RE 2015

REAL ESTATE

A special section on Buying, Selling and Renting

Will
Camden
be the Next
Hot Spot?

RE 2 Luck Be a Philly RE 4 The Latest Hot Spot RE 6 Caught in the Web RE 8 ‘Test Drive’
Tonight! Is … Camden?
By Matt Schuman By Matt Schuman of Online Real Estate Your House?

JEWISHEXPONENT.COM By Lauren Kramer By Lauren Kramer

Michael Elkin, Editor • Joseph Kemp, Designer

JEWISH EXPONENT APRIL 23, 2015 RE 1

REAL ESTATE

Luck Be a Philly Tonight!

With a new casino Atlantic City “still has desperate who specializes in gaming is- on, it obviously didn’t remain Companies. Live! is billed as a
coming, what can trouble sustaining even a single sues. “However, the entire pro- positive.” world-class hotel casino and en-
the city learn from grocery store.” cess was rooted in speculation. tertainment complex costing an
Atlantic City’s People could only attempt to Meanwhile, as the casino estimated $425 million. The ven-
experiences? As most everyone knows, calculate what casino gambling industry in Atlantic City con- ue will be located at 900 Packer
long gone are the days when would mean economically to the tinues its struggles, plans are Ave. in South Philadelphia’s
Matt Schuman casino gambling was avail- South Jersey shore, and the im- under way to open Philadel- Stadium District.
able exclusively in Nevada and mediate impulse was that the phia’s second casino, to go along
There was a time when Ne- New Jersey. The impact of the impact would be positive. with the SugarHouse Casino in According to Joe Weinberg,
vada was the only state in heightened competition on ca- Fishtown. Live! Hotel and Ca- a Cordish Companies partner,
the nation that permitted sinos in New Jersey has been “For a period of time, it was,” sino is a joint venture of Green- “It will be the only place in the
casino gambling. devastating. These days, com- adds Ordine. “Yet as time went wood Racing, Inc., and Cordish country where a casino and ev-
petition for the casino industry ery major league sport are repre-
That all changed on May 26, in Atlantic City can be found sented in one district.”
1978, in the resort town of At- in nearby states, among them
lantic City, N. J., when a venue Connecticut, Maryland and, of Besides SugarHouse, Philly
known, appropriately enough, course, Pennsylvania. has a trio of casinos just outside
as Resorts Hotel and Casino, lo- the city limits (Parx in Bensa-
cated at 1133 Boardwalk, opened Since the beginning of 2014, lem; Harrah’s in Chester; and
for business. four Atlantic City casinos — Valley Forge in King of Prussia).
including the dazzling Revel —
Resorts wasn’t the lone casi- have gone out of business, and Is the market in danger of be-
no in Atlantic City for long. Once at least one more is in danger of coming saturated? How will the
New Jersey’s state legislature joining them in the near future. city be impacted? What will hap-
voted to allow casino gambling pen to property values?
in the city, with the intention The city itself, whose benefits
of restoring prosperity to the from the presence of the casinos “The short answer to each of
struggling town, other casinos appear to have been minimal, these questions is, it depends,”
followed. This led to the creation now faces soaring unemploy- says Ordine. “For example,
of thousands of new jobs. ment — lost jobs that directly there have been occasions when
or indirectly revolved around a casino has elevated property
There were stretch limos and the now-defunct casinos — to values in a positive way, but
shimmering skylines, glitter go with the many other issues casinos don’t usually go up in
and glitz. confronting the battered town. residential areas, so the impact
Shore towns across southern tends to be minimal. In the case
Through it all, the impact on New Jersey have felt the impact of Live!, it will be located near a
the rest of Atlantic City was vir- as well. residential area in South Philly,
tually undetectable. As a recent but that area already is impact-
article published in The Atlantic “When casino gambling ar- ed by baseball, football, basket-
lamented, all these years later, rived in Atlantic City, property ball, hockey and concerts, so I’m
values skyrocketed,” says Bill
Ordine, a Baltimore-based jour-
nalist and Philadelphia native

