NJ Island Up for Sale

CounsellorsTitle.net

February 20, 2020

Title Wise

The New Jersey Real Estate News You Use

Within this very strong market, there are properties that come on the scene that are unusual. Such is No Mans Island, located north of Wildwood. Another positive piece of news is how NJ-based QuickChek continues to grow throughout the state. It appears that 2020 will continue to be a very strong year for our home market.

Please feel free to email me at [email protected]

if you have any questions or would like to follow up on any of this edition's articles.

Ralph Aponte

732.914.1400

New Jersey Island for Sale

We all know about the inventory shortage of homes available for sale in New Jersey. The National Association of Realtors estimates that overall average of homes available for sale represent just 3.6 months worth of inventory, so when something new comes on the market, it garners a lot of attention; especially if it is an island.

This rare piece of New Jersey real estate just came on the market in February. It is a private island which is located just off the coast of Wildwood, New Jersey.

The property is estimated to be a 19-acre parcel of land that is located in an area referred to as Grassy Sound, which is slightly north of West Wildwood.

In the listing it is referred to as No Mans Island. It seems that it is almost a steal, being offered at just $200,000, with owner financing available.

It is accessible only by boat. Were a prospective buyer to consider purchasing this island to be the site to build, it would require the area of the island to be raised with the appropriate permits. In addition to having a unique quality of being a New Jersey island, the taxes on a 19-acre property are just $360 a year. Yes, $360.

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QuickChek Knows How to Grow

One New Jersey-based retail business continues to grow: QuickChek. It marked another grand opening of a gas, shop and go location in Eatontown, in Monmouth County. It represents nearly 5,500 square feet, located at the intersection of Routes 35 and 36.The larger type facility typically creates between 40 and 45 new local jobs for every location.

QuickChek can trace its roots all the way back to 1888 where it began as a milk and dairy products business.Currently QuickChek is committed to opening 8 to 10 new stores a year in order to bring their fresh quality food and drink to customers all over the state. Another recent grand opening will be taking place on 3540 Veterans Memorial Highway in Bohemia New York.

QuickChek Corporation is based in Whitehorse Station, New Jersey. The company's first QuickChek store was opened in 1967 in Dunellon, New Jersey. Currently they are operating over 150 stores in the New York and New Jersey region.

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Counsellors Coffee Break

Trying to Fill the Inventory Gap

Back in January 2013 there were 40,300 single-family homes for sale on the market in New Jersey. Today (December 2019) that number has dwindled to just 25,717. It appears right now that there is only 3.6 months worth of inventory available for buyers on the market.

Other numbers reflect the dynamic shift: back in 2013 the average days on market was reported to be 115 days; whereas today the average single-family home remains on the market just 68 days.

The affordability index in January 2013 was 115. The affordability index in December of 2019 is 122.

This shortage of available homes for sale on the market, combined with historic low interest rates for mortgages is creating a scarcity of historic proportions. In most New Jersey counties, the available inventory for sale runs under the six-month benchmark. This creates havoc for buyers looking to purchase that first home due to competition. Demand is making all low and mid-priced homes more expensive.

The most recent Case-Shiller Home Price Index posted a 3.5% annual increase in home prices in November 2019.

According to Case-Shiller, the competition among buyers is ever more fierce, which has the net effect of pushing prices up at even faster rates.

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A.S.A.P. Attorney Settlement Assistance Program

Our real estate secretarial services are able to assist you in every

aspect of the sale, purchase, refinance or loan closing process. We will directly communicate with all the parties involved in the transaction and coordinate and obtain all the items necessary to bring the matter to closing.

Our ASAP services can be individually customized to fit your needs. These services include:

Documentation Preparation
Disbursement of Funds
Attendance at Closing
HUD Preparation or
Post-Closing Matters

Our Commitment to Excellence

Counsellors Title Agency wants to thank you for the opportunity to work with you and your clients to grow your business. Please feel free to click the link above or here to leave us a review on Google. We appreciate your business.

Careers @ Counsellors

Sales: Leading NJ title insurance agency seeks experienced licensed salespersons to help expand its market share throughout the entire state. Benefits include health insurance, 401k with an employer match, flexible spending account, expense account, & marketing support. Send resumes by fax: 732-914-8898 or [email protected]

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Free Online Title Insurance Calculator

Counsellors Title Agency announced its updated Title Calculator for New Jersey home purchases & refinances at: Title Calculator

Loan officers, real estate agents and home buyers can find out how

much title insurance will cost for purchases made in New Jersey.

Easy-To-Use Functionality
This online tool includes many of the endorsements involved in calculating the cost of a title policy in New Jersey. CTA's Title Calculator is a great tool for real estate salespersons, loan officers, attorneys and those who are buying or refinancing their home.

It calculates the cost of title insurance based upon the purchase price of the home, the loan amount, and the various endorsements that can accompany the loan. The calculator provides the user the scalability of selecting the various endorsements involved in the transaction.

Counsellors Title Closing Services for Attorneys

Counsellors Title provides its Attorney Settlement Assistance Program [ASAP] with the real estate attorney in mind.

The Counsellors ASAP program offers secretarial services to assist in the process of a sale, purchase, refinance or loan closing.

Counsellors will even communicate directly with all the parties involved in the transaction to coordinate and obtain all the items necessary to assist in the close.

ASAP includes: