Randy Leiser, Long and Foster Real Estate, Inc., 2997 Dune Drive, PO Box 10, Avalon, NJ 08202
toll-free: 800-967-7796 x212  |  local: 609-967-3001  |  fax: 609-967-3057  |  e-mail: Randy@RandyLeiser.com
2022: Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.

This Weeks News 1/27/2022

Sunset
Just one more reason to love the shore! Even shortly before sunset on a cold winter day, the clouds and sky join forces to create a beautiful sight!
 
EXISTING HOME SALES reached a 15-year high last year (Wall Street Journal, January 20, 2022). Many of the same factors that drove demand across the country were in play in our local market as well. Low interest rates, lack of inventory, and those who had previously put off a vacation home purchase decided to buy because of Covid. Purchase demand is expected to remain strong; rising interest rates and tight inventory could temper sales moving forward.
 
WE'RE WATCHING interest rates, just like you. But it's important to view recent rate increases in a historical perspective. Yes, they're up compared to last month--but they're still significantly below their levels from just a few years ago (see the rate chart below.) And don't forget--if you evaluate a property purchase and can make the numbers work, you can lock in your financing costs for the duration of your ownership with a fixed rate mortgage, protecting you from further upward movement of rates!

History

Listings
       
MORE COLD WEATHER is expected in the coming days, along with possible snowfall. At this time of year all outside water lines should already be winterized, but here are some additional tips for protecting against frozen pipes in crawlspaces and exterior walls of your property:
TACKLE THOSE OFF SEASON PROJECTS NOW, if they're not already underway! Whether you're painting, replacing carpet, refinishing hardwood floors, buying furniture, or replacing appliances, get started now. Take advantage of the winter months and avoid delays which could jeopardize your summer usage or rentals. While most contractors are busy even now, getting your project on their calendar now improves your odds of it being finished on time! Need a contractor or vendor recommendation? Please call or email me! Have a great contractor or vendor to recommend? Please let me know!
 
TOLLS WILL INCREASE BY 50 CENTS this year on Ocean Drive bridges linking the county's barrier islands, including the Townsend's Inlet Bridge between Avalon and Sea Isle City, and the Grassy Sound Bridge, between Stone Harbor and North Wildwood. Higher tolls are expected to generate additional revenue to pay for repair and maintenance of the bridges, which date to the 1930s and 1940s (with the exception of the 20-year old Ocean City-Longport Bridge.) The 50-cent increase will take effect in March of this year, and will be followed by two more 50-cent increases in 2023 and 2024, eventually doubling the bridge toll to $3. The last bridge toll increase was in 2009.
 
PLAN AHEAD FOR THE USAF THUNDERBIRDS! The United States Air Force Thunderbirds recently released their 2022 air show schedule, and a visit to Atlantic City is on the calendar! The Thunderbirds will fly over the Atlantic City beach & boardwalk on August 24th. Mark your calendar!  

 

This Weeks News 1/20/2022

Seals
  
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.
 
Market Report

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

Beach Tags
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.
 
Market Report

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

Fireworks
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!
 
Park
Avalon's Surfside Park under a blanket of snow.
 
30th Street
30th Street in Avalon had been plowed many times but still had significant snow remaining Tuesday morning.
 
Dunes
Snow covered dunes and a wind-whipped ocean. 
 
Pier
A single set of footprints lead through the snow on the beach toward the Avalon Fishing Pier.
 
Avalon
Avalon...definitely "Cooler By A Mile!"
 
Stone Harbor
Stone Harbor's welcome sign at 80th Street.
 
Beach
102nd Street was plowed right up to the beach entrance, where a single set of foot prints lead up the beach path.
 
Bay
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!