MARKET STATS: Strong sales have reduced the number of available listings and pushed the median sale price up to $1,712,500 in February. 19 new listings hit the market in February, and 18 went under contract. For a detailed look at the market, see the latest Long & Foster Market Minute Report: http://www.longandfostermarketinfo.com/market-minute/NJ/Avalon-Stone-Harbor.pdf
OFFSHORE WIND FARMS=WHITE HOUSE PRIORITY: The Biden administration wants to “fast-track leasing in federal waters off the New York and New Jersey coasts, a priority for wind power,” according to the Wall Street Journal (WSJ, March 29th). Only two offshore wind farms are currently operating in the United States, off Rhode Island and Virginia. The WSJ went on to report that “Monday’s announcement includes a goal for 30,000 megawatts of offshore wind by 2030, more than triple what the country is on pace for by 2026 if permits were issued without delay.” Not all are in favor, however, with constituencies ranging from commercial and recreational fisherman to environmental groups having expressed concerns about the projects.
WINDRIFT ACQUIRED BY ICONA: The Windrift Hotel was recently acquired by ICONA Resorts, which also owns the ICONA Golden Inn. The Windrift will operate this season and will then undergo a renovation in preparation for the 2022 summer season.
AVALON WILL HOLD THE LINE on its local purpose tax, with no increase for 2021. Avalon’s net ratables increased by $144 million in 2020, providing an additional $300,000 in tax revenue. Stone Harbor introduced a budget in mid-March that would require a 12.4% increase in the municipal tax rate for 2021. During the past year Stone Harbor incurred an emergency appropriation of over $300,000 in August to cover the cost of increased lifeguard pay and added over $400,000 in spending to provide paid fire department staffing to maintain sufficient coverage.
CAPE MAY COUNTY=”STORM-READY”: Cape May County is the first New Jersey County to be deemed “storm-ready” by the New Jersey Storm Ready Board. Various criteria include multiple means for receiving severe weather warnings, a formal hazardous weather plan, and the creation of a system that monitors weather conditions locally. The Storm Ready program was created by the National Weather Service to improve response to hurricanes, severe flooding and tornadoes.
WHAT’S YOUR PLAN FOR 2021? Whatever it is, I’m here to help! Whether you need a week’s vacation at the beach, or something more permanent, call or email me today!
231 83rd Street, Unit A Front, Stone Harbor, $999,000, ACTIVE MLS#: 211099
329 93rd Street, Stone Harbor, $2,499,000, ACTIVE MLS#: 211085
3955 Dune Drive, Avalon, $3,495,000, ACTIVE MLS#: 211059
197 64th Street, Avalon, $6,995,000, ACTIVE MLS#: 211069
18 Sea Gull Drive, Avalon, $8,900,000, ACTIVE MLS#: 211053
8808 First Avenue, Stone Harbor, $11,900,000, ACTIVE MLS#: 211018
Properties Under Contract:
7888 Dune Drive, 122, Avalon, $349,000, UNDER CONTRACT MLS#: 211039
41 Seabreeze Lane, Avalon Manor, $700,000, UNDER CONTRACT MLS#: 211008
123 Meadowview Lane, Avalon Manor, $845,000, UNDER CONTRACT MLS#: 211068
7830 Ocean Drive, Avalon, $1,450,000, UNDER CONTRACT MLS#: 210848
180 104th Street, Stone Harbor, $3,100,000, UNDER CONTRACT MLS#: 204762
7888 Dune Drive, 111, Avalon, $295,000, SOLD MLS#: 210535
630 21st Street, 2nd Floor, Avalon, $850,000, SOLD MLS#: 210228
18 Marine Way, Avalon, $1,150,000, SOLD MLS#: 210892
2188 Fifth Avenue, East, Avalon, $1,150,000, SOLD MLS#: 210193
156 34th Street, Avalon, $3,200,000, SOLD MLS#: 210758