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VENTNOR By THE SEA
Maximum Seashore Investment Value Potential
Ventnor by The Sea, represents the best value on the north eastern seaboard, located only 2.5 hours south of New York, 1hour east from the Philadelphia metro area, 2 hours 40 minutes north from the Baltimore metro area, and only 3 hours 40 minutes from DC.
There is a year round population of approximately 12,500, and enjoys a seasonal transient or second home population increase of approximately 3,000 more. The year round population consists primarily of employees from the resort casino industry in neighboring Atlantic City, health care, educational, and legal professionals as well as members of the local public safety services. The City shares a barrier island with Atlantic City, Margate City, and the Borough of Longport, and is accessed by a series of bridges. It enjoys 1.5 miles of fine sandy beaches, boardwalk, and the only municipal fishing pier in the State. The inland waterway that runs from Portland Maine to Miami, FL., along with it's myriad of channels, creeks and bays, serves as an aquatic playground, as well as the western border for the City. A moderate climate with temperature ranges from the low 30's to the high 80's, and low snowfall except for some winters of course. The biggest plus however is the affordability factor. The consumer looking for seashore properties, second home, or for investment and development enjoys possibly the lowest priced real estate in a seashore community in the continental USA. The greater variety of Atlantic City casino resorts as well as the attraction of the beach, boardwalk, and ocean will jump start the economy.
Additionally, the recent welcome announcement of the NextGen aviation technology research and development park located at the FAA tech center in Egg Harbor Twp will only add to the economic engine that drives the area. The center is designed as a 400,000 sq ft R&D facility with 2000 permanent jobs and a flow of engineers, and technicians rotating through. It is located approximately 10 miles from Ventnor City.
The current downturn in real estate values is not going to last, and the rebound will prove to be profitable to the savvy and astute "investor, buyer" willing to take advantage of the communities attributes. When investing in real estate the first item on the check list is LOCATION, the second is timing. We have the LOCATION, and the time to take advantage is NOW!
Alexander Linsk
Broker Associate
Soleil Sotheby's International Realty
Cell 609.442.9563
alexander.linsk@sothebysrealty.com
Number of winter rentals rises, number of renters stays the same, real estate professionals say
VENTNOR By THE SEA
Maximum Seashore Investment Value Potential
Ventnor by The Sea, represents the best value on the north eastern seaboard, located only 2.5 hours south of New York, 1hour east from the Philadelphia metro area, 2 hours 40 minutes north from the Baltimore metro area, and only 3 hours 40 minutes from DC.
There is a year round population of approximately 12,500, and enjoys a seasonal transient or second home population increase of approximately 3,000 more. The year round population consists primarily of employees from the resort casino industry in neighboring Atlantic City, health care, educational, and legal professionals as well as members of the local public safety services. The City shares a barrier island with Atlantic City, Margate City, and the Borough of Longport, and is accessed by a series of bridges. It enjoys 1.5 miles of fine sandy beaches, boardwalk, and the only municipal fishing pier in the State. The inland waterway that runs from Portland Maine to Miami, FL., along with it's myriad of channels, creeks and bays, serves as an aquatic playground, as well as the western border for the City. A moderate climate with temperature ranges from the low 30's to the high 80's, and low snowfall except for some winters of course. The biggest plus however is the affordability factor. The consumer looking for seashore properties, second home, or for investment and development enjoys possibly the lowest priced real estate in a seashore community in the continental USA. The greater variety of Atlantic City casino resorts as well as the attraction of the beach, boardwalk, and ocean will jump start the economy.
Additionally, the recent welcome announcement of the NextGen aviation technology research and development park located at the FAA tech center in Egg Harbor Twp will only add to the economic engine that drives the area. The center is designed as a 400,000 sq ft R&D facility with 2000 permanent jobs and a flow of engineers, and technicians rotating through. It is located approximately 10 miles from Ventnor City.
The current downturn in real estate values is not going to last, and the rebound will prove to be profitable to the savvy and astute "investor, buyer" willing to take advantage of the communities attributes. When investing in real estate the first item on the check list is LOCATION, the second is timing. We have the LOCATION, and the time to take advantage is NOW!
