Ocean City, NJ Real Estate News

By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
The Dog Days of Winter Appear Early Here at the Shore ... Ocean City, NJ   It's the 13th of November ... the closing days or weeks of the "Fall Buying Period" here in Ocean City, New Jersey.  It always starts the day after Labor Day ... when the rental season slowly comes to an end. But this year it seemed to come to a bit of a closure by November 1st.  You can blame it on a variety of reasons ... but whatever reason is given, there can be lots of questions regarding that particular one. So let's not suggest "Why" ... instead let's talk about the early arrival of winter.  The coldest part of Ocean City at any time in the winter is "the unheated house" waiting for your arrival.  It always seems to be warmer outside than the inside of an unheated house. So what often started in early Dece...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
New Sale Listing - 114 Pinnacle Road (Ocean City, NJ)   Just listed in the Gardens, that single family area north of North Street to the end of the island at the Longport Bridge.  Adding the single family sale listings in the Northend as well, that area north of Sixth Street to south of North Street; we arrive at a total of about 49-50 single family sale listings throughout the Northend and Gardens.   This is one of the lowest number of single family sale listings in this area in some time.  One finds about 25 singles over $1 million and the remaining number under that figure.  Location obviously plays a role in terms of the land value.  New Construction will also play a role in terms of building value. 114 Pinnacle Road is on a two-block street running from Battersea Road to Gull Road....
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Open House9/13 & 14/2014 in Ocean City, New Jersey   In the Northend and Gardens from 10 am to 2 pm at these locations:   137 Ocean Road in the Gardens - a 3BR/2BA gas heat/central air, close to the beach Listed at $619,900  One of very few this close to the beach and still in the low $600,000 range.  This is a charming older vintage cottage with a 30x100 lot including a back porch and small back yard.  This property also has a rental history which would provide about $20,000 income during the summer rental period.   845 Stenton Place #2 in the Northend - a 1BR/1BA gas heat/central air, about a one minute walk to the Stenton Place Beach ... only one additional minute to the end of the Boardwalk in the Northend at St James Place. Listed at $244,500  One of the lower priced one bedroom th...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
"The Best Weekend of the Year" ... in Ocean City, New Jersey   Now this may sound like a real estate agent shouting:  "thank goodness all the people are leaving town."  And that is not what I am trying to say.  For years and years, I was one of those who were leaving town on Monday of Labor Day Weekend.  When I was a teacher and later a high school principal, we always tried to spent the "Labor Day Weekend" in Ocean City, New Jersey.  And then it was back to "the real world" like everybody else. But since becoming a real estate agent, and both a sales and rental agent, the June/July/August time frame became a major period of work:  checking people in, solving rental location problems, checking people out, making reservations for the future, etc.  The three summer months can be quite hec...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
You Do the "Right Thing,"but It doesn't always end Right"   Now there's a short message that rings with multiple meanings.  Let's narrow it down to "real estate," since the writer of this blog posting is a real estate agent.  And the writer has been doing this real estate business for the past 22 years in a second career.  I forget the title of the book that talks about 10,000 hours ... and further states that is about the necessary time involved to make someone a more knowledgeable, more talented, whatever in a particular business, sport, musical instrument, etc. I agree with this, and my first ten full years following three more part-time years brought my skill level up to where I always wanted it to be.  Now real estate can be a "very competitive business."  There are "ups and downs"...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
The Changing Nature of Shore Real Estate -Ocean City, New Jersey   I'm a shore realtor working on a barrier island just off South Jersey at the northern most section of Cape May County.  When you arrive in Somers Point on the mainland, Ocean City is a short mile or two across the bay to "our center of the world."  Let me highlight a short year in action down here. From Memorial Day through Labor Day we have "the summer rental period" which actually runs from about late June through the end of August ... maybe a 10-12 week season.  There is some lag time in there right after Memorial Day for a few weeks, and depending on the Labor Day date, it will also tend to slow down just before Labor Day.  You don't sell many houses during the summer because most of the properties become summer rent...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Summer Rentals for 2015 ... An Action Plan - Ocean City, New Jersey   Here is a primer for potential rental tenants interested in renting shore property next summer (2015) ... what you need to know. As we get closer and closer to Labor Day, and the end of the summer rental season; the question is:  "what happens next?"      1.  Many rental tenants book their week or weeks for the next year before they leave the shore this year.        2.  Many rental tenants have changes in the number in their rental group, location, rental rate, etc.  