On this breezy, late fall day the beach was empty–but full of beauty!
MORE ON THE 2021 MARKET OUTLOOK: While 2020 was an incredibly challenging year, real estate turned out to be a bright spot. Despite the impact of the coronavirus pandemic, homeownership rates rose to 67.4% in the third quarter, up from 64.8% the same period in 2019. In our local area, demand for vacation homes within easy driving distance helped fuel the Avalon-Stone Harbor market. The same held true with regard to vacation rentals–after initial restrictions eased, the rental market boomed, with weekly vacation rentals lasting well beyond the traditional Labor Day end of the summer season.
The fundamentals are in place for a continued strong housing market in 2021, particularly with expectations that mortgage rates will remain around 3%. Here are a few more of our predictions for the year ahead:
- Home prices will rise. The law of supply and demand will drive prices higher, with 5% to 6% increases predicted on average.
- Affordability will remain mostly positive. Low mortgage rates will offset rising prices, increasing the number of households who can afford to buy a home.
- Inventory challenges will continue. While builders are expected to construct homes at a faster pace in 2021, there’s still a gap between demand and supply for new and existing homes.
- Increased teleworking will influence housing. People will continue to work from home, affecting where they’re shopping for homes and what they’re looking for in those properties.
- Vacation home markets will stay hot. In 2020, homeowners with rising equity and investors with high stock market profits drove a spike in demand for homes in coastal markets, which will continue next year.
- Technology remains critical. Virtual tours, remote closings and video conferencing kept real estate moving in 2020, and virtual buying and selling will continue to lead the way in 2021.
Whether you’re looking to buy, sell, rent, or invest in real estate in 2021, I can help! Let me put my expertise to work for you!
REMEMBER JACK’S PLACE? The old Avalon favorite stood at 36th Street and Ocean Drive for years, before meeting its demise a couple of years ago. Prior to Jack’s, The Black Eagle and Gallagher’s Pub stood in the same spot. Now you can reminisce about all three as you take a virtual tour of the Avalon History Museum’s new display, dedicated to the three establishments. The virtual tour takes place Thursday, January 21st at 6pm. Sign up here: https://www.avalonfreelibrary.org/events/virtual-exhibit-opening-last-call-36th-and-ocean
ATLANTIC BRANT, the maritime geese often seen in New Jersey, will be tagged at Stone Harbor’s 80th Street recreation field. Cannon nets will be used to temporarily capture the birds, and although they sound like gunshots, there is no danger to the birds or to the public. In addition to leg bands, some brant will be fitted with solar powered GPS units to record their migratory track between coastal locations in New Jersey and New York, and their breeding area in the Canadian Arctic. This fascinating video describes the tagging process as well as the migration of the brant:
RIPARIAN CLAIMS are the little-known claims that can affect land that is, or was, flowed by tidal water. In coastal areas, it’s not unusual for riparian claims to affect properties on or near the bay, but they can even affect land-locked properties blocks away from current waterways if they were built where a tidal stream once used to flow, or if tidal areas were filled in decades ago. Riparian claims are generally settled with the State of New Jersey, but often after lengthy delays. Now, a petition is circulating seeking to limit the claim process to 90 days–much shorter than the one- to two-year process currently in place. The Cape May County Herald recently ran a great article on the subject, here: https://www.capemaycountyherald.com/news/article_223ef7c8-4f93-11eb-a416-3f83a58d7e7d.html?utm_medium=social&utm_source=email&utm_campaign=user-share
If you have a riparian claim on your property (or if you’re not certain that you don’t have one) please contact me. I can put you in touch with experts in the title, survey, and legal fields who can help you with the situation.
AVALON COMMUNITY HALL is currently being used as a vaccination center for health care workers and first responders. Vaccinations are administered by the Cape May County Department of Health, following state guidelines. Eventually Community Hall is likely to be used as a vaccination clinic for the general public.
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8931 Second Avenue, #3, Stone Harbor, $750,000, ACTIVE MLS#: 210076
223 117th Street, Stone Harbor, $2,350,000, ACTIVE MLS#: 210099
2 & 4 90th Street, Stone Harbor, $13,900,000, ACTIVE MLS#: 210106
Properties Under Contract:
253 107th Street, Stone Harbor, $1,850,000, UNDER CONTRACT MLS#: 203722
10017 Corinthian Drive, Stone Harbor, $2,250,000, UNDER CONTRACT MLS#: 204217
273 77th Street, Avalon, $2,295,000, UNDER CONTRACT MLS#: 202796
10705 Second Avenue, Stone Harbor, $2,495,000, UNDER CONTRACT MLS#: 203310
224 96th Street, Stone Harbor, $654,000, SOLD MLS#: 190370
150 96th Street, Unit #3, Stone Harbor, $721,250, SOLD MLS#: 202822
6498 Ocean Drive, A, Avalon, $949,000, SOLD MLS#: 204266
156 17th Street, Avalon, $2,525,000, SOLD MLS#: 204256
141 65th Street, Avalon, $7,750,000, SOLD MLS#: 202663