Category Archives: Real Estate News
Are you thinking about becoming a landlord?
At Jersey Cape Realty, we often get questions from prospective buyers about what is involved in being a landlord. With so many homes in Cape May being 
investment/rental homes, this is a huge consideration when thinking about purchasing. Renting a home to vacationers can provide a solid income to offset mortgage, tax, utility, insurance and maintenance bills. The key, however, is to make sure you are prepared to handle the rental business.
First and foremost, you need to ask yourself if you can bear to have someone using your house. You must be able to walk away and allow your guests to enjoy their time at your home without interruption. Think of what made you feel most welcome the last time you vacationed and try to recreate that good feeling for your tenants.
In considering furnishings and amenities, a good rule of thumb is to equip the home with all the necessary comforts but do not leave anything in the home that you absolutely couldn’t live without or that has extreme sentimental value. Accidents happen and you wouldn’t want that favorite item to get damaged. Landlords will often set aside a closet where they can lock away special items.
It is always good to know what the local ordinances and requirements are for vac
ation rentals. As the owner, you want to make sure you are in compliance with all requirements for legal and safety issues.
Another consideration is how close your primary residence is to the rental property. Are you within a short drive in case of emergency? What about regular maintenance? If you are planning to handle that yourself, you will want to consider the distance and time spent traveling back and forth.
It is good to think about how vacation rentals are transacted. How will you attract tenants to your home? How will you best position the property for the highest visibility in the rental market? Once tenants are interested, how will you screen them? How will you finalize the rental, collect rent and security deposits? How will you take care of check-in, check-out and any tenant emergencies? You may want to be involved in the process or totally hands off.
If this sounds like a lot of work, the perfect solution would be to call Jersey Cape Realty! The Rental Team as Jersey Cape Realty has worked with many landlords over the years. Everyone has to start somewhere and the professional rental agents at Jersey Cape Realty are happy to take the time to review the entire rental business with new landlords. The Jersey Cape Realty Rental Team consists of full time Realtors dedicated solely to the rental business. They work day in and day out to maximize your rentals and be the welcoming voice for your tenants, answering questions ranging from availability and rent amounts to where to get a good burger or the cost of beach tags.
In addition, the Jersey Cape Realty Rental Team will market your property, both online and in print, to attract tenants. They will prepare leases and circulate them for signature to formalize rentals. Jersey Cape Realty will handle all rental accounting for you, including security deposit collection and disbursement. Your tenants will check-in and check-out at the Jersey Cape Realty office (curbside service in summer) which frees you from that responsibility. The Jersey Cape Realty Rental Team will provide your tenants with an emergency contact number for 24/7 coverage. Jersey Cape Realty will be happy to help coordinate any maintenance or repair issues, and can provide suggestions for local workmen to save you from traveling. This is just a sampling of what the Jersey Cape Realty Rental Team can do for you.
If you have any questions about becoming a landlord, please contact the qualified, experienced agents at Jersey Cape Realty, 609-884-5800. The Jersey Cape Realty Rental Team looks forward to helping you and your guests.
The Cape May Vacation Rental Market is Booming!
Have you started looking for your vacation getaway for this summer yet? According to a number of agencies up and down the Jersey coast, the rental market has been very active this year (see Philly.com article). If you haven’t begun your search, now is the perfect time! View Jersey Cape Realty’s large inventory of vacation rentals online here.
We took a minute to talk with the rental team at Jersey Cape Realty. The agents indicated that many tenants reserved for 2017 as they were leaving in 2016. This has become a popular trend as families grow accustomed to their favorite 
accommodations and want to be sure to have first dibs for the following year. For larger beach homes or those with pools, re-upping at check-out is almost the norm anymore, making it difficult for new tenants to get on the booking calendar. In fact, savvy planners start looking in September for the following season to get the most selection. This is especially important if a tenant is locked into a specific week, has a special request, or is trying to accommodate a large number of guests. Cancellations do happen but are rare so you can’t count on getting in that way.
The Jersey Cape Realty agents said that call volume has been very strong, along with daily walk-in visitors wanting to view properties in person prior to booking. Guests can preview numerous vacation choices on Jersey Cape Realty’s rental site. 
