Jewell Real Estate Agency Newsletter - Spring 2013

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HELLO SPRINGTIME

What seemed like a never-ending winter, the first signs of spring finally arrived April 8-10th when temperatures soared into the eighties.  Previously, there had only been one day above 60 degrees in 2013 and that was in mid-January.

Now we can look forward to nice weather all the way through October.  The grass is green, the trees are blooming (yes, and pollen rains down), and the birds are busy making nests and searching for a mate.  Homeowners are back outside, raking and sweeping and putting out lawn furniture and putting up the window screens.

Beach days can't be far behind.  The sand in your toes, the kids running into the surf, collecting seashells and cruising the Boardwalk.  Life is good!

MIDDLE TWP RESTAURANTS

It appears that restaurants in Middle Township, which stretches from Rio Grande north to Swainton, haven't fared too well lately.  Currently out of business and up for sale are Chef Teds in Swainton, Burger King in Cape May Court House, Joe's Lunch in Burleigh, and Sonic in Rio Grande.  In addition, Karen & Rei's, just a few hundred yards north of Middle in Clermont, is also vacant and on the block.  That was our favorite restaurant.

Also up for sale in Middle Township are both Rio Station and Atkinsons.  With only five full liquor licenses in the town, its unusual to see two of them for sale.  The real bargain is Atkinsons, listed at $2.3 million.  With a liquor license valued at $800,000 or more, this seems a good buy for someone who wants to make the plunge into the restaurant world.  Give us a call for more info.

TOWNSEND INLET BRIDGE

One of the casualties of Hurricane Sandy was Ocean Drive in the northern part of Avalon where it passes over Townsend Inlet and connects to Sea Isle.  Construction of a temporary $1 million fix should be completed by Memorial Weekend.  Permanent repairs, slated at $13 million, will begin in the autumn.  The bridge, built in 1939, averages 5,700 vehicles per day in the summer months.  Its current weight limit of 3 tons will increase to 15 tons after the permanent fix.

BIG LOTS

The business news isn't all bad in Middle Township.  The former SuperFresh grocery store in Cape May Court House is now a Big Lots.  Renovations began in the winter and the store is expected to open in late April.  Word is that the SuperFresh in North Wildwood will also be closing by 2014.

The Big Lots will employ about 60 people.  The chain has over 1,400 locations in the US.  The stores are known for buying closeouts, liquidations, and discontinued products and offering them to consumers at discounted prices.

NEW ROLLERCOASTER

Morey's Piers is planning to build a new $12 million roller coaster that will stretch from Surfside Pier to the former Hunts Pier.  Built by a Sunbury, PA firm, the super coaster would take a year and a half to complete. 

The coaster will soar to 100 feet in the air at its highest point and be about 3,500 feet long from start to finish.  Once completed, the new coaster should attract an additional 30,000 people per year to the Wildwoods according to a study.

CAPE MAY EASES UP

The City of Cape May has a rule for just about everything.  The good part is that it has made the city what it is  an historic treasure.  The bad part it has made the city what it is  a bureaucratic nightmare for residents and business people.

The city made a huge concession to contractors this spring by allowing Saturday construction from 8am to 6pm from Labor Day through Memorial Weekend.  Previously, the city banned Saturday work via a 2007 ordinance. 

The new ordinance also allows the city manager to allow Sunday work following an extended period of inclement weather.  It also permits work on Martin Luther King Day and Veterans Day, but continues to prohibit construction on major holidays.

AC AIRPORT

Few would dispute that the Atlantic City International Airport is neither international nor fully utilized at its potential.  Now authorities are looking to change that.

The South Jersey Transportation Authority may be surrendering its running of the facility in favor of the Port Authority of New York and New Jersey.  The Port Authority operates Kennedy, LaGuardia and Newark airports, along with the smaller Teterboro Airport in Bergen County and Stewart International in Newburgh, NY. 

Legislation enacted in 2007 allows the Port Authority to operate one airport outside their jurisdiction in both NJ and NY.  Stewart is their NY airport and Atlantic City just may become their NJ one.

Gov Christie is touting expanded services at AC Airport (ACY) as a way to revitalize the region.  Some argue that the Port Authority will be able to leverage its relationships to attract more carriers to ACY, which now has only Spirit Airlines operating flights.

A word of caution.  Since the Port Authority took over Stewart five years ago, air traffic has declined 55 percent.  During the same period, ACY traffic was up 24 percent.  Lets hope that if the Port Authority takes over operations, ACY flourishes.

BEESLEY POINT BRIDGE

The Beesley Point Bridge will finally fall to the wrecking ball in June.  The bridge, built in the 1920s, was privately owned and closed in 2004 when repairs outpaced revenue.  Cape May County bought the bridge in 2008 for a dollar with the intention of renovating it.  But construction costs ballooned from $10 million to $30 million and the project was scrapped.

The bridge demolition is part of the contract awarded for rebuilding the adjacent Great Egg Harbor bridge on the Garden State Parkway.  That $230 million project will have the current bridge converted to northbound traffic and a new south-bound bridge built. Construction on that has an anticipated completion date of June, 2016.

REVEL FILES BANKRUPTCY

The mega-resort Revel in Atlantic City filed for bankruptcy in late March after the highly-touted $2.4 billion casino fell flat on its face.

Built as an upscale casino that would rival or outperform the Borgata, the Revel never lived up to expectations.  Opened on April 2, 2012, the casinos attempt to attract the young, upscale crowd came up short.   Older folks  like us  found the venue too pricey and not to our tastes. 

In bankruptcy court, Revel attorneys sought $250 million debtor-in-possession financing, including $40 million in new loans. 

Revel and Atlantic City officials are confident that the Revel will eventually live up to its expectations and help in the revitalization of AC.  The casino employs over 4,000, the 3rd largest employer in AC.

JEWELL REAL ESTATE AGENCY

We love to talk about real estate and our island.  Were always glad to share our insights, observations, and vision with you.

Stop by our office at 5602 New Jersey Avenue and chat.  Or give Joyce or Douglas a call at 609-729-8505. We answer phones 6am to 9pm EVERYDAY and you always get a real, live person.  That's service!

www.JewellRealEstateAgency.com