Thomas McCormack

Lots of talk these days about "The Jersey Devil" Bruce Springsteen put out a new song and video (Springsteen makes for a very convincing - and creepy - backwoods preacher) for Halloween this year paying homage to the creature of New Jersey's Pine Barrens.

And this week, the Jersey Devil will be the topic of the Atlantic Highlands Historical Society's November 19th meeting. In a talk illustrated by many photographs, drawings, and maps, Angus Kress Gillespie, Ph.D, Professor of American Studies, Rutgers University, brings together different reports of this legendary creature.

As the story goes, in a small community, Leeds Point, at the coastal edge of the Pine Barrens, lived the Leeds family. The year was 1735. Already having given birth 12 times, Mother Leeds was about to deliver for the 13th time. Feeling tired and weary of the burden, she cursed the unborn child, wishing she had never married Daniel Leeds. But she took revenge on Mr. Leeds that night when she gave birth to the devil's child, who now lurks in the Pine Barrens of South Jersey.

People still report seeing it - with cloven hooves, serpentine tail, horselike face and wide wing span.

The meeting will be held Wednesday, November 19th at 7:30 pm in the Senior Center at the foot of First Avenue at the Atlantic Highlands Marina. It is free and open to the public and light refreshments will be available. For more information, check the website www.atlantichighlandshistory.org or phone 732-291-1861.

VETERANS DAY CEREMONIES
Tuesday, November 11^th
11:00 AM
Victory Park

Please come and honor our veterans!

Veteran's Day Services

The Boro will be holding Veteran's Day services on Tuesday at 11AM, November 11th, at Boro Hall. All are invited to attend.

Initial figures for the first half of 2008 were not encouraging for Fair Haven relative to 2007, although sales in the 3rd quarter have shown an improvement. Still, overall unit volume is down almost 35% for same period (Q1-3) last year.

On a more positive note, there were signficant gains in the average sales price with average sales prices well above any of the past four years. Although the list-to-sale price differential shows erosion from last year's figures, at just under 95%, there aren't exactly any fire sales going on.

Advice to sellers: Clearly, fewer home sellers are finding themselves at the closing table but it appears that buyers have returned to buy some higher priced homes -- an encouraging sign. But since available inventory is still high, sellers need to continue to price aggressively, maintain optimum position thru marketing, showing condition & easy accessibility. To discuss selling the pros & cons of selling in the current Fair Haven market, please give me a call.

First the good news: Due to the ongoing financial crisis playing out on Wall Street (as well as around the world), everyone is finally waking up to the fact that in order to pull us out of this mess, the housing market needs to get back on firm footing and because of this recognition we're more quickly approaching the bottom of this cycle. That means that the small glimmer of light on the horizon is not an oncoming train but rather the beginnings of a recovery.

Ok, now the bad news: We're not there yet. According to Jeff Otteau of the Otteau Valuation Group, we're still about 10 months out. Otteau says that in New Jersey, while we had been experiencing a 1/2% monthly value reduction, we're now facing a full 1% monthly reduction. This means we've got 10% more to go until we reach a critical point in affordability... where the median home price meets the median income level. For the state this equates to a 28% value reduction since the market downturn in August 2005. Of course, this is a state average... according Otteau, Monmouth County fares a bit better with an estimated 25% change.

The take-away: Keep in mind that unless you're paying cash, you'll want to factor in the cost of financing a home purchase in addition to the actual purchase price. Interest rates in the long term are expected to rise and since every increase of 1% in your interest rate equates to 9% increase in cost, those looking to "time the market" should begin now to educate themselves on their desired market, the housing inventory and real values. There are some very good buys right now and both first-time buyers and investors are making their first moves now. If you'd like to discuss your market strategy (for both buyers & sellers), please send me an email or call.