Avalon and Stone Harbor NJ Weekly Update December 15th, 2016

2017 SUMMER RENTAL GUIDE: What better way to put a smile on everyone’s face this holiday season than to plan your summer vacation now!  Browse hundreds of vacation homes in every price range in our new 2017 Rental Guide—it’s a great tool to help you plan the perfect vacation.  Call or email me when you’re ready to book a vacation for your family!  Click here to get started: http://www.nancyalexander.com/2017-rental-book/

Click above for our 34-page 2017 Summer Rental Guide!

MORTGAGE RATES have moved up steadily since September to an average of 4.15% according to Bankrate.com.  Despite the increase, the average rate is just a tenth of a percentage point higher than last December, and rates remain very attractive from a historical perspective.  Take advantage—whether purchasing or refinancing, secure a great mortgage rate now!

STONE HARBOR’S NEW LIBRARY will open at 9am on Tuesday, December 27^th!  The new 9,400 square foot building stands at the corner of 96^th Street and Second Avenue, and includes indoor seating as well as an outdoor deck to take in the view along 96^th Street.  In preparation for the opening of the new library, the existing library in Borough Hall will close December 19^th.

LAST MINUTE HOLIDAY GIFT IDEAS!  From stocking stuffers to fun adventures, add a piece of the shore to your holiday!
Avalon’s Holiday Beach Tags (while supplies last) are available at Borough Hall on weekdays, 8:15am to 4:15pm.
Stone Harbor’s Holiday Beach Tags (while supplies last) are available at Borough Hall on weekdays from 8:30am to 4pm, or on Saturdays at the Chamber of Commerce Welcome Center, 212-96^th Street, 11am to 3pm.
Tree to Tree Adventure Park (at the Cape May County Zoo) gift certificates.  Call 609-388-8289.
Morey’s Piers and waterpark discounted tickets, available for purchase through January 6^th.  Visit www.moreyspiers.com.
Concord Café gift card sale—buy a $100 gift certificate, get $20! Call 609-368-5505.
And don’t forget a gift certificate to your favorite local shop or restaurant!

SANTA IS MAKING HIS ROUNDS this holiday season.  He’ll be at the Stone Harbor Elementary School Thursday, December 15^th at 6pm, where he’ll visit with all children.  On Wednesday, December 21^st he’ll be escorted through Avalon atop an Avalon Fire Department truck, from 5:30pm to 8:30pm.  (Call 609-967-5914 to add your house to Santa’s list of designated stops!)

UPCOMING EVENTS:

• One Christmas Carol, festive family holiday show, Cape May Stage, visit www.capemaystage.org for details, now through Saturday, December 31
• Winter Enrichment Day at the Cape May County Zoo, watch zookeepers as they share special treats & activities with the animals, 11AM-2PM, Saturday, December 17
• Ferry Merry at the Cape May Ferry Terminal, Santa & his friends, games, crafts, face painting, balloon art, hot chocolate & cookie bar, Noon-3PM, Sunday, December 18
• Winter’s Wildlife Camp for ages 4-8, 4 day adventure camp at the Cape May County Zoo focusing on animal habitats, animal care, conservation & the environment, visit www.cmcZoo.com for info, Tuesday thru Friday, December 27-30
• Harpist on the Porch, classical & holiday music, Avalon Free Public Library, 1-3PM, Saturday, December 31
• Ocean City’s First Night Celebration, family fun including magic, rides on Wonderland Pier, the Greaseband, a Neil Diamond tribute concert on the Music Pier, giant fireworks display at midnight, visit www.firstnightocnj.com for details, 4PM-Midnight, Saturday, December 31
• IPad Workshop designed for beginning users, Avalon Free Public Library, register at 609-967-7155, 10AM-Noon, Saturday, January 7
• Cape May Traditional Jazz Society presents the Mary Lou Newman Jazz Band, VFW Post #386, 419 Congress Street in Cape May, 2-4PM, Sunday, January 8
• Creative Writing Seminar, Avalon Free Public Library, register at 609-967-7155, 10AM-Noon, Saturday, January 21

Featured Property:
This home sits atop a huge 110x100 lot just a block from Avalon’s “high dune” beaches!

4029 Dune Drive, Avalon, $2,299,500, ACTIVE MLS#: 173104


New Listings:

10007 First Avenue, Stone Harbor, $375,000, ACTIVE MLS#: 173614

242 29th Street, West Unit, Avalon, $685,000, ACTIVE MLS#: 173668

123 93rd Street, Stone Harbor, $3,125,000, ACTIVE MLS#: 173622


Properties Sold:

222 83rd Street, Stone Harbor, $715,000, SOLD MLS#: 172446

2507 Dune Drive, Avalon, $846,000, SOLD MLS#: 172537

300 92nd Street, Stone Harbor, $875,000, SOLD MLS#: 172525

345 86th Street, Stone Harbor, $950,000, SOLD MLS#: 172042

34 W 29th Street, Avalon, $999,000, SOLD MLS#: 172765

100 105th Street, Stone Harbor, $2,200,000, SOLD MLS#: 169591

192 61st Street, Avalon, $4,550,000, SOLD MLS#: 170454

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com

Personal Finance 101: What is a Fiduciary?

Today's News and Features

Those looking into hiring a finance advisor may have heard the term “fiduciary” thrown around. But what is a fiduciary, and do you need one?

"Consumers are hearing the term 'fiduciary' more often, but increased awareness doesn't necessarily equal increased understanding," explains  National Association of Personal Financial Advisors CEO Geoffrey Brown.

What is a fiduciary? A fiduciary is a professional entrusted to manage assets or wealth while putting the client's best interests first at all times. Financial advisors who follow a fiduciary standard must disclose any conflict, or potential conflict, to their clients prior to and throughout the advisory engagement. Fiduciaries will also adopt a code of ethics and will fully disclose how they are compensated.

