Jersey Shore Market Watch

9 Towns Urged to Boil Water

2005-09-21T12:40:00.000-04:00

Published in the Asbury Park Press 09/21/05

TINTON FALLS — New Jersey American water company is warning its customers in nine towns to continue boiling water as a precaution after a 24-inch main burst Monday, causing outages.
NJ American spokeswoman Maureen Duffy said Tuesday that customers in Red Bank, Shrewsbury Township, Shrewsbury, Fair Haven, Little Silver, Oceanport, Rumson, Eatontown and residents in Tinton Falls who live north of Tinton Avenue, should continue to boil household water before use, at least through today.
Duffy said the advisory is just a precaution and stressed there was no evidence of contamination in the water supply.
NJ American issued a statement advising that customers in the affected towns throw away uncooked food, ice cubes and beverages made with tap water Monday. Water should be boiled for one minute and allowed to cool before drinking or using.
A water main on Newman Springs Road between Hance Avenue and Half Mile Road burst Monday afternoon.

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Announcing New Construction!

2005-09-08T16:51:00.000-04:00

3718 square foot Colonial in Little Silver

Photos courtesy of Prudential Premier Properties

This 3718 sq. foot colonial sits on over an acre of property in desirable Little Silver. The 4 bedroom, 2 full and 1 1/2 bath home will feature a wrap-around porch, 2 story foyer, eat-in kitchen with breakfast area and granite countertops. The family room has a gas fireplace, back staircase and vaulted ceilings. A gorgeous master suites boasting vaulted ceilings, his/her walk-in closets, bath with whirlpool tub, showerstall and double vanity sinks with granite counters. The full basement can be finished. $1,100,000 Want to make this fabulous home yours? Contact me today!

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Building boom brought many changes to Brick

2005-09-08T16:41:00.000-04:00

Building boom brought many changes to Brick
Published in the Asbury Park Press 09/8/05

BRICK — It is easy to differentiate between lifelong township residents and those who recently decided to make Ocean County's second-most-populous municipality their home.

Those familiar with the Brick of the 1970s and earlier often shake their heads in disgust when they think of making their way from Cedar Bridge Avenue to Drum Point Road, opting instead to remember the days when Brick had only one traffic light and Mantoloking Road was a dirt road.

"It was so different then," said Leah Palmer-Lee, 53, who moved to Brick when she was 5. "You used to not even have to lock your doors."

Yet, while those who moved to Brick to escape the gridlock in northern New Jersey acknowledge that traffic can be bad, they also recognize that things could be worse.

Brick's population has more than quadrupled since 1960, when it was 16,299, and more than doubled since 1970, when it sat at 35,057, according to the U.S. Census Bureau. The latest estimates put it at nearly 79,000.

And, as the population grew, so did the nature of the township. Originally founded as a farming community, Brick remained rural until the 1970s.

The opening of the Garden State Parkway in the mid-1950s marked the beginning of the township's shift from a quiet rural resort and commercial community to the suburban community it is today. As part of that transition, general stores were replaced by large, nationally owned big-box stores.

Brick Plaza, for example, was redeveloped in the 1990s. Small department stores, such as H.L. Greens, where customers could buy everything from food to clothing to small appliances, were replaced by national chains.Today, Brick Plaza, at Route 70 and Chambers Bridge Road, serves as a sort of center for the township, which has no downtown.

Despite the variety of both small and large stores and the heavily congested roads of modern-day Brick, Palmer-Lee said she believes the township has maintained its small-neighborhood feel. For example, in Birchwood Park, where she lives, Palmer-Lee said she can walk virtually everywhere.

"I love it here," Palmer-Lee said.

William J. Dillon has also seen Brick grow. A police officer in northern New Jersey at the time, Dillon and his wife moved to Brick in 1979 in search of an affordable place to live. They found one, purchasing a house on Michelle Place."We've watched it kind of expand, with all the building," Dillon said.

Although concerned about the traffic and overcrowding, Dillon said he and his wife have been "fairly satisfied here." The school system prepared both of their sons to get into Ivy League schools. One is now a doctor; the other a lawyer. And while taxes have certainly increased throughout the years, Dillon said he believes the municipal tax rate remains reasonable, especially when you consider what you get for the money.

