Downbeach Real Estate Trends.
LOWER CHELSEA, Atlantic City.
- Real estate investor, Tim T, buying homes in Atlantic City with cash, renovating them, taking advantage of the area’s undervalued market. Purchased a 100-year-old, 5-bedroom, 5-bath Victorian house in Atlantic City’s Lower Chelsea area for $900,000, which was initially listed for $1.3 million.
- The house required significant renovations, including replacing the outdated electrical and plumbing systems, but maintained its original charm and character
- Experts, including Sherri and Paul, praise Tim T’s approach to preserving the integrity of old homes and believe that Lower Chelsea is an up-and-coming area for real estate investment.
Baglivo’s Margate Gardens, Six or Twelve Units?
- A property in Margate was approved for six units, but owner Baglivo allegedly built 12 units, leading to a dispute with neighbors over parking and other issues. Margate hired third-party attorney to fight the issue, and papers were filed in court to address the situation.
- Documents, including affidavits from the tax assessor and construction code official, were posted on DownbeachBUZZ.com
- Construction code official, Dino Cavalieri, also works part-time in Ventnor and is familiar with both towns.
- The issue highlights the need for enforcement of zoning and construction regulations in Margate and other shore towns.
Margate Gas Station Parking Lot Plot.
- Concerns about city’s ability to clean and monetize the gas station / parking lot plan.
- City engineer said report is too complicated to explain, but a thorough analysis found no major areas of concern.
- The city’s decision to buy the Liberty Gas station has raised environmental concerns and questions about the use of taxpayer funds.
Local Real Estate and Politics
- Upcoming Master Plan and pending Re-val in Margate have people scared, as it usually means taxes will go up, and there are concerns about what the city will do with the extra money. People calling for more transparency.