2022: | Jan. | Feb. | March | April | May | June | July | Aug. | Sept. | Oct. | Nov. | Dec. |
This Weeks News 1/27/2022
This Weeks News 1/20/2022
GIVE 'EM SOME SPACE! While rare, seals are occasionally
spotted on local beaches. These signs have been posted at many beach
entrances reminding everyone to keep a safe distance from the animals. Seals
are likely resting on the beach after a long journey, and should not be
approached. If you believe a seal is sick or injured, report it to the
Marine Mammal Stranding Center at 609-266-0538, so it can be evaluated by an
expert.
FLOODING: WHAT'S MINOR, WHAT'S MAJOR? Ever wondered what to
expect when minor flooding is forecast? Or what distinguishes "minor" from
"moderate" or "major?" Atlantic City Press Meteorologist Joe Martucci
visited Avalon to explain the three different designations, after Avalon's
volunteer Floodplain Management Committee came up with the idea. Joe's video
aired at Avalon's December 15th Borough Council meeting. After discussing
and presenting the video, Joe was given a certificate of recognition for his
project. Watch as Joe visits various areas of town in the video (3 minute
watch):
WHAT DOES MINOR, MODERATE AND MAJOR COASTAL FLOODING STAGE MEAN?
AFTER THREE STRAIGHT WEEKS of increases, interest rates are
up about a quarter point from where they were last month, and up more than a
half point from a year ago, to an average of 3.45%. According to a January
13th Wall Street Journal article, "expectations that the Federal Reserve
will raise interest rates multiple times this year are driving up mortgage
rates." Still, despite the recent increases, rates are still near historic
lows, and well below the 4.75% level where they were in late 2018.
VIEW
THE LATEST LONG & FOSTER MARKET MINUTE REPORT |
DOWNLOAD/PRINT PDF
MARKET STATS: 13 new listings hit the market in December
while 18 properties went under contract, continuing to limit the number of
available listings. The median sale price in December was $2,410,000, up
slightly from November, and down slightly from December 2020. For a more
detailed look at the market see the latest Long & Foster Market Minute
above.
PLACES TO LOVE: THE JERSEY SHORE! Samantha Brown's Places
to Love: The Jersey Shore aired this past weekend, highlighting the
Wetland's Institute and their efforts to research and protect our ecosystem
while educating the public about it. Also featured in the episode were Cape
May's Emlen Physick Estate and Harriet Tubman Museum, as well as Beach Plum
Farm. If you missed it, you can catch the episode here:
SAMANTHA BROWN'S PLACES TO LOVE - THE JERSEY SHORE AND MORE
This Weeks News 1/13/2022
2022 beach tag designs have been revealed!
SECOND HOME INTEREST RATES TO RISE: In a recent statement
the Federal Housing Finance Agency announced increased costs for high
balance loans and second homes financed through Fannie Mae and Freddie Mac.
The FHFA went on to emphasize its mission of "facilitating equitable and
sustainable access to homeownership...and to ensure access to credit for
first-time home buyers and low- and moderate-income borrowers."
Mike Mento of Prosperity Mortgage offered an example of how the future cost
increase could affect a hypothetical $560,000 second home loan with a rate
of 3.375%. Today that loan would have a monthly principal and interest
payment of $2,476. In the future, in order to keep the same monthly payment,
borrowers would pay an additional 3.375% in upfront discount points (each
point is 1% of the loan amount), or without paying discount points, the rate
would increase to 4.375%, pushing the payment up by $320 per month to
$2,796. Mento said the Fannie Mae and Freddie Mac increases will take effect
on April 1st, but also said it takes lenders roughly 30 days after
settlement to facilitate loan sales to Fannie or Freddie, therefore, loans
through Prosperity must settle by February 28th to avoid the rate increase.
Prosperity is actively looking at alternatives for second home loans, and
we'll have a further update shortly. Meanwhile:
FOR BUYERS: If you're in the process or purchasing now (or
negotiating a purchase), it may make sense to plan to close by February
28th.
FOR SELLERS: Although it may not directly affect sellers,
be aware of the increased costs to buyers, and how it may influence them.
Again, for negotiations in progress, offering to close before February
28th may be beneficial.
We'll provide more information--and alternatives--moving forward.
MARKET STATS: The tight inventory situation has continued,
limiting sales even though purchase demand has remained strong. The November
2021 median sale price was $2,300,000, up from November 2020. For a detailed
look at the market see the latest Long & Foster Market Minute report below.
