Officer Paluch, who has been a member of the Avalon police department for 12 years, noticed a strange odor during his early morning patrol and quickly identified it as natural gas. He then located the source of the gas odor coming from a home in the 5600 block of Ocean Drive.

Officer Paluch woke the sleeping family and evacuated them to safety.

The Avalon Police Department does a great job keeping our borough safe, especially during the busy summer months when our population grows by several thousands.

Officer Paluch is a fine example of the hard-working, dedicated professionals who serve our community every day.

(Photo Credit - Kevin Scarpa, Borough of Avalon)

Officer Paluch receives his award for Distinguished Achievement from Fire Chief Ed Dean along with grateful Seliger family members, Carol Ann and her mother Virginia.

 
No Hype - Hot Market Is For Real
 

According to author Scott Reeves, the National Association of Realtors says about three percent of all home buyers sell within a year or less. This statistic spikes the conventional wisdom that rampant speculation has created a real estate bubble, he says.

"Investor interest in the U.S. housing market does not seem to be driving local house price patterns," says a spokesman for Freddie Mac, the congressionally charted corporation that sells mortgage-backed securities to investors.

Flippers -- people who buy a house and sell it at a profit in a hot market -- are an insignificant slice of the market. The reason? Unlike shares of a hot IPO that can be flipped within hours of the first trade for a quick profit, real estate is a long-term investment.

There is no better evidence than the chart on the back cover of this newsletter.

 
Projects Update
 

I was happy to see the Borough of Avalon has received the New Jersey Planning Officials Award for the downtown revitalization project. To encourage a pedestrian-friendly shopping district, the $7 million project features decorative pavements, landscaping, helpful signs, new benches, and lighting.

While the improvements are aesthetically pleasing, Mayor Martin Pagliughi says the borough will soon see a tangible return on its investment.

"It's already beginning to pay off," says the mayor.

The borough has approved plans to develop an additional 11,700-square feet of commercial space between Dune and Ocean drives. These new businesses will attract additional shoppers and add to Avalon's tax base.

New projects are underway that include mixed commercial and residential development along Dune Drive valued at $25 million. Those projects will further enhance the borough's ratable base.

Meanwhile, downtown pedestrians will enjoy a variety of upscale food and retail shops and the new Veteran's Plaza. The $800,000 project includes an amphitheater, pavilion, lighting, landscaping, and the landmark granite veteran's memorial.

Borough officials see the plaza as becoming a sort of "gathering commons" for civic parades, festivals, fairs, special events and celebrations.

Construction is expected to be completed by next summer.

Runners-up were Stone Harbor, Margate, Ventnor and Ocean City.

Avalon Mayor Martin L. Pagliughi, left, and Borough council President Richard Dean show off the the awards from Philadelphia Style magazine.

Avalon Recreation
2005 Calendar Of Events

Intermediate ARMS differ from standard adjustable rate mortgages in that they give the borrower an option to pay interest only during a fixed introductory period, usually five, seven or 10 years. Wells Fargo Home Mortgage, long an innovator in the industry, has recently introduced a 30-year Fixed Rate mortgage with a 10-year interest-only period. This gives the borrower the best of both worlds -- the security of a fixed rate for 30 years and the option of paying just interest for the first 10 years.

The "Interest-Only 30-Year Fixed" joins Wells Fargo's other successful interest-only products -- the 3/1, 5/1, and 10/1 Intermediate ARMS. They are available on primary, vacation, and investor properties with down payments as low as five percent. Wells Fargo allows principal payments at any time without penalty.

OK, so the products are available. Why should a buyer consider an interest-only loan instead of more traditional financing?

The answer is it may make good financial sense. In analyzing the borrowing patterns of my customer base over the past 25 years, it wasn't surprising to learn that the average lifespan of a typical mortgage is less than five years. In today's economy, borrowers may keep their houses for generations to come, However, their mortgage is usually refinanced several times.

So, armed with this knowledge, it's in the customer's best interest to at least consider an interest-only product.

Or, they can take out a 5/1 Intermediate ARM at 5.375 percent with an interest-only payment of $4,479. That's an improvement in cash flow of $1,597 per month, a substantial amount that can be used to improve the property or fund other financial goals, all while realizing tax advantages and appreciation that accompany home ownership.

Perhaps the best endorsement of non-traditional mortgages came from Federal Reserve Chairman Alan Greenspan, who lamented in a speech last summer that borrowers wasted money by taking fixed rate mortgages. "American consumers might benefit if lenders provided greater mortgage-product alternatives to the traditional fixed rate mortgage," he said. "To the degree that households are driven by fears of payment shocks but are willing to manage their own interest rate risks, the traditional fixed rate mortgage may be an expensive method of financing a home."

In the end, only you can decide the type of financing that best suits your needs. The interest-only mortgage, when managed as a part of your entire financial strategy, is a sound financial vehicle.

Kirk George is a Loan Consultant with Wells Fargo Home Mortgage. After spending most of his 25-year career in lending with Washington Mutual, Kirk recently joined Wells Fargo to offer his customers a wider range of loan products and programs from which to choose. Kirk's expertise in the Shore market, along with the great products and rates offered by Wells Fargo, has made his office the top choice among Realtors when referring customers for financing.

I look forward to keeping you informed about all the exciting things happening at the Shore.

The library offers free public computer terminals with Internet access and a free wireless network. Stop in and log on!

 
The Avalon Free Public Library Schedule
 

Summer Hours

Holidays and Closings
 

We’re looking forward to a great association with the Wildcats, who are expected to compete for a national championship under coach Jay Wright. Most pre-season polls I’ve seen have Villanova ranked no lower than 12th and some even have them in the Top 10.

Villanova is an outstanding institution whose graduates are among national leaders in business, science and the arts, just the kind of successful people who appreciate the service and professionalism that we strive to deliver.

As 2005 slips into the fall and winter months, this is a good time to reflect on the Shore real estate market. Based on activity through the middle of September, this is shaping up as one of the most amazing years ever. The average price for the 302 properties sold as of press time – including single-family houses, condos, commercial sites, and vacant land – is $1,458,342, an increase of 18 percent over last year. The median price is up an astounding 34 percent, to $1,250,00. A closer look at the statistics show even more interesting tidbits:

In Avalon, the average sale price for a single-family property is up nearly 18 percent, topping the $2 million mark for the first time.

In Stone Harbor, the average sale price for a single-family property is up 23 percent, also topping the $2 million mark for the first time.

Condominiums and townhouses are continuing to enjoy a strong market. The average price for the 113 units sold this year is up 22 percent to $761,000.

In Avalon, many properties are selling for more than 100 percent of asking price. Overall, sellers are receiving 97 percent of their asking price, with an average of 173 days on the market.

In Stone Harbor, the average selling price is 99 percent of asking price with an average of 212 days on the market.

Sold Market Analysis
Avalon/Stone Harbor through September 14, 2005
 

Market Snapshot
Active Listings as of September 14, 2005

Sales Comparison