Ocean City‘s expansive beach– block Tahiti Inn and its adjacent lots are up for sale
Travel & Tourism / By Ryan Mulligan Digital Producer, Philadelphia Business Journal
Ocean City’s Tahiti Inn Motel and Apartments, with its distinct tropical facade just steps from the boardwalk, is on the market for $13.5 million.
Along with two beach-block motel and apartment buildings, the listing includes two adjacent parking lots; altogether totaling about an acre of land in the popular Jersey Shore town. The two parking lots are located next to and across the street from the 53-year-old motel and together have an estimated market value of $6.5 million, according to the listing.
Located at 1125 Ocean Ave., the motel and apartments include 57 units — 42 motel rooms and 15 apartments — with a total of 69 bedrooms and 65 bathrooms on the property.
The three parcels sit in a hospitality zone, which allows for and prioritizes high-density developments like hotels, motels, restaurants, mixed-use and multifamily developments. Ocean City — which bills itself as “America’s Greatest Family Resort” — has a height limit restriction of ﬁve stories.
Kristina Doliszny, the listing agent and the vice president of Ocean City Realty Group, said she thinks the “highest and best use” for the property is to expand, renovate and build upon its current operations. She added that with the more and more residential construction happening over the years, being able to ﬁnd a room for a short-term stay in Ocean City has become increasingly diﬃcult and represents another opportunity for the buyer.
“The upside opportunity to anybody buying the property would be to expand upon the existing hotel and short-term stay operations in order to provide additional hotel rooms that system desperately needs,” Doliszny said.
The Tahiti Inn has been run by the Gallelli family since 1989, when it was bought by Mario Gallelli who died in 2020 after decades of overseeing the Ocean City property.
“They are very eager to identify a great buyer that they can pass on their hotel legacy to hopefully the next family,” Doliszny said. “It’s a very family-run business and they’re really hoping for the next family to step in and operate it and take the property to another level.”
Doliszny said the property is not priced to be sold as a tear down “nor does the family want to see it being torn down.”
The property sits in the heart of Ocean City, a short walk to some of the beach town’s most popular tourist destinations. It backs up to the boardwalk’s Surf Mall, a Manco & Manco location and two mini-golf courses. About a block away is Playland’s Castaway Cove amusement park.
Doliszny has experience dealing some of Ocean City’s iconic properties, and is following a similar template with the Tahiti Inn. She sold the Atlantis Inn in 2011, the Pavilion Hotel in 2017 and again in 2020 and the Scarborough Inn in 2014 and again in 2020.
In each case, Doliszny said the buyers bought the properties with similar visions of building on and improving current operations, rather than starting from scratch.
“That has culminated as a collective to improve the city of Ocean City overall because of so much capital investment into these properties and improving them and making them better, Doliszny said. “We’re trying to do the same thing with the Tahiti. We’re trying to procure a buyer who, just like, with the Pavilion, just like with the Atlantis Inn and just like with the Scarborough, someone who’s going to step in and purchase the property and improve upon it.”
For summer 2022, Tahiti Inn is charging weekly rates between $2,200 and $2,375 per apartment during the season’s peak weeks — from late June to late August. Nightly rates at the motel this summer during the same weeks are $178 to $185, not including extra fees and deposits.
Listing Details by Kristina Doliszny, Ocean City Real Estate Group, Keller Williams Realty Jersey Shore click here/linked here: Tahiti Inn Hotel For Sale, 1125 Ocean Ave Ocean City NJ 08226
Article Published in By Ryan Mulligan , Philadelphia Business Journal
Here is a link to the original story: Ocean City‘s expansive beach– block Tahiti Inn and its adjacent lots are up for sale
We had a fantastic year last year during the Covid Pandemic and we closed a large amount of properties.
This is the time to sell your property!! The market is RED HOT and buyers are limited to finding the property as there are at lease 25% more buyers than there are sellers and properties for sale.
You ask how the market is? Remember last year looking for Toilet Paper? Yes, its just like that looking for a property and being able to buy it without others paying more and taking your dream property. Call us today and we will show you how we can do this for you!!
Winter weather can be unpredictable, and while cold temperatures, high winds, ice and snow can cause serious damage to your home, there is another common danger that isn’t talked about as much – fires. With that in mind, we wanted to share some important tips to prevent winter house fires.
1. Clean your dryer hose! According to the National Fire Protection Association, U.S. firefighters respond to more than 14,000 house fires caused by dryers each year. Don’t forget to clean the lint filter after each use, empty or replace the hose, and regularly check the vent for blockage.
2. Inspect your fireplace! Clogged chimneys can also lead to house fires and can cause carbon monoxide poisoning. It’s important to schedule an annual fireplace inspection and professional chimney sweep.
Here are a few more quick tips:
1. Never use your oven to heat your home
2. Turn off portable heaters when leaving rooms or going to bed
3. Test your smoke alarms once a month
4. Keep anything that can burn at least three feet away from a fireplace or heater
5. Blow out candles when not in use
The Federal Reserve on Wednesday cut interest rates for the first time since the Great Recession took hold in 2008, though the move is not likely to deliver significant juice to an already favorable borrowing environment for home buyers. The federal funds rate, which is what banks charge one another for short-term borrowing, will now hover between 2% and 2.25%, according to news reports.