Weinstein Supply Willow Grove Appointment Recommended
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Willow Grove , PA 19090 Kohler Premier Showroom
215-657-0700 215-659-0672

RE 2 APRIL 23, 2015 REAL ESTATE JEWISHEXPONENT.COM

REAL ESTATE NEW!

not sure how much difference nent jobs while producing in David Ron Allan Carl THINKS QQ DOES QQ GIVES
the casino will make.” excess of $100 million per year in
new tax revenue for the city and Adelman Caplan Domb Dranoff Legends
Ironically, advocates for two state.
of the six finalists for the casino NEW! NEW! Leaders
license that ultimately went to “In Philadelphia, we have Event
Live! planned to utilize venues spent a significant amount of time
in and around Center City — at meeting with local neighborhood
Broad and Callowhill streets and organizations and leaders and

“It will be the only place Bill Bruce Richard Leonard Join JFRE for a unique
in the country where a casino [Live!] Glazer Goodman Green Klehr round table event with
fresh new topics for 2015,
and every major league sport NEW! Joseph featuring our region’s most
are represented in one district.” Zuritsky successful, creative and
Steven Mitchell Ron brilliant real estate minds.
– Joe Weinberg
of Cordish Companies Korman Morgan Rubin

at Eighth and Market streets – their representatives to better Friday, May 1, 2015 • 7:30 - 10 AM
and they touted the benefits to understand the needs of the com-
the neighborhood in their pre- munity,” he says, “and we are Hyatt at the Bellevue, 200 South Broad Street, Philadelphia
sentations. committed to supporting the city
and local neighborhoods with our REGISTER by April 27th at jewishphilly.org/jfre
“They pointed out the casi- time, money and energy.”
nos would generate a significant Continental breakfast provided, dietary laws observed
amount of car and foot traffic Ordine notes that Sugar- Discounted Parking: $17 self-parking/$30 valet parking
at the proposed locations, and House sponsors the Mummers
they believed that would have Parade and contrasts that with $50 for members, $125 for non-members, $175 for walk-ins
a positive effect,” says Jerome Atlantic City, “where casinos Walk-in registration is extremely limited
Kranzel, senior vice president of were designed more or less like
CBRE Group, Inc. “At this point, fortresses.” JFRE membership requires a minimum gift of $1,000 to the JFRE Fund,
we’ll never know. Fortunately, the Jewish Community Fund or a combination of the two.
both properties are owned by ac- “There are things a casino
tive developers, and I’m certain can do to impact a community For more information about the event contact Rachel Sigman,
both are actively exploring ways in a positive way,” Ordine adds. Senior Development Officer, at 215.832.0513 or [email protected]
to utilize those sites in an atmo- “The bigger question is, is the
sphere where the development presence of casinos a good thing CORPORATE PARTNERS as of April 14
climate continues to be extreme- or a bad thing? Really, it depends PLATINUM PARTNERS
ly strong.” on your perspective.
GOLD PARTNERS
While casinos offer immedi- “The impact on property val-
ate contributions to the region’s ues is negligible. Increased traf- Event Committee ________________ Executive Committee __________________
tax base, Jamie Weiner, presi- fic could help local businesses,
dent of Delphi Property Group, but increased traffic also means Ben Appel Scott Hecht Rob Odell Robert Zuritsky, Chair Steven H. Gartner Matt Pestronk
is skeptical of any casino’s abili- increased crime — such as car Jackie Balin Jerry Kranzel Matt Pincus David Adelman Bill Glazer Jake Reiter
ty to generate economic benefits theft, pickpockets, robbery, not Lonnie Barish Melissa Landay Gary Rubin Jeff Bartos Bradley J. Korman Gregg Wallace
for the community in which it is the kinds of serious crimes that Howard Mitch Marcus Dan Sablosky David Blum Bradley A. Krouse Spencer Yablon
located. can destroy a community, but Grossman Stuart Margulies Garett Shiner Jason Cole Michael Markman
the kinds of crimes generated by Jeremy Fogel Brad A. Molotsky
“First of all, Philadelphia is a shopping mall.”
not likely to be a casino destina- Sponsor
tion,” he says. “That isn’t why In other words, when pon-
people will come to Philadel- dering the impact of a casino jewishphilly.org
phia, so people who live in and on a neighborhood, it’s difficult
around the area where the ca- to speak in terms of absolutes.
sino is located are the primary However, Weinberg is absolutely
customer base. Beyond that, convinced of the merits of Live!
casinos aren’t designed to lure
customers who can be expected “With the legalization of
to patronize other businesses. casinos in neighboring states
throughout the Mid-Atlantic
“They’re all-encompassing. and northeastern portions of the
Once you’re in the casino, they country, the facilities that will
want you to gamble there, eat thrive are those like ours that
there and shop there. How does are located within the major
that benefit nearby restaurants, population bases and offer the
shops and other attractions?” highest-quality gaming, dining,
entertainment and hospitality
Weinberg counters that Live! experiences.”
will create more than 3,000 con-
struction jobs and 1,300 perma- Matt Schuman is an area writer.