The agents are also happy to show guests through the homes for those that can make the trip. It’s always best to call ahead so the agents may make arrangements with owners for showings. Owners use the off-season to keep their homes in good repair so often there are maintenance projects going on.
For a sampling of what you might find in Cape May, during the 4th of July week, there are currently some one bedroom beach block condos (some have a pool), sleeping 4, starting 
at $1400; a three bedroom, two bath, pet-friendly home, sleeping 7, for $2500; some 2 bedroom apartments, sleeping 6, within a short walk of the beach or mall starting at $1200; along with some 5 bedroom homes, accommodating from 8 to 16 and ranging in price from $2950 to $8000. As you can see, there are still many nice options – and surely one that is just perfect for you!
Contact the friendly, full time rental staff at Jersey Cape Realty for help finding your perfect vacation home. The agents welcome your questions and are not only rental experts, but are Cape May experts, offering lots of information about things to do, where to shop, places to eat, and even some local folklore. Call now, 609-884-5800, or stop by Jersey Cape Realty at 739 Washington Street in Cape May, open 7 days a week.
Spring has Sprung! Jersey Cape’s real estate market update..
As we write this, it is still winter but the Spring buying market is upon us!
New construction is booming with high demand. Savvy buyers are coming into the market to lock in lower interest rates now, as indicators point to higher rates later this year. Available listings are trending lower than the demand, meaning it’s a great time for sellers to get into the market.
A look at the current market shows us that:
Cape May currently has 44 single family residential homes available, with the lowest price at $292,000 and the highest at $5,695.000. The median price (half are above and half are below) is $891,500. Cape May Point offers 15 residential homes, with a low price of $475,000, a high of $2,499,900 and the median being $695,000. West Cape May has 23 single family homes for sale with the lowest starting at $280,000, the highest at $999,000, and the median at $699,000.
Let’s take a look at sales for the beginning of 2017. From January 1 through February 15, Cape May had 13 single family residential homes sell. The lowest sold price was $570,000 while the highest sold price was $2,750,000. The median sold price was $799,000. In West Cape May, 7 homes have sold with a low selling price of $365,000 and a high of $653,000. The median West Cape May price was $425,000. There are no reported single family residential home sales yet for Cape May Point this year.
Regarding residential homes under contract right now, there are 18, with 7 in Cape May, 3 in Cape May Point, and 8 in West Cape May. The average sale price for those under contract is $725,816.
While the market offers some nice buying opportunities, there is certainly room for more listings as the Spring market heats up with pent up demand. Jersey Cape Realty can help! If you are thinking of selling, give us a call today for a no obligation market analysis on your home. If you are considering buying, we’d be happy to discuss the current options with you. Call or email today, 609-884-5800.
How to Shave a Down Payment….
Is a down payment stopping you from buying your first home or maybe that second home at t
he shore? Are you thinking that you have to have 20% or more to put down? What if you could find financing with somewhere between 0 and 10% down? It can happen! The good news is that there are many options available to home buyers today. Jersey Cape Realty agents work with a number of reputable lenders who would be happy to discuss all the financing options that might fit your personal scenario.
Let’s take look at a couple of home buyers’ situations:
Suppose Tom wants to buy his first home. He looked online and then viewed his favorites with his Jersey Cape Realty agent to hone in on the perfect house. It is priced at $200,000. A traditional 20% down payment would be $40,000, plus Tom would need closing costs on top of that. (More about closing costs later.) Tom has worked hard to save $30,000, but he’s still short. No deal, right? No so! Tom’s agent put him in touch with a few reputable local lending experts. They reviewed Tom’s employment history, credit history, and finances and then suggested various mortgage opportunities available with a smaller down payment. As it turns out, Tom is actively serving the country in the military. He is able to take advantage of a VA loan, with 100% financing and an interest rate currently hovering around 3%. Now if Tom wasn’t in the military, he might have qualified for an FHA mortgage, with a down payment of 3.5%, or $7000, and an interest rate currently around 3%. Pretty good, right?