The Fed says its decision to lower interest rates, which comes after months of pressure from President Donald Trump, is designed to stave off the threat of an economic downturn. But it’s unlikely to translate into additional mortgage savings for many buyers. With the interest rate for a 30-year loan already hovering below 4%, the Fed’s move may be more meaningful for buyers with other types of financing, says Lawrence Yun, chief economist for the National Association of REALTORS®. “Many borrowers will benefit, especially those with adjustable-rate mortgages and commercial real estate loans,” Yun says. “The longer-term 30-year fixed-rate mortgages will see little change in the near future because they had already declined in anticipation of this latest move by the Fed.
“These low interest rates will partly help with housing affordability over the short-term. Both rents and home prices have been consistently outpacing income growth. The only way to mitigate housing-cost challenges as a long-term solution is to bring more supply of both multifamily and single-family homes to the market,” adds Yun.
Still, lower borrowing costs are helping buyers manage rising home prices. For example, buyers who spend $1,500 on monthly mortgage payments can afford to purchase a $402,500 home this year compared to $367,500 last year, when mortgage rates averaged 4.57%, according to realtor.com®. “Last year, buyers would have needed an additional $145 a month on top of the $1,500 to afford a $402,500 home,” says Danielle Hale, realtor.com®’s chief economist.
In some locales, buyers’ money can stretch even further. “An extra $35,000 in purchasing power, depending on where you are in the country, can really make a difference to buyers today,” Hale says. “It still counts, even with home prices up 6% nationally. That increase in purchase power is greater than the national price increase.”Source: “Realtor.com® Reports How Much More Home Buying Power There Is Today Thanks to Lower Mortgage Rates,” Forbes.com (July 30, 2019); “The Fed Just Cut Interest Rates. Here’s What That Means for You,” The New York Times (July 31, 2019); National Association of REALTORS®
Some investors are fearing that the recent action in the stock and bond markets is signaling a recession may be nearing. If that’s the case, there could be an unlikely market to hide out in this time: housing.
It was the center of the last crisis, but before that, housing prices tended to hold up and even rise modestly during an economic downturn as mortgage rates fell in tandem with interest rates. If history is any guide, the housing market could be the unlikely safe haven in the next recession once again.
The U.S. housing market has weathered all the recessions since 1980, with the exception of the Great Recession of 2008, Jefferies pointed out in a recent note. The FHFA U.S. house price index rose by an average of 7.4 percent in the year prior to the recession and prices rose an average of 2.7 percent from the start of the recession to the end, the note stated.
“Other than during the GFC (Great Financial Crisis), home prices have kept rising even during recessions, probably because rates fall, the vast majority of people retained jobs and household formation continues,” said Thomas J. Thornton, Jefferies’ head of U.S. equity product management in the note to clients on Saturday.
“This could be a particularly big cycle for household formation owing to the millennials,” he added.
The subprime mortgage crisis brought about the last recession in 2008, but the housing market has since roared back with better lending standards. Lower long-term interest rates also boosted housing demand.
Rates falling again
Rates started 2018 on the rise and seemed to be on course to march steadily higher until the recent sell-off in stocks. The yield on the 10-year Treasury note has fallen from its 2018 high of 3.25 percent reached on Oct. 9 to around 2.87 percent on Tuesday. With the stock market selling off on recession fears, investors have plowed money into Treasuries which is boosting their price and lowering yields. That, in turn, is helping lower mortgage rates, which just hit a two-month low.
And although the Federal Reserve has hiked rates eight times in three years, the benchmark rate is still well below the 4 percent level seen at the beginning of 2008, near the start of the crisis. Plus, Fed officials have expressed caution on the pace of future rate hikes.
Unlike 2008, the housing market is not being driven by homeowners that are the highly leveraged. In fact, the household debt to total income ratio is at the lowest in 15 years, said Ken Leon, director of equity research at CFRA.
“Because there’s a scarcity in inventory in housing market, it should keep prices stable and maybe modestly growing higher,” Leon said.
To be sure, home sales are slowing, with pending home sales in October dropping 2.6 percent. But with mortgage rates coming back in, there are signs of stabilization.
As for the homebuilding stocks, they can be a volatile group because of their small size, but have lately shown signs of bottoming and are even outperforming the market.
The iShares U.S. Home Construction ETF (ITB), which counts D.R. Horton, Lennar and NVR among its top holdings, is off by 30 percent this year as the shares got hit during the first three quarters of 2018 on the rise in mortgage rates. But in the last month, the ETF is only down 1 percent while the market has gotten hit by 5 percent.
“Strength in homebuilders probably isn’t just a fluke,” Jefferies’ Thornton said.
The sector’s resilience is coming from a healthy consumer base, which is expected to spend more on remodeling and renovation, Leon added.
“There are over 126 million U.S. households that are ripe for home improvement. The consumers are enjoying job growth and higher income, they are going to spend money on the existing houses,” he said.
There are many great South Jersey area homes for sale. Click here to perform a full home search, or if you’re thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today’s market.