JEWISHEXPONENT.COM JEWISH EXPONENT APRIL 23, 2015 RE 3

REAL ESTATE

The Latest Hot Spot Is … Camden?

No one’s laughing offering $82 million in tax G. WIDMAN FOR VISIT PHILADELPHIA
as more businesses credits.
move in. But will in 2013. Violent crime, in fact, addressing safety concerns. The ing about a great location, 10
people follow? Subaru of America, dropped by 70 percent in the amenities need to follow.” minutes from Philadelphia, a
the U.S. arm of the Japa- span of a year. place where you can buy a house
Matt Schuman nese automaker, is mov- What about housing? It is for a fraction of the price that
ing its training facility Clearly, safety concerns have widely believed that persuad- you’d pay for that property any-
Let’s talk about Camden. and offices from Cherry not hindered the many business- ing corporate entities to come where else.
Poverty? Check. Urban Hill to Camden, bringing es that are relocating in the city. to Camden is an entirely differ-
blight? Check. Consistent- 500 existing jobs and cre- ent proposition than attracting “I tell people to see for them-
ly ranked among America’s ating 100 new positions. “You have the Gateway com- would-be homeowners — even selves. We have more than 30
most dangerous cities? Check. Subaru will be based in plex, the Cooper Hospital area those employed in the city — to families in homes we’ve built.
the Gateway complex be- and the waterfront, and I have settle there, regardless of loca- Talk to our buyers. Look around.
High hopes for an economic ing developed by longtime no safety concerns when I’m in tion and affordability. Decide for yourself. I’m con-
revival? Check. Camden fixture Campbell any of those places,” Klein says. vinced that the perception of
Soup Company. The state Maria Yglesias and Maria Camden will continue to change.”
Thanks to the Economic Op- will provide $118 million The Camden waterfront, to Del Mar Lopez of M&M Develop-
portunity Act of 2013 — a state in tax credits. which Klein alluded, is filled ment share an entirely different Twenty-five to 30 years ago,
law designed to lure businesses with attractions that draw visi- perspective. The two launched North Jersey cities located in
to New Jersey or keep them in Other corporate addi- tors to the area, among them their business back in 1997 a shadow cast by New York,
the Garden State — numerous tions to Camden include the Susquehanna Bank Center, in Newark, where they trans- such as Bayonne and Hoboken,
projects in Camden have re- Holtec International, a Wiggins Park and Marina, Ad- formed abandoned properties were hardly in demand among
ceived approval for tax credits nuclear power plant com- venture Aquarium, baseball’s and vacant lots into affordable potential homeowners. Even-
totaling hundreds of millions of ponent manufacturer (as Camden Riversharks — whose family housing. Since 2010, they tually, though, those towns be-
dollars. It is hoped that the law, many as 3,000 jobs, $260 home games are played in state- have been doing essentially the came popular places to live and
which contains extra incentives million in tax credits); of-the-art Campbell’s Field — same thing in Camden. raise a family.
for development in Camden, will defense contractor Lock- Battleship New Jersey and the
create thousands of jobs in the heed Martin (250 jobs, Camden Children’s Garden. “Successful neighborhoods “It is likely to take a huge
city and spearhead an economic $107 million in tax incentives); have diversity of background, effort to develop an infrastruc-
