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Sunday, March 29, 2009

Stone Harbor Real Estate Market March 10 to March 29,2009


Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon. Here is a summary of the Stone Harbor Real Estate Market Activity for March 10 to March 29,2009.

There are currently 115 homes currently for sale in Stone Harbor ranging in price from $475,000 for a two bedroom home on Weber Court to $5,990,000 for a beach front home on 97th street.

There are six single family homes currently Under Contract.
356 89th street, a 3 bedroom, 1 bath home listed for $990,000, went Under Contract on 10/9/2008 and goes to settlement 3/28/2009.This has been on market 434 days.
165 93rd street, a 3 bedroom,2 bath home on a 50x110 lot , listed for $1,395,000 went Under Contract on 3/1/2009 goes to settlement 4/20/2009. This has been on market 206 days

43 Weber Court, listed at $559,000 goes to settlement 4/15/2009
222 108th street listed at $998,000 goes to settlement 6/1/2009
100 108th street listed at $1,750,000 goes to settlement 6/8/2009
8626 First Avenue listed at $5,195,000 goes to settlement 5/15/2009

8626 First Avenue, a 5 bedroom,3 bath Victorian home on a 110x110' beach block lot with pool is listed for $5,195,000 went Under Contract 2/27 and goes to settlement 5/15/2009. This has been on the market 281 days.

43 Weber Court, a two bedroom, one bath cottage listed for $559,000 went Under Contract same day it hit the market. it goes to settlement 3/31/2009

Stone Harbor NJ Condos – March 10 to March 29th 2009. Market Recap:

There are currently 63 Stone Harbor condos currently for sale ranging in price from $174,900 for an efficiency unit at 10120 Third Avenue up to $1,725,000 for a 5 bedroom,3.5 bath townhome with pool at 261 89th street.

Average asking price is $738,419
Average Days on the market - 276 days
One two bedroom, one bath condo at 312 88th street which was listed for $399,000, SOLD 3/27/2009 for $351,120. This was on market for 256 days


The data for this market report is based on statistics provided from the Cape May County MLS (private sales are not included)

Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs.

e~mail me at Nancy@NancyMAlexander.com, or Call me! I love to talk Real Estate! Call my cell 609.425.7521

Please visit The Address For Luxury Real Estate at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor.
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Avalon New Jersey Sales Activity for the Weeks of March 10th to March 29, 2009

Avalon Sales Activity for the Weeks of March 10 to March 29, 2009


Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon. Here is a summary of the Avalon Real Estate Market Activity.

There are currently 223 single family homes for sale in Avalon ranging in price from $549,000 for a two bedroom home at 667 22nd street to a whopping $16,875,000 for a seven bedroom south Avalon beach front home on 75th street.

There are thirteen single family homes now Under Contract in Avalon.
A 4 bedroom,3 bath bay front home at 6600 Ocean Drive which was listed for $1,989,000 SOLD 3/21/2009 for $1,700,000. This was on the market for 365 days.


Condo/Townhouse Avalon
There are now 131 condo/townhouses for sale in Avalon ranging in price from $169,000 for an efficiency unit at 7900 Dune Drive, up to $2,200,000 for a beach front,4 bedroom,3 bath unit at 65 east 28th street

There are fourteen condos in Avalon now Under Contract ranging in price from $305,000 to $719,000.
A 4 bedroom,4 bath townhome at 502 20th street which was listed for $719,000 SOLD 3/21/2009 for $617,000. This was on the market for 570 days
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The data for this market report is based on statistics provided from the Cape May County MLS (private sales are not included)

Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs.

e~mail me at Nancy@NancyMAlexander.com or Call me! I love to talk Real Estate! Call my cell 609.425.7521

Please visit The Address For Luxury Real Estate at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor
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Friday, March 20, 2009

Real Estate Outlook: Where Housing is Headed



We received an important indicator of where housing is headed last week, when new mortgage applications for home purchases and refinances suddenly surged as they hadn't in months.

Applications for FHA loans to buy houses were up by 10.4 percent. And overall home purchase applications jumped by 7.1 percent.

Meanwhile mortgage interest rates dropped to their second lowest level in nearly two decades, according to the Mortgage Bankers Association. Thirty year fixed rates averaged 4.96 percent and fifteen year rated dropped to just 4.5 percent.

Why's this important? New financing applications to buy homes obviously point to rising purchase contracts and closed sales in the months ahead. They also suggest that prices have hit a level in many markets that is attracting once-hesitant buyers off the sidelines.

There's still another factor that's likely at work here as well: Congress's recent improvements to the home purchase tax credit -- pushing it to $8,000 from $7,500 and making it non-repayable. George Ratiu, research economist for the National Association of Realtors, says the big jump in loan applications could be tied to the improved credit in the stimulus package signed into law last month.

"Consumers may be responding to the stimulation" effect of the better credit for 2009, he said.

But let's be clear here: A rise in home purchase applications does NOT suggest we've turned the corner in the cycle or have solved the multiple challenges facing markets around the country -- high foreclosure levels, continuing domination in some areas of REO and short sales, and continuing increases in the unemployment rate.