Non-fiduciary financial professionals can recommend investments with higher fees, riskier features and lower returns because they earn more money for the advisor, even if those investments are not the best choice for their clients.

Who is a fiduciary? Registered Investment Advisors (RIAs) are held to a fiduciary standard of care. By law, they must act solely in the best interest of their clients. To ensure your advisor or a potential advisor is following a fiduciary standard, request to see the advisor's ADV (a form filed with the SEC) or ask if they will sign a Fiduciary Oath.

How can you find a fiduciary? Accountability is important in financial planning. While there are many people in the financial industry who profess to have the client's best interests at heart, they still may have conflicts that impact their recommendations. It's important for consumers to ask the right questions of any potential advisors.


Source: http://www.napfa.org

Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

Weighing The Pros & Cons Of A Home Addition

Adding a new addition to your home is a great idea for various reasons. But interest rates and property values can change the effectiveness of your investment. If you are considering building a home addition, you'll want to consider the following information as you make your decision.

Cost

Possibly the greatest consideration regarding home additions is cost. Generally, many homeowners opt to build or renovate when interest rates are low and they can take advantage of home equity loans. When budgeting for your addition, it's important to plan for the costs that are often associated with major home improvement projects. The hefty cost of a new home addition is something that homeowners need to consider closely before embarking on this type of construction. It's also important to consider the additional costs of utilities and taxes that will affect your annual budget.

Investment Value

Experts suggest that you can recover the cost of a mid-range home addition at the point of sale. This is the main inspiration for many homeowners investing in extra square footage. Even though extra square footage should drive up the value of your home, sellers don't necessarily recoup their entire investment due to other variables associated with property values.

Enjoyment Factor

Cost and investment aren't always the main considerations for homeowners who opt for new additions. Many people simply want to enjoy the added space or have a significant need for expanding their home. Whether you're considering extra bedrooms or an expanded kitchen, an addition will improve the functionality of your home and increase your overall enjoyment.

Stress

From conflicts with contractors to the inconvenience of living in a construction zone, home renovations and new additions can be fraught with stress. While stress is a con, it's also likely to be a temporary problem. Moreover, selling your home and buying a new one may prove no less stressful. By working with skilled reputable contractors and planning carefully, you can avoid many of the headaches associated with residential building projects.

Design Aesthetic

A poorly designed addition can detract from the appearance of your home. It's important for homeowners to work with an architect who has the experience and knowledge to create an addition in keeping with the aesthetics of your home. An addition that's mismatched with the main structure can detract from the visual appeal of the house and ultimately turn off buyers.

Other Pros and Cons of a Home Addition

Unless your new addition is a second-story addition, a home expansion is going to swallow up some of your property. Less yard space could prove to be a turnoff to some home buyers. On the other hand, staying in your home allows you to keep your great neighbors and reside in the community you love. Adding on to your home also allows you to customize the entire project to suit your household's needs.

Conclusion

Consider all of the pros and cons when it comes to making a decision about a new home addition. Talking to other homeowners can also help you gather advice and enhance your decision-making process.


Written by Andrea Davis

Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

November Round Up: Rates Move Higher

In Freddie Mac's results of its Primary Mortgage Market Survey®, average fixed mortgage rates are moving higher with the average 30-year fixed-rate mortgage topping 4 percent for the first time since 2015.

• 30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending November 23, 2016, up from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent. 
• 15-year FRM this week averaged 3.25 percent with an average 0.5 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent. 
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.4 point, up from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 3.01 percent.

According to Sean Becketti, chief economist, Freddie Mac:

"In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points. The 30-year mortgage rate followed suit, rising 9 basis points to 4.03 percent. This increase marks the first week since 2015 that mortgage rates have risen above 4 percent."  Does the Marble Test Really Work?

A viral video recently showed a marble rolling on an uneven floor inside a luxury apartment building in San Francisco called the Millennial Tower. This summer, residents there learned that the structure, which had been constructed on bay mud, had sunk a total of 16 inches and is leaning at least 2 inches.

But can rolling a marble test really reveal if your listing has this kind of a problem?

"The marble is a good way to demonstrate the floor is not level, but not to tell if this means there is a problem," says Bill Neal, a structural engineer in Vernon, Conn.

Instead, there's a different tool you'll need. "Put a 4-foot-long level on the floor. Ideally, when the level is level, the end should not be more than an eighth of an inch off the floor. If it's a quarter inch or more, the house definitely should be checked," Neal says.

An uneven floor could indicate a structural problem or possibly poor workmanship, Neal says.

Sellers: Don't Let The Holidays Scare You

Some home owners may be tempted to delay putting their home on the market until after the holidays. But there's plenty of reasons why they shouldn't wait and use the holidays to their advantage and start the new year with a "sold" sign on the front lawn.

Here are a four reasons why selling during the holidays may offer them a better chance than right after the new year:

1. Buyers relocating for job purposes may be in a hurry to get settled into a new home before the new year, particularly if they have school-age children.

2. Buyers who are looking for a home during the holidays tend to be more serious and in a hurry to buy.

3. Some stagers argue that homes show better when they're decorated for the holidays and welcome buyers in.

4. Sellers will likely have less competition against other home sellers during the holidays. The supply of listings tends to increase after the holidays and new-home construction likely will pick up then so home sellers will compete against more homes for-sale.

Kitchen Features Buyers Will Pay More For

A great kitchen can help you sell a home, and real estate professionals are making sure to spotlight it in their marketing.

Of all the homes listed for sale on realtor.com®, 69 percent of the listing descriptions highlight the kitchen as a selling point. Forty-nine percent mentioned the bedrooms and 35 percent highlighted the garage, the next two most popular.

Further, homes that tout a "killer kitchen" or "luxury kitchen" in their descriptions sell 8 percent faster than a similar-sized home in the same ZIP code, realtor.com®'s research finds.