VIEW THE LATEST LONG & FOSTER MARKET MINUTE REPORT |
DOWNLOAD/PRINT PDF
THE WETLANDS INSTITUTE will be featured on TV as part of a
"Samantha Brown's Places to Love" episode. In addition to the Wetlands
Institute, the show will include Beach Plum Farm and Cape May's Harriet
Tubman Museum. Season 5, Episode #502 will air this week on PBS. If
watching from Avalon or Stone Harbor, catch it Saturday morning, January
15th, at 10:30am on WHYY, channel 12. If watching in another area, find the
air date, time, and channel here:
SAMANTHA BROWN'S PLACES TO LOVE - WATCH THE SHOW ON YOUR LOCAL PBS STATION
TIME TO RENEW YOUR RENTAL LICENSE: It's time for the annual
renewal of your property's rental license, and of course the annual
inspection. Avalon and Stone Harbor property owners will receive advanced
notice of their inspection date, and fire inspectors will pick up keys from
our offices, then inspect the property including your smoke detectors, CO
detectors, and fire extinguisher. Avalon property owners should note that
the borough is no longer allowing fire extinguishers to be mounted inside a
closet or cabinet, even if the door is labeled with a "fire extinguisher"
sticker. Instead, extinguishers must be unobstructed from view (such as on
a wall or countertop), and mounted using the supplied hardware or bracket.
Questions about your Avalon rental inspection? Contact the Avalon Fire
Inspection office at (609) 967-5918. For questions about Stone Harbor
rental inspections, contact the Stone Harbor Fire Prevention Bureau at (609)
368-5102.
IT WON'T BE LONG! Dreaming of sunny days, laying on the
beach, as a gentle seabreeze blows? It won't be long before the snow, ice,
and cold temperatures we're talking about will be behind us! Make your 2022
plans now! Plan a week at the beach--or plan to make it permanent! Either
way, call or email me today!
This Weeks News 1/6/2022
Happy New Year from the beach!
HAPPY NEW YEAR FROM THE BEACH! On New Year's Eve Avalon had
a great fireworks display on the beach, with the ocean and the Avalon
Fishing Pier as a backdrop. Over the holiday weekend island visitors enjoyed
shopping New Year sales in many local stores, along with dining in local
restaurants.
BALMY SUNDAY, FROZEN MONDAY! Sunday, January 2nd was
unusually warm for this time of year, with daytime temperatures in the 60s.
But meteorological forces aligned to bring a blast of frigid air to the
region, along with significant snow, wind, and minor coastal flooding on
Monday, January 3rd. Cape May County was just about in the storm's cross
hairs and Avalon and Stone Harbor had about 12 inches of snow fall by 6pm.
Monday evening's temperatures dropped into the teens; winds continued to
blow snow around, and despite excellent and continuous plowing efforts by
road crews on Seven Mile Island, many highways and local roads still had
snow on them early Tuesday morning, before crews could finally catch up.
TAKE A TOUR OF THE ISLAND covered in snow! See below for a
series of photos in various locations around the island!
Avalon's Surfside Park under a blanket of snow.
30th Street in Avalon had been plowed many times but still had
significant snow remaining Tuesday morning.
Snow covered dunes and a wind-whipped ocean.
A single set of footprints lead through the snow on the beach toward the
Avalon Fishing Pier.
Avalon...definitely "Cooler By A Mile!"
Stone Harbor's welcome sign at 80th Street.
102nd Street was plowed right up to the beach entrance, where a single
set of foot prints lead up the beach path.
Bayfront homes and docks in Stone Harbor. Larger waterways are still too
warm to freeze, but some shallow waterways in the marsh had ice forming
along the banks.
IF WARMER WEATHER is your preference, there's nothing like
a mid-winter boat show to get you thinking about summer! The Wildwood
Fishing & Boating Expo takes place this weekend, Saturday & Sunday, January
8th & 9th, at the Wildwood Convention Center. From boat dealers to charter
captains to vendors, there will be plenty to take your mind off winter!
Plus, Captain Dave Marciano from the Wicked Tuna television series will be
on hand both days, sharing his stories and fishing knowledge.
HOURS,
DETAILS AND TICKETS: WILDWOOD FISHING & BOATING EXPO
THE AVALON COMMUNITY CENTER will host Covid vaccination and
booster clinic every Wednesday afternoon from 2pm to 5pm. The Cape May
County Department of Health will administer the Moderna and Johnson &
Johnson vaccines, including booster doses.
SLOW DOWN FOR WHALES: North Atlantic right whales are
routinely found in specific areas designated as Annual Seasonal Management
areas. In those zones vessels over 65 feet are required to slow to 10 knots
or less to reduce the chances of injuring a right whale in a collision;
vessels under 65 feet are asked to voluntarily comply as well. The mouth of
Delaware Bay is such an area. Additional Dynamic Management Areas are added
when right whales are spotted. Such an area has been mapped just southeast
of Atlantic City, with recommended vessel speed restrictions in place
through January 13th.
GARDEN STATE PARKWAY and Atlantic City Expressway tolls
have increased 3% effective January 1st. The Parkway toll booths will now
cost $1.96 (rounded up to $2 for drivers paying cash.) EZPass drivers will
still receive a 25% discount when travelling on off-peak hours.
CIRCLE PIZZA is undergoing interior renovations. Stop in
and see the new look when they reopen on January 17th!
BEST WISHES for a happy and healthy New Year!
IS 2022 YOUR YEAR? Whether you need a vacation in Avalon or
Stone Harbor, or a place to call your very own, let's make it happen! Call
or email me today!