now: If you are waiting for the bottom of the market at the shore, you will continue to miss out on many great opportunities, because the only way to know for sure is after it has already happened, and by continuing to wait for “the absolute bottom of the market” many Buyers will inevitably miss out on properties that were great buys. From these Buyers I am already hearing, SHOULDA, WOULDA, COULDA!

There ARE great buys at the shore, but both Buyers and Sellers must be realistic about the numbers, and the numbers are all about market value. The numbers are not about what you would want them to be if you could have it all your way. The shore housing market is strong and will continue to get stronger in the coming years. The Time to Buy is NOW!!!

SNOW...AT THE BEACH...IT JUST DOESN'T HAPPEN!!!

When I moved here in December 1999, I was very pleased to discover how mild the winters are at the beach.  Having moved here from Boca Raton, Florida, I was not looking forward to freezing my "tush" off.

Yes, I knew it would be cold from December through February...but I am not a fan of snow.

Happily in the ten years I have lived in Ventnor and Margate there had been only ONE major dumping...in the winter of 2003.  It was one snow storm of about 18 inches and it was surprising to all of us.

The past few weeks have been a true anomaly...the storm of last week that dumped almost 2 feet of snow is so uncharacteristic for our area.  As we brace for what could be one more storm this week we who live on this wonderful island that enjoys such mild weather most of the year must sit back and reflect and be grateful for the fact that this is truly an exception and NOT the rule of our area.

Perhaps the best part is it reminds us all about how much we should appreciate the beach, the warm sun and the escape that this island offers the year round and seasonal residents.

Stay warm and drive safely!!!

Two New REMARKABLE RENOVATIONS for 2010

There is something to be said for getting exactly what you want. I should know because I live in a home that was totally renovated by Remarkable Renovations. Remarkable Renovations, a company owned by the creative and talented developer Debra Buchalski. Remarkable Renovations specializes in home remodeling, design and restorations.



Happily there are two "REMARKABLE" projects on the horizon to tell you about: one in Margate and one Ventnor.
The home in Margate is BRAND NEW CONSTRUCTION. The home in Ventnor is a TOTAL RENOVATION. Here is a description of both as well as some photos of the current transformation.


SENSATIONAL NEW CONSTRUCTION IN MARGATE MARINA
Margate, NJ
 

The Margate Marina is that rarest of settings offering the best of the beach, fine dining and the Marina all within a short walk. Currently under construction, this new 4 BD 2.5 BA home offers Victorian beach charm w/shingle exterior, circular windows & arched doors ways. The front porch entry leads to a living room that flows to a large dining room & gourmet kitchen w/granite counter tops & Stainless Steel appliances. There's a 1st floor master BD, a huge back yard & a 2nd floor deck w/bay views. Two car off parking too.

QUINTESSENTIAL CALIFORNIA BEACH BLOCK LIVING MEETS "REMARKABLE" STYLE
Beach Block, Ventnor, NJ

Aptly named "The House of Seven Gables", this stately 4 BR, 4 BA English Tutor is in the process of being expertly renovated to meet the demands of a modern lifestyle. Once you walk in the sun filled great room flowing effortlessly into the state of the art chefs kitchen & media room you will know why it truly is "Remarkable". "Seven Gables" is located on the 2nd lot from beach front and features a large great room, a master bedroom suite with private ocean view balcony, a 1st floor bedroom suite, a bonus den/play room, hardwood floors & outstanding opulent bathrooms. Plans are available and can be modified to suit specific needs at this time.

As I said before, there is something to be said for getting exactly what you want. Smart Buyers who make their move now, can meet with Remarkable Renovator, Debbi Buchalski and provide this input into the selection and building process to create the perfect in the custom home.


 Please visit my web site at www.Markattheshore.com, email me at markarbeit@aol.com or call my cell at 609-402-5885 for more information on either of these two exciting new projects.

Attracting Buyers on the Internet : REALTOR.COM is tops!

It is an undisputed fact these days that 85-95% of all Buyers are "surfing the net" on their own, prior to calling a Realtor.  While every Realtor would like to believe that THEIR web site is FABULOUS, with all the "bells and whistles", the most popular web site for most Buyers is REALTOR.com®, the official listing site of the National Association of REALTORS®.