So which kitchen features could possibly add the most value to a home? Realtor.com®'s research team pinpointed the following:

Custom cabinetry: 41% (the price premium: the difference between homes with the feature and homes without in the same ZIP code)
Kitchen island: 30%
Creative lighting: 21%
Granite counters: 18%
Large pantry: 14%
Stainless-steel appliances: 12%
Tile backsplash: 7%
Breakfast bar: 6%

What's more, the research team found growing demand for the "chef's kitchen." About 4.7 percent of homes on the market describe the kitchen as a "chef's kitchen" or "gourmet kitchen," which is up from 3.3 percent three years ago. Homes with such labels boast a median list price of $589,900.

Some of the most common features associated with a chef's kitchen: Oversized fridge; dual commercial-quality ovens; six-burner stovetop; and a butler's pantry. Other popular features may include a wet bar and wine fridge too.


Written by Realty Times Staff

Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

The Sweet Spot of Pricing Your Home

When you and your REALTOR® sit down to price your home, you'll be looking at competitive homes that are the most similar in size, location and amenities as your home. You may find that prices can be thousands of dollars higher or lower. It's tempting to pick the highest price and say, "Let's list it here." But what if your home doesn't sell at that price?

High prices are a strategy that can work in an accelerating market, but it's risky. Your home can sit for months without selling and you'll end up marking the price down, perhaps lower than it should have sold for in the first place.

Pricing your home is a science. The science is choosing the right price at which your home will sell quickly. How do you do that? By analyzing your local market conditions and where your home fits in the spectrum.

The only way your home will sell at the highest price possible is if your buyer agrees to your home's value. To best determine market value, you have three important tools: CMAs, appraisals, and your REALTOR's® knowledge of the market.

The comparative market analysis

A comparative market analysis (CMA) is a side-by-side comparison of similar homes for sale as well as homes that have recently sold in your neighborhood. REALTORS® use CMAs to compare the features that make each home unique, including age, location, number of bedrooms, baths, room sizes, updates, condition, etc.

As a seller, you should be able to see where your home fits -- in the top or lower price range of similar homes. For example, if a similar home to yours has been recently renovated with a new kitchen, expect it to sell for more than your home if your home has not been improved.

The appraisal

An appraisal is a market analysis performed by a professional appraiser using a variety of sources, including multiple listing system data and conforming loan formulas.

Appraisers most often work for lenders to determine market values, so that lenders can weigh the risk of making a loan to a homebuyer. Appraisals come after an offer is made when the buyer applies for a loan. Even though the buyer pays for the appraisal, the lender uses it to determine whether or not to make the loan at the contract price.

Other market data

Your REALTOR® has access to data that may not be public through the Multiple Listing Service. This data is provided to broker members to track market trends over weeks, months and years. Some brokers pay data companies for specific markets that help them plan their business, such as the number of listings on hand, which zip codes are the hottest, and whether closings are trending up or down over last month or last year.

Your REALTOR® uses all this data to help you hit the sweet spot of pricing. That's high enough to reflect your home's value, but attractive enough to buyers to get it sold quickly.


Written by Blanche Evans


Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

Avalon/Stone Harbor NJ Weekly Real Estate Update December 8th, 2016

“2,000 to 3,000 POUNDS PER DAY.”  That’s how much food whales eat, according to Cape May Whale Watcher Jeff Stewart, who said that the presence of whales along local beaches is driven by the presence of bunker, on which they feed.  Stewart said his whale watching trips spotted a dozen whales off Hereford Inlet a couple of weeks ago, as well as a 60-foot pilot whale off Stone Harbor before Thanksgiving.  Stewart’s whale watching trips conclude soon, but will resume in March.  For more, see this Atlantic City Press article:  http://www.pressofatlanticcity.com/news/it-may-be-turning-colder-but-whales-still-enjoying-the/article_c064b25e-e635-5f7e-928b-d30a220f0093.html

STRIPERS MOVING SOUTH:  Stripers, a favorite fall gamefish, are finally moving southward.  Until recently, fisherman were making long trips to the waters off Long Beach Island and Atlantic City to find them, but in the past few days good catches have been reported off Ocean City and Sea Isle.  As the water continues to cool the fish should keep moving south.

Even the offseason is delightful here at the shore!  Yes, it’s chilly outside, but a sunset walk on the beach will warm your heart!

A LOT OF RUMBLING up and down the coast last Thursday afternoon had many wondering if a small earthquake may have occurred.  But it was a sonic boom from an F-35 fighter that was cleared to go supersonic off the Jersey Coast, according to Press of Atlantic City meteorologist Dan Skeldon, who spoke with officials at Patuxent River Naval Air Station, where the jet was based.  The tremors were felt in Cape May, Atlantic, and Ocean Counties.  A similar event occurred along the Jersey Coast in January.

COLDER WEATHER=WINTERIZE NOW!  It’s time to have outside water lines shut off and winterized, if you haven’t already done so.  Contact your plumber and schedule a visit.  Foundation vents should be closed to prevent cold air from freezing pipes in your crawlspace.  Thermostats should be set to 55 degrees to protect your interior plumbing.

UPCOMING EVENTS:

• Wildwood’s Family Holiday Celebration, parade on Friday at 6PM with a tree lighting to follow, on Saturday from 9AM-4PM at the Convention Center holiday crafters, movies, photos with Santa, more, 609-729-9000 for info, Friday, & Saturday, December 9 & 10
• Sea Isle City’s Holiday Stroll, shops & businesses offering discounts & hospitality in honor of the season, sales, specials, Santa, carolers, entertainment & more will be featured, call 609-263-9090 for info, Saturday, December 10
• Avalon Home & Land Owners Association Meeting, Avalon’s Recreation Director Chuck McDonnell speaking, Avalon Senior Center, 10AM, Saturday, December 10
• Santa’s Family Workshop at the Cape May County Zoo, photos with Santa & Mrs. Claus, music, craft stations, education animals, more, 11AM-2PM, Saturday, December 10
• Big Band Dance featuring The Star Band, Avalon Community Hall, 7PM, Saturday, December 10
• Winter Enrichment Day at the Cape May County Zoo, watch zookeepers as they share special treats & activities with the animals, 11AM-2PM, Saturday, December 17
• Winter’s Wildlife Camp for ages 4-8, 4 day adventure camp at the Cape May County Zoo focusing on animal habitats, animal care, conservation & the environment, visit www.cmcZoo.com for info, Tuesday thru Friday, December 27-30
• IPad Workshop designed for beginning users, Avalon Free Public Library, register at 609-967-7155, 10AM-Noon, Saturday, January 7
• Cape May Traditional Jazz Society presents the Mary Lou Newman Jazz Band, VFW Post #386, 419 Congress Street in Cape May, 2-4PM, Sunday, January 8

