Ocean City, NJ

A very Long House Inspection ... from Ocean City, New Jersey

It started on 12/2/2011 and ended on 2/6/2012 ... that's a very fast time frame for many contracts ... but that's also about how long it took to complete the inspection issues which dominated the entire process. In fact, I felt that I had a second full time job throughout this process. So as I pack up and leave today for Florida to attend the Keller Williams "Family Reunion" - my first visit to a KW function, I realize that I haven't made an entry into my journal for most of January. My whole body feels an awful lot like the way our present agency renovation is looking. We have all relocated from the unfinished first floor to the finished second floor for a few months. But, for me, it is a great time to be away.

The inspection revealed a lot of issues that had never been addressed ever. And the original purchase price by the Seller was no where close to what this purchase price would be. Without going into great detail, we made it work ... but I suspect that it took its toll on everybody involved.

So I now get a bit of free, open and away time in a warm place away from what might be the worst month of this particular winter back in Ocean City, New Jersey. So stand by, and I will keep you posted on all my workshop information, etc. in the coming days in Florida.

dap

The Winter Weather in Ocean City New Jersey as reported from #1 Atlantic Avenue, OC, NJ

Everyone wants to know the weather forecast at the shore ... but that's mostly during the wonderful summer season. And, of course, we respond that "it's another lovely day in Ocean City (NJ) ... it will hit the high 80s today ... but with a wonderful ocean breeze to cool you off wherever you might be on the island."

But in the winter, we mostly just report that we are still all alive and well here on the barrier island in Cape May County, New Jersey. And when it snows, I like to let people know two important factors ... "just that we get some snow on the beach ... and that's right ... with so many absentee owners, no one has to shovel their sidewalks."

Well, let me give you one more interesting weather report for yesterday, January 24th: "it was generally warm all day long hitting the 60s in the afternoon." I started out with a winter coat and scarf for my morning trip to the office. By mid-day when I returned home, I changed into a light coat and no scarf. And just a bit later, I ditched the second coat as well. As that old song goes: "I love the winter weather ..." here in Ocean City, New Jersey. Wish you were here!!! dap

Working with Rental Tenants at the Jersey Shore ... in Ocean City, New Jersey

So I'm doing several workshops for "new agents" to the rental business here at our real estate agency in Ocean City (NJ) ... Keller Williams Oceanside Realty. And as I'm drafting some notes, I thought it might make a short interesting blog.

For many new agents, the rental business represents a fast way to get to know the real estate market as well as to make new contacts (a quick lead generation exercise) plus to make some quick cash as one slowly learns more about the real estate market and the role of a real estate agent.

Having spent 19 years in the resort market here in Ocean City (NJ) in both rentals and sales, I certainly have an "understanding" ... and having been a high school principal and a teacher in the public schools of Pennsylvania, I can teach a decent workshop ... but what is the best way to reach this group.

My first thought for them is they should "shadow" another agent a few times. Observe what they do, how it appears to be going, and what they think of the particular process being utilized ... What went right, what went wrong? I also quickly want to tell them to ask four or five questions when they talk with a perspective rental tenant ... and then get off of the phone as quickly as possible. Why? The questions will make them look like a pro ... but any questions asked by the perspective rental tenant will make them look like a first-timer. Better to get back to the tenant with good solid responses from the questions you asked. And do it right away ... and via email if possible. Request that they call you back ... give them a cell phone so it could be after their work hours ... which would continue to be "the agent's work hours."

You have to get into the rental properties, take good notes, and "learn the product." If possible, try to visit 5-10 rental properties every day that you are in the office ... or even better, visit 10-20 on a day that you don't come to the office.

Get a map of your major location ... for me that has always been the Northend and Gardens areas of Ocean City. Drive around, learn street names and locations, and see the rental properties in terms of their specific locations.

