Holly Rennie
 
Open House Link
 


Ocean Bridge Work
A single lane on the free bridge at the south end of Stone Harbor will be closed for cleaning, repairing and painting. During this time the open lane will be controlled by a temporary traffic signal. Expect the northbound lane to be closed until about April 23rd. Bridge repair is expected to be completed by the middle of June.

Holly and her team


Flood Insurance Deadline Extended
Congress extended the nation's flood-insurance program through July 31 as part of a federal spending bill. The National Flood Insurance Program is the sole source of flood insurance for more than 5 million homes and businesses across the U.S. The National Realtors Association cited the flood insurance extension as a key reason for encouraging the Senate to pass the spending bill. "This avoids another lapse and provides several more months for the Senate to act on the five-year reauthorization and reform legislation adopted by the House last November," the group said in a statement Thursday. [Daily Comet]

Avalon Property Reassessment
Avalon Tax Assessor just published a document detailing Avalon’s recent property assessment. Read here about why the borough does reassessments, true market value and the difference between reassessment and revaluation. Just over 6% of property owners requested an informal review of their assessment once the property assessments were completed. Avalon Property Reassessment March 2018 (PDF).

Stone Harbor's Pump Station
Stone Harbor's plans to rework the pump station involve a lot owned by Our Saviour Lutheran Church. The church was approached by the borough for the use of the lot and the church is requesting $150,000 while the borough has offered $50,000 for a 20-month period. While the lot is not in use, the church requested the "fair market value" of the land.

Swimming Pools for Stone Harbor HomeOwners
According to Cape May County Herald's report of the borough council meeting, the Planning Board is considering a change in the ordinance to address the issue of the invisible bulkhead line the "established bulkhead line". The change would allow homeowners to install swimming pools on their adequate land. The line was created to maintain uninterrupted sight lines for any construction of new bayside structures. Should pools be considered structures subject to these bulkhead restrictions? Should the invisible line be the reference point for pool construction codes? The invisible line varies greatly from the actual location of the bulkhead making the impact on the pool construction random. As of the April meeting there are several opinions and concerns expressed by council members with no resolution proposals offered.

Hawkers Out - Peddling In Avalon
Changes are being considered to the borough code regarding hawking and peddling. The current long-standing restrictions cover street peddling on certain streets and certain times. Only ice cream, water and soda are permitted. Anyone hawking, selling, goods for sale by shouting, is to be banned if the changes are adopted. All street vendors selling to minors are required to have a criminal background check before working in Avalon. [Cape May County Herald]

Avalon and Stone Harbor Market Trends
More Inventory Than Demand
Our sales trend continues to be impacted by the lack of inventory. In the first three months of 2017 there were 118 properties placed under agreement - 82 in Avalon and 36 in Stone Harbor. For this same time frame in 2018 we have placed under agreement 83 properties- 49 in Avalon and 34 in Stone Harbor. This is a 42% decrease in units going under agreement all due to lack of inventory.

March had 32 sales on the island - 11 condos (7 in Avalon/4 in Stone Harbor); 5 townhomes (4 in Avalon, 1 in Stone Harbor); 15 single homes (7 in Avalon and 8 in Stone Harbor). There were 24 sales under $2.0 million; 5 between $2.1- $3.0 and 3 over $3.0 million with the highest sale being on the ocean for $8,695,000 in Avalon. This is one of 5 sales over $3 million this year, far from the highest priced sale of $10.5 million for Seven Mile Island.

Through the end of March our single home sales are off 60%. This year sales over $3 million were 6, last year 1st quarter, 10 homes sold. Although most of the inventory is in the upper end of the price range, we are not seeing the level of buyer interest in the upper end. Sales in the $2-$3 million price range sat at 20 in 2017 as compared to 16 in 2018. Again, the tally is largely a function of inventory levels. Sales under $2.0 for the first three months of 2017 are 37 as compared to 19 in 2018. As you can see below the inventory does not meet the demand!

