Topics discussed on recent DownbeachBUZZ Real Estate podcast, Sept 16th. Guest Mary Lou Ferry of Farley and Ferry Realty in Ventnor joins Sherri Lilienfeld of EXP Realty.
Communication and Professionalism Barriers
- Poor communication between Real Estate agents causes delays and embarrassment during transactions.
- Unresponsive colleagues prevent timely responses to buyers and sellers, losing control of deal.
- Inexperienced agents lack focus on critical items near settlement date.
Contract Adherence and Timelines
- Strict adherence to contract timelines for deposits and inspections is essential to avoid breach.
- Agents must proactively track deadlines rather than begging for updates from counterparts.
- Lax attitudes toward specific contract dates create significant legal and transactional risks.
Community Development and Preservation
- Strong desire to see more open spaces amidst rapid development.
- Renovating older homes is preferred over tear downs to build new construction.
- Restoring historic properties preserves architectural value and community character.
- Excessive demolition threatens the ‘old school’ vibe of local neighborhoods.
Affordability and Demographic Challenges
- Inflated property values make it difficult to attract young families.
- Local businesses struggle to find staff. Employees can’t afford to live nearby.
- Overdevelopment creates a disconnect between high-value homes and the workforce needed to support them.
Buyer or Seller Market?
- Ventnor = balanced market, Longport = seller’s market, Margate = buyer’s market.
- 40% of listed homes in Margate have price reductions.
- New construction inventory is sluggish with many spec homes sitting unsold.
- Online transparency reveals listing history, makes it harder to hide price drops.
Competition and Short Term Rental Properties
- Ventnor had lax STR enforcement.
- Increased competition from spec builders, flippers, wholesalers.
- Short-term rentals (STR) are major business driver for investors .
- Investors use DSCR loans based on projected rental income to purchase rental properties.
- STRs commercialize inventory that should be sold to young families and year-round residents.