Alexander Linsk
Broker Associate
Soleil Sotheby's International Realty
Cell 609.442.9563
alexander.linsk@sothebysrealty.com
Number of winter rentals rises, number of renters stays the same, real estate professionals say
By STEVEN LEMONGELLO Staff Writer | Posted: Sunday, November 21, 2010
“It has changed,” D.J. Gluck, the broker/owner of Soleil Sotheby’s International Realty in Margate, said of the market for winter rentals, “and it’s changed for economic reasons.”
A large number of summer rentals went unrented during the summer season, Gluck said, and now Absecon Island is seeing a “huge” number of winter rentals on the market.
“That’s because there’s more landlords and more new construction of houses that didn’t sell,” Gluck said. “There’s (just) more people willing to do winter rentals.”
“They’re under the gun,” said Ken Marshall, of Grace Realty in Ocean City, about why more owners are willing to rent their properties. “Everybody is.”
Typically, Gluck said, only 20 percent of units on the market as winter rentals actually get rented — “And maybe it’s actually close to 10 percent,” he added.
In all four communities on Absecon Island, Gluck said, there were 502 active rentals as of early November, including year-round, winter rentals and seasonal rentals. He estimates that only about 300 are currently being rented.
There’s also a disparity among the towns. Gluck said that there are 161 rentals in Margate alone, while Jerome DiPentino, of Premier Properties, said that there were fewer than 10 in Longport.
“Winter rentals are also a little tricky,” Gluck said, “because there’s a lot of landlords with very nice, expensive houses, who are very particular about who would move into (their house).”
The ideal, low-occupancy tenant, he said, is a person “who is really going to take care of a place — and they’re challenging to find. ... If you run into a good winter rental tenant, you can get a good deal.”
Gluck recently rented out a second home, assessed at about $650,000, to a tenant paying about $900 a month over a seven-month period.
“That’s going to generate more than $6,000, and the landlord was thrilled to offset taxes and homeowner’s insurance. They were very, very concerned about the quality of the tenant.”
Claire Cotney, a broker at Marketplace Realty in Margate, said that there’s always been more inventory than people interested in renting — but the lack of new construction also leads to fewer renters.
“There are not that many people coming in to work this year (on construction projects),” Cotney said. “When there’s new construction, you certainly have a lot more winter renters.”
Other winter renters, said Re/Max broker/owner Linda Novelli, do so because they’re renovating a house and need a place to stay in the meantime.
“Taking a winter rental also gives them the gift of time,” Novelli said. “They can keep it a few years while they look for an apartment or buy a home.”
Marshall, whose company handles many properties in the south end of Ocean City, said availability is down overall.
“I’ve been doing this for 35 years, and when I started there were a lot of winter rentals,” Marshall said. “I even started out living in a winter rental myself. But today, they’re few and far between. It’s a hassle getting renters for the summer when you have a winter tenant sitting there.”
Of course, they’re still a good deal for everyone if it works out. In fact, the offices of Grace Realty have apartments above them, he said, “and one of them has a winter renter.”
Contact Steven Lemongello:
609-272-7275
What is marketing in the real estate world?
Selling your house, especially in this market, is no easy task. Obviously, one of the keys to your success is choosing the right realtor with the right marketing plan. You want to make sure that you choose a realtor that casts a broad marketing net to capture the largest amount of potential buyers. A lot of folks are not really sure with the real definition and explanation of marketing is. In this case, the home for sale should have optimum shelf positioning in order to maximize exposure which will introduce the property to the largest amount of buyers in order to leverage supply and demand in the sellers favor so that you are able to find the perfect buyer who will pay more for your home with better terms. Sounds easy, right? Unfortunately it’s not. The fact of the matter is, we are never really quite sure how that perfect buyer, you know - the one that will pay the most, will be introduced to your home.
Since there are more than 20 different ways we as realtors market homes for sale, and we’re never really sure where the buyer is going to come from, we need to make sure that we do them all in order to put the seller in the best possible position to maximize their returns. The days of popping a sign in the front yard and writing a classified ad calling the property a "cream puff" are long gone. Today’s realtors need to create and customize an aggressive marketing campaign for each and every home. We need to figure out who the buyers are and know how to reach them.
