Wednesday, March 08, 2006

Shore Squeeze


["Our property values are increasing about 2 percent per month," Troiano, Wildwood's mayor, said in September. People see "for sale" signs everywhere when they visit Wildwood and think the homes aren't selling, he said. "They are selling," he said. "What people are doing is flipping them. This is crazy."

Troiano said Friday that "sales have slowed down a bit" in the last month or so, but not as much as in other towns around Wildwood, where home prices are higher.

"We're going through a bubble like other places," said Wildwood Crest Mayor Carl Groon, whose town's median home prices jumped 137 percent, to $315,000, from 1998 to 2004.

Joseph Hoey, president of Weichert Realtors/Hoey Group, which has four offices and 125 real estate agents in Cape May County, says the market has cooled. There have been "some minor drops in prices of new construction," but that was because people had inflated prices, Hoey said. "It's self-adjusting right now."

Hoey says he does not believe that the market will crash as it did in the early 1990s, and he is opening another real estate office, in Cape May Court House.]



Anonymous Anonymous said...

I've heard Stone Harbor had just two sales in February in the entire town, and there are a lot of places for sale. Sellers are stubbornly refusing to drop prices, and the buyers just aren't there anymore.

Of course, this site was predicting this two years ago, and prices have double since then. So even if we get a 30% drop (I think its already in the works), your site has been wrong for a long time about this market.

Sunday, March 12, 2006 11:48:00 AM  

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