Although the average house assessment in Brick is certain to increase dramatically as a result of a revaluation scheduled to take effect in 2008, the township remains an affordable place for many young families looking to buy their first home. Last year, the average house in Brick was assessed at $131,440 and sold for $265,510.

It's the reason Steve and Joanna Richardson said they decided to move to Brick from the Fords section of Woodbridge."

We realized we couldn't afford to buy a home there, so we moved," Steve Richardson said.

With 333 acres of developable land left, Assistant Township Planner Tara Paxton said, Brick's population growth is leveling off. Of the remaining space, Paxton said some is zoned for residential development, the rest for commercial.

"The rate of growth is significantly declining because there's no more land left," Paxton said. "There's no more large tracts. We don't have five-lot subdivisions anymore. We have minor subdivisions — one to two or two to three homes."

With growth stabilized, officials are grappling with ways to alleviate traffic, as well as to limit the municipal tax rate despite rising fuel costs, negotiated salary hikes and the increase in the cost of providing employee health benefits.

The township is expected to receive more than $10 million from the sale of a 23-acre vacant property off Chambers Bridge Road to a developer interested in building as many as 300 senior apartments there. Although that will help, Republicans have said they believe the township needs a more long-term plan to control taxes.

The township's last large commercial lot is being developed. Approved by the Planning Board in May 2004, the shopping plaza, which fronts on Route 70 immediately east of Shorrock Street and near the Brick-Lakewood boundary, will include several restaurants and big-box stores.

Yet with demographic and land-use experts predicting that Ocean County's future growth will lie just west of Route 70 in Lakewood, Manchester and Jackson, experts say area residents shouldn't expect traffic tie-ups to end any time soon.

More immediately, the campaign for the mayor's seat — up for grabs in the November election — is already heating up and is certain to dominate the local news for the coming months.

At the heart of the debate among the candidates are traffic, taxes and the future of the Municipal Utilities Authority, which Kathy Russell — the Democratic mayoral candidate until she withdrew from the race last month and now a Township Council candidate — said she believes should be dissolved. Republicans also have raised doubts about Mayor Joseph C. Scarpelli's ethics.

Scarpelli's Aug. 18 announcement that he had changed his mind and will seek an unprecedented fourth term as mayor breathed new life into both the Democrats' and Republicans' campaigns. Whereas the Republicans have focused their efforts thus far on ridding town hall of corruption, the Democrats have spoken about the importance of providing strong programs for the township's children.

Scarpelli will face Stephen C. Acropolis, a Republican, and Edward C. Mueller, who is running as an independent. Three council seats are also up for election this year.

"It has kind of energized us," Acropolis said on the day of Scarpelli's announcement. "I wouldn't say people were disappointed when Joe said he wasn't running, but it wouldn't be the same race. . . . It's going to be a good race."

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Is the House Market Slowing Down?

2005-09-07T08:08:00.000-04:00

Housing Slowdown Could Spell Trouble

WASHINGTON - The nation's red-hot housing market may finally be nearing its peak, meaning the end of double-digit annual percentage price gains for homeowners and potential trouble for more recent purchasers who stretched to buy.

That's the assessment of economists, who concede they have been forecasting a cooldown in housing for some time only to be confounded as sales and prices continued to boom.

Sales have certainly been sizzling this year, putting the country on track for a fifth straight year of record purchases of new and existing homes.

Home prices have been surging as well. The government reported last week that prices jumped by 13.4 percent in the April-June quarter this year, compared with the same period a year ago, the biggest increase in 25 years. That is more than double the average annual price gains of 6 percent recorded over the past three decades.

But scattered among the statistics are some signs of a slowdown. In July, sales of existing homes fell by 2.6 percent even though the nationwide median price rose to a record $218,000.
Homes in some areas are staying on the market longer before they sell and the Mortgage Bankers Association reports that its index of demand for home mortgages now stands 11 percent below a June peak.

And none other than Federal Reserve Chairman Alan Greenspan recently said that "the housing boom will inevitably simmer down" with prices slowing and possibly even falling.
The issue of how much of a slowdown will occur and whether home prices will fall or just not rise at double-digit rates will depend to large extent on the course of interest rates in coming months.

"I think what we have in store is a slow deflating of the housing bubble, not a bursting of the bubble," said Mark Zandi, chief economist at Economy.com. "But if mortgage rates rise more sharply than I am expecting, then the downturn in housing could be more severe."

