As a native of Ventnor and the broker/owner of Farley and Ferry Realty, it is extremely important that real estate values in my home town are addressed correctly.
I recently attended two planning board meetings were price points were quoted incorrectly. First and foremost, the comparative lot sales that were discussed were sold by my firm (106 S Lafayette Ave – $1,076,250 Closed date 3/16/18, 5804 Boardwalk – $1,050,000 Closed date 6/9/17) – they were both bank owned and distressed properties.
It is extremely unfair to assess the beachfront values based on these two transactions since they are not permitted for use when filing for tax appeals or for any other appraisals. Furthermore, the vacant parcels which our firm listed before between Dorset and Derby beach front were never listed for $3.2 Million dollars as noted in several articles published and discussed in planning board meeting.
The lots are currently not listed in the multiple listing service. Derby and the beach was listed at the highest list price for $2,699,000.00 (5904 Boardwalk) and the center lot was listed at the highest price point for $2,350,000.00 (5902 Boardwalk). Both lots are oversized lots (80×125 & 85×125). The lot on the Derby side was sold for $2,4000,000.00 in 2006.
Regarding price points at Ventnor beach front, the latest sales was 110 S Melbourne for $1,630,000 on 4/19/18 (50×62.5) and 114 S Portland Ave (125×62.5) is currently under contract, the list price is $2,649,000, the sold price is not disclosed at this time.
The real estate transactions from the Atlantic County Multiple Listing Service are enclosed for your review and reference. In closing, members of the planning board that are affiliated with our firm disclosed to the public that they were licensed sales associates in the State of NJ and associate with our firm as required with great integrity at the beginning of the meeting.
I have great confidence in the future of the City of Ventnor and quoting inaccuracies does not result in promote objective & sound decisions. I certainly trust the powers to be focus on relatable real estate values to move our wonderful city forward.
Sincerely Yours, Mary Lou Ferry Wimmer, Broker, Owner
1 thought on “FEEDBACK: Ventnor Beachfront Real Estate Values”
Everyone should know that property values, land and houses, go up and down depending upon the market place. Strong demand prices go up, weak demand prices go down. It is the so-called law of supply and demand. Normally beachfront property, land or housing, are in strong demand but not enough to sell over priced property. When beachfront lots do not sell for years ( 15 ) it is obvious it is because of pricing related to the market.
Price the property correctly and it will sell rather than have the city change the zoning to make a sale for the owner. The Planning Board, City Commisioners and the Mayor should know better. Are they representing an owner or the residents of Ventnor City especially those that live nearby and would be adversely affected?