Fortune Magazine this month mentions “It’s time to buy again”. Their article starts by saying the return of the real estate market is better than gold and stocks. I have to agree Cape May has a fantastic inventory of prices especially now in the $500,000.00 and below price range that so many have asked for.
There are currently on the market in Cape May City 21 residential properties under $500,000.00. There are 44 condos being offered in Cape May all between $255,000.00 – $500,000.00. If you want to buy in West Cape May there are currently 17 residential properties on the market under $500,000.00. With interest rates at an all time low combined with a huge inventory it is…….. time to buy.
Today’s mortgage rate for a 30 year, 0 point fixed rate mortgage is only 4.50% or for a 15 year, 0 point fixed rate 3.75%. This makes buying in the Cape May area market not only affordable but sustainable. If you purchased a home for $500,000.00 you will need a deposit of 20% therefore your mortgaged amount would be $400,000.00 and your principle and interest payment would only be approximately $1,852.00 + taxes and insurance for a 15 year fixed rate product. See below with an estimated yearly property tax of $3,000.00 and yearly insurance of $1,500.00.
Principal and Interest $1,852
Taxes and Insurance 375
Mortgage Insurance 0
Total Payment $2,227
Is this affordable for you and your family? If so we have a huge inventory of homes to meet your budget. Call one of our experienced agents today and find out how you can own a home in the Cape May area.
From the desk of Dagmer Chew, Broker/Owner, GRI, ABR
Are you or someone you know looking for an investment property? Well look no further as there are tremendous possibilities here! Located along Spicer’s Creek in Cold Spring this commercial/residential parcel is boat accessible and is the last waterfront lot in the marina district. This property includes 4 houses, 2 of which are currently tenant occupied, and a large storage shed. The value here is in the location. Let your imagination take over when you think about all the possible uses for this land. Gorgeous views, cool breezes, and endless possibilities await! Just reduced to $2,900,000
How wonderful it is to be able to spend 4th of July in Cape May. What better way to relax then a day at the beach followed by an evening of fireworks (fireworks can be seen along the beachfront free of charge).
The festivities begin at 4PM at Congress Hall with an All-American Picnic. The picnic is open to the public and advance ticket purchase is recommended ($20 adults, $10 children 12 and under). Your ticket includes kids games, patriotic sing-a-longs, live music, and fireworks of course. Food will be available for purchase from 5-9PM. Don’t forget to bring along your lawn chairs and blankets. Sorry, no carry-in coolers are allowed.
Wildwood will also be displaying fireworks on the 4th and every Saturday through Labor Day. They can be seen along the beachfront and there is no admission, just bring your lawn chairs or blanket.
On July 3rd North Cape May will be hosting the Lower Township Independence Day Festival and Fireworks. This will take place along the bayfront from Lincoln Blvd to Emerson Ave from 5-9PM. There will be live music and amusement rides ($1 per ride) and fireworks begin at dusk.
Also on the 3rd the Cape May Ferry parking lot and lawn will be open to enjoy the fireworks with entertainment beginning at 5 PM. There is no admission and there will be live music, face painters, childrens entertainment, and food and beverages for sale. Please bring your own lawn chairs or blanket. No carry-in coolers please.
Enjoy, have fun and be safe! Happy 4th!
This residential vacant lot offers a once in a lifetime oceanfront view. You will look out over the Cape May Cove and also have an unobstructed view of all of South Cape May and the famous Cape May Point Lighthouse. Build a 4400 square foot home for you and your family to enjoy. All CAFRA approvals in place. Deed of easement will be granted to purchaser. Time restrictions will be placed on the construction of a new home, see listing agent for details. Make your dreams come true on one of the most desirable locations in all of Cape May. Possible owner financing to qualified buyers.
Everyone at HomeStead Real Estate would like to extend a warm welcome to our two newest sales agents, Micah Yerk and Bryce Sol Hoffman.
Micah and Bryce were both raised in Cape May. They have recently returned to their hometown after spending some time in the Philadelphia area. Micah held a career in the health care industry while Bryce pursued her degree in Psychology.
The two were recently engaged and also hold the full time property management position at the Blue Fish Inn in Cape May. Micah is finishing his degree in business management while Bryce is finishing her degree in Psychology while also holding down a postion as a gymnastic instructor at Jersey Cape Dance and Gymnastics Academy.
Together, Micah and Bryce have the strong negotiating willpower, diligent business sense, loyalty, and keen customer service that make this dynamic duo the perfect team to assist in your next sale or purchase.
This morning a new client came in with some questions regarding purchasing a property to use as a rental. Besides the mortgage and taxes what other costs would he have? One of our sales agents discussed what his responsibilities as a landlord would be. Of course this included the upkeep of the property but many other things that some don’t realize until they purchase a property and begin to rent. You will want to furnish your property with comfortable furniture and bedding. The kitchen should be well supplied with cooking utensils, pots and pans, flatware and glassware. You should offer a dvd player, cable tv, and wireless internet. You will have to supply trash pick-up, hire a cleaning service and have the house cleaned once a week (between check-ins and check-outs) and have the lawn mowed weekly. Comfortable outside furniture on the deck or patio also makes your property more inviting. Rememeber there are many potential tenants looking for vacation rentals and you want them to choose yours. You want them to be comfortable and happy because you will want them to return year after year. To see if it would be cost effective for you to purchase a property to use as a rental and find out what other costs you may have, stop in and talk to one of our knowledgeable sales associates.
Harbor Fest was a HUGE success! We would like to thank everyone who stopped by the HomeStead tent. We met so many wonderful people who were interested in buying and/or selling real estate. The weather was a bit hot but that didn’t stop the crowds from coming and making this such a successful event again this year.
We would like to announce the lucky winner of HomeStead’s Gift Basket, Harry G from North Cape May. Harry won a large picnic basket filled with all things Cape May. Congratulations Harry and enjoy!
HomeStead will be attending many events throughout the community this year. When you see our white tent with the HomeStead logo stop by and say hi or stay and chat awhile. We have knowledgable associates who are eager to answer all your real estate questions whether you are thinking of buying or selling or just curious of whats going on in the real estate market.
Have you ever witnessed the dissection of a Squid? Well you can see all this and more at Harbor Fest this Saturday. This is the 100th anniversary of Cape May Harbor and there are many fun activities planned to celebrate. There will be arts and crafts, music, demonstrations from the Coast Guard, science exhibits from Rutgers, birding and wharf tours and so much more. HomeStead will have a tent set up close to the nature center with information regarding sales and rentals in the area. Representatives from our sales and rental teams will be there to answer any questions you may have regarding real estate. It will be a fun day for all ages so come out and enjoy yourself. The weather is going to be wonderful. Stop by the HomeStead tent and say hi and pick up some of our great giveaways and enter a drawing for a gift basket
This Saturday HomeStead will be participating in the very popular, Harbor Fest. Our booth will be close to the Nature Center and we will have lots of information regarding sales and rentals in the area. We will have items for you to take home and also a drawing for a gift basket. Stop by and chat with our sales and rental teams who are always eager to help you with all your real estate needs. See you there!
Well, it looks like Spring has finally arrived in Cape May County. Thank goodness! It is time to shed those winter blahs and get out and see what our area has to offer besides sun and surf.
My husband and I recently rescued a small mixed breed dog and named her Molly. She is adorable (yes, I am biased) and she has gotten me off my lazy winter butt with her unbridled joy of walking all the trails and beaches around our West Cape May home.
One of our favorite spots is Higbee Beach. Located at the end of New England Road it is a one and one half mile stretch of beach at the tip of Cape Island. Once there, Molly is freed from her lease to roam the beach, chase seagulls while I scour the sand for beach glass and Cape May diamonds. Or, sometimes we head along the fields down to the freshwater lake so Molly can take a little dip.
This is a fabulous area for birding. There are several large observation stands set up along the trails giving views of the marshes that are spectacular. We have met many of a birder taking advantage of the change of the seasons.
Higbee Beach has always been somewhat remote, and has been reportedly known as the “nude beach”. Well, I have to say that I haven’t seen anyone nude … yet. Hopefully when we do, they will be much younger than me and in much better shape.