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Market Conditions in Cape May : Real Estate Advice

  • All52
  • Local Info4
  • Home Buying19
  • Home Selling2
  • Market Conditions11

Activity 11
Mon Jul 20, 2015
thinz answered:
Personally, I would not improve and try to sell as is. With 1 acre, there could be other options to consider for a buyer, and you could always decide to improve later if you can cost justify the work.
Tom Hinz www.shortsaletosell.com
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Sat Nov 15, 2014
Charity R. Clark answered:
711 in under contract and scheduled to close in near future. It will be great to see that corner come alive again. A lot is happening in West Cape May and its new "shopping district".
0 votes 2 answers Share Flag
Thu Feb 6, 2014
Tim Moore answered:
Why would you not call someone that knows like:




Provided by: CAPE MAY REALTY
Broker: CAPE MAY REALTY
Listing Agent: Darcy G. Dickenson
0 votes 1 answer Share Flag
Mon Dec 2, 2013
Dennis Evans answered:
Are you looking for a rental property?
0 votes 4 answers Share Flag
Mon Sep 2, 2013
Christopher Ohrenich answered:
Physical Address is:...... 251 Beach Ave, Cape May NJ 08204....Chris Ohrenich
1 vote 1 answer Share Flag
Tue Jun 18, 2013
Joseph Scrocca answered:
I want to qualify my last comment. The Marquis is the lowest priced beach front condo in Cape May.

Joe
0 votes 5 answers Share Flag
Mon May 27, 2013
Patricia Gray Hendricks answered:
As we begin the 2013 season , let's empower you with updated information. It looks like for North Cape May and Townbank, the average sold price is 90% of the "orginal" asking price. Always good to have the stat as you begin your search for any property. Still another good reason to interview a Buyer's Agent. ... more
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Sat Aug 11, 2012
David Green answered:
Hi Suzq,

I feel you may be asking as to what are the criteria for the assessment . Generally it is based upon current market rate for like property selling and also a cost per square foot for similar properties. . I have spoken with some assessors and they will often calculate the cost of the construction of a home and deduct that from a recent sale price . It's not an exact science but it isnt throwing darts either. I have helped clients with Tax Appeals if you are interested.
Thanks,

Dave
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Mon Feb 28, 2011
Fredric (Rick) Spackman answered:
Lita:
Its a case by case basis, some Seller's or more mtoivated than others. However, you should know that they are 90 condominiums for sale in Cape May, 28 of them are Oceanfronting units between the $300,000 to $1,500,000. Many are withn the same buildings and or complexes. You don't need an Economics degree to figure out that there is a slighly over supply here. Again, if I recall its still a Buyer's market. If you need any assistance in your pursuit of buying a unit in town, please keep me in mind.
Thanks,
Rick Spackman
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0 votes 32 answers Share Flag
Wed Feb 20, 2008
Matthew & Richard Haviland answered:
In Atlantic County and our MLS for active listings it's 157 days on market since January 1st. It's 109 days on market for sold listings. 129 for under contract. 220 for expired and 177 for withdrawn.

Best wishes,

Matt
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1 vote 2 answers Share Flag
Wed Feb 6, 2008
Haydn answered:
Lisa:
I think Diane Eisner has given the clearest advice. The Assessment, is based on a percentage of what the Assessosr thinks the current market value is at the time they do the assessment; the Appraisal is what someone decides the value is, based on sales over the past 3 to 6 months and is used for Lending purposes; the Market Value is what a Buyer will actually pay for the property. So offer the $600k.
However, I would like to discuss with Diane, her statement; "The tax assessor uses the assessed value to determine the property's taxes.
IMO, this is an issue of relativity. The amount the Tax Assessor collects is dependent on what the voters have voted to spend on various programs. The purpose of the Assesssment Value is to make sure that the collection is equitabale. In other words, your assessment can increase considerably, but if the voters haven't voted for new expensive programs your taxes could actually drop, if there is a sufficient number of new properties available to tax.
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