If you own an older condominium unit in Sea Isle City, there is something you should be thinking about and a question that you should be asking yourself. That question is; “How does the new Commercial/Residential zoning affect me and my ownership? It is a question that does not have the same answer for every condo owner. In some ways it will affect everyone that owns an older unit in exactly the same way and in some ways it will be more specific. The first and most important consideration is that for the first time in over 25 years, there will be a constant source of New Construction that will stand as direct competition to the older units. Previous to this new zoning, when an owner of a condo in Sea Isle went to sell, they only had to compete with other products of like size and age. Now, they will be competing with brand new units just like the owners of Townhouses have always had to do. This creates challenges that have to be met and it is better to get out front with this than to wait until the the condition amplifies and puts you at a greater competitive disadvantage. In some instances, just like Townhouse owners, Condominium owners will be faced with the reality that it is to their advantage to Trade Up into a newer unit with more income rather than face the expense of improving an older unit and then still have to face all the competition that the new rental units represent.
One way or another, this new Zoning is going to affect you. Whether you rent or not. Whether you are thinking about selling now or in the future. This new zoning is something that you need to better understand. Not only will you have to consider where you property competitively stands relative to the other older units when it comes to condition and location, but you will need to be aware of the New Projects as they move down the pipeline and enter the market.
The response will be specific to each individual property and each owner. Your best interest will not be served without performing due diligence. This new zoning will introduce an influx of new customers into Sea Isle City and potentially represent opportunity for all owners of condo units but if you just act like it is not happening you might find out too late that it already did.