MARKET STATS: 27 properties sold during July 2018, the same as the year before, while the number of active listings decreased slightly. July’s median sold price was $1,165,000, up over last year. For a detailed look at market stats, see the latest Long & Foster Market Minute report: http://marketminute.
Check the newest Market Minute report for the latest market stats.
BACKPACK DRIVE: Thanks to all who contributed school supplies for the Back to School Backpack Drive. Long & Foster staff gathered earlier this week to assemble and deliver donated school supplies. New backpacks—full of supplies—will be donated to students at the Glenwood Avenue School in Wildwood for the start of the school year. The Cape May County Association of Realtors sponsored the Drive; thanks to L&F Administrator Gina Reynolds for overseeing the efforts of our office!
Long & Foster staff gathered to assemble supplies for the Back to School Backpack Drive.
TOWNSEND’S INLET BRIDGE UPDATE: The Townsend’s Inlet Bridge will close September 17th for replacement of seven spans on the Avalon side of the bridge. About 245 feet of the 1,373-foot long bridge will be replaced, according to a Cape May County Herald article. The $8.6 million project is related to damage discovered during an inspection last spring, when the bridge underwent emergency repairs in the few months prior to the 2018 summer season. After closing in September the bridge is not rescheduled to reopen until Memorial Day Weekend 2019—meaning those traveling from Avalon to Sea Isle City and vice versa will have to take “the long way around” via the Garden State Parkway for the next several months.
RISING RATES LEAD TO LESS BUYING POWER: Interest rates remain low by historical standards, but are widely expected to rise in the coming months. Higher financing costs can have a significant impact on buying power. Consider the example provided by Michael Mento of Prosperity Mortgage: at 4.5%, a monthly payment of $2,533.44 supports a mortgage of $500,000, but at 5.5% at $2,526.68 payment (almost the same) supports a mortgage amount of only $445,000. The important message for buyers: locate and purchase your desired property now, and lock in low financing costs for the duration of your ownership. There’s also an important consideration for sellers: take advantage of market conditions and price your property to sell now, rather than wait until higher interest rates impact what buyers are able to afford!
A TWO-ALARM FIRE occurred at the Water Lily Restaurant in Stone Harbor in the early morning hours this past Sunday. In addition to stopping the fire, paramedics treated a second floor occupant for smoke inhalation. No other injuries were reported.
JUST A COUPLE OF WEEKS remain in the prime summer season! Hopefully you set aside plenty of time for summer fun and relaxation! Didn’t get enough? Don’t worry—our “Second Summer” is coming! Post-Labor Day the Island sees great weather, warm ocean temperatures, and everything is still open—with smaller crowds to boot! If you didn’t get enough beach time in July & August, plan a September getaway!
THE AVALON/STONE HARBOR UPDATE will return the week of September 3rd.
