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Weekly News 1/26/2023

A ship passes on the horizon as visitors enjoy a winter beach walk.

MARKET STATS: The median sold price during December 2022 was $2,500,000 in the local market, up from $2,155,000 the year before.  11 properties settled in December, down from the year before.  There were 105 active listings, up from a year ago, although the figure has remained stable since June.  For a detailed look at the market, see the latest Long & Foster Market Minute report:


http://marketminute.longandfoster.com/Market-Minute/NJ/Avalon-Stone-Harbor.htm

 
THE NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION has said that there is no evidence linking the recent deaths of several whales to offshore wind work. NOAA officials indicated they are tracking an elevated number of whale deaths, going back as far as 2016, but that those deaths are not related to offshore wind projects. Some lawmakers called for a pause in offshore survey work fearing that sonar might be causing the whale deaths. But in a recent Atlantic City Press article, the Danish firm Orsted said they are not currently using sound to scan the ocean floor, and have not done so since last summer. Instead, they are surveying the ocean bottom by drilling samples as they determine what route future underwater cables will take.
 
LOOKING FOR A GREAT ACTIVITY for a cold winter evening? Learn about the early history of Avalon in this fascinating YouTube video, narrated by Bill Mengel of the Avalon History Center! This fifty-minute presentation covers Avalon's early days, including development, dredging, railroads, churches, and more. Settle in with a cup of tea and relive Avalon's history! Watch the video here: http://youtu.be/LIH4mWm7UNg
 
THIS OFF SEASON there are many local projects planned to improve Avalon and Stone Harbor. From the rebuilding of public bayfront docks in Avalon, to a new beachfront pavilion at 88th Street, paving and infrastructure work, and of course the massive beach replenishment that will begin in several weeks. Conducting the projects in the off season helps improve the island while minimizing the impact on residents and visitors here during peak summer weeks.
 
THE OFF SEASON IS A GREAT TIME to conduct your own improvement projects. Take advantage of the winter to complete needed maintenance, repairs, or upgrades to your shore property. Need a painter, electrician, plumber, or contractor? Call or email me for a referral!
 
UPCOMING EVENTS:
 
Author Talk: Mary Dixon Lebeau, “Secret Jersey Shore: A Guide to the Weird, Wonderful, & Obscure.” Avalon Free Library, Saturday, January 28th, 2pm.
 
Valentine’s Express, Cape May Seashore Lines, Friday, February 10th & Saturday, February 11th. See www.SeashoreLines.org for info.
 
Longtails in Love, special birdwatching field trip, 8th Street at the beach, Avalon. Saturday, February, 11th, 10am to 4pm. Register in advance at HTTP://njaudubon.org/event/longtails-in-love/
 
Avalon History Center Lecture: Stories of Slavery in New Jersey. Avalon History Center, Saturday, February 11th, 1pm.
 
20th Anniversary Friend In Need Super Bash, Princeton Bar & Grill. Silent auction, raffles, food, beverages, giveaways, music. Sunday, February 12, 4:30pm. Tickets available at HTTP://www.friendinneednj.org/
 
Polar Bear Run/Walk for Autism, 5k Run and 1-mile Walk, Sea Isle City, Saturday, February, 18,th, 9:30am to 11am. Register in advance at HTTP://runsignup.com/Race/NJ/SeaIsleCity/PolarBear5kRunWalkforAutism
 
Birding on the Barrier Islands, Stone Harbor Point Parking lot, Saturday, February 25th, 1pm. Register in advance at  HTTP://njaudubon.org/event/birding-on-the-barrier-islands/
 
Shop-A-Holics Weekend, Seven Mile Beach Shopping Districts, Thursday-Sunday, March 9-12.

 

Weekly News 1/19/2023

Avalon & Stone Harbor beaches will soon receive nearly 700,000 cubic yards of sand in the upcoming replenishment project.  US Army Corps of Engineers photo.