Some of the more traditional marketing concepts like signage, open houses, broker opens, pick your neighbor postcards and the MLS are still very affective. Today’s top agents move a lot faster and cast a much broader net. Computerized fax databases, e-blasts, e-campaigns, web distribution, electronic lead capture, corporate media campaigns, global distribution, social networking, high definition quality photos, National and International reach, a deep web presence, high gloss mailings and brochures, lead management techniques, electronic databases, and global referral networks are the norm with today’s top producers and offices.
There is nothing more important than implementing a complete marketing campaign, if you don’t have folks looking at your property, well you can figure it out.
See you around the block!
Donald ‘DJ’ Gluck
Broker/Owner
Ph 609-487-8000
Cell 609-214-1266
Email: dj.gluck@sothebysrealty.com
How to get Results?
I had some free time on my hands between our two early February Blizzards, so for kicks and giggles, I pulled up all of the single family homes in Longport, Margate, and Ventnor that are currently on the market. I was surprised to see there were only 426 homes for sale with the least expensive being $125,000 and the most expensive being $20,000,000 which is located in Longport. The average house to be listed seemed a little high at $1,096,000, but the median price seemed a little bit more reasonable at $699,000.
Next, I did the exact same thing for the sold properties over the past 12 months. We, as in all of the realtors, sold 275 single family homes with the least expensive at $90,000 and the most expensive, at $6,000,000 which was an oceanfront in Longport. The average sold price was $618,000 and the median sold price was $440,000. More importantly are the average list price or asking price and median list price or asking price of the properties that were actually lucky enough to sell, were $705,000 for the average list price and $489,000 for the median list price.
If you compare these two sets of numbers you can make some obvious conclusions. Currently we have about a year and a half worth of inventory on the market provided we continue to sell homes at the same rate as last year, which in a worst case scenario seems to be a given. This 18 months surplus of inventory is much less than other cities. Homes in more desirable areas such as Saint Leonard Tract, Parkway, South Side, and Beachblock are selling more briskly.
Next, given the huge discrepancy from asking price of the active listings and selling price of the sold listings leads me to believe that approximately 75% of the homes listed currently are at least 30% over priced. Additionally, the homes that were lucky enough to sell over the past year, sold within approximately 10% of their listing price. Basically, the sellers that had their homes listed properly were the ones that got the most activity and achieved the results they were looking for. Getting their property sold.
Lastly, we had buyers who were lucky enough to achieve their goals as well, which was buying the right property at an acceptable price. These savvy buyers who were able to take advantage in a slight down turn in our market were making shrewd purchase decisions based on in depth intimate insight on who the most serious sellers were, which properties were priced to sell, the idiosyncrasies of particular neighborhoods, detailed property searches, and clever negotiations. I tell my buyers all the time we try to give you as much information as much as we can, both the pros and the cons, both the ups and the downs in order to put you in the best position as possible to make the best purchase decision available.
See you around the block!
Donald ‘DJ’ Gluck
Broker/Owner
Ph 609-487-8000
Cell 609-214-1266
Email: dj.gluck@sothebysrealty.com
Want it Sold? Price it right!
With the recent change in the housing market, where real estate prices had become overinflated, the best informed move for a “real” seller is to price your property correctly from the start. Do not fall into the misguided mindset that people will “make an offer”. Many realtors will take listings no matter what the seller says, they agree with the owner, knowing full well it will never sell at that price, or even close.
Over pricing a property can result in very few showings or none at all. The “buyers” today are more knowledgeable than in years past. They have access to information on the internet, whether correct or not they are sticklers for a fair deal, or dare I say, a bargain. The realtor that accepts an over priced listing will no doubt come back to seller and ask for a price reduction, probably more than once. A realtor who does their homework, is honest, and savvy about their market, will stress the importance of pricing a property correctly from the beginning.
Too many realtors take on too many overpriced listings. In actuality these realtors get a very low percentage of their listings sold. As shocking as it is, in some cases less than 10%. Sellers should consider these facts, even if it means not realizing the profit one had hoped for. In reality today’s buyers are only willing to pay market value. A sold property is better than an overpriced one just sitting there. After all, if you sell your home sooner, even for less, it is money in your pocket, not money being spent to up keep the home. Technically, you win. Also, if the house is overpriced, you just may be missing your perfect buyer, the buyer that is ready, willing and able, but also smart enough to know what they can afford.