You may also call us at (609) 412-5547 for a FREE home buying or selling consultation to answer any of your real estate questions.
Hey all, I hope your enjoying your summer! I have some tips for those of you who are looking to sell your South Jersey vacation home. Most importantly, don’t wait until summer is over. Many homeowners wait until summer ends before putting their home on the market.
Here’s why that’s a bad idea:
1) The spring selling season wipes out our inventory, leaving no homes to sell to interested buyers in the summer.
2) There are thousands of potential buyers in the summer months, making it a good time to expose your property.
3) Inventory goes way up in the fall, meaning there won’t be any buyers paying top dollar because no one wants to carry the property to next spring to get the income.
There are many reasons you may not want to put your home on the market during the summer months. Whether you don’t want to bother your renters or you simply want to collect summer income, there are many good reasons selling your home in the summer may not interest you. However, there is a way to put your home on the market in the summer months without losing summer income and without hassling your tenants.
1) We show your property during the change-overs: From 10 am-2 pm on Saturdays. Your tenants will not be bothered and interested buyers can see the property during peak season.
2) The summer market is as strong as the spring: With so many people flooding South Jersey during the most beautiful time of the year, tenants often ask about purchasing property upon check out.
3) Sell in the summer, close in the winter: You can still collect income from summer renters, and the deal is closed by the end of the year.
Selling in the summer is the best way you can get the maximum price for your home, keep your income, and minimize expenses. The important thing to remember is that today’s tenants are tomorrow’s buyers!
If you have any questions,
please call us at (609) 412-5547
We’d love to help!
Kristina Doliszny and Robert Doliszny
South Jersey Real Estate Team,
Ocean City Real Estate Group
Keller Williams Realty – Jersey Shore
Click Here for Link to NJ.Com article
Are you planning a holiday party?
Don’t get overwhelmed by the process.
Below is a checklist to help you plan a fun and festive gathering. Follow it exactly, or adjust it to your needs.
By the time the party starts, you’ll be ready to enjoy it with your guests! Happy Holidays!!!
The strong home resales added to retail sales data in painting an upbeat picture of the economy. That should help allay the fears that were stoked by last month’s paltry job gains. The higher existing-home sales suggest an increase in brokers’ commissions, which should bolster the residential investment portion of the gross domestic product report. Housing is being driven by an increase in the formation of households as some young adults find employment and older Americans move into smaller and cheaper homes.
Existing-home sales surged 4.1 percent in the Northeast and rose 4.6 percent in the South. Sales in the West, where house prices have increased sharply because inventory is tight, jumped 5.4 percent. In the Midwest, sales tumbled 6.5 percent last month. The decline, however, came after recent hefty gains.
The number of unsold homes on the market in May rose 1.4 percent from April to 2.15 million units. Supply, however, was down 5.7 percent from a year ago. In May, new listings typically stayed on the market for 32 days, the shortest period since the association started tracking the data. In April, it was 39 days, and a year ago, it was 40 days. At May’s sales pace, clearing the stock of houses on the market would take 4.7 months, unchanged from April. A six-month supply is viewed as a healthy balance between supply and demand.
Economists say builders will need to increase the construction of homes to meet the pent-up demand.
With inventory still tight, the median house price rose 4.7 percent from a year ago to a high of $239,700 last month. The rise in house prices is outstripping wage gains. While that could make buying a home expensive for first-time buyers, it is increasing equity for homeowners and enticing some to put their homes on the market.
Last month, the share of first-time buyers fell to 30 percent from 32 percent in both April and a year ago.
Article is courtesy of: https://www.nytimes.com/2016/06/23/business/economy/existing-home-sales-surged-in-may-reaching-9-year-high.html
One of the many jobs I had before having kids was that of an Operations Manager at a Destination Management company, which is essentially an event planner for large-scale corporate meetings and conventions. I still sometimes freelance as an event planner and here are my must-have-apps when planning a large scale event or meeting.
AccuWeather (FREE) – We all know how unpredictable and finicky the weather can be, but with an app like AccuWeather we can at least be notified ahead of time of what the rain and sun gods have in store for our outdoor events.
Around Me (FREE) – Need to find the nearest drug store, bank or Starbucks for yourself or a client? This is app is a must-have!
Sunrise Sunset Lite (FREE) – No, it isn’t the song from Fiddler on the Roof that makes moms cry, it’s a simple app that will tell you sunrise and sunset times of any location for any date.
Flight Tracker App (FREE!) or Flight Track ($4.99) – Get world-wide, real-time flight status for that important client you’re picking up or the VIP attendees that require personalized sedan transfers with either of these two free apps.
Convert (FREE!) – Be the hero in a pinch when your client needs to figure out how to convert inches to yards or liters to gallons (for who knows why?) with this easy app that converts currencies, temperature, pressure, weight, volume, length, times, energy, power, speed and area in seconds.
Super Planner – Event Planning App ($9.99) – Though this one is a little pricey, it is well worth it. This app can do everything from calculate gratuity to determine venue capacity. It is chock full of pertinent information and planning tools.
What are some of your favorite event planning apps?