While all of my listing are displayed prominently on REALTOR.com®, I decided to experiment special banner to attract Buyers.  Please check this link out:


http://www.realtor.com/realestateandhomes-search/08205?frp=*&orderid=3025446


Please email me at markarbeit@aol.com and let me know if you think this is good idea.

2010 - The Real Estate Year To "Trade Up"

• Have you owned or rented for the past few years at the shore?
• Are you tired of renting someone else’s home?
• Do you hate walking several blocks to the beach?
• Does your current home just not have enough bathrooms?
• Are you tired of moving the kids around every time you have weekend houseguests?
• Have you always wanted a fabulous water view?
• Are you still in that first little place that “got you to the shore”?
  
  If you answered “yes” to even one of these questions, then NOW, more than ever, is the time for you to make your move in the real estate market at the Jersey Shore. Why? Because in 2010, TRADING UP will be the biggest opportunity for current home owners and long time renters.
  
  2009 was a significant culture shock for Real Estate in the country and the shore as current owners adjusted to the fact that homes purchased in 2005 at the height of the market would no longer yield the same dollar value. Fortunately, our market experienced a lower percentage of loss than most of the country, but nonetheless, economic changes and lower sales prices had their effect on our area.
  
  In September 2008 I sold a home in Margate to couple for $375K. Over the next 14 months, they renovated their new home, adding central air conditioning, a gourmet kitchen with granite counters and Stainless Steel appliances, a full bath and a small deck in the back yard. They decorated it like a model home, and in November of 2009 they contacted me to sell the house. We listed the home for $475K and it sold at full price, fully furnished, in 14 days! No, these are not typical results in these times, but yes, it does happen. This Buyer/Seller is now in a position to TRADE UP.
  
  Overall, homes sold well in 2009. I personally closed deals for 70 Buyers and Sellers. However, not all price categories sold as well. The homes that sold had at least one of these key factors going for it:

• BEST BUYS
• MOVE IN READY
• PARTICULAR PRICE POINTS
• Of course…LOCATION, LOCATION, LOCATION

If by some chance a home had all of these components, the home lasted only days on the market and often received multiple offers.

Yet it was certainly a scary year in Real Estate. National media and newspapers wrote about a declining National Real Estate market. We learned terms like “SHORT SALE,” “BANK HELD PROPERTY,” “FORECLOSURE”. Listening to National news, some people forgot the basics: ALL REAL ESTATE IS LOCAL! So some Buyers held on to their money…and some Sellers held to their prices. By the end of 2009 we saw luxury home Sellers and Buyers relaxing a bit on price positions and so SALES HAPPENED!

And so from these lessons, 2010 has become the year for TRADING UP – a year of new opportunities for Buyers and Sellers. Sellers of luxury properties have adjusted their thinking and their motivations as reflected in the current prices. Prices have never been better, and the smart Buyers are out there seriously looking. Beach Block and Bay Front properties are now an attainable goal, and for many it is the right time to TRADE UP from their current home. With an ever strengthening economic environment and a mortgage market that is providing some of the lowest rates ever seen, smart home owners are recognizing that this is a window of opportunity which will enable them to make that jump from that first beach getaway to the dream home they have always wanted.

People often talk about “the good old days” when you could buy a beach block home for a great price. Well, I am here to tell you that in Real Estate,

“THESE ARE THE GOOD OLD DAYS!”

The New Year Starts with A BANG!!!

WOW!...The week really went by fast. I have been VERY optimistic about 2010 and if this week is any indication of how the new year will be then things are going to be terrific.

This week I listed 9 new properties and I also relisted 9 previously listed properties at new prices! 18 great properties at great prices. Check them out on my website at www.MarkAtTheShore.com.

I also had two settlements...both homes in Margate...one representing the Buyers...one representing the Sellers.

Congratulations to:

Steve, Robin & Josh K. on the purchase of their home in Margate

Diane G. & Jeffrey G. on the sale of their home in Margate (AT FULL ASKING PRICE IN 14 DAYS)

This weekend we are beginning our first Open Houses for the New Year.

Open Houses

Saturday - January 9 - 12-2Pm - 30 N. Delavan Avenue, Margate

Sunday - January 10 - 12-2PM - 105 N. Lancaster Avenue, Margate

Please come by and see these great homes or stop by to talk to me about your Real Estate needs.