The newspapers are full of doom and gloom with stories about the real estate market. They make generalizations about foreclosures, prices dropping, the bottom hasn't hit yet and so on. It would be nice if just once they mentioned all the good things that are happening. My husband, Douglas, and I own Jewell Real Estate Agency with offices in Wildwood Crest and Swainton. Good things are in store for the South Jersey Shore area. Douglas is the writer in the family and in the following paragraghs he highlights many of the positive things Cape May County and Atlantic County have to look forward to.
Having been a mathematics major in college, I'm understandably enamored with numbers. Talk is talk, but numbers give substance. There's nothing like good, hard numbers to bring a topic into focus, to cut down on speculation and misleading conclusions.
Let's see if the demographics support that the real estate market in Cape May County will see another boom. Not just a rebound, which is already happening, but a boom! It's an interesting prospect, one that many insiders like myself support and others just can't fathom.
The state of New Jersey has a population of 8.724 million people. The median age is 38.2 years, with 12.9 percent of folks 65 or older. The median household income is $64,470 and the homeownership rate is 67.3 percent, meaning two-thirds live in a home they own. Of adults, 33.4% have a college Bachelor's degree, and 12.4% have even higher degrees.
What this all means is that New Jerseyans, on the whole, are pretty well off. The median household income in the entire country is $48,451, so we're a third higher. New Jersey has the highest percentage of millionaires in the USA. Throw in metropolitan Philadelphia and suburban New York City, and there's a lot of affluence in our region. All this fuels the second home market, which comprises half of all properties in Cape May County.
Experts keep tossing out that 40,000 new employees will be needed in the Atlantic, Cape May, Cumberland county region. Most of this is centered on Atlantic City, whose 11 casinos already employ 40,788 people. Several casino expansions are in the works, with at least three new casinos slated.
MGM Mirage will be breaking ground within a year on its $5 billion megaresort, located on 72 acres next to the Borgata. This largest resort in AC, scheduled to open in 2012, will feature 50 stories, 3,000 hotel rooms, a 7,500 seat concert arena, and a half million square feet of space for retail, restaurants, and entertainment. Revel Entertainment has already broken ground on a $2 billion casino complex, located on the strip next to the Showboat, slated to open in 2010. Pinnacle Entertainment, which tore down the aging Sands Casino last October, should have their new $1.5 billion casino in operation by 2012.
With 128-acre Bader Field going out to bid in the next year, the possibility of another mega-casino, or up to four smaller casinos, will add to the need for new employees. So where will all these new employees live? Rounded off, the current yearround populations of the three counties are Atlantic 250,000, Cumberland 150,000, and Cape May 100,000.
Let's suppose that keeping with the statistics, two-thirds of the 40,000, or 26,680 will purchase their own home. Forget the island communities, where summer folks have driven up prices. I'm talking about Longport, Ventnor, Margate, Ocean City, Sea Isle, Avalon, Stone Harbor, Cape May, etc - places where a single family home would be prohibitively expensive for a working family employed by casinos, retail, or restaurants.
That leaves the mainland towns. Arguably, Egg Harbor, Galloway and Hamilton townships, all Atlantic County towns situated in the Pinelands "growth zone", would pick up the brunt of the new residents. But many families will look to live a little farther from the hustle and bustle of the AC area.
Cape May County, just a 20-35 mile commute, fits the bill. The mainland communities - Lower, Middle, Dennis, and Upper townships, plus Woodbine - currently have 822 single family homes listed for sale. With the number of housing developments already approved in those towns doubling the number, that's about 1,600 available homes. An influx of 40,000 people over the next half dozen years or so will surely result in most of those homes being snapped up.
In the world of supply and demand, especially in real estate, this demand will create more building and higher prices on the mainland. Doesn't that add up?
Throw in the seven 20+ story hotel/resort projects on the books in Wildwood now awaiting NJDEP approval, and a couple big resorts upcoming in North Wildwood and Diamond Beach, and you have the recipe for another real estate boom. Numbers don't lie.
To learn more about the Cape May County real estate market, visit our website at http://www.jewellrealestateagency.com/
http://www.mountainmanandcitygirl.com - our real estate blog featuring not only real estate articles but topics like travel, politics and lifestyle.
OCEANFRONT GATED COMMUNITY
Seapointe Village is situated on 17 oceanfront acres and has the unique distinction of having a private beach along with 4 separate pool areas, 2 tennis courts, exercise room, sauna, steam room, hot tubs, BBQ grills, game room, playground for the kids, and 24 hour security all year for your peace of mind. There is also underground parking for your vehicle.
Once you enter this paradise, you won't want to leave. There's something for everyone! The oceanfront pool, featured on the left, also has a small kiddie area for the little ones, a Jacuzzi with a waterfall, and hot tubs. The beachfront is directly in front of the pool. Spend some time basking in the sun on the beach, quench your thirst and hunger at the convenient concession on the beach, then cool off in the large pool. Lifeguards are always present for your safety at the pools and on the beach.
The Centre Court multi-level pool on the right is a family favorite. Kids and parents alike love the water slide and Jacuzzi. And, if you get hungry, the BBQ grill is right there available for your use.
New in 2007, The Ibis Building opened along with an indoor/outdoor pool. Rain or shine, the pool is open and ready for you to enjoy.
The Garden Building is aptly named for all the flowers and waterfalls surrounding it. It's located in the heart of the Village and also has a pool, hot tub and BBQ grill. Each building in Seapointe has its own special flavor. There are now 6 separate condominium buildings, many townhouses and even single family homes.
Whether you're looking for a vacation destination for you and your family or an investment, or both, this is one place you won't want to miss. Many units have a tremendous repeat clientel. A typical 2 bedroom oceanview unit rents for more than $2800 per week.
We have a number of units for sale in several locations. Please visit our website at http://www.JewellRealEstateAgency.com and see for yourself. Oh, and don't forget your sunglasses.
Joyce Jewell, GRI, ABR, ePRO, ASP, Broker/Owner - 609-729-8505, cell 609-780-7131
Well, it's that time of year again when the holidays are over and thoughts are turning to the Summer. The Wildwoods just can't be beat for its miles of beautiful beaches, the miles of Boardwalk with such diversity of businesses, water parks, amusements piers and so much more. Our new Convention Center has been increasingly adding new venues for us to enjoy. One of my favorites is the 50's Concert in October. Last year's concert was the best so far. Bobby Rydell was outstanding along with Little Anthony and the Imperials.
Now it's time to think about the Sensational '60s Weekend and Concert which is April 25-27. The show features The Temptations featuring the Dennis Edwards Revue, The Miracles and The Family Stone. Wildwood is not just a summer resort. There's lots to do during the off season. Some of the early events include:
March 17 - The Harlem Globetrotters
March 25-27 - Wildwood Wholesale Gift Show
March 29-30 - Ocean Drive Marathron & Health and Fitness Expo
March 29-30 - Spring Sports Festival Basketball Competition
April 4-6 - Wildwood Boat Show & Fishing Expo
April 13 - "Beast of the East" Cheerleading Competition
April 23 - Business at The Beach Expo
April 25-27 - Sensational '60s Weekend
May 1-4 - Tournament of Bands Indoor Championships
May 3 - Angelsea Irish Society 5k Run
May 5 - Seashore Foods Trade Show
May 8-11 - 16th Annual East Coast Boardwalk Car Show
Our town is coming alive and just waiting to show you what we've got. Come see for yourself.
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I am the Broker/Owner of Jewell Real Estate Agency. We are a small family-owned agency and specialize in personal service. We answer phones 6am to 9pm EVERYDAY. We're never too busy to talk to you.
Jewell Real Estate Agency is a family owned and operated realty that lives up to its motto, "Modern Technology, Old-Fashioned Service". We answer phones 6am to 9pm EVERYDAY. When you deal with us, you are always working with Joyce and Douglas Jewell, two experienced real estate brokers. The buck stops here.
Jewell Real Estate Agency offers the ultimate in client service - we answer our telephones 6am to 9pm, 365 days a year. That's right! You can reach us at your convenience without the confinement of the "9 to 5" mentality. You're able to talk business with your realtor before going to work in the morning, or in the evening when your day is winding down. And no more frustrating weekends where you have to wait until Monday when the office is open again to contact your agent about a promising property you spotted in your travels.
Our highly visible Wildwood Crest office is open 8am to 5pm. That makes buying or selling a property on the island easy and convenient. The Swainton office, which is attached to our home, is open 7am to 7pm. If you list "FOR SALE" property with us, you have comfort in knowing that buyers and other real estate agents have access to information about your property 15 hours a day, not just the standard 40 hours a week.
Jewell Real Estate Agency is all about "information". The latest technology, instant access to Cape May County's Multiple Listing Service, digital camera imagery, e-mail and faxing, plus our web site (http://www.jewellrealestateagency.com/), make the gathering and exchange of information fast and easy. The office also has information at its fingertips which others can't supply - that vital info you need about schools, ratables, recreation facilities, services, etc.
Jewell Real Estate Agency is a member of the Cape May County Association of Realtors, the New Jersey Association of Realtors, and the National Association of Realtors. The office serves 14 of the county's 16 municipalities (Ocean City and most of Upper Township belong to the Atlantic County Board of Realtors) with sales of residential homes, condominiums and townhouses, lots, and commercial properties.
Douglas Jewell
Douglas Jewell brings a unique perspective to the business with his background in surveying and having built two homes for himself from the ground up. As an active environmentalist, smart growth advocate, and former newspaper reporter, he has accumulated a keen knowledge of zoning, planning, infrastructure, land use, and future trends in the county.
Douglas specializes in finding commercial properties for buyers, especially restaurants and bars, motels, apartment buildings, and Boardwalk enterprises. He has a good command of profit/loss requirements and debt service, justifiable property upgrades for increased profits, and which businesses have been under-utilized or poorly managed and show future increased profit potential.
Douglas has earned the prestigious GRI designation - which stands for Graduate Real Estate Institute - a degree held by less than 5 percent of all realtors nationwide. He followed that by continuing his real estate education and earning his broker status.
Joyce Jewell
Joyce Jewell brings her many years of intimate knowledge and expertise about vacation home sales and rental property management to the family business. She is particularly familiar with condominium and townhome properties in the Wildwood Crest and Diamond Beach areas.
Joyce has an uncanny knack for finding the right property for her clients and helping make their dreams come true. One of her greatest pleasures is having continuing relationships with her past clients, and she truly enjoys spending time chatting with her frequent visitors.
Joyce is proud of her achievements as a realtor, having obtained her GRI and broker designations, plus numerous sales awards. She is also connected to her community by being a member of the Middle Township Zoning Board.
HOME STAGING
Experienced realtors know the tip off when Buyers have found the right property - it's the twinkle in their eyes. The potential purchasers thoughts are reverberating, "This is it. This is me. I fit here." The property seems to figuratively wrap its arms around the Buyers as if to say, "Welcome Home!"
For Sellers, their mission is to make their home as appealing as possible to potential purchasers. The Buyers need to be swept off their feet when they first enter your home. First impressions are everything. It's that "warm, fuzzy feeling" that turns prospects into Buyers.
In the tight Buyers real estate market of 2007, which is vastly different from the Sellers market of 2002-2005, a property needs to stand out from the others in order to be sold in a timely manner at a good price. Plainly stated, there is currently an overabundance of residential inventory.
A Seller needs an edge - an advantage - to make their property stand out in the crowd. That's where Cape May Home Seller Consulting can help. We offer a neutral prospective - a skilled and trained third eye to transform, mold, and showcase your property.
Joyce Jewell brings her 28 years of knowledge as a New Jersey licensed realtor to Cape May Home Seller Consulting. In the last 10 years alone she has sold over 300 homes worth over $125 million. She has personally toured over 7,000 homes and condominiums with her thousands of clients. She's judged their reactions, heard their likes and dislikes, and seen firsthand the qualities and characteristics that captivate Buyers.
Joyce, besides being the broker/owner of her own real estate firm, has earned the distinction of being an Accredited Staging Professional (ASPTM) and she belongs to the International Association of Home Staging Professionals (IAHSP).
Cape May Home Seller Consulting assists both the Seller and their realtor by presenting the buying public with the best possible product - at a minimal cost to the Seller.
Statistics show that a staged home sells on average for 7% more money than the same home if not staged, and it sells in half the time. Put into dollars, that means an unstaged home that would sell for $300,000 would fetch about $320,000 when staged, and an unstaged home that would get $500,000 would bring in $535,000 if staged. Hmmm. Prospective Buyers also spend twice as much time viewing a staged home versus a home untouched by a staging professional.
Visit us at http://www.capemayhomeseller.com/ for more information.Call for your FREE Market Analysis
In today's "technology age" of internet access and email, fax machines and cell phones, there is still one facet of the real estate business that separates the pack - SERVICE.
That's exactly what you get with Jewell Real Estate Agency. Here's what we can do for you:
What this all means is that we represent you and your interests and will be able to negotiate the best price and terms for the sale of your property. At Jewell Real Estate Agency, service is our specialty.....and as always, you're more than a client, you're a friend.
When you're looking for KNOWLEDGE and PERSONAL SERVICE, look to Jewell Real Estate Agency.
FREQUENTLY ASKED QUESTIONS
Douglas Answers Your Inquiries
Do you handle rental properties?
Have I missed my opportunity to make money in the real estate boom?
I see properties reducing their prices. Doesn't that mean prices are going down and the good times are over?
I own a vacation property in the Wildwoods. Should I sell?
Can you find me an investment property that will pay for itself?
Why should I use a realtor? Can't I sell my property myself and save that money?
If I use Jewell Real Estate Agency to help me find a property to buy, do I have to pay you a commission?
So what exactly does the realtor do for me, as a Buyer?
A: No, we discontinued managing rental properties after the 2003 summer season. At that time, we were handling about 110 units and had two full-time maintenance men on our staff plus several real estate agents. It was overwhelming and we basically had no life of our own in the summer time.
