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.

Townsends Inlet Bridge connecting Sea Isle to Avalon Now Open

Townsends Inlet Bridge Reopened 2 Weeks ago just before the Food Truck Weekend at Kix in June.  However, there is a 15 ton weight limit.   See chart below if you’re curious.

townsends.inlet.bridge2townsends.inlet.bridgeTIbridgeRoad-leading-to-Townsends-Inlet-Bridge

The TI bridge was indefinitely closed to traffic in early April of 2017 after an underwater inspection revealed a crack and extensive structural damage on the 75 year old bridge. Built in 1939, Inlet Bridge is now a foundational part of the local community as well as the tourism industry in Townsend, NJ and surrounding towns such as Avalon and Sea Isle. It is a crucial part of Ocean Drive and its closing not only created delays and detours for tourists hoping to see the beautiful views, it also made it harder for residents to enjoy the restaurants and local shops. Construction crews built up the bridge with reinforced steel on the support piers, and it is back up and running this afternoon. This is excellent news for local businesses and residents. Although the hope is that eventually a new span will be built in its place, the repairs will do in the meantime. 

Most readers will have zero concern that their are vehicles are over the 15 ton weight limit, but just for fun, I’ve added a chart of various vehicles and their weights.  I was sure the Jersey Transit buses were way over the limit but wondered about trucks, vans and motor homes. 

vehicles weight for TI bridge

 

Sea Isle City Deals under $435,000 3 bed/2 bath with OCEAN VIEW

Pick Number 1 – near center of town:

 124 45th St.  Amazing Affordable Condo with Ocean Views!!! Why rent when you can become a homeowner in Sea Isle City with this refurbished and attractive condo that is close to downtown, shopping, restaurants and a few short blocks to the beach. In fact you can relax on your isolated private deck (no sharing with the neighbors) and enjoy your ocean view! This sparkling bright and cheery condo has an upgraded kitchen area. The kitchen, eating area, living room, full bath, washer and dryer compliment the second floor. Three bedrooms and full bath complete the third floor of this two story (2nd and 3rd floors) condo quad unit. Although on street parking is available, the owners are willing to provide and pay by way of $1,000 credit for a parking permit for the next five years!  The average price of a 3 bedroom 2 bath condo is $469,000.   The asking price of this charming condo is only $338,900.   Call for details.  Make you next summer a great one!

 

Pick Number 2 – in the beach block:

The one you’ve been waiting for! Unit D takes up the top floor of this 4 unit condo building and offers great ocean views from your private, front deck as well as from the living room/dining area. 3 bedrooms and 2 full baths, this property is located on sought after 85th St which has a beautiful beach with a playground, restrooms and beach patrol substation as well as Bernie’s Hot Dogs! Each unit has their own outside storage closet for your bikes and beach toys, and Unit D has one off-street parking spot. This unit also has a rear deck off of the master bedroom. This condo is in great shape as it’s not been rented, but could make a great investment property if you chose to rent. 85th Street is also in close proximity to some great restaurants, ice cream and Blitz’s Market. This one’s a winner!  Asking price:  $433,900