Featured Property:

A Bayfront showplace, yet just two blocks to Avalon’s south-end beaches!

6902 Ocean Drive, Avalon, $4,150,000, ACTIVE MLS#: 171624


New Listings:

460 Avalon Blvd., Avalon, $239,000, ACTIVE MLS#: 173526

10120 Third Avenue, Stone Harbor, $295,000, ACTIVE MLS#: 173594

419 22nd Street, Avalon, $525,000, ACTIVE MLS#: 173515

289 14th Street, Avalon, $599,000, ACTIVE MLS#: 173521

276 85th Street, Stone Harbor, $995,000, ACTIVE MLS#: 173571

151 88th Street, Stone Harbor, $1,479,000, ACTIVE MLS#: 173534

2021 Dune Drive, Avalon, $1,500,000, ACTIVE MLS#: 173551

4738 Ocean Drive, Avalon, $2,495,000, ACTIVE MLS#: 173542


Properties Sold:

227 96th Street, Stone Harbor, $590,000, SOLD MLS#: 171664

146 83rd Street, Stone Harbor, $725,000, SOLD MLS#: 171316

766 Sunrise Drive, Avalon, $840,000, SOLD MLS#: 168003

612 21st Street, Avalon, $999,000, SOLD MLS#: 171599

10022 Sunset Drive, Stone Harbor, $999,000, SOLD MLS#: 173585

170 97th Street, Stone Harbor, $1,060,000, SOLD MLS#: 169846

115 20th Street, Avalon, $1,150,000, SOLD MLS#: 172416

7098 Ocean Drive, Avalon, $1,325,000, SOLD MLS#: 169653

Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

Buying A Home Over The Holidays: The Smartest Real Estate Decision You Can Make

You know that play in football where the quarterback seems to hand the ball off to a running back and the entire defense concentrates on that "runner," only to find that the ball ended up in the hands of someone on the other side, who then sprints down the sideline and scores a touchdown? That's pretty much what it's like to buy a home during the holidays. While everyone is busy looking at all the pretty, shiny things and on-sale things and yummy things, you're sneaking around the other side with the ball, or, rather, the offer, that gets you the house you want.
Yes, when it comes to homebuying around the holidays, it's advantage: buyer. With so many distractions between Halloween and New Year's Day, you can slide right in there and make a smart move. So why, exactly, does it benefit you to buy a home over the holidays?

Because you just want to find a home already

The market has been hot for a few years, and, in many places, multiple offers and over-asking-price sales have become the norm. Competing in those markets can be demoralizing. Tales of buyers seeking million-dollar fixers on Los Angeles' Westside just so they can get into something in the area - and being consistently outbid for more than a year - are more and more common.

But buy over the holidays and you slice through the buyer pool. While others are trimming their tree or searching for the perfect pumpkin cheesecake recipe, you're off snagging the home you want.

Because: First-time buyers

The above scenario, where buyers are constantly being outbid on homes, is a nightmare for first-timers looking for a home. Not only is there a verrrrrry limited supply of available homes that are affordable in the first place, but the number of folks that are vying for them is tremendous. If you're in the market and have never done this before, you're probably pretty frustrated.

There are time-tested tips for winning in a multiple-offer situation, like getting preapproved, limiting contingencies on the home, being flexible about the closing, and writing a "love letter" to the seller, which can appeal "to the heart can make your offer stand out," said NerdWallet.

But acting during a time when others may be distracted and not actively searching is perhaps the most effective method of getting what you want. "About one million consumers will purchase a home from November to January this year, when home prices are a bit softer," said Forbes.

If that sounds like a big number, consider this: "More than 85 percent of buyers who say they plan to buy a home in the next year say they will wait until the spring or summer," according to data from Realtor.com's "Top Tips for Home Buyers and Sellers in 2016" survey.

Because you might actually get a deal

No one likes to overpay, regardless of their price point. And multiple offers that drive up home prices are a drag for everyone (but the seller!). If you consider that those who are selling their home during the holidays are generally doing so because they have to, not because they want to, it makes sense that when you do find a house, it might be priced better than anything you'd find months later. In fact, according to The Balance, "Home prices typically drop to a 12-month low" in the month of December.

"Sellers tend to avoid the end of the year due to the short days, wintry weather and conventional wisdom that says buyers are otherwise occupied, Tim Deihl, associate broker at Gibson Sotheby's International Realty in Boston, told Bankrate. "But those who do choose to sell at year-end are often under pressure and highly motivated to cut a deal. A seller who's looking to move a piece of real estate during the holidays is a seller who needs to sell, because nobody in their right mind would pick that as the most convenient time to list their property. And that's why the year-end might be a smart time to buy: Determined house-hunters can take advantage of sellers' urgency."

Because what better present could there be?!

You might want a new KitchenAid mixer or a flat screen or a weekend getaway. But do any of those things compare to a new home? The answer is no. No, they don't. If you're stumped at what to get your honey or your family, or what to ask for, here it is. And, if you time it right, you might even be able to get that home on Christmas Day.