$28 MILLION BEACH REPLENISHMENT CONTRACT AWARDED:  The US Army Corps of Engineers awarded a $28.8 million contract for the replenishment of Avalon and Stone Harbor beaches.  Sand will be borrowed from Townsends Inlet and pumped onto the beaches, and then graded to match the dune and beach profile.  In Avalon, 231,000 cubic yards of new sand will be placed from 9th Street to 18th Street; in Stone Harbor, 464,000 cubic yards of sand will be placed from 90th Street to 123rd Street.  Options for additional sand exist in both towns.  Work is expected to begin in late February or early March; look for equipment to be mobilized before work begins.  65% of the project's cost will be covered by the federal government, 26% by the state, and 9% by the municipalities.  In addition to more room on the beach for recreational use, the wider beaches, along with the dune system, are critical for providing storm protection for the island in the event of significant storms.
 
SEVEN DECEASED WHALES found along New Jersey beaches in the past month, including one in Strathmere, two in Atlantic City, and one in Brigantine, have lead to questions about why so many have died in such a short period of time.  According to the Marine Mammal Stranding Center, there have been an average of seven whale strandings annually in New Jersey, so seven in a month is highly unusual.  Pre-mortem vessel strikes are to blame for at least some of the recent deaths, MMSC has said, but further investitation is needed.
 
SKATING, ANYONE?  Strap on your ice skates and head to Icona Avalon's Ice Skating Rink!  It's open Friday's through Sundays, through March.  Parents can grab a seat on the couches around the synthetic ice rink to watch the kids, or after the skating, head to the Veranda or Avalon Brew Pub to enjoy the full menu plus seasonal additions!  A daily pass with skates is $25.
 
NO EARTHQUAKE, JUST AN AIRPLANE:  Last Friday afternoon a persistent shaking of buildings felt throughout Cape May County lasted about 10 seconds, and had most people thinking "earthquake."  No seismic activity was recorded, however, and on Saturday, the US Navy said it was likely one of their aircraft going supersonic that caused the rumbling.  Supersonic flight is prohibited over land, but the Navy often flies at supersonic speeds over the ocean.  Sonic booms are typically not heard (or felt) onshore, but in the wintertime, conditions can allow for the rumbling to travel back to land.
 
THINKING OUTSIDE THE BOX: Prices have appreciated significantly over the past several years.  But have you considered achieving your dream of shore ownership by thinking "outside the box?"  For example, have you ever wanted to have a property right on the beach, but can't swing the price tag on Seven Mile Island?  Consider this beautiful oceanfront townhome in Sea Isle City!  For $2,795,000 you get six-bedrooms, and ocean views that stretch forever!
 

 
UPCOMING EVENTS:
 
 
Author Talk: Mary Dixon Lebeau, “Secret Jersey Shore: A Guide to the Weird, Wonderful, & Obscure.”  Avalon Free Library, Saturday, January 28th, 2pm. 
 
Valentine’s Express, Cape May Seashore Lines, Friday, February 10th & Saturday, February 11th.  See www.SeashoreLines.org for info. 
 
Avalon History Center Lecture: Stories of Slavery in New Jersey.  Avalon History Center, Saturday, February 11th, 1pm. 
 
20th Anniversay Friend In Need Super Bash, Princeton Bar & Grill.  Silent auction, raffles, food, beverages, giveaways, music.  Sunday, February 12, 4:30pm.  Tickets available at https://www.friendinneednj.org/  
 
Shop-A-Holics Weekend, Seven Mile Beach Shopping Districts, Thursday-Sunday, March 9-12. 
 
Stone Harbor Shiver, 95th Street beach, Saturday, March 18th. 

        

This Weeks News 1/12/2023

Tracks in the sand—of all shapes & sizes!  During the winter months SUVs and pickup trucks are often used on the beach—with permits—for fishing.  Heavy equipment is used for beach maintenance and replenishment projects.  And, of course, those walking the beach for enjoyment leave foot prints!

BUYER'S LOOKING for properties are benefitting from better market conditions.  Multiple offers are far less common now; there is less pressure for buyers to make a "no contingency" offer; there are more homes to choose from than there were a year or two ago; and, interest rates have eased somewhat in the past few months.
 
LOOKING TO MAKE your mortage even more affordable?  Many buyers have opted to use hybrid adjustable rate mortgages, such as 3/1-, 5/1-, and 7/1 ARMs.  That type of adjustable rate mortgage offers a fixed-rate for the first three, five, or seven years, typically a good bit lower than a thirty-year fixed rate.  After the initial fixed rate period, the ARM rate can then adjust annually.  Most mortgages are not held anywhere near thirty years—in fact, most are held five to seven years—so a hybrid ARM can be a wise move if you're planning to pay off the mortgage early, or planning to refinance it within a certain time frame.  
 
