Local time... Island time

September 2006

They were all here, and most of us were pleased that they came. The South Jersey shore resort communities flourished. Local economies thrived. It was “the long hot summer” for most of us. Water ice and water parks were “in”…and so it was, as usual, for the beach and ocean too. Even air conditioned movies were a hot item in a “cool” location.

But all of that changed on the day after Labor Day. Sure some of the very smart rental tenants remain…lower rental rates, no lines for much of anything. But the locals have regained their sanity. That’s really what September is about. Traffic just got better; biking can be done side-by-side again without looking back for cars too much. Even just walking around is easier.

Some of us are just now making our first walk to the ocean...

September sun, warm ocean water, no one kicking sand all over you except for the weekends. It’s local time … island time for most us for the next eight plus months. And September and October may be the two best months of the calendar year.

So what does that have to do with real estate…just about everything. When talking about shore real estate, it’s “the time you spend here,” and “the amount of time too.” As a working real estate agent, I have several personal theories about Buyers:

(1) If you rent two weeks, or more, you are definitely a significant, potential Buyer – even if you don’t know it as yet.

(2) If you spend time at the shore in the off-season, even only a couple of long weekends several times a year, you’re a Buyer... someone who is slowly, but permanently, becoming addicted to shore life and island time.

(3) If many of your vacations get you to more water and sand locations, you are three-for-three. Clearly, another Buyer indication.

Not very scientific, but somewhat historically accurate from my years as a “becoming local” type. Now for the best part... it may just be one of the better times to start, or continue, looking for shore real estate.

Why?

The “boom” is off the market, and “back-to-normal” are the buzzwords of the day. It’s a “Buyer’s Market,”one where you should be able to find more than one opportunity out there. Don’t get me wrong... South Jersey property won’t be cheap, but a lot of it is available. And interest rates are historically still good. Don’t overspend, do compare sale property inventory, and do review recent sold property stats. But, a word for the wise, don’t pass up an opportunity for “island time.” How often does opportunity knock?

Real Estate “Tip of the Month”

If you’re just starting out, do a lot of walking, biking, and driving around the town or community of choice. Listen and talk with the local real estate agents. But best of all, be certain to visit South Jersey in the Fall of 2006.

Dustin A. Peters is an Agent with French Real Estate, Inc. – Ocean City, NJ. He invites readers of this column to submit comments and questions to him at Dustin@BeachNotes.net.