Let’s look at another example:
Suppose Nancy wants to buy a second home at the shore for her family to enjoy. Nancy looked at homes with her Jersey Cape Realty agent and found the perfect home about three blocks to the beach, priced at $600,000. A 20% down payment would be $120,000. Nancy would like to find a way to put less down so she can keep the cash available for redecorating and furnishing the new house. After consulting with a few local lending experts, Nancy decided on an 80-10-10 mortgage program. The way it works is that there is a first mortgage for 80%, originated simultaneously with a second mortgage for 10%, and then Nancy puts down the remaining 10%, or $60,000, in cash. This is often called a piggy back mortgage. The second mortgage may be an equity line of credit on either the current home or the new home. Another possibility for Nancy if she didn’t want to do the 80-10-10, could be to pull the equity out of her primary home for all of the 20% down payment and just get an 80% mortgage on the second home. This keeps all of Nancy’s cash available for refurbishing the new home. It all depends on Nancy’s particular financial qualifications. Lenders are happy to review all of the possibilities and make suggestions.
Closing costs were mentioned above. Buyers and sellers each have costs associated with closing. These are in addition to the down payment or earnest money deposit. Closing costs inclu
de things like title insurance, various inspections, repairs, homeowner’s insurance, utility and tax adjustments, etc. Your Jersey Cape Realty agent and lender will estimate these costs for you up front. Sometimes sellers will offer to pay certain closing costs for a buyer as an incentive and sometimes costs are negotiated in the agreement of sale.
Whatever your financial situation, contact the knowledgeable agents at Jersey Cape Realty today. They will be happy to provide names of reputable local lenders for you to call and figure what type of mortgage might fit your needs. With this information predetermined, you will know exactly how much house you can afford. Don’t wait. Rates are expected to increase over the next year so now is the right time to get started.
Jersey Cape Realty is available 7 days a week at 609-884-5800. Search sale properties online www.jerseycaperealty.com.
2016 – Wow and Thanks!
Now that the holiday rush is past and the Christmas trees are down, and the decorations put away ( or at least mostly put away…), we had a chance to review the 2016 numbers.
Wow! What a year! A huge THANK YOU to all of you who helped to make Jersey Cape Realty the #1 Agency in Sales on Cape Island again for 2016 – that’s three years running now.
We are so happy to have been a part of so many lives and we appreciate the support of each one of you who either listed, bought, rented or referred someone to us. We greatly value your trust and business. Thank you!
With your help, we look forward to setting new records in 2017. We are here for you. Please call, stop in, email, text – whatever – whenever. We are ready to help. Together, let’s make 2017 the best year yet!
And don’t forget to mark your calendar for our Annual Presidents’ Weekend Open House Extravaganza and Celebration on Saturday, February 18. Watch for more details to follow. Come take a look at the newest listings and catch up on the latest real estate news at our reception afterwards.
Call Jersey Cape Realty, 609-884-5800, with any questions.
Some of the Best Victorian Homes for Sale in NJ
With their romantic feel, rich history, and unparalleled charm, it’s no wonder that so many people fantasize about living in a Victorian home. “Victorian” is a term that describes the signature architectural style of homes built between 1830 and 1910, during the reign of Queen Victoria. Many of these structures are completely one-of-a-kind and provide a living experience like no other. From simple country farmhouses to elaborate Queen Anne-style properties, there are a wide variety of Victorian homes for sale in NJ – especially here in historic Cape May! If you’re thinking about investing in this type of real estate, check out some of our featured properties and make your homeowner dreams a reality.
Benefits of Investing in Historic Real Estate
In addition to their aesthetic beauty, there are many pros for purchasing a vintage house. Given the popularity of Victorian homes, many have already been restored to their original grandeur and have also been upgraded for every modern comfort. In addition, many states and local governments offer tax incentives like credits or lower interest loans for preserving and restoring historic structures. But the biggest upside to buying a Victorian home is that you are investing in a piece of the past – and whether you plan to live in the house or rent it out, you will become a part of that home’s history as it becomes a part of yours.
