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Art Barrera

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Shore Market up Date - Margate, Longport, Ventnor & South

4/15/2014
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Egg Harbor Township Market Update

4/3/2014
59 U.S. MARKETS FUNCTIONING AT OR ABOVE PREVIOUS NORMAL LEVELS Markets in 59 out of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity, according to the First American Leading Markets Index (LMI), released recently by National Association of Home Builders. The LMI shifts the focus from identifying markets that have recently begun to recover, which was the aim of a previous gauge known as the Improving Markets Index, to identifying those areas that are now approaching and exceeding their previous normal levels of economic and housing activity. More than 350 metro areas are scored by taking their average permit, price and employment levels for the past 12 months and dividing each by their annual average over the last period of normal growth. The index's nationwide score held steady at 87% of previous norms. 84% of all metro areas have shown an improvement over the past year, with 130 markets currently at or above 90%. "Despite the cold weather that has constrained economic and housing activity across much of the nation this winter, markets are returning to normal levels," says NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. "As the job and housing markets continue to mend and the onset of spring releases the pent-up demand for new homes, this will bode well for the remainder of 2014." For more information, visit nahb.org/lmi.

Atlantic City Airport

4/2/2014
EGG HARBOR TOWNSHIP - United Airlines kicked off the start of service between Atlantic City International Airport and Chicago and Houston on Tuesday, April 1 with a press conference starting following the arrival of the first flight and the traditional “water cannon salute” by the airport fire department. Numerous Port Authority, United, airport and elected officials were on hand to welcome the inaugural flight. Rep. Frank LoBiondo, Senate President Steve Sweeney, Atlantic City Mayor Don Guardian, Port Authority Deputy Executive Director Deb Gramiccioni, United Vice President Don Wright, Executive Director John Palmieri of the Casino Reinvestment Development Authority, Interim Executive Director Frank Frankowski of the South Jersey Transportation Authority, President Liza Cartmell of the Atlantic City Alliance and Egg Harbor Township Mayor James “Sonny” McCullough were on hand.

Mortgage and Housing update

2/5/2013

Atlantic County New Jersey /Egg Harbor Twp./Northfield/Linwood

Mortgage and Housing update: We continue to see news of a housing recovery.  Bloomberg printed a story this morning discussing the anecdotal dearth of inventory available to Spring buyers.  A third of all homes listed across the US have gone under contract in two weeks or less.  Why the drought?  As we discussed in this missive a week or so ago, a lack of supply is caused by large investors grabbing properties as fast as they can buy them, bank CFOs holding onto distressed properties waiting for more of a rebound to recoup expected losses, home sellers waiting for better prices to recoup effective negative equity (which includes the cost of RE commissions, moving expenses, transfer taxes, closing costs, etc), and builders not being able to increase production quick enough to fill the demand gap.   To be sure there is still plenty of inventory (real and shadow) and at some point the market will open up.but for now we wait and watch in disbelief that just this time a year or two ago you could pick and choose from a multitude of houses in almost every State.

 

The 10-year Treasury currently sits at 2.01% and current coupon MBS are down by about 9/32nds.

Interest rates on the rise

1/30/2013

INTEREST RATES ARE ON THE RISE.  THE 10 YEAR BOND IS AT 2.01 TODAY WHICH IS THE HIGHEST IT HAS BEEN SINCE APRIL , 2011. 

 

What does this mean for the market?  It means that the mortgage coupons to sell to the agencies are rising.  It is expected by the middle of 2013, the interest rates will be in the low 4% range.

Rea Estate Transactions 2/2011

5/3/2011

Real Estate Transactions 2/2011 Information provided by the Press Of Atlatntic City

2834 Atlantic
Ave., Jill Miller to Ahmed S. Abouelela; 2/4/2011. $37,500

108 Montpelier Ave. S.Unit 214, Gil Trachtman and Ora Trachtman to Joseph P. Defranco; 2/4/2011. $82,900

212 North Arizona Ave., Denise Capellino DiMeglio to Nimer Nammour; 2/4/2011. $43,000

17 Schooner Court, Gabriel Rosales and Bobbi Rosales to Ellen Mary Levy; 2/1/2011. $148,000

1834 Emerson Ave., Richard T. Hood and Sharon D. Hood to Jason Patel; 2/1/2011. $261,000

204 N.Montpelier Ave., Marcelino Diaz and Sidronia Julian Arellanes to Ann Tran and Lena Pham; 1/31/2011. $212,000

4 Lighthouse Court, Minnie B. Rose to Gregory S. Shipley; 1/31/2011. $160,000

500 Massachusetts Ave., Joseph Wilson and Ivana Uhland to Joseph Beatty; 1/31/2011. $260,000

BRIGANTINE

413 E. Brigantine Ave. Unit 14, Barbara Ellis to S. Robert Sabatini and Carmel Sabatini; 1/31/2011. $137,000

919 N. Shore Drive, Alfred T. Elentrio to Todd W. Devine and Heidi L. Devine; 1/31/2011. $260,000

218 Second St. S., Joseph J. Kozole to Steven E. Bagelman and Felice H. Miller; 2/1/2011. $855,000

109 Fifth St. S., Francis William Travaglini and Sharon Lynn Travaglini to William F. McMahon and Kathleen D. McMahon; 2/4/2011. $630,000

4622 Harbor Beach Blvd., Edward O'Neill and Mary Ann O'Neill to James L. Martini and Krystyna M. Martini; 2/3/2011. $365,000

203 16th St. S., Natalie Poole to Daniel Wackerman and Elyse P. Wackerman; 2/3/2011. $192,500

300 Lafayette Place, Anthony Delmastro to Robert R. Burch and Deborah A. Burch; 2/1/2011. $250,000

330 40th St. S., Bruce McDonnell to Joseph J. Kozole; 2/1/2011. $250,000

210 Third St. S., Steven Winter and Adele Winter to Frederick Gutowski and Julie E. Gutowski; 2/2/2011. $235,000

HAMILTON TOWNSHIP

89 Keller Way, Martin Corcoran to George Mancuso and Elizabeth Mancuso; 2/1/2011. $225,000

17 Rue Chagall, NVR Inc. and Ryan Homes to David Hughes and Marie A. Hughes; 2/1/2011. $254,500

15 Gasko Road, Cory Davis and Carole A. Davis to Del Long and Debora Long; 2/2/2011. $165,000

345 S. White Horse Pike, Robert H. Gazzara and Jeanne Gazzara to William Lamanna; 2/2/2011. $80,000

201 Pico Court, Phillip P. Digiacinto to Frank C. Craig and Anne G. Craig; 2/4/2011. $64,000

5906 Berry Drive, Lawrence G. Jue and Patricia Jue to TMT Investments 1201 LLC; 2/4/2011. $105,000

PLEASANTVILLE

30 Pacific Ave., Oscar Martinez to Moises A. Salinas; 2/3/2011. $105,500

2 East Wright St., Deutsche Bank National Trust Co. and Argent Securities Inc. to Ana C. Ayamamani; 2/4/2011. $80,000

215 S.Hampden Court, Denamarie Ravese to Donald R. Griffith; 2/4/2011. $70,000

PORT REPUBLIC

151 Mill St., Karen M. Adams to Keith Webb and Shirley Webb; 2/3/2011. $200,000

SOMERS POINT

29 Gulph Mill Road, Susan B. Hawk and David H. Black to Stephen Jankowski; 2/3/2011. $192,000

111 Shore Road Unit 2E, Christina W. Paul to Richard Shehan; 2/4/2011. $110,000

64 Dockside Drive, Marcy Hammerschlag to Robert D. Karasek; 2/1/2011. $340,000

17 E. Connecticut Ave., Ursula Michel to Nichol M. Malone; 2/3/2011. $185,000

1502 Harbour Cove S., Rocco Sorino and Elizabeth Sorino to Anthony Gragnano; 2/1/2011. $440,000

13 Delaware Ave., Ginger Margaret Ewing and Albert L. Ewing and Lois A. Ewing to Richard Dassler; 1/31/2011. $194,000

18 W. PiersonAve., Patricia J. Keating to Yvonne B. Miller; 1/31/2011. $156,000

VENTNOR

6101 Monmouth Ave., Vincent J. Russo, trustee for Trancredi Revocable Trust to Sila A. Junqueira; 1/31/2011. $130,000

7105 Ventnor Ave., Steven J. Bradshaw and Donna M. Bradshaw to Stephen H. Cooper and Gail Cooper; 2/1/2011. $472,500

412 N. Cambridge Ave., Anne L. Sutocky to Feng De Zhen and Jin Xiong; 2/1/2011. $185,000;

800 Surrey Ave., Virginia Capriotti to Patricia A. Keeper; 2/4/2011. $171,500

20 N. Lafayette Ave., Alan R. Levine to Christopher Breining and Lisa Breining; 2/4/2011. $327,000

4811 Ventnor Ave., Sudhakar Pillay and Sunil Pillay to Resort Sai Motel LLC; 2/4/2011. $295,000

211 213 N. Harvard Ave., Patricia A. Keeper to Bruce Jenkins and Kathleen Burton; 2/4/2011. $280,000

Egg Harbor Township New Jersey Total Sales to Date

4/7/2011
Good news! Egg Harbor Twp. Single family home sales volume is climbing!
Single family home sales volume in Egg Harbor Twp. is rising. Its not what it was last year but that is due to the tax credit incentive. Never the less its moving up and is better then 2009. The best picture will be July after we clear the June 2010 Tax credit. Ill keep you posted.

Good news

4/2/2011
According to the Press of Atlantic City and other various sources unemployment is down. Jobless numbers are at there lowest in two years. With employment up and hosing prices at rock bottom or very close to in Egg Harbor Twp. and the surrounding areas it is becoming very clear that the time to buy is upon us. First time buyers who have been on the fence in Atlantic County will soon be out shopping for their first home. Egg Harbor Twp. is posed to be a vary attractive area for new buyers based on its affordability and what the town has to offer. I will keep you posted throughout the spring.

Spring is hear with a light at the end of the tunnel

3/29/2011

Spring is hear and we continue to see our local real estate market begin to gain traction. Home buyers and sellers are starting to come out and weigh their options. Its up to Real Estate Professionals to help move these new buyers and seller forward. With the proper direction and advice we can help buyers and sellers fell comfortable coming out of the shadow of depressed market and into what will be an inevitable rebound.

Art Barrera

Egg Harbor Twp. New Jersey Total Sales to Date

3/11/2011
Egg Harbor Twp. total single family homes sold though February 2011. Volume is still down but I anticipate it to increase slowly. We will recover! Facebook.com/ArtsHomeFinder
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