Here is an encouraging market update wrapping up 2016 and kicking off 2017. 2016 ended strong with 30 units going under contract in the months of November and December. 2017 is already off to a strong start with 12 more units going under contract in the first two weeks!
What I find really interesting is how low the inventory is on the island right now. For example, there are only 20 units for sale between $500,000 – $700,000 and only 19 townhouses for sale in the beach block under $1million! For anyone who is interested in selling, now would be a good time to give me a call. For anyone looking to purchase a property, I wouldn’t wait too long to make an offer once you find the right place.
For the investors who are looking to purchase a rental property, I know of two townhouses where the rental income will cover all of the expenses for the year with only 20% down. With over 16 years in the business, I can tell you that this is very rare in Sea Isle. Usually an investor would need to put closer to 40% down to cover all of the annual expenses. Give me a call if you would like more information on these properties.
Here is a link to all of the units that have sold since November 1st. http://capemay.paragonrels.com/publink/default.aspx?GUID=9686def0-6091-4046-9f1c-fc7793d20443&Report=Yes
Here are all of the units that are currently under contract. http://capemay.paragonrels.com/publink/default.aspx?GUID=a1fb2a2a-f1f1-4e7c-bdbc-db9ff799c370&Report=Yes