There's no denying that the Wildwoods are on a real estate rebound, and it's about time. After several years of negative media attention and a general decline of property values on the island, the Wildwoods are seeing a major comeback in the number of visitors to all areas of the island, and in the amount of activity in real estate rentals and sales. Based on current industry trends, the real estate market in 1998 is anticipated to increase in activity by approximately 20 percent over last year. The forward direction in which real estate is headed is a positive turn around from what the island has experienced in the past. First, the economy is improving.
Interest rates are very favorable.
There are more baby boomer generation homeowners earning double incomes than ever before, allowing them the opportunity to realize their dream of owning a secondary home. As an added bonus, rental rates are increasing year after year, giving property owners who rent to help cover the costs on their property a better bottom line. With the Wildwoods offering one of the most affordable housing opportunities at a resort community in southern New Jersey, it is only natural for sales in homes, condos and multifamily type properties to rise. The confidence shown by the larger investors in the Wildwoods has also prompted the smaller investor to buy. Just this year, the Wildwoods have seen several new, large drugstores move into the area.