"Almost nobody looks at homes on Christmas Day. It doesn't matter whether you are a Christian nor whether you celebrate that holiday, there are much lower numbers of buyers shopping for a home in December," said The Balance. "But buying on or near Christmas Day is a smart move."

In addition to all the other reasons the Christmas holiday season is so attractive for buyers, "People are in good moods, celebrating, opening presents, enjoying family and, let's face it, some are a little tipsy," they said. And, "People are more inclined to be generous, even if it means coming down on the price. Of course, the key is to find a real estate agent who will a) work on Christmas and b) be aggressive enough to worm her way into the seller's home without batting an eyelash."


Written by Jaymi Naciri

Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

October 2016 Luxury Housing Market Update - Long & Foster Real Estate, Lux Insight

Cape May County New Jersey
Luxury Housing Market Update - October 2016

Compared to last October, the total number of homes more than $1 Million available this month was lower by 1.0% and lower by 15.4% compared to October 2014. Active inventory this October was 3.1% lower than the previous month’s supply of available inventory.

This month’s units sold for homes more than $1 Million was higher than at this time last year, an increase of 43.3% versus last October and an increase of 30.3% versus October of 2014. There was a decrease of 15.7% in luxury units sold in October compared to September of this year.

In October, the median sales price for homes more than $1 Million was $1,560,000, an increase of 6.2% compared to last year. The current median sales price was lower by 1.6% than in September.

View full PDF below.
http://longandfostermarketinfo.com/Reports/LuxInsight/Cape_May_County_New_Jersey.pdf



Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

10 Tips For Decorating Your Home For Sale During The Holidays

If you're planning to put your home up for sale during the holidays, you have a lot of things to consider - most importantly, how to price it right to attract buyers during this busy time of year. But home staging is always a concern when selling a home, and during the holidays, it becomes even more important.

"Although the holiday season can be a hectic time for showing and selling your home, there is a major advantage to  staging and showing your home at this time of year: You have a chance to show your home at its very best, adorned with warmth and cheer that's sure to charm," said Realtor.com.

Indeed, the good news is that tasteful holiday décor can enhance a home and make it feel inviting. They bad news: Your collection of one-hundred-plus holiday snow globes may have to take a hiatus this year. "You want them to be impressed with your house, not distracted by decorations," said Houzz. "So keep it simple this year. If minimizing the ‘ho ho ho' cramps your style, just remind yourself that you can go all-out next year in your new home."

Follow these tips to hit all the right notes when staging a home for sale during the holidays.

1. Remember the curb appeal

You might like the idea of being the neighborhood spectacle, with every inch of the lawn covered in dazzling displays, but that might have to wait until after you move.

"Step away from the inflatable snowman, Clark Griswold," said HGTV. "One man's ‘merry' is another man's ‘tacky,' so tone down any garish light displays while your home is on the market. (No, your neighbors didn't pay us to say that.) Instead, use simple string lighting to play up your home's architecture or draw attention to the gorgeous fir tree in your front yard.

2. Don't overdo the indoors either

You don't ever want so much holiday decor out that people can't see the bones of your house. If you've covered up your countertops and every other surface, you've probably gone slightly too far.

3. Declutter before you design

Decluttering is the No. 1 tip for staging your home for sale at any time of the year. When you know you're about to layer on a whole bunch of accessories and bring in an actual tree to the home (real or otherwise), paring down is even more critical. "If your living room is already piled high with clutter, your ceramic reindeer collection is only going to add to the sense of overcrowding," said HGTV.

4. Make your fireplace shine

Your fireplace mantle is always a favorite place to decorate for the holidays, and drawing attention to this important focal point is just plain smart at the holidays. Drape some holly intertwined with white lights, create a display of pine cones and candles and you're good to go.

5. Be sensitive to different cultures

While pretty much everyone can appreciate pretty holiday lights, an abundance of religious imagery might turn off some of your potential buyers - especially if you're in an area with a multitude of cultures.

6. Mind your colors

A home that's decorated in Earth tones may be able to handle a bright red-and-green Christmas display, but what if you've recently painted your living room navy blue? Complementary colors can make all the difference in creating a soothing and special design.

7. Make your holiday decorations fit the style of the home

You'll also want to take a good look at the style of your holiday decorations. They may reflect a couple of decades of family traditions that are special to you, but if they don't match your home's style, potential buyers may not receive them so warmly. "If you have a modern home, consider tasteful modern holiday decorations," said Parade. "Selling your home at the beach? Your decorations should reflect this vibe."

8. Smell your way to a sale

Holiday scents are enticing. Put them to work for you when selling your home this season. Just remember to "use them judiciously and avoid the cloying and artificial," said Houzz. "Try a nice basket of scented pinecones, simmer cinnamon on the stovetop or simply allow the subtle and fresh smell of a fir wreath to tantalize and mesmerize."

And don't forget to pay attention to any existing odors in your home. "No matter how many cookies you bake, nothing will hide the smell of kitty litter or wet dog. Deep clean and then use scent to enhance the cozy vibe."

9. Pay attention to scale

You may not even have noticed that the artificial tree you use every year is way too big for the room, or it may not bother you that it's so tall it hits the ceiling. But a buyer will notice. If the tree is either too large or too tall for the space, it could make the room feel tight. Investing a few bucks in a smaller tree that's more appropriate for the space could pay off big in the end.

10. Skip the big holiday greeting card display

It may be a tradition in your house, but those cards can get in the way when buyers are trying to make a connection with your home. "They become like family photos - another distraction that prevents buyers from ‘seeing' themselves living in your house," said Parade. If you just can't give up the display, make it moveable so you can put it away or take it out of the area during showings.


Written by Jaymi Naciri


Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

Keeping Your Home Safe While You're Away

Total home security means that you won't have to worry while you're away. A few simple actions and some high-tech additions will give you peace of mind whether you're at your office or on a Caribbean cruise. You can keep track of your home from around the world and make sure there are no surprises waiting for you when you get back.