renaissance of sorts that will Diogenix, which is developing Furthermore, Camden offers diversity of education and diver- ture before a significant num-
invigorate the town’s blighted a molecular multiple sclerosis plenty of public transportation sity of income,” says Yglesias. ber of Philadelphians, for ex-
landscape. test (100 jobs, $7.5 million in and, perhaps most important, “We want people who could live ample, would consider moving
tax credits); and WebiMax, an easy access to and unobstructed anywhere else to come and live across the river to Camden,”
“The interest generated Internet marketing agency (100 views of Philadelphia. in Camden. People ultimately says Forrest Huffman, profes-
by major players like Cooper new jobs, $12.8 million in tax make cities, so we need to pro- sor of real state and finance
Health Systems, Lockheed Mar- credits). “These places along the river vide desirable housing choices at Temple University’s Fox
tin and the Sixers gave everyone are destinations,” Pearl points so that we can attract a diverse School of Business.
a chance to see that the utili- “There definitely are people out, “but what is needed are population to Camden.
zation of the tax incentives is who believe Camden can be amenities that will get people to “The fact that it’s been hap-
worthwhile,” says Anne Klein, turned around,” says Nancy linger.” “If we can get everyone to pening on the corporate level
executive managing director of Pearl, a licensed realtor at Berk- think like that, even our com- with the help of tax incentives
Newmark Grubb Knight Frank’s shire Hathaway. “Rutgers Cam- Klein emphatically agrees. petition, it will bring people to certainly is encouraging,” he
Global Corporate Services group den has grown. Cooper Hospital “If you’re going to build a true Camden. If we build high-qual- adds, “but a great deal of work
and a veteran of approximately has spent a lot of money in the community, you can’t rely solely ity, affordable housing, people still needs to be done for it to
three decades in southern New area, and it shows. A new su- on a handful of attractions,” she will come.” become a legitimate option for
Jersey’s real estate market. permarket has opened in a part says. “You need restaurants, day large numbers of homebuyers.”
of town that hadn’t had one in care, shopping, a bank. You’re She continues: “You’re talk-
“Then, when Subaru an- quite some time. attracting businesses. You’re
nounced plans to move its offic-
es to Camden, that was a game- “There are charter schools in
changer,” she adds. Camden that produce excellent
students.
Even as other facilities left
Camden, Cooper University “All of these things are im-
Hospital remained, although portant, because people need to
the health system that operates see success stories,” continues
the hospital moved non-clinical Pearl, a board member of the
functions to Mount Laurel and Katz JCC in Cherry Hill. “The
Cherry Hill. aura of negativity that has sur-
rounded Camden for so long
However, those jobs will be needs to be removed.”
returning to Camden along with
hundreds of others. The state Between 2008 and 2012, more
will provide $40 million in tax than one third of Camden’s
credits. 77,000 residents lived below the
poverty line. As recently as ear-
The Philadelphia 76ers are ly 2014, Camden was named the
constructing a practice facility most dangerous city of its size in
and offices in Camden. Accord- America, based on FBI data.
ing to team officials, 250 jobs
will be created. New Jersey is But crime began a steady de-
cline when Camden County took
over the city’s police force early