Top 3 Victorian Homes for Sale in NJ
- 44 Harbor: Stunning harbor views, private tennis courts, and a marina make living in the exclusive Cape May Harbor Village and Yacht Club a dream come true. This Neo-Victorian property features 3-zone heating and air conditioning, a security system, an elevator to all three levels, a detached 2-car garage, and an outside shower. Inside the grand 3 bedroom, 2 bath home, you’ll find cathedral ceilings, a gas fireplace, granite counter tops, beautiful cabinetry, and a professional Viking cooking range.
- 211 Grant: Located just two blocks from the beach, this three-story 1878 Victorian home has 5 bedrooms and 3 bathrooms, a formal dining room, an eat-in kitchen, and a large wrap-around front porch. There are also two outdoor showers, a spacious backyard, and off-street parking for four cars. This unique home features both the charm of a bygone era as well as the convenience of today’s modern amenities.
- The Merry Widow: Situated on historic Jackson Street, the Merry Widow is one of Cape May’s most colorful buildings and was formerly the J. Henry Edmonds House, circa 1879. This breathtaking fully-renovated home features a modified Queen Anne structure, complete with a Mansard roof and large castle turrets. Unit 2 in the home is for sale and features two bedrooms, a comfortable living area, an open kitchen, and front and side porches. With many years of successful rentals and very low interest rates in the area, purchasing this unit is a smart investment.
Call Jersey Cape Realty Today!
Now that you know about the beautiful Victorian homes for sale in NJ, it’s time to buy! At Jersey Cape Realty, our friendly and experienced real estate agents will help you through the entire process and will answer any and all of your burning questions. To see more of our featured listings, visit our website or give us a call today. We look forward to helping you find the perfect historic home at the Jersey Shore!
Want to learn about modern real estate?
Check out our blog about new construction in Cape May, NJ!
Photo Credit: ksmith0808 | Thinkstock
How to Find the Best New Construction in Cape May, NJ
When starting the process of moving, home buyers are faced with the choice of relocating to a contemporary property or an older house. According to an article in Forbes, 2 in 5 Americans – a whopping 41% percent of the population – actually prefer a newly-built home over an existing one. Many people opt for a brand new home that’s been built just the way they like it, and with so much new construction in Cape May, NJ, Jersey Cape Realty can help you find the perfect property that’s never been lived in before! Here are just a few of the benefits of buying new on the Jersey Cape.
Why You Need to Consider New Construction
Aside from that fresh “new house smell”, there are quite a few pros to buying a brand new property. During the construction phase, you can have the builder customize the home and add personal touches that fit your style – without you having to lift a finger! Plus, many new homes come with modern floor plans and feature open kitchens, walk-in closets, and large master bathrooms that are necessary for today’s lifestyle.
Another benefit of new properties is that they require less maintenance and are therefore easier on the wallet. Upgraded features, brand new appliances, and new plumbing, heating, and air means you shouldn’t need repairs for at least a few years. New homes, apartments, and condos are also usually equipped with the latest technology – including alarm systems, internet, and cable – which will save you both time and money. It’s a win-win!
Listings for New Construction in Cape May, NJ
- 309 Knox: Located in Cape May Point, this beautiful 4 bedroom, 3 bath single-family home features spectacular cathedral ceilings, granite countertops, and a great room with a gas fireplace. Other amenities include central air, a brick patio in rear, full screened-in front porch, brick paver driveway, outside shower, fenced-in yard, and a fully landscaped lawn.
- 600 Second: This new property is situated in West Cape May and has 4 bedrooms, 3 bathrooms, and a second-floor deck with a view of the ocean. The two-story home also features hardwood floors, ceramic tile in bathrooms, central air, a screened-in rear porch, full covered front porch, brick paver driveway, outside shower, and much more.
- 874 Broadway: Also in West Cape May, these luxurious townhomes offer 3-story reverse living with 2,214 square feet of interior living space. All of the houses have hardwood floors, stainless steel appliances, granite countertops, a fiberglass deck, an attached garage, and more. Buyers can select their unit now and customize the flooring, cabinets, and tile to create that perfect beach condo you’ve always dreamed of.
Find Your Home with Jersey Cape Realty!