Here are the stats for single home current inventory levels/2017 closed sales on the island:

Price Range Avalon Inventory Avalon Sales Stone Harbor Inventory Stone Harbor Sales
$2.0 or under 23% 56%; 46.5% 59%
$2.1-$2.9 18% 30% 32.6% 12%
$3.0-$10.0 59% 14% 3% 15%
$3.0-$4.0 28% 9% 9.4% 7%
$4.0-$10.0 31% 5% 21% 7%

The developer has become our most active buyer and also represents the preponderance of the upper end inventory in new construction homes. We are beginning to see a softening of the developer's position in the market with price adjustments.

Buyers continue to look for turnkey homes. The buyers in and under $1.0 million range generally do not have the additional funds for renovations/updates/furnishings etc. We see turnkey townhomes and condos selling for higher prices and fewer days on marker.

Buyers in the upper end "want it all" - demand perfect - "their perfect". This is one reason why new construction sells so well. Everything is new, up-to-date in colors, amenities and appointments.

Since our ALL buyers shop online and do their research before heading down to look for their dream home, the photos, presentation, and write-up on line is critical. My job is to ensure the best presentation possible to capture the buyer's interest; provide in depth information about my listings to make the selling agent's job easier when presenting my homes, and negotiate the best sale price for my listings in the shortest amount of time with the least amount of aggravation to my clients.

We are one of the ONLY teams on the island that opens your home before each showing and closes them up at the end of the day. We follow up with every showing to obtain as much detail as possible so that my clients and I are working with a full understanding of the market today - the market has changed even in the past few months. And as importantly provide insight when competition sells or a new competing home arrives on the scene. My clients find this additional insight helpful as their homes are on market for sale. Communication and knowledge is king!



THIS MONTH'S MARKET TRENDS

Call us today 609-967-0289. Only 41 days to the Memorial Day Weekend Summer Kickoff! Call to make your plans to come to Seven Mile Island!
 
Beautiful Sunrise
"Only a life lived for others is a life worthwhile."
-- Albert Einstein
 
Featured Listing
 
141 65th Street, Avalon, NJ 08202
141 65th Street, Avalon, NJ 08202
 
 
Featured Vacation Rental
 
627 22nd Street, Avalon, NJ 08202
627 22nd Street, Avalon, NJ 08202
 
1605 Ocean Driver, Avalon, NJ 08202
1605 Ocean Drive - Unit B, Avalon, NJ 08202
 
New Listings
 
1 104th Street, Stone Harbor, NJ 08247   1 87th Street, Stone Harbor, NJ 08247
 
4345 Fourth Street, Avalon, NJ 08202   166 Pelican Drive, Avalon, NJ 08202
 
74 East 25th Street, Avalon, NJ 08202   74 West 7th Street, Avalon, NJ 08202
 
1809 First Avenue, Avalon, NJ 08202   5748 Dune Drive, Avalon, NJ 08202
 
69 Pelican Drive, Avalon, NJ 08202   164 84th Street, Avalon, NJ 08202
 
175 84th Street, Stone Harbor, NJ 08202   149 105th Street, ,Stone Harbor, NJ 08202
 
Sold Properties
 
 
162 63rd Street, $10,500,000, SOLD IN-HOUSE
MLS# 180322
  84 East 17th Street, $7,500,000, SOLD
MLS#: 172588
 
56 West 35th Street, $7,500,000, SOLD IN-HOUSE
MLS#: 174166
  101 121st Street, $5,825,000, SOLD
MLS#: 166395
 
86 East 23rd Street, $3,700,000, SOLD IN-HOUSE
MLS#: 178295
  12 104th Street, $3,500,000, SOLD IN-HOUSE
MLS#: 179410
 
26 West 32nd Street, $3,400,000, SOLD
MLS#: 179095
  214 62nd Street, $3,250,000, SOLD
MLS#: 177801
 
84 East 22nd Street, $2,762,500, SOLD
MLS#: 180030
  100 107th Street, $2,750,000, SOLD IN-HOUSE
MLS#: 178529
 
258 70th Street, $2,675,000, SOLD
MLS#: 180292
  6 Pelican Driver, $2,650,000, SOLD
MLS#: 177191
 