Don't Advertise Your Stuff

Home burglars usually walk or drive through neighborhoods first to find those homes worth breaking into, notes Lifehacker. Don't make your home a tempting target. Don't leave trash or boxes on the curb before you leave. A cardboard box for an HDTV on the curb for trash pick up says "there is something worth stealing inside this house."

Don't Advertise That You're Away

If you are leaving on vacation, make the house look lived in. Burglars watching the neighborhood will be interested in a house with newspapers scattered in the front yard. Stop the paper delivery or ask a neighbor to pick them up for you. Have them look for flyers left on the door or porch and remove them.

Stop your mail, have the neighbor pick it up, or at the very least, use a locking mailbox to prevent someone from taking a quick peek. The most secure mail delivery is through a mail slot in your front door, if that's allowed in your neighborhood, says Arizona Central.

Close blinds and curtains but use lights on timers to make the house look occupied, suggests MSN Real Estate. A radio or TV on a timer creates the illusion that someone is home. Anything that can make your home look occupied will deter a burglar and make them move on to another house.

Protection From Future Loss

Some burglars may not be as interested in jewelry and TVs as they are in your personal financial information. Credit card and bank statements left on a desk or kitchen counter can be used in identify fraud. Days after you return home, you may find that someone has cleared out your bank account or filled up your credit card with charges.

This is especially important regarding the safety of your children's identities. This group has seen an increase of identity theft incidents. Companies such as LifeLock (lifelock.com) have created seminars and classroom guides to help you understand this risk to your children and how to prevent it in the future.

High-Tech Home Protection

While the "no-tech" solutions to home security—like door and window locks, and barking dogs—are still effective, many real estate web sites are saying that more consumers are becoming interested in the smart home concept. This high-tech approach to home security allows you to control and monitor areas of your home remotely.

Lock and unlock doors and windows remotely. Check on the status of your security system with mobile apps or with your laptop. Motion detectors and security cameras can send you text messages or emails, should someone trigger them. Watch your home remotely on security cameras. Keep tabs on pets. Watch the swimming pool and hot tub.

Upgrade your home to include the latest in fingerprint lock technology. Compact fingerprint recognition units are available from electronics sites like NewEgg to protect your home computer equipment and other electronics. This technology is also being built into door locks for your home.



Written by Realty Times Staff


Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

Lease-Option Agreement Should Be Carefully Drawn

Question. Eighteen months ago, when we were having great difficulty selling our house, we entered into a lease option. Our prospective purchaser agreed to move in, pay rent for 18 months and then have the right to buy the property at the end of that term.

It now appears our buyer will not be able to carry through with his option. What happens then? Does the buyer lose the deposit and the lease payments?

Answer. That is a good question. It highlights one of the most important elements in all real estate transactions -- all terms should be negotiated in advance, and then put into a written document, signed by all parties.

You have entered into a lease with an option to purchase and your buyer is to exercise that option within 18 months of the date of the transaction. If you or your lawyer were on the ball when you entered into the agreement, you would have covered these points in the contract (lease). I assume you did enter into a written lease with an option, and that all of the important terms were spelled out in that document.

As a seller who enters into a lease option, I would want a sizable down payment and a monthly rental income that would not be credited for the purchase price. In the event my tenant did not go to settlement, my preference would be to declare the entire deposit to be forfeited in my favor.

The theory behind this strategy is that I am taking my house off the market for a period of time, and I am contracting to sell my house in the future at today's prices.

If I were the tenant who enters into such a lease option, I would, of course, want different terms. I would attempt to negotiate for all or part of the monthly rental payments to be credited toward the purchase price. In addition, if I were unable to go to settlement at the expiration of the lease, I would not want to lose any of my deposit.

You will need good negotiating skills to get a document favorable under your terms. Of course, market and financial conditions will play a significant role in how the agreement will end up. Since your tenant will be living in your house for a period of time in accordance with the terms of the agreement, it should be carefully considered before you sign it.

In the absence of language covering the situation you have described, I suspect that unless you can reach an amicable resolution, you may both end up in court. You probably will take the position that the deposit is forfeited; the tenant will no doubt contend that the money was merely a security deposit for the rental arrangement.

I suspect, however, that if the transaction is in fact a lease with an option to purchase, the court will side with the seller.

You may also want to consider adding the following language to any such lease-option arrangement: "Any dispute arising out of this agreement will be decided by an arbitrator, in accordance with the rules of the American Arbitration Association."

If you have an arbitration clause and a dispute does arise, the matter will probably be resolved more quickly -- and typically less expensive -- than if you have to go to court. However, a lot of attorneys (myself included) prefer litigation. A Judge -- rather than an arbitrator -- will analyze the facts and apply applicable law. From my experience, many arbitrators just "split the baby in half".

But whether you go to court or arbitration, here's another clause to be included in the agreement: "The Court (or the Arbitrator) will award legal fees and costs to the prevailing party." Here in the United States, we follow what is known as the "American Rule on Legal Fees". Each side pays its own lawyer unless there is a statute (such as the consumer protection laws) or a provision in a real estate contract that gives the winning party legal fees. In England, the winner gets her legal fees paid.

So, in your case, to make sure the American Rule will not apply, put that language in your written agreement.

Written by Benny L. Kass

Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

Avalon/Stone Harbor NJ Weekly Real Estate Update December 1st, 2016

SIZABLE CROWD, LOTS OF FUN!  Thanksgiving Weekend brought lots of visitors to the Island, along with plenty of activities for them to enjoy.  From shopping, dining, and iceless ice skating to visits with Santa and a huge parade, the entire Seven Mile Beach kicked off the holiday season in style!

THIN BLUE LINE: Avalon visitors arriving via Avalon Boulevard may have noticed a thin blue line painted on the roadway as it enters Avalon.  According to Avalon Mayor Martin Pagliughi, it’s “a show of gratitude by our residents, property owners, and visitors for the tremendous level of public service provided to our community by the Avalon Police Department.”  The blue line will also circle the traffic island on 30^th Street between Ocean Drive and Dune Drive.