RE 4 APRIL 23, 2015 REAL ESTATE JEWISHEXPONENT.COM

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Fax: 215-657-6011 Are you really
getting the bargain
Owners Nick and Sandy www.specialtyfloors.net described when a property sale through cyber- $1,800. They were told to send
buying property on space? Where are the red flags a money order to England and
Window Cleaning, including Glass Restoration the Internet? and how do we ensure we’re not after that they’d get the key, he
Post Construction Cleaning Services being taken for a ride? says.
Lauren Kramer
Pressure Washing, Facade & Parking Garage Cleaning “You have to be really care- “I recognized the pictures”
Graffiti Removal & Glass Protection • Window Film Tinting When the World Wide ful,” warns Harvey Sklaroff, a of the condo “because I’d taken
Metal/Venetian Blind Cleaning • Awning, Gutter & Canopy Cleaning Web first hit our con- real estate broker in Narberth. them myself. I advised them
sciousness, many of “The horror stories from buying not to send the money order
Facade Inspection & Building Envelope Support us were initially suspicious of or renting online are associated because the actual owner of
Building Safety & ANSI I-14 Consulting & Support online financial transactions. with not knowing who you’re the condo knew nothing about
Gradually we learned the mer- dealing with, if a property is re- it. Someone had taken the pic-
215-887-6777 800-296-6777 its of buying over the Internet ally for sale or if it’s been posted tures off the website, listed the
101 GREENWOOD AVE., STE 305 JENKINTOWN, PA 19046 — everything from bras to cars. there by one of those” offshore condo as a rental and started
Today you can purchase a cof- companies that request dona- taking calls and emails!”
www.jbsincorporated.com fin online and have it shipped tions online.
when you need it. Andrew Maguire, a share-
Celebrating Over 80 Years of Quality & Integrity “There’s nothing like deal- holder in the real estate group
You can also purchase a ing with a live, local individual at the Radnor-based law firm of
house, all through the click of a who can represent you, do the McCausland Keen & Buckman,
button. But how safe is it to do a research and make sure you’re echoes Sklaroff’s warnings.
major financial transaction like getting a legitimate transaction “Typically, a written agree-
with a legitimate title company.” ment of sale between a buyer
and seller will include a clause
Sklaroff recalls an instance which states that the terms of
two years ago when folks found the agreement will trump all
a great deal for a condo online property information previ-
— $1,000 a month for a two- ously provided to the buyer,”
bedroom that usually rented for

RE 6 APRIL 23, 2015 REAL ESTATE JEWISHEXPONENT.COM

REAL ESTATE

he says. the market. Instead of waiting
“For example, if a property is for a buyer to materialize, the
auction determines when the
listed on Craigslist as a 10-acre sale will take place.
lot, but the agreement of sale [ac-
curately] references that same By later this year, Sharga
property as a five-acre lot, the says, Auction.com will be do-
buyer may have little legal basis ing online auctions on behalf of
for challenging the seller’s decep- individual sellers, too.
tive marketing of the property.”
For buyers, one advantage
Online, the risk to the buyer of an online real estate auction
can be greater than in a tradi- is transparency. At any time a
tional transaction, he adds. prospective buyer can see every-

“And on an investment distinctive carriage homes
as large as a property, in prestigious whitemarsh township
you want to make sure
you’re not dealing with someone Priced from the $540’s
who’s looking to rip you off.”
276 TEMPORARY Call or visit our sales and information center
–Rick Sharga SALES OFFICE today to preview this unique opportunity.
1511 Bethlehem Pike
Access to the property might thing available on the Auction. JOSHUA RD.STENTON AVE.W MILL RD. Flourtown, PA 19031 215.233.5600
be limited, which means defects com website — which is typi- BETHLEHEM PIKEMon. - Sat. 11-5, Sun. 12-5
might go unnoticed. “This is cally up to 20,000 listings, 4,000 RESERVE AT CREEKSIDE [email protected]
particularly problematic if the of them sold each month. “If you Site located at 309
buyer will need financing in or- really want a property, someone Flourtown Another fine community by Judd Builders & Developers,
der to make the online purchase won’t be able to outbid you in a Stenton Ave & Joshua Rd a Division of The DePaul Group
— lenders generally require closed process,” Sharga says.
detailed property information “You can see in real time the All prices and features subject to change without notice. reserveatcreekside.com EQUAL HOUSING
while performing their due dili- bids coming in, and so you have OPPORTUNITY
gence before making a loan.” that opportunity for a final bid.” Broker Cooperation is Invited and Appreciated.

