Dustin Peters

WINTER BUT WARMER

So when is the very best time to purchase a shore property (in Ocean City)?

It's an easy answer: "A warm winter afternoon in Ocean City in January or early February."

I know ... you want to ask: when is the next best time? "Of course, it depends on property type ... but maybe the next best time is right after the summer season is over ... plan to look on summer changeover days and close in mid-September.

Back to "winter but warmer." You want to look the part and dress the part. Perhaps the best way to describe it is to hear me tell my wife what I'm doing today. "I'm showing 8-10 sale properties to some folks coming down today. I'm layered ... got my long-johns with the holes under my brown corduroys. I have the long-sleeve pull-over under my good brown sweater. I've got those great shoes that keep my fet warm, and if starts to rain or snow they keep out the water. I have my new (gift) scarf from Cori (daughter-in-law) ... the one she made. And I'm looking for my favorite hat."

It's actually colder in the property than outside ... on the ones that turn off their heat and drain the water. (Special note: you must always alert buyers and rental tenants not to use the bathroom. By the way, if it has recently snowed (no worries because it almost never recently snows in Ocean City, NJ), I always carry a broom and light shovel because again mostly no one cleans the walks or steps or porch ... they are not here.

But here's the secret: very few other Buyers are here either. If you find an interesting property, you have less (or zero) competition.

I usually stop at the "4th on First Street Cafe" for coffee or tea and a scone for debriefing with Buyers. The real problem is to review all properties, take notes, have them take notes, answer questions, suggest a possible return (if possible) to a special property. This is the crucial meeting ... do it somewhere warm!

The major techniques, strategies, tips, operating principals, attitudes, or whatever are "for the Agent to listen," to listen closely, to answer questions, and to keep listening closely. "The Quiet Man," which is also a great movie with John Wayne & Maureen O'Hara and directed by the great John Ford, makes the sale; or at least moves the process along. It could also be "The Quiet Woman" (Agent), but they didn't make that film. Nothing else intended here (for my female readers).

Winter but Warmer is the way to go. On a personal level, my wife and I have purchased a number of properties over the Christmas & New Year time frame (visited and locked them up with a contract). That's why I always get a bit uneasy if she is checking property at that time of year. Dap

The Changing Resort Rental Market

It's hard to believe that I've been a Rental Agent here at French Real Estate since 1993. "The times they have been a-changin."

I recall starting out part-time worrking Saturdays & Sundays while I did my Monday-Friday real world job. There were lots of agents here on Saturday; a lot less on Sundays. There was no internet, and potential rental tenants had to drive down to see the properties. Or you had to have long telephone conversations to review properties with them. And if agents didn't truly clarify the plus and minus of a particular property, it was a potential disaster on check-in day.

We maintained a log book of rental properties, and each agent had to page though the book to check for available weeks. Compare this method in historical context with "the Dark Ages." But I built up a rental base in the past 16 years ... I continue to have many rental tenants who have rented that entire time with me.

Changes slowly improved the rental operation, and the "interactive rental web-site" was the most significant factor in an improved and better operation. It took a number of years to work out the "bugs," but every step was better than the one before. Obviously, nothing beats experience; and a big part of that for agents who both sell and rent property is "to know your properties well." Now I can always say: "every property I'm talking with you about ... I've been in it."

Of course, that gets accomplished over many, many years. But the number of visitors coming down to see rentals (before renting) is greatly reduced due to the internet. One can now see exterior and interior pictures for all properties. They can identify location and specific amenities. They can send off an email rental inquiry. That all works well, but there's still nothing like the real thing: "the telephone conversation to answer questions right away."

I always ask new perspective rental tenants who email me to call when they finalize a decision on one or more rental properties. That final telephne conversation prevents future problems. As my Broker, Robert French, always says: "Every Owner was once a Rental Tenant." I enjoy both the sale and rental process ... Why ... Because you form lasting relationships. I now work with Owners who rent their property who bought the same property with me, and who rented a lot of properties with me before that. The rental cycle is an interesting aspect of the resort market. It has its highs and lows. It makes for a very busy 10-12 active summer weeks.

The Rental Market in Ocean City links directly with the activities of the City, with the boardwalk merchants, the beach employees and vendors, the downtown stores, the various bike and beach gear and other rental businesses. We're all in it together in a resort like Ocean City, New Jersey ... or any other reosrt market across the country, or the world.

So what is the most difficult challenge as a Rental Agent ... "finding & maintianing the right keys - that work!

Dap

Reading "Handwriting on the Wall" in the Wall Street Journal (1/24-25/2009) while waiting for potential Buyers to arrive at my "open house."

I never had good handwriting, but I'm old enough to have endured getting grades for penmanship, but no real efforts to help me improve. The real question is: "do you need good penmanship to be a good realtor? Maybe in the old, old days when everything was written - not typed. Today, it may look good but ...

I believe most of my change from actual writing to printing came with college notetaking. I simply could not read my notes if I wrote them. When I printed them, it wasn't great but I could figure it out more quickly. I should also say that when people tell me how horrible my writing is; I respond: "that's not writing ... it's my printing. I think it was "essay writing" that caused most of my problems. You had to write fast and be certain it could be read clearly by the professor. I printed, but I printed very fast. It because a sort of writing and printing combination ... not real nice, but effective.

