Housing Slump? Not in Atlantic City!

As we all know it is very common for the press to print negative things about the housing market. Also it is as easy to hear negative news on the television as it is to hit traffic on memorial day weekend. So this post shows true hope because the Press has finally published a positive note backed with factual numbers. As you all know the AC area is a niche market backed by a booming Casino industry and a long overdue price correction (upwards!) by being the lowest priced beach front island in the state. Sales are actually up here and in the state from a year ago. And no I'm not just optimistic, I'm extremely busy with buyers and sellers right now. I'm going to expect the same cowardly regret from most acquaintances as I saw after I urged them to buy 5 years ago before the last boom in the buyers pocket. This will be the last affordable pocket to buy real estate on this Island. You have from now till about February of 09. Sounds far away but it's only 9 months away. That is my conservative prediction of when people will again begin to kick themselves in the behind. Stop being behind the curve and come in front of it.


Housing slump? Not in Atlantic City area
By KEVIN POST Business Editor, 609-272-7250
Published: Wednesday, May 14, 2008

The Atlantic City area is in a sweet spot of the nation's real estate market, according to first-quarter price and sales figures released Tuesday by the National Association of Realtors.
Median home prices increased 4.8 percent in the Atlantic County market from the first quarter of last year, better than the 3.2 percent price rise for the Northeast region. Meanwhile, home prices dropped 7.7 percent nationwide for the period.
And New Jersey was one of just three states (besides Indiana and Alaska) where home sales increased from the year-ago period, rising 4 percent to 169,600 units sold in the first quarter. Nationwide, sales fell 22.2 percent and in the Northeast as a whole dropped 23.9 percent.
Lester Argus, president of the Atlantic City & County Board of Realtors, said the figures match what he's seeing in the area.
"All of the Realtors I've talked to are doing a lot more business than they were six months ago," Argus said. "My office (Argus Real Estate in Ventnor) itself is very busy. ... With interest rates as low as they are and prices the way they are, I think it's going to pick up even more."

Bloggers note: Mr Argus runs a very respectable and professional operation in my home town of Ventnor and has some wonderful agents in his office. It's a joy to have fellow companies built on trust and respect on the island.