Making Waves!!

Here's what's Making Waves
May 2020
Avalon & Stone Harbor


MARKET PULSE

As a result of Covid-19 and its related restrictions, the real estate market in Avalon & Stone Harbor looks much different today as compared to any time in the past. We all look forward to transitioning from the current restrictive environment to “opening” the Island in a safe, health conscious manner.

Governor Murphy of NJ has just opened golf courses and State Parks, provided social distancing guidelines are adhered to. In addition, the Governor said he expected the timeline for reopening NJ to be measured in weeks, not months. He also added “I want to see the Shore humming throughout the summer”. 


RENTAL MARKET
Each year rental demand begins a bit earlier. While most properties are pretty-well booked for this coming summer, we still have nice properties available and we continue to draw leases each day, with the safety net of rental payments being escrowed until “check-in” day.


SALE MARKET
In April we saw an average of nearly 3 properties sold each week! That’s an encouraging pace given the Covid conditions & restrictions! With few exceptions, Sellers remain optimistic about the market’s ability to hold its own. The optimism is fueled by a myriad of factors, including record low interest rates, a positive long-term outlook for people renting at the Shore, and a very limited supply of properties For Sale in most segments of the marketplace.

From the buyer’s perspective, we’re seeing a wide range of feelings - many hope to save money by finding a seller who needs to sell given the Covid-related changes to the economy. Those same changes have forced some buyers to delay their intended purchase. Meanwhile, others say they will take the plunge once they find the right property rather than attempting to “perfectly time” the market. Those who elect to delay could very well save some money, yet they will likely face competition from others who are also ‘waiting & watching’ and of course the “cost” is missing the enjoyment that a property can offer throughout the Summer & Fall of 2020, with potentially no appreciable savings.

While there is no doubt that the # of buyers decreases during times of extreme stress from external forces (be it high interest rates, rising property values, or events such as the 2007-2008 Financial Crisis, Government shutdowns or Hurricane Sandy)…we also witness new buyers coming into the marketplace! One thing is “for Shore” - people are resilient and there is a natural tendency to gravitate toward one’s “Happy Place”…and for many, that’s the Shore!


As I’ve previous shared, some of my recurring observations over the years are :

  • People’s desire to spend time at the Shore doesn’t go away. In fact, just the opposite happens. Families & friends want to take the time to reconnect, to unwind and distance themselves from taxing situations resulting from whatever the condition might be, in this case, all that’s associated with Covid-19.
  • The Shore is ‘easy’ to get to; no plane or cruise ship required! These factors bolster rental & sale demand!
  • Stock market volatility can spark one to shift their investment toward tangible assets, like a Shore home. This, combined with the pent-up demand, creates a strong and rapid recovery of the market.


So whether you are looking to buy or rent, one thing is for certain - - through challenging times come valuable Life Lessons regarding adaptability, responsibility, good decision-making, sacrifice and appreciation for some things that are simple and often overlooked! Hopefully this experience will ultimately make us all (especially our kids) better individuals and collectively, a better generation.


THE STATS
(Per the Cape May County MLS - Avalon & Stone Harbor)

Between Jan 1 st and April 30 th , a total of 82 properties were placed
Under Contract for Sale!

Last month, 11 properties were placed Under Contract for Sale!

The Asking Price of the 82 homes ranged from $4,750,000 for a beach block home on 58 th Street to $359,000 for a one-bedroom condo on 79 th Street in Avalon.

Of the 82 properties, 24 (30%) are located in Stone Harbor and
58 of the properties are located in Avalon


BREAKDOWN OF THE LOCATION OF THE 82 PROPERTIES:
Oceanfront – 1
Beach Block – 11
Bayfront - 21





New MLS Listings Below
177 80th Street, Avalon
Asking $429,000.

Popular beach block “Merrimack Condominium” with a pool!

105 30th Street, Avalon
Asking $615,000.

Extensively renovated condo with pool; close to the beach & town!


1668 Ocean Drive, Avalon
Asking $799,000.
Bayfront condo offering a private Master Suite, boat slip, gorgeous views & sunsets!



275 85th Street, Stone Harbor
Asking $2,649,000.
Brand new home within easy distance of the beach, restaurants, night life & Stone Harbor’s popular Business District!


26 West 21st Street, Avalon
Asking $3,200,000.
Just over one block from the beach, this nearly new, beautiful home features about 3,800 sq feet of living space, tons of deck space, an elevator, a pool & more


4718 Ocean Drive, Avalon
Asking $5,995,000.
BRAND NEW bayfront home! Built on a massive 60x250 lot, this gorgeous home offers over 5,300 square feet of living area, which has been tastefully furnished so that the home is ready for immediate enjoyment! The home offers amenities galore and high-end appointments throughout! 




( Properties That Have SOLD Since April 1, 2020 )(P

The mesmerizing sight & sound of the ocean await you!

Contact us Today!!

BREAKING NEWS!!

BEACHES TO OPEN!
Based upon our “recon”, it appears that Stone Harbor will open its beaches next week! As of today, we are awaiting official announcement from the Borough of Avalon!

SAFELY SHOWING!
Looking to buy? C’mon down!

Fortunately Gov. Murphy termed real estate as an “ Essential Service ”, so we continue to show properties, yet of course with a new protocol! In keeping with “safe practice”, both Buyer and realtor wear a mask. The property is opened, we ask that buyers do not touch anything, and social distancing practice is adhered to. 











Daniel Bowersock

Ferguson Dechert Real Estate, Inc.  
2789 Dune Drive
Avalon, NJ 08202

609.967.4200  Ex. 3108

     Dan@AvalonProperties.com