LOOKING BACK ... LOOKING FORWARD ... from Ocean City, New Jersey
Part 1
About this time during the calendar year in a resort community like Ocean City, even though the "Indian Summer" that often arrives in late September or early October has arrived later in November this year, I find myself thinking about the business year in real estate: how I have done, the agency, and the overall stats across our barrier island. I also begin to think about the coming year as well: will it be the same, better, worse. As I do this, I also reflect on the bigger picture across Cape May County, the state of New Jersey, and the United States as a whole.
It always amazes me when anyone talks about real estate that they inject "a sort of national perspective" into the whole thing. Clearly, the past few years did have a profound negative national impact on real estate everywhere. But although generalists like to discuss real estate in light of the national picture, it must always be viewed from a local perspective. Although for the past couple of years, a lot has happened to real estate in light of all that has happen to our overall economic picture ... each indiviudal real estate market continued with other factors directly related to their own location and conditions.
Clearly, what happens in Atlantic City, New Jersey ... a short half hour away ... but hours and hours of differences in terms of population, business, owners, and renters. However, that economy and its direction does influence us. We're also influenced by Cape May County which is the location that our barrier known as Ocean City is located. But we are also much closer to Somers Point, Longport, and Margate geographically so Atlantic County (and Atlantic City) impacts us as well.
I guess this is the introduction to what I suspect will be one of a number of postings on my "looking back ... looking forward" approach to the analysis of our market. Please continue to tune in ... and I particularly welcome any and all ideas ... I encourage responses pro and con from your unique corner of the world as you see your location as compared to my own ... Ocean City, New Jersey. dap
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