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Home Buying in Spring Lake : Real Estate Advice

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Activity 11
Sun Nov 11, 2012
Francesca Patrizio answered:
Thank you Debra, very eloquently put. There are alot of "things to know" about "E&S" as we call it down here at the Jersey Shore.. At one point there was alot of construction (rehabbing of the building), high monthly association fees in addition to mandatory dining room fees (use it or not) of approximately $250, was once a 65+ community, recently reduced to 55+ and yes, it was once a hotel.

As you can see E&S is evolving to become more marketable and realtors and the homeowners association continue to strive for improvements. I've seen replies from Diane in the past regarding this development and she does truly know it well . . . past and present. After all, we are in the same market, but I defer to Diane.

Francesca
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Mon Oct 22, 2012
Annette Levinson answered:
After reading a description of the condo association (I originally thought elevator37 was talking about the counties of Essex and Sussex) it sounds like the development is classified as assisted housing. As a mortgage officer for 26 years, I have not seen a lender do this type of property. ... more
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Thu Jul 21, 2011
Michael Skea answered:
Hi Diane,

I was curious whether you actually acquired a home in Fairway Mews. I have been showing the Mews weekly over the last few months. It has been getting a great deal of activity. The proximity to the beach and the relatively low taxes coupled with the immaculate grounds make it an ideal primary or secondary home purchase.

My 20+ years in the new construction field as an attorney and director of marketing, sales and operations for homebuilders has helped me hone my negotiating skills. I'd welcome the opportunity to assist you in the event you have yet to purchase your next home. Please feel free to contact me at michael.skea@sothebysrealty.com.

Thank you.

Michael
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Tue Jan 4, 2011
Louise Kelly-Decker answered:
Hi Denise,
As an owner of 2 dogs, I understand your desire to know where you can find a home where you can share it with your canine friend. Fairway Mews is a wonderful place to live and have a dog- community is gated for privacy and the interior roads and space work well for walking your dog plus many of the units have private backyard patio areas where you can let your dog out if it is raining or for a brief period. Moreover, the beaches in nearby Spring Lake are great for taking a long walk in the winter time where both you and your dog can get some great exercise while listening to sounds of the ocean. There is also a dog park in Spring Lake as well as one along the water in Manasquan where many dog owners meet for play dates. This location is especially good in the summer months. I have many other "special" dog walks and locations to suggest to you - what kind of dog do you have? I will be pre-viewing a new listing in Fairway Mews tomorrow that just came onto the market today and am available to discuss Fairway Mews and other locations that permit owners to have animals at your convenience. Did you know that there are 29 units in Fairway Mews that permit owners to offer short term rentals? Call-text-Email me to chat. ... more
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Tue Apr 13, 2010
Louise Kelly-Decker answered:
Having owned 2 single family properties in Spring Lake and owned/managed many other properties in NJ, PA and VT for a privately held management company, including mixed use properties (residential and apartment combinations) I am happy to share my experience with you on this subject. First, I'll answer your question about winter vs summer rentals in Spring Lake. Basically, after late Sept until May, rentals within 5 blocks of the beach are plentiful because most property owners recognize the fact that they make a lot more income from splitting up their rentals into summer vs winter months. A typical monthly rate for an average 3-bdrm/2bth house within 2 blocks of the beach for a month in the summer ranges from $12,000 - $15,000.00 per month but in October to May this monthly rate might be between $2,500.00 - $3,500.00. Although it is quite beautiful here most of the year, the supply of winter rentals is greater than the demand and although there is a demand (relocation/renovations/etc.), the best properties at the lowest prices will rent first. So, if you have a new unit or property and it is clean, close to the beach/town, has water views or in a desirable location, it will be rented before the others. If not, you may not get a rental. Having managed rental properties for close to 20 years, last year was different than all other years as fas as income due to the problems on Wall street and many of us vacation property owners saw a significent drop in the rental rates that we had been enjoying in the past along with a drop in demand for monthly rentals. Many of us had to rent our properties weekly instead of monthy and drop our rates. This year, there appears to be a rebound and rentals appear to be up from last year at this time. Many renters are looking for "good deals". Having said all this, the greater Spring Lake area has traditionally had the benefit of being one of the most desirable areas to vacation in Monmouth county and commanded higher rates for many good reasons. Owning property in this area has been one of my best investments and with the combination of low interest rates and lower pricing and higher inventory, could be a good investment for you as well. Property investing comes with risk but as of right now, there are many tax benefits that are still available for the investor. I am a full time Realtor in the Diane Turton Spring Lake office with a back round in 1031 exchanges and investment properties. I am available to speak with you to answer your real estate questions and to go over costs such as home owner association fees/taxes/flood and other insurance fees or to discuss more about what is available to purchase in the Spring Lake area 7 days a week. There are opportunities but I would need to know more about what your return on investment expectation is, and if you plan to use these properties or declare one as your primary residence. Just Email, call or text me to set up a good time to have a chat.
Regards,
Louise Decker, e-PRO, SRES, RSPS
732-608-3423
www.Louisedecker.com
e-Mail: Louise@Louisedecker.com
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Mon Jan 25, 2010
David McConville answered:
John,

We are looking in and around the Mews for a condo.
I will be down in a couple of weeks. My telephone number is
603-801-0187 and my email is dmc2008@comcast.net.

Regards,
Dave
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Sat Aug 29, 2009
Michael Murray answered:
Wed Aug 26, 2009
Francesca Patrizio answered:
Graham,

One add'l point . . . there are currently 21, count them 21, Fairway Mews properties on the market, 4 of which are currently under contract = 17 available properties.


Think supply and demand ala 2010 and wonder if there is currently a costly property assessment looming (of which I have no knowledge, but if you email me direct @ Francesca@PatrizioRe.com and I would be happy to research as Fairway Mews is within my market area.

Love and Peace,
Francesca, ePro, SRES
Francesca@PatrizioRE.com
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0 votes 6 answers Share Flag
Fri Aug 8, 2008
Jim Lavin answered:
I would think schools are your biggest priority since you have 3 children. I would go to Freehold.
0 votes 6 answers Share Flag
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