‘The Crest’

Wildwood Crest is on a roll, and it impacts different people in various ways. A young mother told me, “I don’t go along with all those improvements in the Crest. They are going to continue to drive property values up; so, we can give up our dream of ever owning a home in the Crest.  A friend of mine, whose grandmother owns a place there, told me someone stopped and offered her a half million dollars for her old place. Imagine.  The word is getting out. Nobody local can afford money like that. ”
Why was this lady even talking about this issue? Well it seems that everyone in the Crest is talking about what’s going on in their town. The current topic, which was discussed at a borough commission meeting, where over 50 people were in attendance, was a proposed median on Pacific Avenue, running from Cresse to Rambler Road. It is being considered in order to create a striking gateway into the town. One concern expressed was whether the borough would commit to maintaining the flowers, shrubs and bushes, in the beautiful way North Wildwood does on Central Avenue; another was the $2.7 million price tag of the median.  

Actually, the median is only the last of a string of projects which the Crest has undertaken in the last number of years. It started with the construction of a beachfront bike path and walkway, which has been so popular that it has recently been widened. Then there is the reconstruction of the waterfront on Sunset Lake, followed recently by the roadway narrowing to enlarge the lakefront walkway and lawn areas. Then there is the creation of the two-block, oceanfront Centennial Park and bandstand plus an additional three-block oceanfront park and gazebo at Rambler Road. The bandstand features concerts Wednesday and Saturday evening in the summer.  
Further, the children’s parks have been recreated, an all-new adult exercise park has been built, and a multi-million-dollar library has just been completed on Atlantic Ave. The former 950- foot-long fishing pier, which extends the width of the beach to within 100 feet of the oceanfront has been rebuilt and converted into a tremendously popular elevated pedestrian walkway. And, finally, the municipal pool has received upgrades, and the extensive beach has enabled the town to begin construction of protective dune lines. 
The lady’s concern about all these improvements driving up property values is probably on the mark, if Stone Harbor and Avalon are any indication. A number of decades ago, properties in most Cape May County shore communities were somewhat similarly priced. Because these two towns have had such a singular focus on improving their appeal, their property values have soared rather significantly above most other Cape May County municipalities. A look at the weekly real estate transactions chart in the Herald makes this clear.  
We observed these changes first-hand, when we purchased the Cape May County Herald (originally the Avalon Herald) which was located on Dune Drive in Avalon. The street was so wide, one needed to carry a bottle of water to hike across it on a hot summer day. The width of Dune Drive worked to diminish the value of the properties along it. But look at Dune Drive now. The improvements are wonderfully attractive. The town has only continued to improve year after year, and, thus, it is no accident its desirability to well-heeled, second-home buyers is at the top of the charts.
So back to the Crest; all I can say is, sorry, young lady. If you can’t afford a home in the Crest today, tomorrow you certainly won’t be able to do so. You will be competing with increasing numbers of second-home owners with deep pockets, who are very desirous of a beach home.  But please don’t lose sight of the fact that such second-home buyers are extremely important to our economy. The construction and maintenance of these homes in Cape May County, plus the taxes received on them, pump large amounts of money into our economy, providing employment for a large number of Cape May County residents. This rising tide of dollars trickles out, raising the boats of all segments of our economy.
Also, a retired Crest resident articulated to me a different concern – that all the money the town is spending would drive up her taxes. Actually the opposite tends to be the case; construction of luxurious homes brings in additional taxpayers and thus works to drive down the property tax rate. According to the 2014 Abstract of Ratables, Avalon’s Effective Tax Rate was .507 vs. 1.225 for the Crest. So even if all the Crest improvements caused property values to double, the tax rate could be expected to fall. Look at the tax rates on the chart below.  The communities with the most expensive homes tend to have the lowest tax rates. So, the Crest tax rates should still be cheaper than now, including all the cost of the improvements. Now that is a deal – spend less in taxes while being able to live in an ever-more desirable community.

Art Hall 
From the Bible:  Whoever waits at my (God’s) door and listens for me will be blessed. But those who do not find me put their lives in danger.  Whoever hates me loves death.  From Proverbs Chapter 8