After some soul searching, we decided that we had veered away from our original mission to provide "individual, personal service". So, we dropped our rental program, reduced our staff, and got back to concentrating on real estate sales.
A: Only if you think you have.
In 2003 and 2004, property values in the Wildwoods and much of Cape May County were rising about three percent per month, or by about one-third each year. Many folks bought in the beginning and sold later at a significant profit. By 2005, that dramatic escalation had slowed. Now, in 2006, property values are rising at a more stable one percent a month, or about 12 percent a year. That's still a good investment.
A: No. It's more an indication that the Seller set an unrealistic price in the first place.
Let's use a fictitious example. John Doe's property was worth $150,000 in 2001, before the boom. By 2003, it had jumped to $250,000, then $330,000 in 2004. So John Doe decides to list his property after the summer of 2005. After listening to advice from his neighbors and Uncle Harry, he figures it's now worth $440,000, so he lists it at $475,000. That's way too high. It's only going to fetch $370,000. Hence, you see an eventual price reduction when the Seller is getting no action on his property.
A: Often, the answer is NO. It all depends on what your next move would be. Are you leaving the island forever? Are you heading to the mainland to get more bang for your buck? Are you going from condo to single family home, or vice versa?
A common scenario is someone trying to sell their existing property, which may be outdated or in need of repairs, with the expectation that they can take those proceeds and buy a new condo or townhome and have no mortgage. That's unrealistic. A lateral move on the island is going to cost you money. If you are not willing to accept $100,000 to $200,000 in debt, you shouldn't sell. You won't sell your existing property for the same amount as you'll need to purchase new.
Selling that same unit with the hopes of finding a property on the mainland - which offers much more land, a garage, and room for a swimming pool - while not having to carry a mortgage, is possible. In that case, yes, put your property up for sale.
There are other good reasons to sell: 1.) you are looking to buy a vacation home in the mountains or another state, 2.) you don't use your vacation home down here much anymore, 3.) you're tired of lawn work and want a condo, 4.) you miss having a yard and are tired of the restrictions of condo life, or 5.) you like the prospect of selling this property and using that money to eliminate the mortgage on your primary home.
A: Probably not, unless you're willing to put a lot of money down - more than I'd recommend.
Some Buyers come into the market searching for a property that will carry the mortgage and taxes through rental income, whether it's a condo or a multi-family property. Putting a traditional down payment of 10-20 percent, that's not going to happen. It will be necessary to fund some of the yearly expenses out of your pocket. That's the reality.
That's not to say that you can't make money buying an investment property. However, your profit comes through the equity you build as prices steadily rise and you don't realize that profit until you sell the property.
A: Absolutely not! All commissions are paid by the Seller. That commission amount has already been agreed to and signed by the Seller and his realtor back on the day the Listing Agreement was originally signed. You owe no commission and we charge you no fees whatsoever.
A: In some instances, Sellers do successfully complete a real estate transaction on their own. But they have to know the pitfalls, or else their attempt to save themselves money can actually end up costing them money.
One problem with selling your own property is that almost every potential Buyer immediately starts calculating what the commission would have been with a realtor involved, then they deduct that from their bid. They feel that amount is theirs to save, not the Sellers. So you are back to the same amount of money, but without the expertise of a realtor.
Also, most people are not good negotiators. So the Seller tends to buckle under at a lower price, make concessions that are unfavorable, or settle for terms weighted toward the Buyer. Even if the Seller gets his way, there are often hard feelings between the two parties that fester during the one to three month duration of the transaction.
A: Let's compare your transaction to a football team. You are the owner of the football team. The realtor is your quarterback. You are in control, but the realtor oversees the action and makes sure all the team members are performing as required and in a timely manner. Other members of your team are a mortgage person, title company, insurance company, surveyor, home inspector, pest inspector, and fire inspector, and sometimes a plumber, electrician, contractor or other service specialist.
Your relationship with a realtor begins with the search for a suitable property. Especially in a vacation home market like Cape May County, the realtor has valuable local knowledge that is especially helpful. The realtor knows what neighborhoods have good resale value, what floor plans are outdated and not functional, where new construction projects might take away that nice view or a strip mall might change the character of an area. There are dozens and dozens of things that your realtor - who lives locally and follows local land use decisions in the newspapers - knows that can save you much heartbreak and sorrow. You can't put a price on that information!
Once you and your realtor find that right property, it's time to put in a bid. Your realtor knows how to structure that bid so that the terms are favorable to you and your circumstances, without going overboard and offending the Seller. The negotiations proceed between your realtor and the Seller's realtor, with each realtor reporting to his client every step of the way. The Buyer and Seller often never meet until the day of closing, and without the strain of having negotiated face-to-face the parties usually have an amiable transfer of title and part friends.
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