The devastation from Hurricane Katrina could turn out to help the housing industry, mainly through falling interest rates. Investors pushed rates lower this week in anticipation that Katrina and the resulting surge in energy prices will act as a drag on economic growth and could persuade the Federal Reserve to pause in its 14-month campaign to push rates higher. As a result, rates on 30-year mortgages dipped to 5.71 percent, down from a high this year of 6.04 percent set in late March.

David Seiders, chief economist for the National Association of Home Builders, said rebuilding from Katrina's devastation probably will not have much impact on the overall housing market since residential building permits for all of Louisiana and Mississippi last year amounted to just 1.8 percent of the national total.

But analysts are forecasting that housing sales will begin to decline from record levels by the end of this year and into 2006. The slowing sales pace is expected to end the super-sized price gains many parts of the country have experienced.

Richard DeKaser, chief economist at National City Corp. in Cleveland, said he believes 53 metropolitan areas, representing 31 percent of the country's housing market, were "extremely overvalued and confront a high risk of a future price correction."

And what might that price correction look like? DeKaser said over the past 20 years, 64 cities have seen home price declines of 10 percent or more over a period of two years. But all of those declines occurred along with a weak overall economy, something not present now.

But if rising energy prices spread into more widespread inflation pressures and the Fed feels it needs to raise interest rates more quickly, then analysts said housing could be in for a rougher landing.

Those most vulnerable in such a situation would be homeowners who took advantage of the growing popularity of various types of new mortgage products such as interest-only loans. They allow buyers to pay only interest initially while charging a lower interest rate that remains fixed for a certain period, often the first three years of the loan.

The problem comes when the introductory period ends. Then holders of these loans are faced with a double-payment shock. The interest rate they must pay is likely to rise and they will have to make not only interest payments but also begin paying back the principal.

Homeowners with already stretched finances may find themselves unable to make the new monthly payments, forcing them either to sell their homes or default on their mortgages. Either development would dump more supply into a slowing market and thus further depress prices.
But many analysts don't believe that doomsday scenario will come into play to any significant extent unless the economy seriously weakens. They note that even with the growing popularity of interest-only loans and various other types of mortgages that feature low down payments, the number of loans going into delinquency has been falling.

Some see a slowdown in home sales as beneficial

"If the frenzied buying levels off, the market will become more balanced between supply and demand" and help to ease price pressures, said Lawrence Yun, senior economist at the National Association of Realtors.

"This will certainly not be like the stock market bust of 2000. We are just going from a rapid pace to a more healthy pace," he said.

---

With home prices in the stratosphere, many buyers have been forced into more exotic types of mortgages to be able to afford to buy a home. Here is some advice from housing experts on what people should consider in the current environment.

BUY OR NOT: Some people have hesitated to purchase a home, especially in the hottest sales areas, for fear they could buy at the top only to see home prices start to decline. Analysts say it is very hard to time the market. If you need to buy because you are being relocated and you plan to be in the new home for several years, the advice is to go ahead and buy. The chances are that even if home prices do fall for a year or two, they will begin rising and you will recoup your investment when you sell.

REFINANCE: For people who now have adjustable rate mortgages, the advice is to consider refinancing to a fixed-rate mortgage. Mortgage rates have been at the lowest levels in more than four decades for an extended period of time. The blow to the economy from Hurricane Katrina and surging energy prices may keep rates low for a while longer. But the expectation is that rates will eventually start rising again and could be above 7 percent by the end of 2006. Moving to a fixed rate would protect against seeing a sharp jump in a low introductory rate. If the adjustable rate mortgage is also an interest-only mortgage, there will be a second payment shock when the homeowner has to start paying interest and the principal of the loan.

INVESTORS: People who have been playing the hot real estate market by buying homes only to turn around and resell them at a profit should reconsider that approach. That strategy could prove dangerous if, as expected, home sales retreat from their current record highs and prices stop rising at double-digit rates.

OTHER IDEAS: People who find they are still priced out of a particular area might consider moving to a smaller house or farther out. For people 62 or older and in need of cash, they might consider taking out a reverse mortgage that would allow them to borrow against the equity in their home and never repay the loan as long as they live in the house.