Even amid these problems, however, there are some hints of possible improvements ahead. For example, a new study by research firm Realty Trac and USA Today found that despite the constant headlines about record levels of foreclosures, the more closely you look, the more you find that those numbers are highly concentrated in a relatively small number of counties.

More than half of the nation's foreclosures in 2008, researchers found, were concentrated in just 35 counties in 12 states. You can guess where: California, Las Vegas, Phoenix and Florida.

But the really eye-opening finding: In more than 650 other counties, representing one fifth of all markets in the U.S., foreclosure numbers have actually declined since 2006.

Foreclosures are horrible no matter where they occur. But the fact is: Huge portions of the United States have NOT been seeing record foreclosures, short sales or even serious property value declines. They're doing better.

by Kenneth R. Harney in Realty Times


Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs.

e~mail me at Nancy@NancyMAlexander.com or Call me! I love to talk Real Estate! Call my cell 609.425.7521

Please visit The Address For Luxury Real Estate at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor

Friday, March 13, 2009

Avalon New Jersey Sales February 22 to March 10, 2009

Avalon Sales Activity for the Weeks of February 22 to March 10, 2009


Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon. Here is a summary of the Avalon Real Estate Market Activity.

There are currently 222 single family homes for sale in Avalon ranging in price from $549,000 for a two bedroom home at 667 22nd street to a whopping $16,875,000 for a seven bedroom south Avalon beach front home on 75th street.

There are ten single family homes now Under Contract in Avalon.


Condo/Townhouse Avalon
There are now 156 condo/townhouses for sale in Avalon ranging in price from $169,000 for an efficiency unit at 7900 Dune Drive,up to $2,200,000 for a beach front,4 bedroom,3 bath unit at 65 east 28th street

There are ten condos in Avalon now Under Contract ranging in price from $315,000 to $719,000.

Six condo units have Sold and Settled.
Three units at 7929 Dune Drive .One Sold for $340,000,and one Sold for $377,296,and one Sold for $417,025.

321 40th street, a 5 bedroom,4 bath unit listed for $775,000 SOLD for $700,000 on 2/27/2009 after 818 days on the market.

323 40th street, a 5 bedroom,4 bath unit listed for $825,000 SOLD for $722,500 on 2/27/2009 after 1000 days on market.
2008 N. Ocean Drive,a 4 bedroom,2.5 bath unit listed for $969,000 SOLD on 3/7/2009 for $890,000 after 153 days on market.


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The data for this market report is based on statistics provided from the Cape May County MLS (private sales are not included)

Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs.

e~mail me at Nancy@NancyMAlexander,com or Call me! I love to talk Real Estate! Call my cell 609.425.7521

Please visit The Address For Luxury Real Estate at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor

Tuesday, March 10, 2009

Stone Harbor Real Estate Market Activity from February 22 to March 10,2009



Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon. Here is a summary of the Stone Harbor Real Estate Market Activity.

There are currently 116 homes currently for sale in Stone Harbor ranging in price from $475,000 for a two bedroom home on Weber Court to $5,990,000 for a beach front home on 97th street.

In the three week period February 22 to March 10,2009 one home SOLD and went to settlement
8801 Pennsylvania Avenue, a 5 bedroom,5 bath home with a pool, listed for $2,849,000. which has been on market for 433 days,went. to settlement March 7,2009 and SOLD for $2,575,000


There are three single family homes currently Under Contract.
356 89th street,a 3 bedroom, 1 bath home listed for $990,000,went Under Contract on 10/9/2008 and goes to settlement 3/28/2009.This has been on market 434 days.
165 93rd street,a 3 bedroom,2 bath home on a 50x110 lot , listed for $1,395,000 went Under Contract on 3/1/2009 goes to settlement 4/20/2009. This has been on market 206 days.
8626 First Avenue,a 5 bedroom,3 bath Victorian home on a 110x110' beach block lot with pool is listed for $5,195,000 went Under Contract 2/27 and goes to settlement 5/15/2009. This has been on the market 281 days.

43 Weber Court,a two bedroom,one bath cottage listed for $559,000 went Under Contract same day it hit the market. it goes to settlement 3/31/2009

Stone Harbor NJ Condos – February 22 to March 10th 2009. Market Recap:

There are currently 61 Stone Harbor condos currently for sale ranging in price from $229,900 for a 1 bedroom,1 bath unit at 8305 Third Avenue up to $1,725,000 for a 5 bedroom,3.5 bath townhome with pool at 261 89th street.