- Children’s Mini Event: Fish Tales & Ocean Oddballs, Avalon Elementary School, 11AM-Noon, Thursday, August 23
- Thursdays on Dune Event, Veterans Plaza, family friendly activities at 5:30PM, concert featuring Robert Eric (Billy Joel Tribute) at 7PM, Thursday, August 23
- Movie Night at the Stone Harbor Library featuring Peter Rabbit, 5:30-7:30PM, Thursday, August 23
- Historic Cold Spring Village Seafarers’ Weekend, Saturday & Sunday, August 25 & 26
- Stone Harbor’s Sidewalk Sale, Downtown Shopping District, 9AM-7PM, Saturday, August 25
- Sons of the American Legion Squad #331 Annual BBQ, eat-in or take out available, call 609-408-7429 for tickets, 5-8PM, Saturday, August 25
- Stone Harbor’s Farmer’s Market, 95th Street Water Tower Plaza, 8AM-12:30PM, Sunday, August 26
- Stone Harbor Bird Sanctuary Tour, meet at Egret Espy Trail at 114th Street & Second Avenue Entrance, 10AM, Sunday, August 26
- Full Moon Climb at the Cape May Light House, 8-10PM, Sunday, August 26
- Monday Funday, activities for Kids, Avalon Free Public Library, 10AM, Monday, August 27
- Stone Harbor Family Night, fun for all, Stone Harbor Fire House, 7PM, Monday, August 27
- Tuesdays at the Tower, concert featuring Never Break the Chain (songs of Fleetwood Mac) at 95th Street Water Tower Plaza, 7-8:30PM, Tuesday, August 28
- Avalon’s Beach Movie featuring Cars 3, 30th Street & the Beach, dusk, Tuesday, August 28
- LEGO Club, Avalon Free Public Library, 10AM, Wednesday, August 29
- Historic Cold Spring Village Hands on History Event, Saturday & Sunday, September 1 & 2
- Stone Harbor’s Farmer’s Market, 95th Street Water Tower Plaza, 8AM-12:30PM, Sunday, September 2
- Creative Writing Seminar, tips & feedback on poetry, memoirs, short stories & articles, Avalon Free Public Library, register at 609-967-7155, Thursday, September 6
- Avalon Chamber of Commerce’s End-of-Summer Shop Hop, deals throughout Avalon’s shopping district, Friday-Sunday, September 7-9
- Birding with Pat Sullivan, talk based on her book, ‘Birding in Cape May’, Avalon Free Public Library, 1-2PM, Saturday, September 8
- Big Band Dance featuring Tony DeLuca, Avalon Community Hall, Saturday, September 15
- Cape May Traditional Jazz Society Concert featuring the Ben Mauger Vintage Jazz Band, VFW Post #386, 419 Congress Street in Cape May, 2-4PM, Sunday, September 16
Properties Under Contract:
31 Stone Court, Stone Harbor, $725,000, UNDER CONTRACT MLS#: 183347
54 E. 27th Street – Unit 1, Avalon, $725,000, UNDER CONTRACT MLS#: 183030
700 Ocean Drive, Avalon, $749,000, UNDER CONTRACT MLS#: 183393
700 Ocean Drive, Avalon, $799,000, UNDER CONTRACT MLS#: 183489
2601 Ocean Drive, Avalon, $929,000, UNDER CONTRACT MLS#: 181141
246 19th Street, Avalon, $979,000, UNDER CONTRACT MLS#: 182903
394 93rd Street, Stone Harbor, $1,199,000, UNDER CONTRACT MLS#: 183161
240 98th Street, Stone Harbor, $1,630,000, UNDER CONTRACT MLS#: 179992
15 Seabass Lane, Avalon Manor, $1,795,000, UNDER CONTRACT MLS#: 180782
8614 Second Ave., Stone Harbor, $1,999,000, UNDER CONTRACT MLS#: 176852
35 E. 24th Street, Avalon, $2,095,000, UNDER CONTRACT MLS#: 183524
205 68th Street, Avalon, $2,149,000, UNDER CONTRACT MLS#: 182671
7429 Sunset Drive, Avalon, $2,795,000, UNDER CONTRACT MLS#: 180484
277 88th Street, Stone Harbor, $2,945,000, UNDER CONTRACT MLS#: 179433
166 69th Street, Avalon, $3,850,000, UNDER CONTRACT MLS#: 178233
3023 Dune Drive, Avalon, $644,000, SOLD MLS#: 182773
1688 Ocean Drive, Avalon, $875,000, SOLD MLS#: 182586
1218 First Avenue, Avalon, $1,300,000, SOLD MLS#: 178591
301 39th Street, Avalon, $1,370,000, SOLD MLS#: 181406
4749 Ocean Drive, Avalon, $1,475,000, SOLD MLS#: 183511
9803 Third Avenue, Stone Harbor, $1,650,000, SOLD MLS#: 182698
507 42nd Street, Avalon, $3,300,000, SOLD MLS#: 180113