HARBOR THEATRE in Stone Harbor will celebrate singer/songwriters at Troubadour Night Saturday, December 3^rd, from 8pm to 10:30pm.  Enjoy live performances as the music of Bob Dylan, Leonard Cohen, James Taylor, and Bob Marley is celebrated.  Tickets are $15 at the door.

SANTA RIDES THE RAILS in nearby Tuckahoe through the Christmas season.  Cape May Seashore Lines operates The Santa Express several times per week, including weekends and  evening trips, aboard vintage passenger equipment.  Santa greets each child on board—treat your family to a special experience!  Visit http://www.the-santa-express.com/index.php for info and tickets.

SPEAKING OF RAILS: Railroad tracks from nearly a century ago made an appearance again on Sunset Beach next to the Delaware Bay in Lower Township.  The tracks once carried beach sand from a plant before the operation ceased.  Weather and tides have shifted the beach sand, uncovering the tracks.  The tracks first appeared in November 2014, after being covered for decades.

Visitors check out freshly exposed train tracks on Sunset Beach in Lower Township, as seen in this November 2014 photo.  The tracks were uncovered again last week by weather and tides.  The concrete ship is visible in the water in the background.

TOYS FOR TOTS:  Long & Foster’s Avalon office will once again serve as a drop off point for Toys For Tots.  Stop by anytime we’re open (Monday—Saturday, 9am-5pm) and drop off a new, unwrapped toy to help brighten the holiday of a child!

UPCOMING EVENTS:

• Christmas Tree Lighting at the Hereford Inlet Lighthouse, 5:30PM, Friday, December 2
• IPad Workshop, Avalon Public Library, register at 609-967-7155, 10AM-Noon, Saturday, December 3
• Pictures with Santa at the Woodland Village on Rt. 9, 11AM-3PM, Saturday, December 3
• American Legion Post #331 Annual Christmas Party, Rock ‘n Chair Restaurant, call Jim at 609-602-6622 for info & reservations, Saturday December 3
• International Cheetah Day at the Cape May County Zoo, cheetah related programs, activities & zookeeper talks, 11AM-2PM, Sunday, December 4
• Stone Harbor Caroling & Christmas Tree Lighting, ride the trolley through town for the caroling at 4:45PM & join in the tree lighting at 6PM, Wednesday, December 7
• Wildwood’s Family Holiday Celebration, parade on Friday at 6PM with a tree lighting to follow, on Saturday from 9AM-4PM at the Convention Center holiday crafters, movies, photos with Santa, more, 609-729-9000 for info, Friday, & Saturday, December 9 & 10
• Sea Isle City’s Holiday Stroll, shops & businesses offering discounts & hospitality in honor of the season, sales, specials, Santa, carolers, entertainment & more will be featured, call 609-263-9090 for info, Saturday, December 10
• Avalon Home & Land Owners Association Meeting, Avalon’s Recreation Director Chuck McDonnell speaking, Avalon Senior Center, 10AM, Saturday, December 10
• Santa’s Family Workshop at the Cape May County Zoo, photos with Santa & Mrs. Claus, craft stations, education animals, more, 11AM-2PM, Saturday, December 10
• Big Band Dance featuring The Star Band, Avalon Community Hall, 7PM, Saturday, December 10
• Creative Writing Program, Avalon Public Library, register at 609-967-7155, 10AM-Noon, Saturday, December 17
• Winter Enrichment Day at the Cape May County Zoo, watch zookeepers as they share special treats & activities with the animals, 11AM-2PM, Saturday, December 17
• Winter’s Wildlife Camp for ages 4-8, 4 day adventure camp focusing on animal habitats, animal care, conservation & the environment, Cape May County Zoo, visit www.cmcZoo.com for info, Tuesday thru Friday, December 27-30

Featured Property:
Great rental income is yours in this four bedroom, three bath townhome!

371 40th Street, Avalon, $799,000, ACTIVE MLS#: 169897

 
New Listings:

30 Linden Lane, Stone Harbor, $450,000, ACTIVE MLS#: 173438

2888 First Avenue, Avalon, $2,149,000, ACTIVE MLS#: 173500

249 101st Street, Stone Harbor, $1,345,000, ACTIVE MLS#: 173399

150 96th Street Unit 1, Stone Harbor, $499,000, ACTIVE MLS#: 173404


Sold Properties:

7900 Dune Drive, Avalon, $182,950, SOLD MLS#: 172893

10007 First Avenue, Stone Harbor, $278,000, SOLD MLS#: 171839

230 101st Street, Stone Harbor, $755,000, SOLD MLS#: 171218

6890 Ocean Drive, Avalon, $999,000, SOLD MLS#: 172005

226 104th Street, Stone Harbor, $1,550,000, SOLD MLS#: 172422

46 E 22nd Street, Avalon, $1,825,000, SOLD MLS#: 171820

122 84th Street, Stone Harbor, $2,200,000, SOLD MLS#: 171697

268 63rd Street, Avalon, $3,090,000, SOLD MLS#: 172569 

Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

Selling Your Home Soon? Use Holiday Sales To Make Smart, Inexpensive Updates

If you're thinking about selling your house, or if it's just in need of a little love, taking advantage of sales throughout the holiday season can help you add a little pizazz or make it more attractive to the potential next owner. Knowing what to look for and what to stay away from this season can help you make smart buys.

Patio furniture
When the weather turns cold, retailers who have remaining summer furniture stock on hand need to get rid of it. That makes now a great time to buy a new outdoor dining set or lounge seating. It may not top your list of "must-haves" right now, especially if you're looking to sell your home soon. But a well-staged outdoor area can be a huge selling point for buyers.