Average asking price is $757,298
Average Days on the market - 271 days

One Condo in Stone Harbor is now Under Contract
312 88th street. Asking price $399,000
Days on the market-72 days

The data for this market report is based on statistics provided from the Cape May County MLS (private sales are not included)

Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs.

e~mail me at Nancy@NancyMAlexander.com or Call me! I love to talk Real Estate! Call my cell 609.425.7521

Please visit The Address For Luxury Real Estate at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor.
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Sunday, March 1, 2009

Mortgages That Survived The Credit Crunch

Excerpt From My March Newsletter in Realty Times

Today's mortgages are a far cry from boom time home loans, but they do exist and some lenders have money to burn. "People used to qualify with stated income. Now there is more documentation. And they aren't just documenting your income, but looking for assets in addition to your income and low debt-to-income ratios and low loan-to-value ratios," said Asmaa Egal, mortgage broker, Loan Republic Financial in San Francisco.
The new brand of home loan has been customized with tighter controls and fewer defects to replace old mortgage models that crashed and burned when the economy hit the skids. "You have to qualify. You have to prove your income. They have make-sense underwriting," said, Quincy Virgilio, 2009 president of the Santa Clara County Association of Realtors.
FHA-insured mortgages
The new darling of the homebuyer set, Federal Housing Administration-insured mortgage programs, have been available for decades. especially for low- to moderate-income families who may not meet requirements for conventional loans.
But with new loan limits as high as $625,500, they've become especially attractive in high cost areas. FHA loans are expected to account for 25 percent of the mortgages signed in 2009, according to the National Association of Realtors. Because of previously lower loan limits, FHA loans amounted to less than 4 percent of homes sold from 2003 and 2006.
The new FHA model also comes with low down payments and eased credit requirements.
"They are much more lenient (compared to conforming Fannie Mae and Freddie Mac mortgages) on how they look at credit scores. The score can be in the 600s vs. 700s, said Cheryl O'Connor, a finance expert with O'Connor Consulting in Danville, CA.
FHA features include:
• As little as 3 percent down.
• Financed closing costs.
• A 1 percent (of the mortgage) ceiling on the amount lenders can charge for closing costs.
• No prepayment penalties.
• Relaxed debt-to-income requirements.
• FHA-approved lenders only.
• FHA-approved appraisals only.
Virgilio says buyers who don't have 20 percent or more down will pay an upfront mortgage insurance fee amounting to as much as 1.75 percent (of the loan) and a monthly mortgage insurance premium that effectively tacks on another 0.5 percent to the interest rate.
"But you can structure your loan with participation from the seller paying closing costs. Not down payment assistance, but closing costs, but in this marketplace the seller is going for that," said Virgilio.
The best rates (typically fixed, rather than adjustable) go to those who have financial reserves, savings or investments amounting to at least two months worth of a PITI (principle, interest, taxes and insurance) mortgage payment.
Likewise, the best deals go to buyers with a 30 to 33 percent debt-to-income ratio when the debt includes housing and all other monthly debt payments.
In addition to FHA home-buying loans, the "Housing and Economic Recovery Act of 2008" created "Hope For Homeowners" which allows troubled mortgage holders to avoid foreclosure by refinancing into a more affordable, FHA Secure mortgage, provided Uncle Sam gets a piece of the equity-growth action and provided the existing lender approves.
Members only
Credit unions largely survived the credit crunch because, as non-profits, the fundamentals apply. They take in deposits. They make loans based on sound underwriting principles. They charge more on those loans than they pay on deposits.
Without the profit motive, there was no incentive to get involved in the subprime racket, no reason to sell and repackage loans as investments and no need to otherwise venture into untried and untrue investment schemes.
Along with fixed-rate 30-year mortgages at rates often lower than banks they also offer conventional adjustable rate mortgages (ARM) and hybrids all with rates typically lower than conventional lenders. "Credit unions have a tendency to be more lenient if you have a bank account with a credit union," O'Connor said.
Credit union originations rose a whopping 10.1 percent during the first half of 2008, according to the industry's federal regulator, the National Credit Union Administration (NCUA). Conventional mortgage lender loan originations took a nose dive, falling 17 percent during the same period.
Rural home loans
Don't get your knickers in a knot over the term "rural." Loans backed by the United States Department of Agriculture's (USDA) Rural Development Housing and Community Facilities Programs are limited, but you don't have to grow corn or raise chickens.
The loans are for:
• People living in designated rural areas where the population is less than 20,000.
• People with incomes under 115 percent of household median income for the area. In most areas, the upper income limit for borrowers will be $60,000 to $70,000 per year.
• People buying homes, not refinancing or taking out equity loans.
USDA Programs include no-money down loans, home improvement and rehabilitation loans and grants, construction loans, loans for minorities and true to the work-ethic of rural life, sweat-equity loans that require buyers to help build their own homes.
Local, state agencies
O'Connor says don't overlook local -- city, county and state -- housing assistance programs that often cater to first-time and or low- to moderate-income home buyers as well as government and service workers including teachers, police officers and fire fighters.


Written by Broderick Perkins
Read the rest of my March Newsletter here http://realtytimes.com/124/NancyAlexander

Buying or Selling a home in Stone Harbor or Avalon, or if you need a Summer Rental, it would be my pleasure to help you with your Real Estate needs.

e~mail me at Nancy@NancyMAlexander or Call me! I love to talk Real Estate! Call my cell 609.425.7521

Please visit The Address For Luxury Real Estate at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor