Real Estate Online

Real estate in the Wildwoods. . .

is the market on a comeback?

There's no denying that the Wildwoods are on a real estate rebound, and it's about time. After several years of negative media attention and a general decline of property values on the island, the Wildwoods are seeing a major comeback in the number of visitors to all areas of the island, and in the amount of activity in real estate rentals and sales. Based on current industry trends, the real estate market in 1998 is anticipated to increase in activity by approximately 20 percent over last year. The forward direction in which real estate is headed is a positive turn around from what the island has experienced in the past. The question is, what is creating this new real estate "buzz" in the Wildwoods and should a savvy investor purchase now to save down the road?

First, the economy is improving. Interest rates are very favorable. There are more baby boomer generation homeowners earning double incomes than ever before, allowing them the opportunity to realize their dream of owning a secondary home. As an added bonus, rental rates are increasing year after year, giving property owners who rent to help cover the costs on their property a better bottom line. With the Wildwoods offering one of the most affordable housing opportunities at a resort community in southern New Jersey, it is only natural for sales in homes, condos and multifamily type properties to rise.

The confidence shown by the larger investors in the Wildwoods has also prompted the smaller investor to buy. Just this year, the Wildwoods have seen several new, large drugstores move into the area. Many, many bars and restaurants have been purchased by new owners, or reopened by their present owners. This type of investing from large investors and companies tends to motivate smaller investors into purchasing commercial and residential type properties.

Organizations such as the Chamber of Commerce and Main Street Wildwood have also been key forces in improving the real estate market in the Wildwoods. The Chamber has promoted the island through extensive advertising. The Main Street organization has done a remarkable job of rejuvenating the confidence of residents and investors of this island through their tireless fund-raising, promotions and efforts to beautify the downtown area in the City of Wildwood. Also, Main Street Wildwood has given the real estate market a jump by helping many potential buyers obtain affordable financing. The City of Wildwood has established the Wildwood Historic Preservation Commission, which has designated certain areas of the City as historic. This kind of commitment to revitalizing the Wildwoods is essential to maintaining a strong real estate market on the island.

Of course, the plentiful activities available to visitors in the Wildwoods always help to attract visitors. The Wildwoods boast some of the best daytime fun with boating and water activities, as well as fantastic nightlife, with restaurants, the boardwalk and bars. For example, the Irish Weekend, which attracts tens of thousands of visitors to the island, is helping to extend our summer season. And of course, there's always Wildwood's beach, the largest, free stretch of sand on the East Coast.

With all of the positives the Wildwoods have to offer, it is no surprise that the real estate market is growing, and many investors can see that now is the time to buy on the island. In the near future, it is anticipated that property values are likely to rise and income generated from rental properties will probably increase as well. There seems to be no better time to purchase real estate in the Wildwoods than now, and the booming market the real estate industry is experiencing is indicative of just that.

So, is now the time to buy? In past years, we have seen the sale prices on properties fall. However, this is the first season where property owners seem to be holding out for the highest possible dollar. They are realizing that the market is at the beginning of an upswing, and we believe that by purchasing now, one can acquire property at the most ideal time possible…right at the start of a comeback market.

---By Lees Real Estate
For Gazette Leader Publications

REAL ESTATE OFFICES

The following Realtors are waiting to help you find the home or rental property of your dreams. They are experts at finding the ultimate vacation home or vacation rental. Call them with your requirements and let them do the rest.

Chris Henderson Realty 5201 Ocean Avenue, Wildwood, NJ 08260 toll free 800-526-2326 office 609-729-4888 Oceanfront condominium sales & rental specialist	Oceanside Realty 4500 Atlantic Avenue, Wildwood, NJ 08260 Office (609) 522-3322 Fax (609) 523-0809 Every customer deals directly with our Broker, Paul Chiolo. This guarantees experience.
Seapointe Village Realty Company Personalized Sales & Vacation Rentals 9900 Seapointe Boulevard Wildwood Crest, New Jersey 08260 (609) 729-7100 FAX (609) 729-1829	Coldwell Banker James C. Otton Real Estate 5712 New Jersey Avenue Wildwood Crest, NJ 08260 (800) 523-8820
Don Martin Realty 308 West Spruce Avenue North Wildwood, New Jersey 08260 609-729-8855	Cape May County, New Jersey

Visit These Informative Realty Links
Realtor.com
New Jersey Realty Law Guide

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