Sea Isle City real estate market analysis

121 60thI have lived in Sea Isle City for over 28 years and have watched it change and grow.  It is a phenomena how this sleepy little town most of the year has such a following.    I totally understand it as I moved here because I fell in love with the shore as a kid.   It was magical to me and I still feel the same way.

The real estate market has well recovered since the collapse 10 years ago.  Values have been gradually climbing for the past 4+ years.  There is a unique character to this City that keeps investors and 2nd home buyers coming.   But, don’t just take my word for it, let the statistics do the talking.   I have taken the following information from the Cape May County Multiple Listings for as far back as their records go starting in 2008 when prices began to drop from those speculative highs before the crash and the mortgage crisis hit.   I used only condominiums and condo/townhouse sales which make up the bulk of residential sales.

Calendar Year                   #Units Sold                    Median Sold Price

2008                                         152                                       $646,750

2009                                         165                                        $606,100

2010                                          166                                       $598,500

2011                                           185                                       $585,000

2012                                          254                                       $565,000

2013                                          213                                       $600,000

2014                                          237                                       $630,000

2015                                          274                                        $626,500

2016                                          239                                        $660,000

1/1/2017 to 9/14/17*             168                                        $700,000

*There are 29 condos and condo/townhouses pending sales set to close in 2017 but are not included in the above figure for 2017.   We still have a Fall 2017 market to come.

For more specific data, please email me at luann@oceanviewrealty.us and I would be happy to provide whatever information you need regarding real estate in Sea Isle City or surrounding communities.    Thanks for reading.   I look forward to your comments too!

 

 

Sea Isle City Real Estate Taxes and Flood Insurance Rates

snoopyProperty taxes for Snoopy living in Oahu, Hawaii may be expensive but that’s not a problem Sea Isle City property owners have to worry about.    Out of the 16 municipalities in Cape May County, Sea Isle City ranks 4th in line below Cape May Point,  Avalon and Stone Harbor being the lowest in the county.    The current tax rate for 2016 is .672 per $100 of assessed value.  A house assessed at $750,000 has a property tax of $5,000.  Most home buyers are pleasantly surprised at this fact.    Another good reason to choose to buy in Sea Isle City is that the City works very hard at keeping its flood insurance rating with F.E.M.A. above average.  This keeps flood insurance rates low, averaging $400-600 per year depending on location and building elevation.    If your foundation has the appropriate amount of flood vents, you will enjoy a significant savings.    I recently bought a home where the flood insurance was almost $1,700 a year.   The owner put in flood vents as part of its renovation and I pay under $500.00.   Between low taxes and unusually low flood insurance, buying in Sea Isle City makes that a smart move.   Also, I am always surprised how quickly homes sell here.   If a home is properly maintained, staged well and priced accurately, it sells.    Sea Isle City is a home run when it comes to deciding where to buy a second home, vacation property or an investment property.

Staging properties for sale in Sea Isle City

These photos are of a home I listed for sale where I did the staging as part of the service I provide my clients.

Staging a property to list for sale is tantamount to pricing it properly.     A well staged property becomes a home that a perspective buyer can see themselves occupying.    Any time and money invested into preparing your property to be listed usually brings you the return of more money and a quicker sale.

I offer to do the staging for my clients but if you’d rather do it yourself, here are some suggestions I  recommend:

  1.  The number one thing to do is to de-clutter.     Clear all unnecessary objects from furniture throughout the house.  Keep accessories and objects on the furniture restricted to groups of 1 – 3 items.  In general, a de-cluttered home helps a buyer mentally “move in” with their own things.  Rearrange or remove some of the furniture in your home.   Thin out overcrowded rooms to make the rooms appear larger.  If there is artwork you are taking with you, remove it and replace it with something else.
  2. Extra cleaning focus should be on kitchens and bathrooms.   All personal items should be stored away leaving only a few personal items on the counter.  Keep toilet seats down in the bathrooms because it looks better.  Put kitchen and bathroom rugs away unless they are decorative.  Remove trash from cans and containers.   Included in the deep clean if needed are carpets, windows, sliders, ceiling fans and trim.  I recommend hiring a professional cleaner.
  3. If there is anything cracked or broken, fix it if possible.
  4. A fresh coat of paint can work wonders in the living area or any room that needs it.
  5. Be sure there are no odors!  If you have a grade level bonus room, you may need to get a humidifier to remove the moisture that causes an unpleasant odor.
  6. Curb appeal is very important.   Take whatever steps you can to make the exterior look its best.  Tidy up plants, shrubbery, etc.    Repair broken items if possible.  I suggest power washing if there is build of black stuff on vinyl which is quite common at the shore especially on the soffits.
  7. Make sure all your lights work and any safety issues are addressed.
  8. Where ever possible, a little decorative touch is nice such has a centerpiece on a table.    Find great ideas at Home Goods or Cape May Wicker.
  9. Lastly as a helpful exercise to test your efforts, take a look at your property through the eyes of a buyer as though you have never seen it before.  You will notice if there is a anything left to be addressed.    Good luck!

Sea Isle City Summer Rental in the Beach Block with an Elevator

 

 

13 72nd St., East is a brand new south end beach block condo/townhouse available for summer rental most weeks this season.  This home was finished being built early in May 2016 and has 5/6 bedrooms, 5 full bathrooms and a half bath.   It has a 4 stop elevator beginning in the garage for loading convenience.  There are 3 master bedrooms en suite with decks and 2 middle hall bedrooms sharing a bathroom.   There is a possible 6th bedroom set up as a family room with a sleeper sofa and full bathroom.  This is a gorgeous home with an ocean view.   There are five (5) decks with the main deck off the Great Room perfect for al fresco dining.     This home has 2 level HVAC, 5 ceiling fans and is soundproofed well for privacy and comfort.  It is on steps to the beach being only 4 houses away.     Perfect for large family gatherings where parents, children and grandchildren can all get together to enjoy the sand, sun and surf.   Also works well for friends and there families to share with 3 private bedroom suites.  This homes sleeps 13 people.  There are 2 off street parking spots and all the amenities you would expect in a luxury home.  Please call for availability, rates and more details on this property.