NAVAL AIR STATION WILDWOOD NEEDS HELP through the weekend!  NASW, home to many vintage aircraft, is asking for volunteers to help through this weekend.  Hangar #1's northside roof replacement has been completed, and volunteers are needed to assist the museum staff in cleaning the hangar in preparation for reopening.  Tasks include power washing, sweeping, moving aircraft and exhibits, and more.  Volunteers are asked to dress warm, and register here: HTTP://forms.gle/wjcCYrpUmxyXwqxaA
 
UNCLE BILL'S PANCAKE HOUSE IN AVALON is currently undergoing renovation, for the first time in 20 years, and is currently closed.  Uncle Bill's in Stone Harbor is open daily from 7am to 1pm.
  
"PUT REALITY in your rear view mirror, and drive to the beach house in your mind!" --Jimmy Buffet, on Radio Margaritaville.  Good idea, Jimmy!

 
UPCOMING EVENTS:
 
US Naval Air Station volunteer clean up project, through Sunday, January 15th.  Volunteer here: HTTP://forms.gle/wjcCYrpUmxyXwqxaA 
 
Avalon Floodplain Management Plan update meeting, Avalon Borough Hall, Friday, January 13th, 2:30pm. 
 
20th Anniversay Friend In Need Super Bash, Princeton Bar & Grill.  Silent auction, raffles, food, beverages, giveaways, music.  Sunday, February 12, 4:30pm.  Tickets available at HTTP://www.friendinneednj.org/  
 
Shop-A-Holics Weekend, Seven Mile Beach Shopping Districts, Thursday-Sunday, March 9-12. 
 
Stone Harbor Shiver, 95th Street beach, Saturday, March 18th. 

   

This Weeks News 1/4/2023

Avalon held its second annual New Year's Eve fireworks display on the beach, adding bright lights to foggy weather!  Photo courtesy of Avalon Public Works Director Bill McCormick via Facebook.
   

HAPPY NEW YEAR to you and your family!  May the new year bring you good health and much happiness!
 
FROM FRIGID TO SNOW, FOG, AND RAIN, and then a warm up to nearly 60 degrees, the holiday season saw extremely varied weather conditions.  The fast, deep freeze that lasted a few days lead to frozen pipes and the resulting water leaks as temperatures warmed up.  By New Year's Eve temperatures had moderated and damp, foggy conditions took over.  
 
OPERATION FIRESIDE resumed this holiday season as more than 200 recruits from Coast Guard Training Center Cape May were hosted by local families on Christmas day, providing them a home cooked holiday meal in a comfortable setting, and a break from their basic training duties on the Coast Guard base.  Thanksgiving's Operation Fireside was the first time since the start of the pandemic that the 41-year-old program was held.
 
2023 REAL ESTATE MARKET: As the year begins there are several factors affecting the real estate market.  Here's what to watch:
 
Interest rates: after a dramatic rise last year from the 3% range to nearly 7%, rates have settled down a bit and now hover just over 6%.  While higher rates have had a dampening effect on the mainland and primary residence market, the effect is somewhat less in the Avalon/Stone Harbor market, where buyers tend to be more affluent, and a high percentage of our transactions are cash.
 
Inflation: it's on everyone's mind, and has significant implications for the broader economy.  But real estate is generally seen as a hedge against inflation, and a good asset to hold when prices are rising. 
 
Buyer demand: thus far purchase demand has remained steady.  
 
Listing inventory: the listing crunch of a couple of years ago has eased somewhat, and the number of active listings has increased.
 
The real estate market in general: with demand remaining steady and a better supply of listings, we are easing toward a more balanced market.
 
Your situation: whatever your real estate goals this year, I'm ready to help you achieve them.  Please call or email me to discuss your situation!
 
12 EXTRA MINUTES OF SUNSHINE! Daylight time is increasing a little bit each day, and just two weeks after the winter solstice, it's already noticeable!  We've already gained about 12 minutes of daylight since then--a big help as January begins!
 
ADD A WEEK OF SUNSHINE to your life!  Let me help you find a vacation rental property!  Summer 2023 is just around the corner—let's find your rental property now!  Email or call me!