Now that you know some of the benefits of new construction, it’s time to make one of these gorgeous homes your permanent residence! Our friendly and experienced agents will help you through the entire process and will make sure that your home buying experience is easy and enjoyable. To see more of our featured listings, visit our website or give us a call today. We look forward to hearing from you!
For more information on Cape May real estate and area neighborhoods,
check out our blog about places to stay in Cape May.
Photo Credit: Hans Hansen | Thinkstock
5 of the Best Ways to Increase Your Home Value
If you’re planning to relocate in the near future and are putting your house on the market, you’re probably already thinking about what you can do to increase your home value. While many people will tell you that adding bedrooms and installing wood flooring are the way to go, we think that a few simple, smart changes can also help to boost value. At Jersey Cape Realty, we know how important it is to get the most bang for your buck – and we’re here to help you do it! Here are some of our favorite ways to improve your home and increase it’s worth.
Tips & Tricks to Increase Your Home Value
1. Paint, Paint, Paint
One of the easiest and most cost-effective ways to improve your home is to paint. Fresh paint gives any room a clean, updated that feel that instantly adds value, and since the average gallon of paint costs just $25, you can make this change quickly, easily, and without breaking the bank. Be sure to opt for neutral colors like beige, gray, brown, or blue, as they appeal to most people, but stay away from the bland eggshell color that’s often found in rentals.
2. Increase Visual Square Footage
Most people know that the square footage of your home dramatically affects the value, but visual space also counts! There are plenty of easy ways to make each room in your house feel larger, including utilizing blinds that let light in and adding a large mirror. If it’s in your budget, replace your flooring with tiles larger than the standard 12″ size to increase the appearance of your square footage.
3. On That Note – Declutter!
Nothing makes a space look smaller than a bunch of miscellaneous items scattered about, so be sure to declutter your home before showing it. Get odds and ends off your coffee table and counters using storage containers, or find an attractive shelving unit to store your things. You can even hire a professional organizer for a day and learn how to properly organize various rooms in your home.
4. Update Your Kitchen & Bathrooms
The two rooms that benefit most from even small renovations are the kitchen and bathroom. And it doesn’t have to be a pricey project- simply start out by swapping a few items like an old microwave or sink for shiny new stainless steel models. You can also update old plumbing or lighting fixtures, and change up the hardware on cabinets and drawers. You’d be surprised how much of a difference a few knobs will make!
5. Plant Trees to Cut Energy Costs
Finally, one of the best things you can do for your home (and the environment!) is to plant trees. Placed in the right spot, a fully grown shade tree can cut your cooling costs by as much as 40% in the summer and can help act as a windbreaker in the winter, reducing your heating costs. Mature trees also absorb sound and reduce noise pollution, which is important for people who live near busy roads or highways.
Contact Jersey Cape Realty Today
There you have it! Just by making a few of these small changes, your home will be more attractive to homebuyers and its value will increase in no time. For more information on getting your home ready to sell, be sure to check out our sellers page or give us a call. We look forward to hearing from you!
Photo Credit: gpointstudio | Thinkstock
3rd Quarter 2012 Cape Island Sales Stats
Cape May:
(No Lots sold)
Average sold price – Residential (13 sold) $750,576
Average Days on Market 210 Sold Price/Original Price 87%
Average sold price – Condos (8 sold) $442,562
Average Days on Market 311 Sold Price/Original Price 91%
(No Multi-Family Homes sold)
West Cape May:
Average sold price – Lots (1 sold) $225,000
Average Days on Market 43 Sold Price/Original Price 115%
Average sold price – Residential (11 sold) $469,094
Average Days on Market 180 Sold Price/Original Price 89%
(No Condos sold)
Average sold price – Multi-Family (1 Sold) $600,000
Average Days on Market 207 Sold Price/Original Price 79%
(No Multi-Family Homes sold)
Cape May Point:
Average sold price – Lots (1 sold) $325,000
Average Days on Market 150 Sold Price/Original Price 91%
Average sold price – Residential (1 sold) $320,000
Average Days on Market 146 Sold Price/Original Price 62%
(No Condos sold)
(No Multi-Family Homes sold)
Jersey Cape Realty 