Many also try to book their week in another rental property before they leave for the summer.      3.  The real estate agencies that rent are now in the process of contacting rental owners for 2015 rental rates, changes in the rental units, etc.  All of t...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Northend/Gardens Single Family Sale Listings ... Ocean City, NJ   The Summer Rental Season wraps up on Labor Day ... the "Fall Buying Period" starts the next day.  Here is an important update on Single Family Sale Listing in the Northend and Gardens. We find 51 sale listings in this area of Ocean City ... clearly, a much lighter number than normal.  17 of that number are under $600,000.  About 4 of that number are located in the Northend closer to the beach.  Most of the rest are much further away from the beach area. Another 21 sale listings are priced above $1 million over half of that number above $2 million. Although it has not been a great sales season counting the longer "spring buying period" and the coming "fall buying period;" it would appear that the single family home could b...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Maybe the Best Summer in the last 5 to 10 Years ... Ocean City, New Jersey   Often in the next month or two a lot of comments will be reviewed talking about the 2014 Summer Season.   We will get input from the city officials, the chamber, the real estate association, etc.  So here is my early report.  One might say:  "now what does he know?" Well, I've been in real estate for about 22 years and have tried to review each season as it comes to a close.  Clearly, it was one of the very best rental years in the last five years.  The big four weeks tended to remain the same, but several other weeks drew solid numbers as well.  July 4th came on a Friday which enabled many visitors to connect that to a long weekend at the beach.  The major negative was an early LaborDay ... September 1st (can ...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
My Tennis Game has a Definite Impcact on My Real Estate Behavior -  OC/NJ   During my years as a High School Principal, I played tennis quite a bit ... both singles and doubles.  In the winter, we played indoors over in Hershey, PA a short 15-20 minute drive from our home town.  That's when I started to enjoy doubles.  However, I also played singles at noon through much of the summer taking an hour off for a couple of sets with one of my administrative friends.  The hot water was now off in the building so we took cold showers in the coach's office area at the back of the gym.     I slowly began to play more doubles and less singles as I moved into my 60s, and now 70s. For the past few years I have played with 4 other guys enabling one of us to cover someone on vacation, etc.  We play T...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Summer Rentals Starting to Slow Down as we Reach Labor Day ... Ocean City, NJ   The Summer Rental Season opended with Memorial Day on May 26th ... And it will close on Labor Day on September 1st (a very early Labor Day Monday).  And what a year it was ... great weather, not nearly as hot as most summers, and an excellent rental season - one of the best in recent years.   The long backups along the Parkway and Atlantic City Expressway coming in on Friday nights and Saturday mornings ... mixing quite well with the same backups for those leaving on Saturday mornings and Sunday nights.  Smart drivers coming and going, and the same for many of us staying here in Ocean City, know when to leave, how to get out, and how long it might take.   The very interesting closing of the rental season sho...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Occasional Author/Book Review ... from Ocean City, New Jersey   I often do book reviews when I have the time to share a meaningful book that I recently read.  This summer has been a particularly busy one ... and I have been reading some very different books as a part of my membership in the Ocean City Yacht Club "Book Club."  But a couple of weeks ago, I decided to return to my first love ... mystery novels, and a return to an author that I haven't read in some time.  So I went back to his first book and started the process of reading each one again.   The name of the author is Michael McGarrity who lives in Santa Fe, New Mexico.  He has written 14 books, most of them with his lead character, Kevin Kerney.  With each book we follow Kerney as he moves along in his career, his connection ...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Potential Buyers for South Jersey Shore Property ... Ocean City, New Jersey   Let's combine the best time to come to the shore and the best time to buy a shore property. An easy combination ... September, October, and November!!! The summer rental season about 18 days to go ... Labor Day on September 1st this year is a definite closing of the summer rental season.  Come Tuesday, September 2nd; and the South Jersey Shore location is an entirely different season.   The crowds are gone on the day after Labor Day.  Remembering my former Broker, Robert French of French Real Estate in Ocean City, NJ ... he would tell the story of what his father would say about all of this:  "You could fire a cannon off on Atlantic Avenue on Tuesday, the day after Labor Day, and no one would hear it."  That's...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
