Dustin Peters

Condominium Sale Listings in the Northend and Gardens in Ocean City, New Jersey

As of this posting, we find 139 of the 718 total condominium sale listings throughout Ocean City in the Northend and Gardens. That represents about 19% of the listings in our particular area from "north of Sixth Street to the end of the island.

It certainly represents quite a diverse grouping of condo listings ... although one will not find a single efficiency and only five 1BR units in the mix. Let's review the numbers in more detail: 3 under $200,000, 9 more under $300,000, and 13 additional ones under $350,000. Of the first 25 listed condominiums, only one is to be found in the Gardens.

We find an additional 14 more under $400,000 and 13 more under $450,000 ... again only 2 additional units in the Gardens. We identify 10 more under $500,000 with one more in the Gardens.

That means we have 62 of the 139 sale listings in the Northend and Gardens under $500,000 ... that being about 45% of the total in that price range. So we have found that the Northend, in particular, has quite a number of available condominium properties out there under $500,000. We also found about 33% of that total in the rental areas from Atlantic Avenue and into the "800" and "900" long and short beachblocks of the Northend.

We won't go into too much more detail for the other remaining 55% of the sale listings except to say that there are quite a lot of interesting sale properties in the "condominium property category" in the Northend and Gardens sections of Ocean City, New Jersey.

If interested in reviewing any of this detail, feel free to contact me at Dustin@BeachNotes.net or 888-215-9935.

dap

Looking for a Single Family in the Northend or Gardens ... in Ocean City, New Jersey

If you are a dedicated reading of my blog postings, you are truly an amazing person. Thank you. But continuing on, you might realize that I have been talking "a bit de'negative" in my last few postings. I've been saying that it is not the end of the "South Jersey Shore Revival," but it does appear to be knocking off a bit early here in November, even before Thanksgiving. I'm no longer going to try to explain it ... why ... I have no real concrete answers.

But I do have some interesting single family stats that might be useful for any buyer out there trying to find a single family right now. There are 97 single family sale listings in the Northend and Gardens as of this posting date ... 33 of them come in under $700,000. And you say: "I can't afford that." 23 of them come in under $600,000. I hear it again: "I won't go that high." 14 come in under $500,000. Ah, we're getting better, and 5 come in under $400,000.

And there is more: 3 of the 4 under $400,000 have 40x115 or higher foot lots ... a great size for Ocean City.

Another stat going back to the total 33 singles mentioned above ... 21 are found in the Northend, and 12 are located in the Gardens.

Consider this statement that I have used all of 2009: "It's a good time to buy." Or this one: "if you plan to buy in the next 5 years, it might be better to buy in the 1st year.

Overall, 2009 appears to be about the same as 2007 and 2008 ... improving, doing better than the overall national housing stats, but clearly not back to where all of us want it to be. But that "all of us" doesn't include "buyers." Because right now is exactly the way you want it to be. Wait too much longer, and you may continue to be sitting on the sidelines.

Don't accuse me of trying "to sell you" ... because you have the advantage because I have no real clue who is reading this posting. There is still time in 2009!!! dap

Sale Listings in Ocean City, New Jersey

In our first full week of November, 2009 we find the following number of sale listings: (1) Throughout Ocean City - 1,034 listings ... (Singles) - 244, (Multi-Units) - 72, (Condominiums) - 718. Looking back for a three year period, we find the following: in 2008 - 1,006 sale listings, in 2007 - 1,156 sale listings, and in 2006 - 1,389 sale listings. Clearly, the 2008 and 2009 years have a similar number as compared to the 2006 and 2007 years. Having a lower sale listing inventory is certainly a positive step ... obviously, we are not where we want to be as yet, but we are moving in the right direction.

Looking just in the Northend and Gardens, that area from north of 6th Street to the end of the island at the Longport Bridge, we find (2) Northend & Gardens Only - 265 listings (about 25% of the total sale listings throughout Ocean City) ... (Singles) 97 listings (about 40% of the total single family sale listings throughout Ocean City), (Multi-Units) - 29 listings (about 40% of the total sale listings throughout Ocean City), (Condominiums) - 139 listings(about 19% of the total sale listings throughout Ocean City).

What does all this information mean? The inventory has been fairly stable ... it would be better if it was a lower number, but it appears to be a positive note in this national economic climate. The single family sale listing has a significant number in the Northend and Gardens making that an area of choice for this property category.

With so much happening all over the country right now in terms of economic implications, it is certainly difficult to predict what will emerge on the other side of our present market situation in Ocean City in late February, 2010. At present, we still have some great mortgage rates for potential buyers throughout the country. And although we have also had our share of owners either in trouble with short sales or willing to reduce listing prices to make the sale; a significant number of owners have maintained their present listing prices for the long term.

dap

Must Make a Decision on a new "Smart Phone" ... need some assistance ... from Ocean City, New Jersey

I've been a "Palm Pilot" guy for some time ... starting out with the palm as a unit for contacts and calendar items in the beginning, later with the first palm phone moving into that with internet use as well. I'm now wrapping up my second year with the "Treo."

There is a new Palm phone ... the "Prelude," I think; but Verizon has not brought it out on the market as yet. I've looked at some of the Blackberry phones ... and I have my eye on an I-Phone, but it would mean that I must change services.

What do I do? Well, I ask for feedback from some of my readers first.

My basic needs are to have a ready source to receive phone calls or the occasional text message from my real estate clients. I also have all of my "contacts" linked to my phone and laptop, plus I also maintain quite a calendar arrangement. I haven't gotten into getting most of my email on my phone ... but that might happen as well.

So my request is feedback from readers ... what has worked for you. What is your direction. I appreciate any and all follow-up as I move along in the process. Thanks in advance. dap

Fall Buying Period ... About one month remaining ... Ocean City, New Jersey

The countdown continues here in Ocean City, New Jersey ... about "26" days to go until the end of the month of November, 2009 ... that's the unofficial end of the fall buying period here in Ocean City, New Jersey. It remains a good time to be looking for resort property ... second homes or investment property. Mortgage rates remain quite low ... in many cases: below five (5%) per cent. The inventory is fairly stable. And right now, the competition with other buyers is in your favor.

As I say so often ... "If you are planning to buy a shore property in the next five years, buy now.

During the past three years, there have been two major "buying periods" here in Ocean City, New Jersey ... the spring buying period which runs from late February through early June (when the summer rental period begins) and the fall buying period which runs from early September (after Labor Day) and the end of November (after Thanksgiving (when the cold weather time frame causes our resort to slow further down).

We expect another solid "spring buying period" in 2010, but we remain concerned that mortgage rates could rise before that time. So if that should be a particular issue for you, buy now.

Due to Ocean City's size, we have a wide variety of property categories and price points for interested buyers. The single family remains the property of choice often sought by many buyers ... but it is a much more limited property category with only about 20-25% of the condominium property listings. Therefore, that explains why the condominium property category is the leader in sales year after year.

You can also find varied property size from efficiency and one-bedroom to 5 plus bedroom condominiums old and new ... single family can also run this same way with from two-bedroom cottages to large new construction 5-6 bedroom three-story ones.

The best bet for interested buyers is to contact a realitor and began the process. If your choices take you into the Northend and Gardens, my area of expertise; give me a call at 888-215-9935 or send me an email to Dustin@BeachNotes.net ... that's the best way to start the process. dap