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Lofts Proposed in Red Bank

2005-09-03T13:12:00.000-04:00

Developer delays bid to allow public views
Lofts proposed in Red Bank
Published in the Asbury Park Press 09/2/05BY Larry Higgs COASTAL MONMOUTH BUREAU

RED BANK — A developer asked borough officials to postpone his controversial application Thursday night so residents who are out of town for the Labor Day holiday have a chance to comment on it.

Developers of the proposed West Side Lofts mix of apartments, art studios and stores originally were scheduled for an Oct. 6 meeting, but when another applicant canceled out of Thursday's meeting, it was offered to developers MW Red Bank LLC, said Laura Nicosa, Board of Adjustment chairwoman.

Instead of picking up where the board and developer left off in August, attorney Steve Santola did the unexpected and asked the board to put off the application for a month.

"I'm certain, as an attorney, we have every legal right to be here, but some members of the public felt we shouldn't proceed," Santola told the board. "We want the application heard on the merits. We ask to you to carry it."

Residents who came out said they were surprised but pleased at the sudden move.

"I think the zoning board's been fair," said west side resident Grace Cangemi. "I was surprised about the change to the date, but I'm glad the board adjourned it."

Cangemi said she received a call about the meeting and added a lot of west side residents weren't aware of it.

"We just feel the community input is important on this project," said Christopher Cole, principal, said after the meeting. "There were concerns by several residents that they wouldn't be around and felt it should be carried to Oct. 6."

Nicosa said the meeting was properly advertised, and notices were mailed to nearby property owners.

"That was extremely gracious," Nicosa said of the postponement.

Santola admitted that is was an unusual step for an applicant to take.

"Our position is that the application is important and unique and fits in to the arts and antiques district," he said. "We want as many (people) who want to ask questions to come out."

The West Side Lofts proposal would create a 1.8-acre complex with 110 residential units, a garden courtyard, live-in and work-at art studios, 27,721 square feet of retail space and a 238-spot parking garage on a site bordered by West Front Street, Bridge Avenue and Edmund Wilson Boulevard. The applicants are MW Red Bank LLC, a project of Metrovation in Red Bank and Woodmont Properties in Parsippany.

"It's nice what they did," resident Steve Goulart said. "They could have run it as a stealth meeting. There is a lot of interest in this proposal."

Goulart said he was notified about the meeting last night by the project's principals.

Zoning officials and applicants said a vote could not have been taken Thursday night. Both estimated the hearings are about 75 percent completed on use variances.

If a hearing had been held last night, it would have included replies to questions from prior meetings, Santola said. That would have included what could be built on the site and the number of parking spaces under existing zoning, he said.

"We hope to have a vote to approve (the application) on Oct. 6," Santola said.

Zoners OK Monmouth University Dorm Project

2005-09-03T13:00:00.000-04:00

Zoners OK Monmouth U. dorm project
Published in the Asbury Park Press 09/2/05BY CAROL GORGAWILLIAMSCOASTAL MONMOUTH BUREAU
WEST LONG BRANCH — The Board of Adjustment voted 5 to 1 late Wednesday night to to approve a $12 million plan by Monmouth University to construct a 196-bed dormitory, six tennis courts and parking areas in a residential section of this suburban community.

Only board member Samuel Guidetti voted against the proposal, which the board has been considering for more than 18 months.

Board Chairman Rocco W. Christopher, board Secretary Irven Miller and board members Robert Springman, Bruce R. Gassman and Brian D. Geiger voted in favor of the measure, which has attracted passionate proponents and opponents.

Miller, Springman and Christopher are alumni of the school but, Board Attorney Thomas Klein earlier had determined since they derive no financial benefit from their association, their participation in the application presented no conflict.

Opponents disagreed.

"One of the other things that is extremely unsettling to us, in this time of political corruption, are these people who are Monmouth alumni and think it is OK to vote on this application," said Joseph G. Hughes, who heads the West Long Branch Coalition of Neighbors. Along with his wife, Pamela J. Hughes, he hired Long Branch attorney James M. Siciliano to fight the project, which he contends would create noise and light pollution, drainage problems and a decline in property values and open space.

"Everyone knows you love your alma mater and root for the home team," Hughes said last night.

Monmouth University President Paul G. Gaffney II said Thursday the process was long and costly for the university, but he hoped nearby residents walked away a little more convinced of the school's intention to be a good neighbor. The school made numerous design concessions during the approval process.