"August at the Jersey Shore" ... Ocean City New Jersey   By this time, we have been through Memorial Day and July 4th weekend, all of June and all of July.  It's been a lot of fun, a bit of work, and both a relaxing time as well as a "wearing time" too.  Of course, I'm talking about being a sales and rental real estate agent here at the Jersey Shore. Rentals is a consuming business for about 10-12 weeks from late June into early August.  Many will say it is from Memorial Day to Labor Day ... but that is not entirely accurate.  The Memorial Day Weekend is big, but then we have a 3-week letdown until we pick up again with "our top ten rental week" schedule. We are just coming into our second week in August which is the 4th most rented week of the summer.  After this one, we start to rapid...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
"It's the Top 4-5 Weeks of the Summer ... Ocean City, New Jersey   As we arrive in mid-July, and continue along in the rental season here in Ocean City (NJ) into mid-August; we hit the top 4 or 5 rental weeks of the summer.  We've been building up ... and this Saturday (July 25th) is the second most rented week of the summer ... plus it will be "Night in Venice" Saturday with the boat regatta and bayside and other locations having parties during this time frame. Next weekend will be Saturday (August 2nd) which is the #1 most rented week of the summer.  But each Saturday following that will continue to be strong weeks ... but slowly getting less and less rentals making the August 22nd and 29th the final two rental weeks in the top 10 or 11 weeks through the summer.  Labor Day, which is o...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
"Northend & Gardens" in Ocean City, New Jersey - My Area of Interest & Expertise   I have owned property in Ocean City since 1988 ... starting on St James Place in the Northend.  Later I purchased another single family in the Gardens.  And a bit later, I made my final purchase ... another single family on a much larger lot.  Of course, I was buying and selling property during this time frame.  Finally, we decided to build a new house using much of the original 1939 house footprint which turned out to be a great decision. I started working with French Real Estate in 1993 and continued in that building with my Broker, Robert French, for 18 years.  I spent 2 additional years with Keller Williams Real Estate after their purchase of the building.  I moved on to Goldcoast Sotheby's Internatio...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
"Why I Like 'the Northend and Gardens Areas' in Ocean City, New Jersey"   This is some of the widest parts of the barrier island called Ocean City, New Jersey. Obviously, flooding can occur all over the island ... but it does not nearly flood as much in this part of the island. I like the fact that a significant number of "single family" properties can be found in this section of Ocean City.  The single families vary in lot size and building size from smaller two bedroom ranchers to 5 and 6 bedroom three-stories.   I like that the "800" and "900" blocks of many of the Northend street from 5th Street through North Street off Atlantic Avenue have sections that go from west to east changing the traffic patterns in this area instead of the more normal north to south directions. I also like ...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
"Will the loss of casino business in AC impact our real estate business in Ocean City, NJ?   Reflecting back to when the casinos came into Atlantic City, there was a positive aspect to the real estate here in Ocean City.  But that was then, and this is now.  Clearly, our barrier island about thirty minutes from AC is located just far enough away to avoid most, if not all, of the potential problems of this bigger city.  Obviously, many are still drawn to the trip to AC for shows or dinner or possibly gambling, our special events like "Miss America Pagent;" but overall there isn't much of a connection to worry about. At this stage of the game, Ocean City has established itself as a separate entity with a great deal to offer.  The city and the school district are well established with a lo...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
"Locations - Northend & Gardens" ... Ocean City, New Jersey   We will review some of the Ocean City, NJ locations starting with the Northend and Gardens areas ... in the northern part of our barrier island.  The "Northend runs from the north of 6th Street to the south of North Street.  This is a very wide area going from the Bay to the Ocean with the Boardwalk running up to St James Place which is only a couple of blocks fromthe end of the "Northend" area of Ocean City. The "Gardens" runs from north of North Street to the end of the island at the Longport Bridge.  The best way to review this almost completely single family area is to divide it along the Gardens Parkway which starts just a bit beyond the red light on Wesley Avenue and continues north to the bridge.   There is the bayside...
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By Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!!
(Goldcoast Sotheby's International Realty)
Ocean City, New Jersey - Fall Buying Period, 2014   There are two significant "buying periods during the calendar year in Ocean City, New Jersey ... the "Spring Buying Period"which runs from March through mid-June (and is often linked to the weather in terms of getting down to Ocean City from wherever) and the "Fall Buying Period" which runs from September right after Labor Day through the end of November. During the rental season, one has a lot of potential buyers in Ocean City; but most of the sale property is not available for showing.  And during the winter and holiday months (December, January, and February), you can show property; but it is difficult to get the buyers down to Ocean City. All buyers should link up with a real estate agent in order to be kept informed regarding what...
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