Upcoming Events
 
  • April 14th - HLOA Community Connections, Avalon Free Public Library, 9:30 am
  • April 14th - Free tree seedlings for residents, Avalon Community Hall, 9:30 am-Noon
  • April 14th - Band Dance/Rick Martin Swing Band, Avalon Community Hall, 7 pm, $8
  • April 14th - Stone Harbor Job Fair, Coffee Talk, 10 am - 2 pm
  • April 17th - Stone Harbor Borough Council Meeting, 4:30 - 6 pm
  • April 17th - Story Time, Avalon Free Public Library 10 am
  • April 18th - Stone Harbor Senior Fund Day, Bridge & Card Games, 1-3 pm, American Legion Post
  • April 19th - Story Time, Avalon Free Public Library 10 am
  • April 21st - Free Grass Planting/Clean Ocean Action Beach Sweep, Avalon Community Hall, 8:30am
  • April 22nd - Stone Harbor Ocean Drive Marathon, 9 am - 2:30 pm. Ocean Drive Run Club, starts in Sea Isle City
  • April 22nd - Ocean Drive Marathon, 9:00 am start in Sea Isle City, passes through Avalon twice, 9 am
  • April 24th - Story Time, Avalon Free Public Library 10 am
  • April 25th - Stone Harbor Senior Fund Day, Bridge & Card Games, 1-3 pm, American Legion Post
  • April 26th - Story Time, Avalon Free Public Library 10 am
  • April 27th - Avlon Garden Club Arbor Day Celebration, 37th Street and Dune Drive, 10:30 am
  • May 1st-31st - Avalon Historical Society Photography Contest and Exhibit, Avalon History Center, 1 pm
  • May 1st - Story Time, Avalon Free Public Library 10 am
  • May 1st - Stone Harbor Borough Council Meeting, 4:30 - 6 pm
  • May 3rd - Story Time, Avalon Free Public Library 10 am
  • May 3rd - Cape May County Senior Jamboree, Avalon Community Hall, 10 am
  • May 4th - Brendan Borek Annual Golf Tournament, Stone Harbor Golf Club, 12 pm
  • May 5th - Avalon Garden Club Plant and Bake Sale, Avalon Community Hall, 10:00am-4:00 pm
  • May 5th - Stone Harbor Spring Tide Festival, Downtown Shopping District, 11 am - 5 pm
  • May 6th - Avalon Garden Club Plant and Bake Sale, Avalon Community Hall, 10 am - 3 pm
  • May 9th - Stone Harbor Senior Fund Day, Bridge & Card Games, American Legion Post, 1-3 pm
  • May 11th - Avalon Wine & Spirits Festival, Avalon Community Hall, 6:30 - 9 pm
  • May 11th - Wetlands Institute Native Plan Sale, 9:30 am - 4:30 pm
  • May 12th - Stone Harbor Garden Club Plan & Back Sale, Stone Harbor Firehouse, 8 am - 2 pm
  • May 12th - Wetlands Institute Native Plan Sale, 9:30 am - 4:30 pm
  • May 12th - Avalon Lions Club Yard Sale, Helen L. Diller Vacation Home for Blind Children, 9 am
  • May 12th - Avalon Annual Paper Shredding Day, Avalon Public Works, 9 am
  • May 12th - Avalon Fire Department Hoagie Sale, 10 am
  • May 12th - Avalon Police Department Bicycle Auction, Avalon Public Works, 12 pm
  • May 12th - Avalon Annual Yard Sale, Town Wide, 9 am
  • May 12th - Avalon Volunteer Fire Department Ladies Auxiliary Plant Sale, Avalon Fire Department, 8 am
  • May 12th - Big Band Dance - Star Band, Avalon Community Hall, 7 pm
  • May 13th - Stone Harbor Garden Club Plan & Back Sale, Stone Harbor Firehouse, 8 am - 2 pm
  • May 13th - Wetlands Institute Native Plan Sale, 9:30 am - 4:30 pm
  • May 15th - Stone Harbor Borough Council Meeting, 4:30 - 6 pm
 
Holly Rennie
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