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Newswire -- February, 2007
What will happen to the grand plans for the beach replenishment on LBI is just about anyone’s guess.
The barge has officially moved off of the coast of Surf City, and may or may not be back in September. The project in Surf City has garnered rave reviews, with an expanded shoreline and dunes that do not seem much higher than the ones they replaced. The project did end up costing taxpayers $2 million more than forecast, as the delays in the project came with a cost.
A full court press is on in Harvey Cedars and Ship Bottom, where those municipalities hope for the return of the barge in September. For that to happen, Congress will have to appropriate more funds, and a series of legal hurdles have to be overcome.
There should soon be a ruling about the sticky issue of easements required. The state Attorney General’s Office has filed arguments appealing an earlier court ruling siding with the residents who oppose the project. While the lawsuit focuses on Surf City homeowners, the impact of its outcome will reverberate beyond the borough.
Meanwhile, Ship Bottom has joined Surf City passing legislation requiring oceanfront homeowners to foot the bill of sand replacement when erosion occurs. Legal challenges await when bills are presented, no doubt!
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LBIdirect.NET serves a couple of purposes. First, if you love LBI, this website is designed to provide helpful information to you.
A monthly newsletter is published which provides updates on what is going on at LBI.
The site is designed to help you find a great restaurant, shopping, entertainment, and more.
PLUS, the site will help you with timely articles about the real estate market on LBI, with the “Featured Properties” section highlighting some of the best values on LBI.
We hope you enjoy discovering LBI through this site.
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Thinking of Selling? Price It Right!
The current market value of your beach home may be more than, less than, or the same as it was last year, but recognize that in 2006, median pricing for homes on LBI dipped.
The blueprint for success in selling a home is pricing it right for the market. Plus, in a buyers market, where sellers have not paid attention to the detail in their home, properly preparing your home for sale can make a critical difference.
Overpricing will get you nowhere. Buyers have been barraged by negative press on the housing market; they are cautious and won’t pay over market price; plus, they don’t seem to be in much of a hurry.
Sellers often wonder whether it’s worth it to spend money fixing a home up for sale, especially if they aren’t looking at selling for a huge profit. It’s not only worth it, but also can be critical to a sale for the highest price possible, particularly in LBI, where inventory is at an all time recent high.
If you are thinking of selling, be sure to choose an agent that will promote your home on the Internet as well as to the local community.
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Some Shaky Trends in the Garden
State
A huge loss in high-paying private sector jobs in N.J. could affect home sales along the shore while a corresponding rise in government jobs is also bad for the housing market because it drives up property taxes.
New Jersey has added 60,000 jobs since December 2000 of which 54,000 have been government jobs. The private sector has lost about 120,000 of the higher paying jobs in professional and business services, manufacturing, information and financial employment. This job loss equated to 31,000 home sales at $750,000 per house, or 23,000 at $1 million per structure.
The shore is at risk anytime there is flight in high paying jobs, as higher paying jobs account for vacation home purchases.
Fortunately for LBI, which is a vacation paradise for New Yorkers and Pennsylvanians, these trends are not as bad in these two states. Plus, the casino industry is growing out, effecting LBI in a positive way.
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Agressive Finance Options Not Necessarily
Bad
Untapped Riches”, a new book by Susan and Anthony Cutaia, is not for the faint of heart.
Instead of making extra mortgage principal payments to own your home and investment properties, free and clear as fast as possible, the mortgage broker authors advise never paying off your mortgage and building wealth instead.
The authors explain why interest-only, so called “option mortgages”, and even negative-amortization mortgages cut monthly mortgage payments enabling borrowers to acquire more properties.
The themes of the book are (1) minimize your mortgage payments, (2) maximize the use of leverage and the use of compound interest, and (3) pay yourself first, before you pay the bank.
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Quick
Bites
SCHLUB ALERT!! With the tear down of the motel rooms of the Old Quarter Deck Motel, and prior to the new Baldwin Hotel going up, the restaurant building will remain. This summer a 500 seat, all you can eat ribs, fried chicken, lobster ,crab, and raw bar will operate, No bikinis allowed. The new owner indicates that it will be value priced.
While you may be too stuffed to leave, the State General Assembly has approved legislation that would establish a N.J. Coastal Evacuation Task Force. No doubt residual effect of the Big Easy, Garden State residents should take comfort in the immortal words of Frank Zappa..”it can’t happen here.”
Sad note for the anglers: the federal government is considering mandating a nationwide saltwater fishing license. BUT, not to be outdone, the Garden state is talking up a state license first, assuming they would be able to use the money, vs. the Feds. Target? $30/per.
Former Mayor Whitcraft is now allowed to move in to her Maritime Museum on Dock Street. Prior to getting the o.k. from the Land Use Board, the former mayor indicated that she will be taking legal actions against one of the Commissioners for harassment.
A local accountant has submitted plans for studying the Southern Regional School district budget to the Island’s municipalities. The Island’s taxpayers fund the majority of the school district’s budget, and have hired the accountant to understand the budget better.
Members of the Beach Haven Historic Preservation Advisory Commission are planning to transform the Beach Haven Library’s second floor into a research center. Currently, the second floor is used as a museum.
In a recent meeting held to alert the public to the danger of gangs in the area, (no I am not making this up!), “girls, drugs and money were provided as possible attractions to joining a gang” As a public service, I have provided a picture, to your immediate right, of a recently spotted gang member on LBI.
The Long Beach Township Police are supporting a new neighbor watch group during the winter months. Recent theft of copper from outside showers is a growing concern to home owners…(must be the gangs!)
Excessive nitrogen levels have been found in the bay, as a result of lawns being fed and rich farmland from up north of LBI. Experts are concerned about the effect to the shell fish in the bay.
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Real
Estate Trends on LBI
While recent activity on LBI has been quite brisk, the numbers from January, on the sale front were not encouraging.
With over 900 properties for sale, there were only 25 total sales recorded, with twenty two of them being single family homes. While recent trends show continuing price reductions on LBI, the average selling price of single family homes remains over $1 million.
This month, for the first time in recent memory, there were NO condominium properties sold.
This month, we are seeing more properties go into pending sale status, with the majority of them being priced below the $1 million mark. There is also a surprising strength of buyers looking for rental investment properties.
In conversation with realtors on LBI, this year could be a record setter for rentals. Early warm weather spiked the rental number, and business has stayed brisk during the recent cold snap.
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