Having sold some 50,000 Auction.com sold 1 percent BUYING?
properties online in 2014 alone, of all homes in the United States SELLING?
Rick Sharga, executive vice last year, he says, and this is just INVESTING?
president at the Irvine, Calif.- the tip of the iceberg. “This is a
based Auction.com, says on- more efficient, more timely pro- Find realtors, contractors,
line real estate purchases can cess that generates the best mar- designers and more in
and do work out just fine. ket value for a particular prop-
erty. But if you’re going to buy The Guide
Right now his company spe- and sell online, it’s important to Jewish
cializes in distressed residential to work with companies you’ve Greater Philadelphia
real estate, with many of the heard of,” he cautions.
homes in foreclosure. He always Whatever your
recommends that buyers inspect “It’s not necessarily the plans for 2016,
properties before their online kind of thing you want to do on we can help with those
purchase, but not everyone does. Craigslist. You want to be work- big decisions.
“Some investors choose not to,” ing with a company you can re-
he says. “Others pay someone search and trust that it’s a legiti- For advertising information,
who lives locally to take a look mate operation.” call your sales representative or 215-832-0700.
on their behalf.”
It’s not Craigslist per se
Contrary to popular belief, that’s problematic, but the
online buyers don’t necessarily principle behind it: that of deal-
get a better “deal” by buying on- ing with an individual through
line. “When we compare apples a classified-type arrangement.
to apples in terms of sales, we’ve “You have no way of know-
found the auction process tends ing who you’re dealing with in
to drive a higher price because these circumstances,” Sharga
you have more people bidding says. “And on an investment as
against each other,” he explains. large as a property, you want to
make sure you’re not dealing
Depending on the property with someone who’s looking to
and its location, there are at rip you off.
times up to 20 bidders. For the
online sellers, right now con- “So I encourage caution.”
fined to banks and other finan-
cial institutions, the benefit of Lauren Kramer is a native of
an online real estate auction is South Africa now based in West-
the reduced number of days on ern Canada.