Gaffney also said the school would wait the 45-days in which an appeal is permitted to see if project opponents plan legal action. Siciliano has said he is prepared to take the case to court if the application is approved. He could not be reached for comment last night.But Hughes expressed disappointment with the vote and said he would appeal, hoping a judge would see the zoners' attempt to justify their vote as arbitrary and capricious.

"Obviously we disagree with the decision made by the zoning board, and we think the five yes votes on the application really constitute no votes for the quality of life in our neighborhood," said Hughes, saying he was shocked that the board could listen to the emotional testimony of opponents and not recognize what he said was clearly a substantial detrimental impact on his residential neighborhood.

He saluted Guidetti's "courage" for saying the case really belongs before the Planning Board and Borough Council, which could make decisions about the borough's master plan and whether the borough's institutional zone should be expanded.

The university plan calls for a 196-bed dormitory and an accompanying 126-space parking area on Cedar and Pinewood avenues. Six tennis courts, a 20-space parking lot and a drainage basin are called for on the old Kilkare Farm tract on Beechwood Avenue, along with a restroom, which would be available during the day for people at the courts.

Siciliano and university attorney Marc D. Policastro exchanged words late Wednesday when Siciliano objected to the board's decision to grant preliminary approval to the project. Final approval would come after the site plan is updated by school engineer William E. Fitzgerald. Board engineer Bonnie Heard termed the process of updating the documents after preliminary approval "routine," but Siciliano said any change could result in the possibility he would need more testimony.

Miller noted the board already has received the information from Fitzgerald, who just needs to add it formally to the plan.

"The process is entirely legal," Policastro said. "In many towns, it is routine . . . This is just grandstanding," he said of Siciliano.

"These people are going to have water in their basements" because of what opponents term problems with the proposed drainage system "and you're saying it is grandstanding," Siciliano said.

"If the college doesn't do what they're supposed to do, they'll never build," noted Klein, adding the board could still stop the project if the plans weren't updated.

The three-story dormitory, which would be 42.3 feet high, will be about 48,800 square feet and would be the largest residence hall on campus, Siciliano said.

"You've got to stop somewhere," he said of university expansion. ". . . It is just too large for this area. It doesn't belong in this area."

Policastro said the board should look objectively at the application. "This case is not about emotion," he said. "It is about planning."

Miller asked the board, which agreed, to approve nine conditions on the application. He said it was "inherently beneficial" to the community. The conditions include posting bonds for road restoration and detention basin maintenance and that the Kilkare Farm property have sidewalks.

"Kilkare Farm will remain an open space as much as possible," Springman said. "It is a good option for that property."

Geiger said with two children at home approaching college age, he would like to see them live on campus instead of in the community. Hughes said this demonstrates Geiger's personal bias and not a sound understanding of zoning law.

Hughes said he hoped the university would choose now to abandon the plan. He said neighboring Long Branch would love to have a dorm for the university and suggested the school look elsewhere.

"Once again, we ask the university to stop this from happening," he said.

Your Sandcastle in the Sky!

2005-09-03T12:51:00.000-04:00

Photos courtesy of Prudential Premier Properties

Long Branch - Sophisticated luxury abounds in this 2-story, corner, penthouse enjoying a southern exposure w/unobstructed ocean views & panoramic vistas. Spectacular sunrises & breathtaking sunsets. No detail spared to create a spacious regal residence, boasting renovated kitchen (granite & custom maple cabinetry), marble bathrooms, professional lighting & sound system, wall treatments, custom woodwoork & built-ins, pool & cabana make this an 11. Every extra is included! $2,499,000

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Reverse Exchange

2005-09-02T12:00:00.000-04:00

An alternate route

Betty vacations at the beach each year. This year she decides to buy an investment property there. With the help of a real estate salesperson, she finds the perfect condo unit—at a below-market price of $400,000. Betty wants to use the proceeds from the sale of her rental house, another investment property, to buy the condo. To defer taxes on the capital gain, she plans to use a 1031 tax-deferred exchange. However, because of the hot beachfront market, Betty is afraid to wait to make an offer on the condo until she’s found a buyer for her property. To solve the timing problem without losing the deal, the salesperson suggests a reverse exchange.