Fire pit
While you're looking at outdoor furniture, be sure to check out the fire pits. Even if you live in a climate where outdoor enjoyment is limited in the winter, setting the scene for potential buyers who will undoubtedly look in the yard regardless of the temperature can help make an emotional connection that has a better chance of leading to a sale.

erahomedesign.com
Furniture
Old, ratty, or timeworn furniture could be a turnoff to buyers. A few key updates can make your house more appealing simply by making it look well-cared-for and updated. Furniture actually made Kiplinger's list of the "15 Worst things to buy during the holidays," but that's because they think you should wait until just after Christmas (which technically still qualifies for the holiday season, as far as we're concerned).
For the best overall buys, "Wait until after Christmas, when furniture stores hold clearance sales to make room for new styles that are usually released in February," they said. "For example, furniture retailer Room & Board has an in-store and online clearance sale once a year, typically the day after Christmas. Expect discounts of up to 50% on discontinued furniture styles and in-store floor samples."

Appliances
We all know the importance of an updated kitchen when trying to sell your home. It can make your sale, or kill it. But that doesn't mean you need to redo the whole thing. New appliances can distract from other areas that might need some attention, and, the good news is, December is a great time to buy major appliances, according to Consumer Reports. We've already seen some deep discounts on refrigerators, ranges, ovens, and dishwashers at Lowe's, Home Depot, and Sears, with many sales expected to continue through the end of December.

jlconline.com
Cookware
Buyers probably won't be any more or less convinced to buy your home if they look in your cabinet and see a shiny new set of pots and pans. But a nice piece of enamel wear filled with a fragrant holiday mix simmering on your stove can infuse your home with a rich scent and show potential buyers you have good taste.
The holiday season is a great time to buy new cookware, according to The Balance. Their recommendations: "Before buying a whole set, also consider your actual needs; many people end up only using a few pieces of their set. It can be significantly easier to buy what you know you'll use regularly, such as a sauce pan or frying pan."

Carpet and flooring
If your floors need some work, this may be the perfect time to get them redone. The holiday season is the perfect time to check out flooring options like carpet, said Carpet Captain. "Kids are out on break. Many people are traveling. Money is tight after buying Christmas and Hanukah presents. People are stressed out and decorating to have family and friends over; the last thing they want to do is clear out their home to have carpet installed. Some salesman may be desperately looking for a Christmas bonus from commission on your sale. This is when the biggest savings happen. Best time to strike: December 21 to January 14."

save1.com

House plants
Adding a little greenery to your house can, quite literally, give it life. Houseplants have been shown to have positive psychological impacts on those in the space. They can also have positive physical effects that could improve the lives of your family long after your house is sold, presuming you take the plants with you. "According to studies by NASA, certain plants can filter dangerous compounds commonly found in homes that are associated with respiratory illnesses, cancer, and more," said Popsugar.



Written by Jaymi Naciri

Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

Living Large - Why It's Time To Buy That Big House

Today's News and Features
By John Voket

A few years ago, I wondered if the trend in subdivision building of larger than average sized homes - 5,000 square feet or more - had seen its day. Apparently not.

According to a recent National Association of Home Builders report, and citing the Census Bureau’s Survey of Construction, new homes with 5,000 square feet or more of living space increased both as a share of all new construction and in absolute number in 2015.

And that same year, the share of new homes this size reached a post-recession peak of 3.9 percent of new homes started. The total number of 5,000+ square-foot homes started that year was 28,000 units.
NAHB analyst Ashok Chaluvadi observed that in 2012, the number of new homes started with 5,000+ square feet rose to 15,000 units, yet their share remained at only 2.8 percent.

In 2015, while the number of 5,000+ square feet homes started (28,000) was the highest since 2008, their share of the new market (3.9%) was the highest since 2004.

When analyzed by the different characteristics, Chaluvadi says that 79 percent of 5,000+ square feet home started have a finished basement, 68 percent have a 3 or more car garage, and at least 60 percent have a patio or porch.

More than half of these homes have 5 bedrooms or more, and 70 percent have 4 bathrooms or more.
But before you run out and start shopping for a large home, consider the advice of K.C. Hernandez at budgeting.thenest.com, who advises that before you make a large financial commitment on a bigger house, consider several financial and life factors to determine the right time to buy.

Hernandez says buying a bigger house makes the most sense when your income is stable and you expect it to remain the same or increase for the foreseeable future.

He also says that upgrading to a larger home is a good idea when market conditions favor buyers, who have more opportunity to negotiate better prices with sellers. Just keep in mind that if you plan to sell your current home before moving into a bigger one, you will likely face the same challenges finding buyers at the right price.



Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon

What Millennial Homebuyers Want in a Garage

Today's News and Features

Millennials are the largest generation shaking the housing market, according to research by the National Association of REALTORS. Despite this great news, when compared with the generations that came before them, millennials remain delayed in purchasing their first home. One aspect of homes millennials are particularly interested in is technology. From smart appliances to easy access garages, millennials love the latest gadgets.

For those interested in the latest and greatest in garages, read on for a handful of tips.

Access: Millennials use their phones for more than just communicating. They use them to buy coffee, book exercise classes and directly pay friends and family. Access to the garage should be no different, and with the availability of garage door apps,  homeowners can control entry to the home through their smartphones.

Security and Safety: More than 70 percent of homeowners use the garage as the main access point to the home, making safety and security a top priority when selecting the right home. Through LiftMaster's partnership with Nest Cam, homeowners can have an added security element. With Nest Cam, users can also access a video feed of what's happening in the garage the moment the garage door is activated, allowing for enhanced security and peace-of-mind. Garage safety is also vital – when viewing a potential home or during home inspection, millennials should ensure the garage functions securely and safely.

Home Control: A connected garage is an easy way to make any home a "smart home." When looking to purchase a home, millennials should examine the capabilities of the garage door opener. Is it Wi-Fi® capable? Is it compatible with technology that controls the lights or thermostat? If not, consider asking the seller to replace the garage door opener with one that is,

Source:  LiftMaster.com.



Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon