In Burlington County, a 458 percent tax hike with Christie’s blessing

When two New Jersey towns asked voters to approve a property-tax hike last month, Gov. Christie scorned them.

The state’s other 564 municipalities didn’t seek permission to exceed the 2 percent cap on tax increases. Didn’t Medford and Lawrence Townships know how to cut spending?

But Christie was mum a few days later when his administration quietly gave Chesterfield the go-ahead to raise municipal taxes a whopping 458 percent. The average tax bill in the tiny rural Burlington County community will jump nearly $1,000.

“Wow, whew,” Medford Mayor Randy Pace said last week, as budgets across the state were being finalized, when he learned about Chesterfield’s numbers. Medford voters agreed to a 30 percent tax increase after painful debate.

“We were vilified for what we did,” Pace said, referring to Christie’s lambasting town officials on radio broadcasts. But if Chesterfield needs to raise its tax that much, there must be a reason, Pace said.

Like Medford, there are special circumstances at work in Chesterfield. Neither town has raised taxes for about five years and both now face fiscal challenges. But unlike Medford, Chesterfield didn’t need voter approval to fix its finances.

Chesterfield is one of 18 municipalities statewide that enjoy a little-known exemption to the tax-hike cap. Towns and boroughs are exempted when they have a tax rate of less than 10 cents per $100 of assessed real estate value, according to the Division of Local Government Services, which approves municipal budgets.

Most are tiny and offer few services.

Chesterfield, whose population of 4,600 enjoys no municipal trash collection, adopted a $4 million municipal budget last month that called for the tax rate to jump to nearly 30 cents from 5 cents. For property assessed at the township average of $396,900, municipal taxes will go up $961, to $1,171. County and school taxes are still being calculated, but the average overall tax bill last year was $8,623.

Location still holds key to value

The decline in housing values has not fallen equally on all towns.

A Record analysis of home prices in the first half of 2011 (the latest available in public records) found that, overall, prices were down about 3 percent in Bergen and Passaic counties from the period a year earlier. (Prices are down 17 percent in Bergen and 21.6 percent in Passaic since 2007, when housing prices peaked.)

But in early 2011 at least, wealthier towns generally fared better than lower-income areas affected by the foreclosure crisis.

In addition, less-affluent towns were more affected by tighter mortgage standards and unemployment above 9 percent.

Geography played a role, too.

Towns in eastern Bergen County, close to the George Washington Bridge, also seemed to hold their value better from 2010 to 2011.

From the Press of Atlantic City:

South Jersey towns see more than 16 percent increase in vacant homes

U.S. Census reports show that while the number of total housing units increased nationally by almost 14 percent from 2000 to 2010, the number of vacant housing units ballooned by almost 44 percent.

Michael Busler, a fellow at the William J. Hughes Center for Public Policy at Richard Stockton College, says the gloomy trend may not have reached its end point. “It’s going to get a little bit worse before it gets better,” he said.

New Jersey’s numbers are just as striking — an increase in housing of more than 7 percent while the number of vacant units increased by more than 38 percent. One Essex County town, Belleville, for example, saw the number of vacant housing units jump 134 percent as the number of overall units went up just 1 percent.

Locally, 14 of 23 Atlantic County municipalities have seen the number of vacant housing units increase by 16 percent or more from 2000 to 2010. In addition, 11 of 16 towns in Cape May County and 10 of 14 towns in Cumberland County have seen a similar jump.

“People are becoming frustrated by the system, and a lot of them are walking away from properties,” said James Schroeder, an attorney and real estate agent with Keller Williams in Northfield. He cited statistics from the New Jersey Law Review stating that there were 1.5 million homes nationwide in foreclosure and ready for sale, another 3.5 million to 4 million within three to six months of being sold.

In the end, he said, his company believes that it will be another five to seven years before the traditional housing market picks up again.
…
Cape May County saw an overall increase in vacant units for sale, not seasonal, of 75 percent compared with just an 8 percent increase in total units.

Upper Township saw an increase of 232 percent (83 vacant units for sale in 2010 compared with 25 in 2000), while Cape May saw a 245 percent increase (38 compared to 11), Wildwood Crest a 442 percent increase (130 compared to 24) and Cape May Point a whopping 650 percent increase (15 compared to 2).

Nine Atlantic County towns have seen increases in vacant units for sale of 75 percent or more, including increases of 100 percent in Longport and Estell Manor, 111 percent in Buena Vista Township, 126 percent in Linwood and 204 percent in Somers Point — which saw the number of homes vacant and for sale almost triple, going from 24 in 2000 to 73 in 2010.

Nine other towns in the county have a double-digit increase in the percentage of vacant units for sale, leading to a 32 percent increase overall — in a county that saw just an 11 percent increase in total units.

In Ocean County, the number of homes vacant and for sale in Barnegat Township more than doubled (76 to 172). In Stafford Township, that figure jumped from 151 to 272.

At the Shore, many homes retained value after a wild ride

If you have the money – and that means cash – you can buy your dream house at the Jersey Shore. If you don’t, as a prospective vacation-home owner you’re being squeezed even harder by the same financial institutions that tightened credit for purchases of primary residences.

The higher the price, “the greater the likelihood the buyer is paying cash for the property,” said Paul Leiser of Avalon Realty. “A $7 million sale is far more likely to be a cash deal than a $1 million sale.”

Like many places these days, Avalon, long a seaside favorite of the well-to-do, isn’t seeing a lot of home sales, period. But those that have occurred have been high enough in value to push the median price up 321 percent since 2005, an Econsult Corp. analysis of transactions in 13 Shore zip codes in Atlantic and Cape May Counties from April 1, 2005, through June 30, 2011, shows.

In comparison, the median price in high-end Stone Harbor is up a modest 87 percent, according to the analysis, conducted by Econsult vice president Kevin Gillen along with a broad examination of home prices in the eight-county Philadelphia region based on 376,257 sales in that period.
…
any Shore points that are traditional vacation destinations for Philadelphia-area residents did not fare all that badly in the housing downturn, the analysis showed, with one caveat:

Though almost all the communities retained the value they had in 2005, Stone Harbor alone consistently held onto median-price gains – from 2005 through 2007, when the U.S. housing bubble burst, then through to June 30 of this year.

Avalon’s median price rose 437 percent between 2005 and 2007, for example, then ebbed 22 percent by June 30.

Longport’s median price rose 16 percent from 2005 to 2007, then fell 21 percent from 2007 to second-quarter 2011, for a loss of 9 percent over the full analysis period.

A lot of developers and marginal buyers had banked on price appreciation in Wildwood zip code 08260, which also includes North Wildwood and Wildwood Crest. But the median price there rose just 2 percent from 2005 to 2007 – from $330,000 to $334,975 – then fell 34 percent from 2007 to second-quarter 2011, ending up at $222,375.

Many Wildwood developers were forced to abandon projects. Others brought in auction companies to try to reset the market and sell enough condos to stay ahead of foreclosure actions.

Sea Isle City’s median home price rose 27 percent from 2005 to 2007, on the other hand, then fall 9 percent from 2007 to second-quarter 2011. But at $571,250, it was still 15 percent higher than in 2005.

In Atlantic City, heavily dependent on the now-flagging casino industry, the median price began a precipitous decline in 2005, as prices just about everywhere else were performing spectacularly.

By second-quarter 2011, the median price had lost 53 percent of its 2005 value, plummeting from $269,000 to $125,250.
…
Although conditions vary substantially, the U.S. second-home market “is at bottom,” said Mark Zandi, chief economist at Moody’s Analytics Inc., of West Chester.

“I don’t expect second-home sales and prices to improve much in the next year – the market will remain at bottom – but I do expect the second-home market to be a strong market over the next five to 10 years,” Zandi said. “There is a strong demographic tailwind behind the market, given the aging of the large baby-boom generation into their 50s and 60s, when second-home buying is strongest.”
…
Yet two Atlantic City bedroom communities – Brigantine and Margate – did not take as big a hit as might have been expected, even though the casinos shed thousands of employees who lived in those towns as the tanking economy and competition from other states took a toll.

Brigantine’s second-quarter 2011 median price, $292,250, is just 1 percent below what it was in 2005, though those who bought at the height of the market – when prices were 36 percent higher than in 2005 – saw values tumble 28 percent.

Margate’s median as of June 30, $393,150, was 12 percent lower than 2005 and 20 percent – more than $100,000 – below the 2007 median price of $491,250.

Bottom line: Longtime Shore homeowners came through the housing bust better than those who bought during the boom.

Southern New Jersey builders say this has been a depression for them

Despite a housing slump that devastated the home-building industry, new homes continue to be built in southern New Jersey, mostly in projects started before the end of the real estate boom.

“The perception that there are no new homes out there is not true,” said Doug Fenichel, spokesman for K. Hovnanian Homes. “We have homes available, a good selection.”

Home builders say that while the rest of the nation has been in a severe recession, they have been in a depression.

The figures show they’re not exaggerating.

From 1.8 million housing starts in 2006, the industry was cut to less than a third of its former self with a low of 553,000 starts last year, the National Association of Home Builders says. Sales of new single-family homes plunged 65 percent, from 1 million to 372,000.
…
The home-building slump has nearly halted the large new developments that were common in the growth townships of southern New Jersey during the mid-decade housing boom.
…
“When the economy and market turned south, home builders stopped building. They certainly stopped building new communities, especially with the heavy regulations in New Jersey,” he said.

The falloff can be seen in K. Hovnanian’s numbers.

In the fiscal quarter ended January 2006, the company signed 608 contracts for homes in the tristate area of New Jersey, New York and Pennsylvania, Fenichel said. In the same quarter in 2009, its home contracts had plunged to 130.
…
The industry is aware that it’s going to be a long wait, until next year at least.

“We’re all just treading water and hanging in there,” she said.

Real estate market not out of woods yet

VINELAND — Residential real estate still struggles in communities in Cumberland County and western Atlantic County, especially in the high-value end of the market.

Federal tax credit incentives for new and existing homebuyers were some help over the past 12 months, local real estate professional say.