A reverse exchange shares similar requirements with the more common deferred exchange. In a delayed exchange, once an exchanger has sold the property to be relinquished, the person must use a qualified third party (an intermediary) to receive the sales proceeds at closing and then use the money to acquire title to the replacement property.

However, in a reverse exchange, a second intermediary, called an accommodation titleholder, takes title to either the relinquished or the replacement property since the exchanger can’t hold title to both properties at once. The AT may remain as the owner for 180 days, allowing the exchanger time to locate a buyer for the property to be relinquished. Note: The two intermediaries in a reverse exchange can be the same person.

Like the more common delayed exchange, in which the property the exchanger owns is sold first, a reverse exchange allows exchangers to defer taxes completely if they use all net proceeds from the sale of a property to purchase a replacement property of equal or greater value.

There has been a significant increase in reverse exchanges since 2000, when the Internal Revenue Service issued Revenue Procedure 2000-37, which set guidelines for those transactions. In fact, some investors look for replacement properties before marketing property they intend to relinquish.

Reverse basics

Under IRS rules for reverse exchanges,
∙ Investors must use an AT to purchase and warehouse either the relinquished or the replacement property for up to 180 days.
∙ The AT can’t be the exchanger undertaking the exchange or a disqualified person, as defined by the Omnibus Budget Reconciliation Act of 1989. A disqualified person is anyone who has acted as the exchanger’s agent within the preceding two-year period, including an attorney, an accountant, an investment banker, or a real estate broker.
∙ The AT must be named on the title of either the replacement or the relinquished property.
∙ There must be a written qualification exchange accommodation agreement between the exchanger and the AT defining the intent and obligations of the parties and the restrictions on the proceeds by the exchanger.
∙ The exchange agreement must state that the AT will be treated as the beneficial owner of the warehoused property for federal tax purposes, including reporting interest and depreciation.
∙ The property to be exchanged must be identified in 45 days, and the transaction completed in 180 days, just as required for a delayed exchange.
∙ The exchanger may make and guarantee loans with the warehoused property as collateral, lease or manage the property being warehoused, or supervise construction or act as the contractor for improvements on the warehoused property before the exchange is final.

Structuring reverse exchanges

A reverse exchanger must have liquid financial resources to make the exchange viable. Reverse exchanges can be structured in two ways, depending on the exchanger’s resources and the financing available.

Option 1. The exchanger has sufficient funds to purchase the replacement property for cash, or the seller of the replacement property will take back financing. Under this option, the exchanger “lends” the AT the money to buy the replacement property. Once a buyer purchases the relinquished property, the intermediary uses the proceeds from the sale to acquire the replacement property from the AT and deed it back to the exchanger.

Option 2. When the exchanger doesn’t have the funds to purchase the new property for cash, the transaction must be structured differently. In this case, the exchanger must obtain cash from a line of credit or other source and then “lend” those funds to the AT so that the AT can purchase the relinquished property. The sale to the AT means there are proceeds the intermediary can use to purchase the replacement property.

The intermediary then deeds the replacement property to the exchanger, who can now use the property as collateral for the new mortgage loan. The subsequent sale of the relinquished property by the AT provides the funds to pay back the exchanger’s loan to the AT.

Although reverse exchanges are complicated and require financial strength, real estate practitioners and their investor clients would be well served to add this powerful financial tool to their portfolio.

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The Remaking of a Beach Town

2005-09-01T10:58:00.000-04:00

LONG BRANCH - Being dubbed the next Hamptons, the following is an excerpt from the NY Times about the redevelopment of this seaside community.

''TOO cool,'' cooed a svelte young woman in black as she entered the glitzy new McLoone's Pier House restaurant right on the beach in Long Branch, N.J., for an arts benefit one recent evening. ''But,'' the woman said, looking around in surprise, ''didn't Long Branch used to be sort of dumpy?''

Actually, yes. There are less snarky ways to describe the city's image and general condition before the start of redevelopment about five years ago. But even those who have loved Long Branch a long time -- take City Councilman Anthony Giordano, a fourth-generation resident, for example -- allow that ''sort of dumpy'' isn't really a cruel or unusual remark.

About $20 million in public grants and low-interest loans were used to build subsidized and market-rate housing in town, reconstruct a section of Ocean Boulevard, replenish the beach, rebuild sections of the boardwalk, create public parks and restore public access to the beach in the area. That, in turn, spurred private developers led by the Applied Development Company and Matzel & Mumford to begin remaking the city's once-derelict oceanfront into a residential oasis a few years ago.