Finally, ask a lot of questions all the time ... but make them well-thought out ones that make sense for those whose time you may be taking up. The plus is that the more time spent on all of this the better you will be at the "rental business in our lovely resort community of Ocean City, New Jersey. dap

Northend & Gardens Areas of Ocean City (NJ) ... from Ocean City, New Jersey

Let's take a careful look at this area of Ocean City ... "the Northend" - that area from north of Sixth Street to south of North Street which can be effectivelly divided into the "800" and "900" long and short beach blocks going to the Boardwalk and the Atlantic Ocean ... and the rest of the Northend which can be divided into Atlantic, Ocean, Central, and Asbury Avenues (which could be residential and/or additional summer rental locations ... and West, Haven, Simpson, and Bay Avenues (which tend to be mostly residential areas with the exception of West and Bay which have a number of business locations and larger condominium complexes);

... and "the Gardens" - that area north of North Street to the end of the island at the Longport Bridge which can also be divided into several different sections including: those sections going north on Wesley Road which changes into the Gardens Parkway can be divided into the areas on the ocean side of Wesley Road and the Gardens Parkway (also residential but could also be second home and/or rental property including with the exception of small areas on East Atlantic Boulevard and Morningside Road which are zoned "R-2) and the bayside of Wesley Road and the Gardens Parkway with the Bay side (far more likely to be almost completely residential with the exception of a section of Central Road which is zoned "R-2"), and an interesting section between north of North Street and south of Battersea Road which involve about eight plus other streets running the one block from North Street to Battersea Road which are again mostly residential with also some second home and/or rental property in this distinct area too).

Overall, the number of single family homes for sale in the Northend and Gardens tends to have a higher listing price point than some other areas throughout Ocean City. It is probably identified as the most attractive option for those individuals looking for a single family property who might use it as a second home or rental property. Obviously, the closer one is to the beach or bay would cause the market value to be much higher than another location.

The condominium properties in this area also have the same factors ... less available sale property and often priced a bit higher for a similar location as compared to the rest of Ocean City. One factor impacting this is the wider Northend and Gardens which tends to have the section from beach to bay that much more land available than any other section on the island for such a extend area ... simply looking at a city map will show you what I mean.

I would conclude by stating that this is my location of interest and expertise. It is where I live, where I work, and where I tend to play. So if you plan to buy, to sell, or simply to inquire and/or ask some questions; please contact me accordingly. dap

Northen/Gardens Sections of Ocean City, New Jersey ... Sold Properties in 2011

The last two blog postings highlighted sold properties throughout Ocean City in 2011 and introduced sale properties now listed for 2012 again throughout Ocean City (NJ). However, I also do an analysis in my area of interest and expertise (the Northend and Gardens).

There were 632 sales throughout all of Ocean City (NJ) in 2011, and 145 of that total in the Northend and Gardens (or about 23% of the total sales). That's not a bad total for our little corner of the world from the north of Sixth Street to the end of the island at the Longport Bridge. Let's break down that total:

Singles ... 38/116 or about 33% of the total single family sold properties in 2011

Multi-Units ... 17/27 or about 63% of the total multi-unit sold properties in 2011

Condominiums ... 90/489 or about 18% of the total condo sold properties in 2011

Those are some interesting stats (which can be reviewed in terms of average & median sold prices in an earlier blog posting. Let's just break it down a bit more.

The single family property category has really four sections in the Northend: the "800" and "900" rental blocks from north of Sixth Street to south of North Street where a very limited number of singles exist in the Northend, the rest of the Northend from Atlantic Avenue west to the bay where a much larger number of interesting single families exist, the oceanside of the Gardens Parkway where almost all of the single family properties are increasingly selling close to and over the $1 million mark, or will require enough work and renovation to get to that figure, and the bayside of the Gardens Parkway where there are also all single family properties with often a much lower selling price unless you are closer to the bay or new construction.

The multi-family property category is now almost as low as it can get with what is left being slowly renovated and improved (with all of the potential teardowns about finished with limited exceptions). Many of these are located further west from the "800 and 900" rental blocks identified above.

The condominium property category has the same breakdown areas in the Northend and Gardens ... but the larger new and newer construction types remain in the "800 and 900 blocks" ... those further west tend to slowly get lower sold prices until you hit the bay. The Gardens has just a few sections that permit condominium building with parts of Morningside Road and East Atlantic Boulevard being two of them with larger new and newer types and parts of Central Road being another area.

We'll provide some additional analysis in the next blog posting. dap