Don’t let the negative stories fool ya. Brigantine really is prepping for another Real Estate boom.
Do as Warren Buffet does when he invests. Buy on fear…..sell on greed. Indeed, a certain level of fear is alive and well today in Brigantine. And so is greed. That might be a reason why Mr. Buffet just bought the local Prudential Fox Real Estate concern. Buffet loves bargains. He’s a value investor, not a speculator. He’s sees lots of untapped upside in Brigantine Real Estate.
As we approach the 1 year anniversary of Hurricane Sandy, many are still displaced and stuck in flood insurance hell. These good, hard working Brigantiners are not thinking about Real Estate investing & speculation. Some want to rebuild, other want to sell. A better local housing market would certainly help valuations and put more money in the pockets of those who really need it.
Another recent Philadelphia Inquirer story could easily make someone avoid Brigantine in 2014, placing even more downward pressure on local Real Estate. As Inquirer reporter; Amy Rosenberg and others seem to savor, they descend on the specific storm battered areas in Brigantine when they need a story about seashore struggles, post Sandy. Rarely do they cover how badly Ocean City or Margate were damaged by the October 29, 2012 storm.
While reporting on our challenges in Brigantine is good journalism, the Inquirer (and Press of AC) rarely cover the other parts of Brigantine. The amazing growth, value & beauty of Brigantine Island, if properly understood & marketed…could help everyone in Brigantine. Especially full time residents with only one home….on a limited and /or fixed income.
When was the last time you saw a story about the robust building and investment in Brigantine Real Estate? Ever see photos of our large, clean beaches & family friendly neighborhoods in the local papers? Didn’t think so. Of course, you also can’t find pictures like that on the Brigantine Chamber of Commerce site or the local Brigantine Times news site.
See thousands of beautiful photos of Brigantine on BrigantineNOW.com and our BrigantineNOW Facebook page. ( Thanks to contributors like TRACY ROSSINI )
Cringe worthy might be a good way to describe how some go overboard….helping reporters understand the challenges we face…..while all but ignoring the fantastic assets we have, that too few know about.
Former Brigantine City Manager; Jim Barber, unwittingly added fuel to the fire in the recent Philadelphia Inquirer story when he shared his thoughts about the new insurance rates. Barber referred to a ‘FEMA risk map’ in the article. “That’s going to devastate this island. You’ll see a mass exodus.” We think Mr. Barber was a bit heavy with that comment, but we totally understand his emotion and where he was coming from. Yes, some will likely be forced to leave, but most will tough it out with higher insurance premiums and rising city taxes. Some will swoop in and buy up abandoned, foreclosed and distressed properties for pennies on the dollar. Some properties will be taken over by the city.
Some Brigantine Real Estate developers don’t lose much sleep over the negative press & depressed values. Makes for good bargain hunting. Lots of construction and prime properties being snapped up (Steak 38, Gulf Station) is a small but significant sign of a market bottom bounce. But shhhhhhh….don’t tell anybody…unless you’re a Brigantine insider with deep pockets.
Commercial Real Estate investment on Brigantine Beach is perking up. Might the recently shuttered Rod & Reel Bar & Restaurant be re-invented as a more spiffed-up, bay front bar & eatery?
Over on the beach side, Brigantine Island’s last motel; The Seagull Motel is still waiting for a buyer. While offers ranging from 3 to 7 million have been rumored for this prime 28 unit property, some have reportedly teamed up with the Seagull’s current ownership with plans to hopefully restore this landmark to its former glory.
According to documents filed in Atlantic City, local businessman; Ken Shaffer, might be a 50/50 partner in The Seagull Motel LLC. It’s been reported that Mr. Shaffer was able to assist in attracting some local financial support from Brigantine councilman / developer Tony Pullella. Mr. Shaffer has often shared his dream of turning The Seagull Motel into a fresh new destination for summertime visitors. Many would love to see that happen. We look forward to hearing of any plans that could make that dream a reality.
Potentially partnered with Mr. Shaffer is 74 year old Sally Shierstead, owner of The Seagull Motel building & the land it sits on at 206 Brigantine Ave. Ms. Shierstead inherited this incredible property, as well as a large lot & home on 28th Street, from her parents back in the 70’s.
Ms. Shierstead is currently recovering nicely from a recent health related issue and is planning to leave the hospital today. We wish her a speedy recovery. She sounded GREAT on the phone yesterday when we spoke to her…from her hospital bed.