Redevelopment work along the Long Branch shoreline is now more than half complete. Meanwhile, property values of existing housing have roughly doubled at every price point over the last five years, according to Mr. Giordano's wife, Elizabeth, who is a real estate agent with Re/Max Champions Ocean Township.
The new housing going up along the beachfront -- including the Beachfront North and Pier Village developments along the boardwalk -- is a mix of town homes, low-rise condos and rental apartments.

Beachfront North, a town house and condo development with 233 units, is about 90 percent sold. Pier Village, home to McLoone's Pier House, will eventually include 420 apartments, street-level retail, a beach club, fitness center, community park and performance stage.

The city is negotiating with a developer to put up 350 midrise condominiums at the southern end of the beach. And across Ocean Boulevard, two more midrise condominium projects are under construction.

What You'll Pay
Only five years ago, the average home price in Long Branch was below $200,000. Now, brokers say the average has risen to somewhere in the $400,000 range.
Multiple listings show several one-bedroom condos available in the low $200,000's, quite a few single-family homes in the $400,000's, and a five-bedroom beachfront house in Elberon with an asking price of just under $5 million.

At Beachfront North, town house and condo prices range from the high $500,000's to $1.5 million. At Pier Village, which is under construction beside the new McLoone's, yearly leases are available at monthly rates of $1,200 to $3,000, depending on size and location.

What to Do
The present entertainment possibilities in Long Branch pale beside the future, when Applied Development promises a sort of social nirvana centered on Pier Village: year-round concerts, fitness classes on the beach, elegant rental cabanas with food-and-beverage service, boutique shopping, a surfside pool, etc., etc.

At Beachfront North, a four-acre public park that will provide public access to the beach is under construction. A band shell for public concerts is planned for the open green space between the boardwalk and Ocean Avenue.

Plans are also in place for creation of an arts district centered around an old theater building on Broadway that would be restored for use by the New Jersey Repertory Company.

But even before those dreams are realized, there is plenty of opportunity for people seeking more than sun and sand. An array of events and exhibits are held throughout the year at Monmouth University, a mere 10 minutes from the beach. Monmouth Park Racetrack is also minutes away. And this summer, a series of Sunday evening jazz band concerts is set for the West End Park at Brighton and Ocean Avenues. Contact Danielle now to view the latest property listings in Long Branch!

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Current active listings in MLS

2005-09-01T10:53:00.000-04:00

In Monmouth County, there are currently...

3,522 active single family listings
715 active condominium listings
242 active mutli family listings
361 active commercial listings

There are three properties tied for the highest priced single family in Monmouth County at $5,200,000. One is a 4 bed, 3 full, 1 half bath, oceanfront home in Monmouth Beach. The second is a 4 bed, 4 full, 2 half bath home on 2.2 acres in Fair Haven, and the third is a 4 bed 4 full, 1 half bath oceanfront home in Spring Lake.

In Northern Ocean County, there are currently...

2,499 active single family listings
387 active condominium listings
98 active multi family listings
166 active commercial listings

The highest priced home in Northern Ocean County is listed at $9,900,000 in Brick; it is a 7 bedroom, 13 full bath riverfront home.

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Pre-construction condos in Keansburg

2005-08-31T23:27:00.000-04:00

Photo courtesy of Prudential Premier Properties
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Located in the bayshore area these 2 bedroom, 2 bath condo units feature a fireplace, balcony, elevator, gated underground parking, televised/intercom monitering system, as well as designer kitchen and baths. Treat yourself to spectacular views of the bay, Sandy Hook, the Verrazano Bridge, and the NYC skyline on the landscaped rooftop garden with spa/pool, sundeck and putting green. Four floorplans to choose from ranging from 1360 - 1400 square feet. Pricing beginning at $279,900. Contact me now to make one of these condos your own!

Search the MLS to find your dream property and start packing today!

Contact Danielle now to find and buy or sell your house, condo, or commercial property!

Why Use a REALTOR®?

2005-08-31T21:16:00.000-04:00

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.
2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.
3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.
6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.
7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.
8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.
10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

Search the MLS to find your dream property and start packing today!

Contact Danielle now to find and buy or sell your house, condo, or commercial property!