Jewell Real Estate Agency Newsletter - Early Summer 2009

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SUMMER RAIN?

Local business people and vacationers alike are hoping that the very wet spring doesn't linger into becoming a rainy summer. Now the first day of summer (June 21) shows that the month of June has had over 6' of rain so far. Normal for the entire month is just over 2 1/2 inches.

Here's hoping that the weather turns around and summer returns to its typical dry, sunny days. Meanwhile, keep your umbrella close at hand.

RUSSO REDUX

Russo's Restaurant on Park Boulevard in Wildwood closed for good last October amidst much fanfare and even a few tears from the regulars.

All winter long, locals watched the progress as the building was nearly torn completely down, then the rehabilitation began. Slowly, the new Ice House restaurant rose from the "ashes" and it now looks attractive from the outside and is open for business. A second story deck gives the option of also sitting outside.

CONTROVERSY

In the last newsletter, I wrote about the two proposed affordable housing projects in Middle Township. It seems the following comment ruffled the feathers of one developer's lawyer and he had Joyce, a member of the Zoning Board for 22 years, removed from hearing the case.

"Local school officials estimate the 168-unit and 90-unit developments, if built, would add in excess of 500 pupils to the already crowded school district. Given the increased need of police personnel and building a new school or two, it’s no wonder the resident taxpayers of Middle Township are up in arms and ready to go to war. Stay tuned!"

So even though I (Douglas) wrote the comment, Joyce stepped aside for the good of the board. The attorney also made another zoning board member step aside.

Bottom line: The project was still defeated by a unanimous 7-0 vote, to the wild applause of 120 local residents in attendance. Power to the people!

WILDWOOD RECALL FAILS

The effort to recall Wildwood mayor Ernie Troiano and councilman Bill Davenport has come up short.

The recall committee turned in about 790 signatures. They were told 615 were needed to force an election, but once the petitions were turned in the number needed turned out to be 697. It didn't matter. The city clerk invalidated 200+ signatures for a variety of reasons.

The recall committee has indicated that they will appeal the clerk's decision in court. Oh boy!

ANOTHER AUCTION

Shortly after an auction of properties in the 400 block of West Montgomery Avenue in Wildwood was announced this past winter, the phones at Jewell Real Estate Agency began ringing.

"I want to buy one of those $75,000 condos," was the familiar greeting from prospective buyers. After a long explanation that none of the condos would go for $75,000 and that was just a come-on, most got off the phone somewhat disappointed.

The auction company did set the minimum bid at $75,000, but obviously that wasn't going to be the selling price. The units ended up going for $247,500, 235,000, 235,000, 230,000 and 217,000. Moral of the story – if it seems too good to be true, it is.

STRATHMERE SUCCESSION

Strathmere, that island just south of Sea Isle City that is actually part of Upper Township, gave it one last shot at succeeding from Upper in May.

The year long process, which found the residents of Strathmere and Whale Beach hiring an attorney to present their case, seemed to fall on deaf ears. Upper Township committee, comprised of five mainland members, was not at any time receptive to the idea.

Just like Avalon Manor failed to succeed from Middle Township a few years ago, the result was a case of a mainland town not wanting to lose the ratables that barrier island communities bring to their tax base.

WHITESBORO GETTING SEWERS

The citizens of Whitesboro in Middle Township are finally getting municipal sewer lines after a decade or more of anticipation. That area of town has a high water table, which gives plenty of folks septic problems or an excessive number of times that they their septic holding tanks have to be pumped out.

The sewer lines will service 157 homes, 138 mobile homes, and a handful of commercial properties in Phase I. Then Phase II will add another 143 homes.

The work, which employs 37 construction workers, has already begun. The project is supposed to be completed by May, 2010.

TROPICANA TO ICAHN

Billionaire investor Carl Icahn, part of a group of lenders that holds a $1.4 billion (yes, that’s billion!) mortgage on the Tropicana Resort Casino in Atlantic City, has apparently emerged the winner in bidding for the closed casino. The winning bid was a bargain basement price of $200 million.

The sale included the Trop and its 140,000 square feet of gaming space, 2,129 hotel rooms and the retail mall and entertainment space known as The Quarter. The Trop used to employ 3,400 workers.

The winning bid was once expected to be $1 billion, but the recession hit and the rest is history. By the way, Icahn bought the defunct Sands Casino for $65 million in a 2000 bankruptcy sale, then sold it in 2006 for $270 million. No wonder he's made billions!

STREET WORK

It seems like every year, once the tourists go home, the different towns in the Wildwoods begin projects that tear up the streets and inconvenience drivers. But once Memorial Weekend arrives, you expect that work to be done. Think again.

Wildwood Crest finished before tourist season, but some of North Wildwood and the west side of Wildwood are still torn up. The detours are enough to make you crazy.

A BOOK BY DOUGLAS

A new baby boomer book has hit the streets. Its title is "Roadtrip: A Baby Boomer’s Misadventures in Hitchhiking and Other Unconventional Travel". It was written by yours truly, Douglas Jewell, and is available to purchase at our Crest office at 5602 New Jersey Ave or at www.RoadtripBabyBoomer.com

The book is about three hitchhiking trips of 8,000 miles apiece. Two (1976, 1994) are coast to coast and back, while the other (1989) is by yacht and sailboat to the U.S. Virgin Islands and back. The encounters are a real slice of Americana.

JEWELL REAL ESTATE AGENCY

We love to talk about real estate and our island. We’re 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. That's service!

www.JewellRealEstateAgency.com