Ocean City, NJ Real Estate News

By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
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 con...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
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 printi...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
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                    North...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
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...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Northend Neighborhoods ... The "800" & "900" blocks ... A Primer   Part II The "800" and "900" blocks are prime summer rental territory ... close to the beach and boardwalk, a short walk to the beginning of the commercial section at Sixth Street, generally a lighted and active section and safe for walking into the late evening hours.  Obviously, the closer you are to Sixth Street the closer you are to the main activities of the Boardwalk.  And the higher your "800" property number the closer you are to the beach. Some of the streets are a bit wider than others ... namely Brighton Place, Park Place, and St Charles Place which have a more open feeling as you drive or walk up the street.  This is also a "condominium area" with a first floor unit (30 foot frontage = 3BR/2BA, 40 foot = 4BR/2...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Northend Neighborhoods ... The "800" & "900" blocks ... A Primer   Part 1   The are 14 streets on the "800" and "900" long and short beachblocks in the Northend extending from Atlantic Avenue to the beach.  All but two of them cross Corinthian Avenue which ends at Brighton Place.  There are eight "name" streets called "Place and six "number" streets.  The "800" starts at Atlantic and increases in number until Corinthian Avenue where the "900" begins and again increases in number until the boardwalk or beach.  The "even" number street locations are on the south side; the odd number street locations are on the north side.  Two of the streets go directly to the beach ... Stenton Place and North Street which are the northern most streets in the Northend.  All of the other streets end at the...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
A New President, Continuing Lower Mortgage Rates, and "What Else"   The National Association of Realtors has been saying for some time:  "It's a good time to be buying a house."  In Ocean City, we've been saying:  It's a good time to being buying in Ocean City."  I've been saying:  "If you are considering a purchase of a shore property in the next three-to-five years, do it now! All of the above comments continue to be heard.  And during the last couple of months we see the ever so slow, but ever so consistent movement to lower mortgage rates.  Rates were't terrible, but now they are inviting.  In fact, it is one more motivator for would-be Buyers.  Do it now.  Will the rates stay that way?  Could they go lower?  Don't worry ... if they get lower, just refinance again. Recently when you...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
So What's the Value of Doing an Open House?   Ask a variety of real estate agents, or even a number of Sellers; and you will get a number of different opinions regard the value of an open house.  Some Sellers will say that all it does is get the Agent more Buyers.  Some Agents will say that they never do open houses ... it's simply a waste of time.  Well ... since it's my particular blog, I'm going to give you the opinion that counts ... at least on this particular blog.  But I invite points of view for those so inclined.  There is a vast difference between the resort market here in Ocean City, and elsewhere; and the "real world" of real estate in the normal residential locations across the country.  Obviously, they do open houses in both worlds.  So what is the difference?  I would pro...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
A Cold Weather Blog from Ocean City, NJ   As I battened down the hatches last evening in anticipation of the colder weather arriving in Ocean City for the next few days, I couldn't help thinking of some of the advice that I always give to "new Owners," particularly those who will not be down here that much over the cold winter months.  Clearly, there are two or three times during the year when you, as a out-of-state homeowner at least a few hours from Ocean City (NJ), want to rely on "your local real estate agent" for some ongoing attention.  Advice #1 ... If possible, I recommend that Owners keep their heat on over the winter.  It is better for the overall house (and in most cases, a requirement for condominiums).  I also recommend that they obtain the services of one of the plumbers w...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
The 2009 Rental Season in Ocean City, NJ   As my Broker, Robert French, always says:  "Every Owner in Ocean City was once a renter."  Sure, you might say:  "Not every one."  But I doubt that you'll run into many who have not first rented in Ocean City before becoming the familar "Rental Tenant/Buyer" which is clearly a different sort of animal.  They walk the walks all over town searching and spotting "for sale" signs.  Those that catch their attention cause them to drift around to the back, ask people on the porch what the interior is like, etc.  Indeed, once the weather gets nice ... you can spot this type all over the Northend and Gardens walking, biking, and driving cars.  When they pass our house when the neighbor had their house up for sale, the car would drift by, the bikers woul...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
More Information about "the Gardens" in Ocean City, NJ   In a recent blog I spelled out the general layout for the Gardens area, that section north of North Street.  And we did discuss the limited number of single family homes under $1 million.  Let's be a bit more specific in this blog. We find only 55  sale listings throughout the Gardens as of today.  That's 36 single family, 4 multi-family, and 15 condominiums.  Obviously, that limited number suggests how difficult it often can be for Buyers to find what they might be looking for in this area.  Let's break each property category down for more review. The single family sale listings show a $1,745,000 to $2,110,180 breakdown from median-to-average listing price for the entire 36 properties.  One only finds 6 single families under that...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
THE GARDENS ...   Continuing from a previous blog that reviewed "the Northend" section in Ocean City, New Jersey ... this blog highlights "the Gardens.   The Gardens is the entire area "north of North Street running to the end of the island and the Ocean City/Longport Bridge.  This is quite a large section of the island and just like the Northend; it runs from the ocean to the Bay and all of the inlet area connecting these two water sections.  Generally, the Gardens can be described as the largest section of single family residential land area in Ocean City (but maybe the Rivera gives the Gardens a run for its money ... I must check that out ... but I doubt it).  At the same time, you can also find several areas that have been designated as "R-2-40" zoning including the south side East ...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