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BROKERS • FLIPPERS Lauren Kramer while the number of homeown- percent of the population na-
CONTRACTORS • SPECULATORS ers was down by 900,000. The tionwide. In addition, as the 80
If the American dream is truly council’s data shows that even million millennials find jobs
Need a “Swing Loan”? to own a home, it’s one still 10 years ago there were 8 mil- and begin moving out of their
unrealized for 104 million resi- lion new renter households and parents’ basements, they’re
Just produce an agreement of sale dents. just 500,000 new owner house- much more likely to rent than
and financial statement holds. buy as they start out. Similarly,
There are some 43 million a portion of the 77 million baby
TERMS: American households in rented “The growth in renter house- boomers will downsize.”
• 90% of purchase price homes, according to the Nation- holds precedes the housing cri-
• 2 year payoff al Multifamily Housing Council. sis,” he notes. He points to immigration as
• Monthly interest only Those renting represent 33 per- a huge driver of rental demand,
• Residential only cent of the country’s population. “The makeup of our country as well as the resurgence of met-
is changing to those that are ropolitan urban cores. “People
Stuart Toben, agent for “Most people do own a home more likely to rent,” he adds. want to be where the action is,
at some point in their lives,” “Single-person households, and apartments make that op-
First Guardian Mortgage Co. LLC says Nina Seckel Israel, a real- single-parent households and tion available for many,” he
215.742.9400 tor with Weichert Realtors in roommates collectively account says. “I also think that many
Philadelphia. “But many peo- for 53 percent of all households, see the value in the flexibility
LAND FOR SALE ple cannot buy because of bad and these households are more and mobility renting provides.”
for Commercial Developer credit, because they don’t have likely to rent.”
a steady income to qualify for a Herein lies a few of the key
1.83 Acres in North Wales mortgage or because they don’t Another 80 million echo advantages to being a renter.
have enough money for closing boomers are beginning to enter Any homeowner will tell you
at intersection of Rt 63 (Welsh) and 202 (Dekalb Pike) costs, even if they could make the housing market, primarily the same truth: when you own a
the monthly payments.” as renters. home, you’re constantly reach-
$1.25 million ing into your wallet for repairs,
The number of renters in In Philadelphia renter-occu- updates and renovations, some
Toben Real Estate 215.742.9400 America has changed, and not pied homes increased from 1.4 cosmetic and others direly
just from the housing bubble, million in 2008 to 1.7 million in needed. Every home requires
Stuart Toben says Jim Lapides, vice presi- 2013, according to council data. large quantities of TLC that is
dent of strategic communica- In many ways, the city is mir- often unpredictably expensive.
tions for the National Mul- roring what’s happening across
tifamily Housing Council in the country, Lapides says: “The Added to your monthly mort-
Washington, D.C. biggest demographic drivers of gage payment, these unforeseen
buying a home — marriage with expenses can strain the monthly
In the five years ending in children — only represents 20
2013, the number of renters na-
tionwide was up by 4.2 million

RE 8 APRIL 23, 2015 REAL ESTATE JEWISHEXPONENT.COM

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headaches are a landlord’s what kind of work the house www.docksidecondominiums.com
problem. The faucet breaks? No really needs,” says Iris Segal, a
problem. The landlord will send realtor in Newtown. Another Fine Property from The DePaul Group.
someone to fix it or deal with Broker Cooperation Invited.
the damp consequences. The “You don’t have the expense
dryer has packed up? Again, it’s of moving twice and you’re pay- .com/jewishexponent
someone else’s responsibility to ing a little each month towards
get it fixed or replace it. your down payment.” .com/jewishexponent

Then again, if the landlord The opportunity to test drive
is not forthcoming, life can get a home is a good one for the
complicated. “Many landlords test driver. But for the seller,
restrict tenants from smoking it’s less of a win-win situation,
or owning a pet,” Seckel Israel particularly if mortgage rates
cautions. “As a tenant, you’re go up and the renter-buyer no
at the landlord’s mercy to some longer qualifies. “This is not a
extent. You don’t know how typical arrangement but it can
much your rent will increase work,” says Segal.
and if the property is sold you
may need to vacate.” Lease purchases can also be
a good idea if you’re thinking of
There are times when it purchasing at the shore, says
makes sense to rent, though, Joseph A. DiLorenzo, a real
she adds. If you’ll be in the estate broker at the DiLorenzo
home for less than three years Realty Group in Margate, N.J.
or expect a change in your in- “Renting a home for a summer
come or lifestyle, it becomes a will give a potential homeown-
preferred choice. “Many older er a snapshot of ‘shore living’
people also choose to rent after on our island,” he says.
having owned their home for
years.” “If you are new to the island,
this is a good way to experience
In a few instances, buyers the lifestyle, beaches, enter-
choose to rent a home before tainment and local restaurants
buying it, a scenario that suits while deciding which town
the buyer more than the seller. suits all of your needs.”

JEWISHEXPONENT.COM JEWISH EXPONENT APRIL 23, 2015 RE 9

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RE 10 APRIL 23, 2015 REAL ESTATE JEWISHEXPONENT.COM