This year marks my 50th year in Margate, a great place to live and work and remember “real estate is local”.
Please feel free to contact me at anytime with any questions.
Charlene Polakoff
Realtor Associate
Ph: 609-487-8000
Cell: 609-432-4017
Charlene.polakoff@sothebysrealty.com
"A CONUNDRUM INSIDE A RIDDLE, FROM BAD COMES GOOD"
Historically low interest rates, the bulls running wild on Wall Street, real estate prices down approximately 30% on a national level, and the fact the worst is behind us; all have contributed to placing luxury home buyers in a favorable position provided their able to connect with serious sellers. The most serious sellers are those that have to sell for many different reasons. Even in the most high end of markets, for instance Margate, New Jersey, the data suggests prices are stabilizing and units sold are trending upward. In Margate foreclosures, deeds in lieu, and short sales are far and few between. To spite this fact, there are still some rare opportunities to capitalize on. Buyers can still capitalize on some rare opportunities. One prime example of this is a listing with Soleil Sotheby’s International Realty on 500 North Union Ave, Margate. This house is located on an over sized lot in Margates premiere Parkway neighborhood directly positioned on the open bay with panoramic views and multiple boat slips. The property appraised in excess of $2,000,000 less than 24 months ago. The current debt on the property is $1,200,000. The serious seller is willing to entertain any reasonable offers.
For more information please contact Troy Rosenzweig. 609-209-4495 or troy.rosenzweig@sothebysrealty.com
"Artfully Uniting Extraordinary Lives with Extraordinary People"
Don "DJ" Gluck
Broker / Owner
Ph: 609-214-1266
Email: dj.gluck@sothebysrealty.com
Margate Residential Real Estate – Where are we now?
If anyone were to ask 100 folks “How’s the real estate market in Margate?” my guess is you would probably get 100 different answers. That’s probably because everybody has their own opinion and it is an open ended question with many different interpretations.
Whenever I am asked a question like this, I like to support my answer with precise analytical data. Here are a few facts that most people probably don’t know. Across the Country, in Florida, Vegas, Arizona, and other shore points such as Ocean City, NJ the market had started to decline between 2005-2006. Margate residential real estate has remained pretty steady through the middle of 2008. Margate real estate had its first significant down turn from the 4th quarter of 2008 through the end of the 2nd quarter of 2009. Over the course of the summer Margate real estate has had a robust recovery from the previous three quarters and the sellers, as well as your local real estate agents, are hoping we can carry this momentum through the winter of 2009 and into the spring and summer of 2010.
Year Units Sold Median Sales Price Average Sales Price Average Sales Price for sales under $3m
Nov 1 2005 – 2006 143 $600,000 $820,000 $722,000
Nov 1 2006 – 2007 152 $525,000 $764,000 $697,000
Nov 1 2007 - 2008 144 $675,000 $781,000 $764,000
Nov 1 2008 - 2009 124 $472,000 $599,000 $599,000
For the most part we, as in all of the realtors on the Island, sell about 140 plus homes per year. Last year as already discussed we had a few slow quarters and we only sold 124 homes. The average sold price and median price dropped a little more drastically about 20% from the high depending on what set of numbers you are looking at. With that being said we are selling a few less homes and buyers are the beneficiaries.
I took a quick look at what’s happened so far in the past 12 months as well as how many homes we have sold in the month of October 2006 through 2009. In October of 2006 we, the realtors, sold 8 homes, in October 2007 we sold 11, in October 2008 we sold 7, and in October 2009 we sold 14. Average sold price and units sold is up since the beginning of the year and our supply of inventory is down.
The long and short of it is, it seems like our real estate market is getting stronger and buyers who are willing to make purchase decisions are being rewarded. Serious sellers still have to be proactive with their pricing which will lead to additional sales.
Hope you found this information enlightening and helpful whether you maybe a buyer, seller or waiting on the sidelines.
Good luck to all and happy house hunting. See you around the block.
DJ Gluck