Here's What's Making Waves
in Avalon & Stone Harbor
February 2021
Market Pulse


Happy 1st week of February!


SOLD UPDATE
 
So far this year, 36 properties have been placed
Under Contract For Sale!
 
The Asking Prices of the 36 properties range from $282,000 to $8,500,000
 
11 of the properties are under $1,000,000


FOR SALE UPDATE
 
* There are currently 43 single-family homes For Sale-

Lowest Price: $1,800,000

Median Price: $3,595,000

Highest Price: $13,900,000
 

* There are currently 14 condo/townhomes For Sale-

Lowest Price: $259,000

Median Price: $482,000

Highest Price: $1,795,000




THINKING OF BUYING OR SELLING?
 
Consider these 3 Key Points…
 
* Ferguson Dechert Real Estate was again the TOP producing agency on the 7 Mile Island in 2020!
The separation between Ferguson Dechert and the competing real estate firms is staggering! You would have to add the total production of Firm #2, #3 and #4 in order to match Ferguson Dechert’s production!
 
* With over $170,000,000 in closed sales last year, the Bowersock Group was by far one of the top-producing real estate teams on the 7 Mile Island!
 
* Moving into 2021, our brokerage, Ferguson Dechert Real Estate, has had twice as many listings sell as our nearest competitor…and in representing buyers, we’ve participated in two-thirds more sales than our competition!
 
Contact us today to learn firsthand why our experience is your advantage!


***NEW MLS LISTINGS BELOW***
86 West 25th Street, Avalon
Asking $2,499,000
Only 1 ½ blocks from the beach and a short walk into town, this renovated home offers a fresh and inviting interior!





226 119th Street, Stone Harbor
Asking $2,739,499
This Upside-Down style home sits on a large lot in a quiet neighborhood that’s only 1 block from the beach and a short walk to scenic “Stone Harbor Point”!


455 24th Street, Avalon
Asking $3,299,900
Enjoy the Bayfront Lifestyle is this custom home featuring a “right-side-up” floor plan that allows convenient access to/from the bay! This home has many special appointments, a nice rear yard and fantastic docking system!




7429 Sunset Drive, Avalon
Asking $3,795,000
Enjoy bay views from this renovated home on an oversized lot in a quiet neighborhood! There’s also a new pool and cabana!


10553 3rd Avenue, Stone Harbor
Asking $3,995,000
Looking for a new home on the bay? This PRIME, oversized site could be the perfect find for you! The site offers 74+ feet of frontage, thus allowing many options, including any combination of: a larger home than most sites in Stone Harbor, a larger pool with a cabana, and a home design that can ‘spread-out’ to enjoy the view from several rooms throughout the home. All of this, just 2 ½ blocks from the beach and a short walk into town!



The Following Properties Have Gone to Closing Since January 15, 2021

Featured Rental Properties
(Click on photo for additional details)

Check out these great new listings!
177 80th Street, #202
Avalon

Merrimack Condo Steps to Beach!
1 BR, 1 Baths, Sleeps 4


10315 Sunrise Drive
Stone Harbor

Brand New, Spacious, Single Family Bayfront!
5 BR, 4.5 Baths, Sleeps 14


26 West 13th Street
Avalon

Quiet Neighborhood, One Block to the Beach!
4 BR, 2 Baths, Sleeps 8


Avalon Lions Donate to Backpack Snack Program
The Avalon Lions are at it again!
This time they have put their focus and generosity in the direction of making a difference in children's lives by raising funds for The Back-Pack Snack Program. This wonderful program will send 50 Cape May County area elementary school students home with healthy snacks that the children can enjoy.
To help get the program started, the Avalon Lions have donated five hundred dollars that their members hope will make a difference in the children's lives.
If interested in this program; please contact Kelly Cox at
609.463.1900, ext 1225.
Some Good Advice about Mortgages
Here are some important planning tips to keep in mind BEFORE you begin your househunting:

Below is a list of things you shouldn’t do after applying for a mortgage. 


1. Don’t Deposit Cash into Your Bank Accounts Before
Speaking with Your Bank or Lender. 
Lenders need to source your money, and cash is not easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.


2. Don’t Make Any Large Purchases Like a New Car or Furniture
for Your New Home.
 New debt comes with new monthly obligations. New obligations create new qualifications. People with new debt have higher debt-to-income ratios. Higher ratios make for riskier loans, and then sometimes qualified borrowers no longer qualify.


3. Don’t Co-Sign Other Loans for Anyone.
 When you co-sign, you’re obligated. With that obligation comes higher ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.


4. Don’t Change Bank Accounts. 
Remember, lenders need to source and track your assets. That task is significantly easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.


5. Don’t Apply for New Credit.
 It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be impacted. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.


6. Don’t Close Any Credit Accounts. 
Many buyers believe having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants of your score.

If you follow these simple rules and have a great lender to work with during the home buying/closing process; it will make the closing process much better!

There is beauty in every season in Avalon and Stone Harbor.