2017 Year End Market Update

December 21, 2017

Here is my Sea Isle City year end market update.  265 units have sold to date in 2017.  13% of those sales were over $1,000,000. 2016 ended with 262 units sold and 11% were over $1,000,000. This sounds like a lot of the same over the past two years and that is true, but what the numbers don’t show are some of the trends on the island.

I have been involved in several land sales in the past 12 months where the buyers have purchased a full-size duplex lot, but are in the process of building a single family house instead of a duplex.  The total investment into their new home won’t be seen in the MLS market sales, but the final investment will be significant.

Another purchasing trend that can’t be seen in the stats has been the purpose behind the purchase.  Most of the buyers today are buying vacation houses for the lifestyle.  Time spent with family on the island is the motivation, as opposed to purely for investment purposes and renting out the houses.

These trends not only show confidence in our local market, but they also show how much people really enjoy their time spent on the island.  There is a lot to like about Sea Isle City, families are investing heavily on our island and I’m proud to call Sea Isle City my home.

For those who are tracking sales prices, below is a link to the sales over the past 6 months.  There are currently 31 pending units that are scheduled to settle in 2018.

Units sold in the past 6 months: http://bit.ly/2BLIqbz

Units under contract to settle in 2018: http://bit.ly/2BMMwjI

How is the market???

This is a question that I get asked at least once a day!

Over the past 12 months our values have realized a slow and steady appreciation.  For example, 133 53rd Street sold for $785,000 on July 5th, 2016.  I listed and sold the exact same model house at 130 57th street on May 25th, 2017 for $845,000.  That is a 7% appreciation in one year!

However, there is a catch!  Not all of the inventory is performing this well.  The current demand is for homes that are in like new condition.  I refer to them as “A-grade”.  130 57th street is a perfect example.  The house is a 12 year old unit, but the hardwood floors throughout are in perfect condition.  The furniture looked like it was just delivered, carpets were clean, appliances are relatively new etc.  In other words, the house was completely move-in ready and you could tell that the owners (sellers) took great pride in it.

This is where we are seeing appreciation in values.  Houses that are tired and feel like there is no emotional connection with the owners are not doing as well.   Most of the buying market does not want to have to do work to the unit and they are willing to pay more for houses like 130 57th Street.

If you are thinking about selling and would like a free consultation, give me a call.  I can help you make the right decisions to take advantage of the current market conditions and maximize your investment!

Market Activity over the past 30 days:

Status to SOLD

Status to UNDER CONTRACT

Status to FOR SALE

Here are a few pictures of 130 57th Street.

Sea Isle City Market Update

May 1st, 2017

I have several frustrated clients who are looking to buy now but just can’t seem to find what they are looking for in Sea Isle City.  The problem is not that what they are looking for doesn’t exist, the problem is that what they are looking for isn’t for sale right now.  With only 156 units currently for sale on the island, the inventory remains at an all-time low! 

My advice for those clients who are looking to buy and are frustrated is to be patient and be prepared.  I anticipate a new round of listings to come on the market toward the end of summer.  When they do, be in a position to make a qualified offer. 

For the sellers who are thinking about selling, my advice is to contact me so we can create a plan with timing works for you.  The summer is a great time to create marketing videos, pictures and material.  I can keep that marketing material on file until the timing works for you and your family.  Then we can hit the market with the highest quality possible!

As for the current activity on the island, in the past 45 days, 35 units have gone under contract and 52 units have sold.  Below are links if you would like more information on those properties.

35 UNITS UNDER CONTRACT

52 UNITS SOLD

7200 Landis Avenue, Sea Isle City – FOR SALE

Bright, clean, wide open and ready to move in would best describe this townhouse. With an abundance of windows and sliders, the rooms are always filled with natural daylight.  All four of the bedrooms are large, comfortable and can easily fit whatever furniture that the future owners would like to add.  The large deck with views of the ocean is great for entertaining family and friends. With plenty of off street parking, this is an excellent vacation beach home!

Contact Dustin Laricks to see this house in person!

7709 Pleasure Avenue, Sea Isle City LISTED FOR SALE!

Unparalleled in location and design, this beachfront townhouse built by Tom Welsh offers amenities and luxury that is second to none. From the gourmet kitchen to the oversized decks, stunning master suite, easy beach access and an unbuildable adjacent lot providing unmatched open space, this unit welcomes the most discriminating buyers. The first level family room could serve as a 5th bedroom. Schedule an appointment to see this highly customized beachfront in person.

Contact Dustin Laricks for more information or to schedule an appointment to see this house in person.

130 57th Street, Sea Isle City

3/24/2017

You are invited to tour one of the nicest houses currently for sale in Sea Isle City. The sellers have done an excellent job making this house stand out above the rest. Everything from the living room, to the garage is upgraded! See for yourself. Take a video tour or schedule an appointment to tour the house in person. Offered tastefully furnished and priced better than new!

 

Sea Isle City Real Estate Market update

3/12/2017

It’s hard to believe that two months have already gone by since my last market update.  I guess that is a sign of how busy things are on the island!  Here is quick update on what is currently under contract and what has sold since then.  Please click the links below if you would like to see what market values are doing.

36 units sold

62 under contract

232 36th West, Sea Isle City – FOR SALE

This townhouse is far from average. It features a unique roof line that provides more glass and natural sunlight, plus a nicely finished garage that helps to set it apart from all others. The sellers made great use of the crawl space by adding extra storage for bikes, beach chairs and more. If that isn’t enough, it’s being sold nicely furnished and has bay/sunset views. The owners believe this to be the friendliest block on the island! Make some time to check this one out, it’s well worth it!

109 65th Street – Sea Isle City

This “townhouse style” condo features two story living and more space than the typical condominium. Another unique characteristic is two comfortably sized sun decks for outdoor living. Located just a short walk from the beach, recreation fields and ACME shopping center, this offers convenience that many others do not. Recent improvements include a new heating and air conditioning unit installed February 2017.

6501 Pleasure Avenue, Sea Isle City

 

This magnificent 5 bedroom, 4 bath townhouse features unique characteristics that set it apart from many others. This north unit is adjacent to the beach access, providing additional distance between it and the neighboring house. This creates a wide open feel and panoramic views, not to mention easy beach access. The ground level features a wider than standard driveway and a full length garage for EXTRA OFF-STREET PARKING! Kitchen upgrades have been made with no expense spared! Offered fully furnished, less a few personal pictures.