OPEN HOUSE NOTES   In a resort market like Ocean City, New Jersey with such a wide variety of sale listings, with many different properties capable of appealing to Buyers at any specific time; being at "the right place at the right time" is very important even if not possible.  That's why I like "open house" showings ... you control the location, the hours ... the (hopefully) right place at the right time.  And one way to make it that is to be consistent in getting the job done on a regular basis. When the national economic impact across the country entered our televisions and newspapers and almost every place we exist; I determined that I had no control over any of that, but I did have control over my marketing plan which included "open houses."  I informed all of my Sellers that I wou...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Northend/Gardens ... My area of Interest & Expertise   The Northend (Ocean City, NJ) The Northend begins on the North side of Sixth Street and continues north to the south side of Northend Street going east-to-west from the ocean to the bay.  There are really three different areas in the Northend:       ... the "800" & "900" blocks known by "the locals" as "the long beachblock" (800) & "the short beachblock" (900) both being significant summer rental areas during the summer months.     ... the area from Atlantic Avenue to Asbury Avenue which includes Atlantic/Ocean/Wesley/Central/Asbury in that order ... all designated as Avenues represent the heart of the Northend, a combination of single family, older duplex and triplex buildings, some larger condominium complexes, and new constructio...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
So it's January in a small resort community on a barrier island in South Jersey.  When I first arrived here and spent my initial winter in Ocean City, I often said to myself:  "what does everyone do after 5PM?"  But I have certainly spent my share of winter months here, and I must say it has grown on me making it one of my favorite times of year.  Reading a book by the fireplace with a good bottle of wine.  Taking a 4PM walk just before it gets dark.  Even a bike ride on a sunny weekend ... on the boardwalk - the 2.5 mile Boardwalk that runs from St James Place down to the "low 20's" Streets.  How's that for two or three rather good sentences without a verb.  Although not technically correct, in many ways those sentences describe much more in a meaningful way. What else does a real esta...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
OPEN HOUSE CONVERSATIONS ... 1/3-4/2009 overheard at 818 Fourth Street & 7 Central Avenue in Ocean City, New Jersey    (The questions represent a composite of all the ongoing types of questions/comments asked to me by Buyers in the past sixteen years.  But the answers are certainly my  own and entirely up-to-date for January, 2009.)   1st Visitor Q/C ... "We're just looking" (meaning don't bother us, let us see te place, and get out without telling you anything) R ... (My favorite type of potential Buyer.)  "Welcome, I'm Dustin A. Peters, French Real Estate.  Here is the flyer for the property; I do have other information that would probably be useful, and I would like to tell you more about this great listing.  But I understand ... take your time, and check out the property."  (Don't b...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
2009 NEW YEAR'S RESOLUTIONS ... for Owners, Sellers, Buyers, and "this Real Estate Agent"   Besides all of the holiday activities, family and friends, and more ... I enjoy the closing of one year and the beginning of the next.  It's like the end of a chapter in a good book, or even the move from one book to the next.  It's certainly the close of my 2008 Journal and the opening of my one for 2009.  In fact, since I've started writing journal entries my wife has continually purchasing the same journal type for one of my annual Christmas gifts.  But indeed "New Year's Resolution" is a great tool for "looking back, thinking ahead, and planning personal and professional goals.  This year I have included owners, sellers, and buyers in the process too ... certainly not close up, but from afar....
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Merry Christmas from Ocean City, New Jersey   Where else can you be an hour from Philadelphia (and a ton of other locations) on a barrier island (which always impacts the weather in a generally positive way as compared to almost any place else), during the seven-to-eight months when most people forgot about us and our location, on a sunny fifty degree day.  So my wife and I started our walk from our Gardens home to the start of the Boardwalk on St. James Place.  We walked south passing a variety of other walkers, bikers, and surf board types taking advantage of a perfect warmer winter holiday morning.  When we got to 11th Street, we decided to head west to Asbury Avenue and the downtown area.  We saw less people down there with all of the stores closed, but we were on the sunny side of ...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
I want to welcome readers to  ONmy first blog entry ... BEACH NOTES.  I'm new to "Active Rain," but not new to real estate.  I also write an "every Friday morning newsletter" entitled BEACH NOTES that goes to an extensive list of clients, both owners and buyers.  I generally complete about 40+ newsletters per year ... now for about the last seven or eight years.  Did 50 of them in 2007 when we were finishing our renovation and not taking vacations.  I also do a monthly BEACH NOTES for rental tenants as well. It's difficult to reflect on the Ocean City real estate market right now.  Historically, we have been a seasonal market ... the "Spring Buying Period" running from late May through early June, the "Fall Buying Period" running from Labor Day through Thanksgiving ... with the other tw...
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By Kevin OBrien
(SJBeachHomes.com)
Definitely a growing sign on the times is the number of foreclosures and short sales hitting real estate markets throughout the country.  For those who have cash available, now can be a great time to buy a foreclosed home or home looking for a short sale.  Personally, I have noticed a number of people beginning to take interest in Ocean City NJ foreclosures.  While Ocean City may not have as many foreclosures as some neighboring towns, there are definitely deals to be found.  The keys are having money available and qualifying for a mortgage.  If you can pass both these obstacles this is a great time to start searching for a shore home.  If you would like more information visit my website or email me.
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