{"id":44419,"date":"2023-12-03T06:50:40","date_gmt":"2023-12-03T11:50:40","guid":{"rendered":"https:\/\/brigantinenow.com\/?p=44419"},"modified":"2023-12-03T06:50:42","modified_gmt":"2023-12-03T11:50:42","slug":"short-term-rentals-builder-incentives-distort-brigantine-real-estate-market","status":"publish","type":"post","link":"https:\/\/brigantinenow.com\/short-term-rentals-builder-incentives-distort-brigantine-real-estate-market\/","title":{"rendered":"Short-Term Rentals &#038; Builder Incentives Distort Brigantine Real Estate Market"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-vimeo wp-block-embed-vimeo wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe title=\"STR Mindset 11.27.23\" src=\"https:\/\/player.vimeo.com\/video\/888649259?dnt=1&amp;app_id=122963\" width=\"500\" height=\"281\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture; clipboard-write\"><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p>What\u2019s the realistic value of homes in Margate, Ventnor and Brigantine?<\/p>\n\n\n\n<p>Real Estate execs suggest homebuilder incentives and short-term rental mania may have artificially inflated home prices.<\/p>\n\n\n\n<p>To boost sagging sales and move properties, builders forced to get creative.<\/p>\n\n\n\n<p><strong>One strategy is to \u2018buy down\u2019 the mortgage rate.<\/strong>&nbsp;Make it cheaper for buyers to borrow money, at least for a short while before the rate resets back up in a few years.<\/p>\n\n\n\n<p><strong>Builders entice buyers with incentives<\/strong>&nbsp;like premium appliances, landscaping and other pricey home upgrades.<\/p>\n\n\n\n<p>These builder incentive costs are difficult to track when estimating property comparable values.<\/p>\n\n\n\n<p>The contracted price is recorded with no mention of costly give-backs. Though legal, this could be seen as artificially propping-up home values.<\/p>\n\n\n\n<p>Builders would rather take smaller profit in order to protect a lofty sale price. This would presumably have some effect on neighboring property values. Good or bad.Home Prices Trigger Re-Val?<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/downbeachbuzz.com\/short-term-rental-bubble-expense-zoning-liability-financial-foolery\/\">Short-Term Rentals&nbsp;<\/a>Distort Jersey Shore Real Estate Market.<\/strong><\/p>\n\n\n\n<p>Growing AirBnB backlash. STR\u2019s are severely under-reported. Shadow inventory.<\/p>\n\n\n\n<p>Will STR\u2019s eventually pay \u2018hospitality\u2019 taxes?&nbsp;<em>These are commercial properties operating within residential neighborhoods<\/em>&nbsp;says Ventnor Mayor, Lance Landgraf.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Ventnor And Brigantine Struggle To Manage Short-Term Rental (STR) Activity.<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-vimeo wp-block-embed-vimeo wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe title=\"Ventnor STR Brigantine Safety 10 25 23\" src=\"https:\/\/player.vimeo.com\/video\/878501449?dnt=1&amp;app_id=122963\" width=\"500\" height=\"281\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture; clipboard-write\"><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p>Short Term Crime and Spot Zoning<\/p>\n\n\n\n<p>In addition to AirBnB and VRBO, rental owners use property management companies, private websites and social media platforms to advertise and managing their properties.<\/p>\n\n\n\n<p>It\u2019s almost impossible for a local municipality to track any and all STR transactions.<\/p>\n\n\n\n<p>Local authorities find themselves short-handed in the fight to enforce STR law.<\/p>\n\n\n\n<p>See:&nbsp;<a href=\"https:\/\/downbeachbuzz.com\/ventnor-code-enforcement-officer-charged-with-official-misconduct\/\">Ventnor Code Enforcement Problems.<\/a><\/p>\n\n\n\n<p>Even Margate is challenged by code enforcement, by their own leadership!<\/p>\n\n\n\n<p>See latest story about&nbsp;<a href=\"https:\/\/downbeachbuzz.com\/did-margate-business-admin-mosca-forget-work-permit\/\">Margate City Admin, Ken Mosca.<\/a>&nbsp;Seems like Mosca didn\u2019t get proper permits for the municipal building project under his control.<\/p>\n\n\n\n<p><strong>Lack of Enforcement.<\/strong>&nbsp;See dangerous Ventnor STR with exposed rebar underneath 2nd floor deck:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/downbeachbuzz.com\/wp-content\/uploads\/2023\/11\/image-16.jpg\" alt=\"Ventnor Brigantine Code Enforcement Short Term Rental\" class=\"wp-image-120321\"\/><figcaption class=\"wp-element-caption\">Dangerous Ventnor STR.<\/figcaption><\/figure>\n\n\n\n<p><strong>In other Downbeach Real Estate news\u2026<\/strong><\/p>\n\n\n\n<p>Planning Consultant, Lance Landgraf, now considering a SPOT-ZONING plan for Brigantine. This presumably would allow Brigantine STR\u2019s to skirt parking requirements.<\/p>\n\n\n\n<p>Margate, Ventnor, Longport and Brigantine reluctant to allow residents to participate and watch public meetings using Zoom online video streaming.<\/p>\n\n\n\n<p><strong>Most Planning Boards Lack Full Transparency.<\/strong>&nbsp;Still blocking live video streams of public meetings.<\/p>\n\n\n\n<p>75% of taxpayers are second homeowners who rely on ZOOM and YouTube to stay engaged with city govt.<\/p>\n\n\n\n<p><em>In Brigantine,&nbsp;<strong>Mayor Vince Sera and City Manager Tiger Platt still blocking video access.<\/strong>&nbsp;Brigantine residents unable to see who owns growing list of commercial, short-term rental properties. Who financially benefits? Do Planning Board members recuse themselves?<\/em><\/p>\n\n\n\n<p>Young families can\u2019t afford seashore housing. Full-time residency declining faster. Small business forced to thrive on summer only. Schools eventually close.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What\u2019s the realistic value of homes in Margate, Ventnor and Brigantine? Real Estate execs suggest homebuilder incentives and short-term rental mania may have artificially inflated home prices. To boost sagging sales and move properties, builders forced to get creative. One strategy is to \u2018buy down\u2019 the mortgage rate.&nbsp;Make it cheaper [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":44422,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[450],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Short-Term Rentals &amp; 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Real Estate execs suggest homebuilder incentives and short-term rental mania may have artificially inflated home prices. To boost sagging sales and move properties, builders forced to get creative. One strategy is to \u2018buy down\u2019 the mortgage rate.&nbsp;Make it cheaper [&hellip;]","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p2mlcR-byr","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/posts\/44419"}],"collection":[{"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/comments?post=44419"}],"version-history":[{"count":5,"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/posts\/44419\/revisions"}],"predecessor-version":[{"id":44425,"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/posts\/44419\/revisions\/44425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/media\/44422"}],"wp:attachment":[{"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/media?parent=44419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/categories?post=44419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brigantinenow.com\/wp-json\/wp\/v2\/tags?post=44419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}