I can't honestly say when I completely gave up writing ... I can still write my full name with middle initial ... but on occasions, I do miss a letter or two. I'm much better with writing capitals ... a fairly good "D" and "P" with a lot of practice as that is an important part of my first and last name. I'm also good with a capital "J," but I don't get a lot of practice here.

By the way, I think a lot of people read the way they listen ... not all that closely. For example, I always say "Dustin" and add "like Hoffman" in order to avoid "Justin." Nothing wrong with Justin, but I'm Dustin.

But clearly as poor as I ever was at writing and now printing ... I never got any worse, or any better. My level remained about the same. When you're bad, you never get much credit for staying the same.

But I did become a a fairly good at typing. I actually took Typing I as a 9th grader, and I did improve in this area. I actually typed all of my papers going through college. I was a terrible speller with above average word recognition. I could always tell that it was not correct ... but never knew how to spell it correctly. That's why I always have a Dictionary and Thesaurus at my desk in the real estate office. Now how many real estate agents can say that!

So as I wrap up this (hopefully) amusing blog posting, what I guess I'm trying to do (besides heading back to the agency for lunch) is to give you a bit more perspective of me as a real estate agent. I can't write the written word, but I can print it. No one, but me, can read my writing or printing. I do type ... but typing on a computer instead of the old typewriter has ruined a lot of long established skills. But hopefully as evidenced by this interesting posting, I can write (or at best I hope you think so)!

Obviously, there is much more planning and work during an open house effort than you previously thought. Thanks for getting to the bottom of the page. See you at the next open house.

Dap

Multiple Listing Service (MLS) ... Properties Listed for Sale in Ocean City

A regular ongoing feature is a review of the complete MLS totals for all of Ocean City plus a breakdown of those property totals for the Northend and Gardens Only. Please take a look at this information which obviously changes all of the time. The present review shows a reduced sale property inventory for Ocean City when compared to some of the very high inventory years in 2006 and 2007 and even the first half of 2008. The present MLS figures for Ocean City show a return to figures more comparable to 2005. This is a very good sign when the local community inventory has adjusted ... many areas have been unable to accomplish this.

Property Category All Ocean City Northend/Gardens Only

and Location

Single Family 224 74

Multi-Family 66 36

Condominium 689 120

Totals 979 230

Notes ... "About 23.5% of the sale properties are in the Northend and Gardens ... over 1/2 of the multi-units, about 1/3 of the single family, but far less of the condominiums ... In terms of single families, the Northend and Gardens continue to have a higher average and median listing price than all of the single family sale listings for all of Ocean City. The same is true of the condominium category in the Northend and Gardens, but on a much smaller scale of sale listings."

* This review has been taken from my BEACH NOTES online newsletter sent every Friday to Owners and Buyers. If interested in getting on the "distribution list," contact me at Dustin@BeachNotes.net Dap

Northend Neighborhoods ... The "800" & "900" blocks ... A Primer

Part III

We continue and conclude this 3-part posting of the Northend streets in the "800" and "900" beachblocks. We have moved up the street from Sixth Street to Pennlyn Place in the last posting. We have seven additional streets to review as we reach the end of the Northend. Let's continue our trip.

Second Street This is another with one side having a back alley (north side), but not on the south side. Therefore, you have two different types of configurations. There remains a lot of single family and multi-family properties that balance the number of new construction duplex condominiums (but the north side has parking on the alley while the south side has parking at the front of the lot).

St Charles Place This is the third and last wider street in the Northend with alleys on both sides of the street. This street continues to have a number of attractive larger single family properties, a few older multi-units, and also 30/40/45/50 foot wide lots along the "800" block. But it is zoned for two unit new construction condominiums as well.

First Street This is another divided street with the south side having an alley and 100 foot depth in the lots causing most it to be two new construction condominiums. The north side almost completely 65 foot depth making it impossible to have anything but the existing single family and occasional duplex or multi-unit. Many of the lots on the north side have no off-street parking.

St James Place Both sides of this street are much like the north side of First Street. You start to see many more 2BR/1BA single family cottages much older, a number of raised older cottages making them 2BR/1BA duplexes. There are a few new construction singles on this street and First Street with height that can never be duplicated again due to zoning restrictions. There are also a number of multi-units that have been converted into condominiums.

Stenton Place We now move almost completely to single family cottages, the occasional duplex, and one eight-unit condomium. The lots on Stenton Place start to get just a bit larger than St James Place in many cases. Because of the 65 foot depth, you can not build any new construction condominiums here.

North Street The south side of North Street is the most northern part of the Northend. This entire side is also a 65 foot depth, but they are all single family cottages of various sizes.

The majority of the Northend is second home and investment property in the"800" and "900" beachblocks, but you also find the occasional year-round owner. It may also vary quite a bit by the time of the year ... the winter months have the fewest number of cars on the street. The spring and fall has many more. Of course, weekend traffic and usage increases during any warmer time of year. Particularly where you find the smaller cottages, other single families, and some duplexes; you will also find more second home and year-round home owners.

The Northend is certainly a unique part of the Ocean City landscape ... and certainly one of my favorites because that was where we purchased our first property, a 1920s cottage back in 1988. We are no longer in that one ... but I think about it often as I drive down St James Place.

Thanks for reading this third part of my 3-part tour of the Northend "800" & "900" beach blocks. Dap