But those credits, which expired April 30, weren’t nearly enough to counteract what ails the market:

* A continuing lack of credit.

* High unemployment.

* General consumer jitters over the future.

Vineland broker William Jannarone said the size of the unemployment rolls is equal or greater than any other problem in the market.

“We’re just not going to recover if the jobs don’t come back — and they’ve got to come strongly,” Jannarone said. “That should be the issue we’re focused on. What do we do about creating jobs?”
…
The real estate market’s condition recently led Millville-based agent George Pangburn to retire.

“We went from 43 agents at G.R. Pangburn to 12, and those agents weren’t doing anything,” Pangburn said. “At 74, I didn’t need to do that.”
…
There were 846 homes sold in the area between April 2009 and March 2010. That’s a respectable 11 percent increase compared to the preceding 12-month period.

In addition, the total dollar value of all those sales rose from about $124.3 million to about $132.7 million, a positive difference of about $8.4 million.

Behind those facts though, the average sales price went down for the area as a whole.

# In Vineland, there was a roughly $6 million increase in sales value over the past 12 months compared to the preceding year. That’s about a 12 percent increase. But the average price dropped almost 6 percent.

# In Millville, sales volume went up about $2.4 million for the same periods. That’s about a 9 percent increase. The average price for a sale was down almost 6 percent, though.

Condo owners hit with steep assessments for snow removal

Spring has arrived and, for most residents of southern New Jersey, the winter and its record snowfall are just an unpleasant memory.

But many people who own condominiums and townhouses are getting reminders of just how much it cost to plow that snow off their streets – in the form of additional assessments.

Donna Kelly, a resident of London Court II in Egg Harbor Township, said she got a letter from her homeowners association that she is expected to pay more than $300, her share of the community’s snow-removal costs.

“These are bad times financially, and coming up with that extra money is hard,” said Kelly, who has lived in the complex for four years. “They didn’t give us a lot of notice, either.”
…
London Court II spent about $50,000 on plowing snow this past winter; it usually budgets $6,000 to $7,000, Gurwicz said. Owners of the complex’s 158 units were assessed a share of the costs, based on the size of their homes.
…
The residents of London Court II are not the only homeowners being forced to pay extra for snow removal.

A letter sent to the 490 owners at Society Hill at Galloway II stated the homeowners association had budgeted $25,000 for snow removal but had spent about $100,000, “or approximately $1,370 for every inch of snow Mother Nature dealt to us.” Homeowners were assessed an extra $150, which could be paid out in six $25 installments.

Associations kept their snow-removal budgets low for the winter of 2009-10, hoping it would be relatively dry like the last five winters, said Michael Mendillo, president of the Wentworth Group, which manages nearly 75 communities in southern New Jersey.

The storms put “a huge financial strain, not only on the communities, but on the vendors,” Mendillo said. “It snowed, it needed to be removed, and somebody needs to be paid.”
…
Some communities haven’t crunched the numbers yet or are waiting to see how other 2010 expenses play out. The Woodlands in Hamilton Township is assessing its 766 homeowners for other emergency expenses, but hasn’t gotten to the snow-removal part, said property manager Brenda Morrison.

“We’re just taking care of expenses we couldn’t meet for 2009,” Morrison said.

But the community where she lives sent her a $375 special bill for getting rid of the snow, Morrison said.
…
“Unfortunately, our country as a whole, over a period of decades, went with the mentality of living above our means,” Mendillo said. “Now we have to go back to the basics and prepare for that rainy day.”

Or for the next snowy winter.

Foreclosure bites South Jersey hard

When first-time home buyer Derrick Hannah saw a three-bedroom ranch home in Willingboro, he fell in love with its spotless kitchen and its expansive backyard with a patio.

But, a couple of years ago, after buying it for $80,500 with no down payment, the father of three lost his computer job and later was served a foreclosure notice. He refinanced his mortgage three times to avoid foreclosure until he owed $185,000 on the same home, valued at $224,000 just two years ago.

This week, he finally sold his home at 48 Edgemont Lane in Garfield East — but for only $130,000 — to a single parent family in a “short” sale, which leaves the mortgage lender $55,000 short of the total loan amount but which allows Hannah to leave his home with no mortgage debt.
…
Willingboro, a municipality with lower median incomes, has been especially affected by foreclosures. It had the highest number so far this year in the tri-county area of Burlington, Camden and Gloucester with 330, but even wealthier communities are at the top of the foreclosures list.

Gloucester Township was second in the region with 323 foreclosures so far this year, followed by Winslow at 298, Camden at 256 and Washington Township at 206. Except for Camden, the other three municipalities have higher median incomes than Willingboro.
…
The highest number of monthly foreclosures ever filed against property owners in New Jersey — 6,133 — occurred in June and then fell to 5,813 by July, which was still more than in July 2008.

In the tri-county area, the more populous Camden County led with 2,214 foreclosures for the first seven months of this year, according to figures provided by the state Administrative Office of the Courts through July 31. Burlington County had the second highest total with 1,904 followed by the least populated Gloucester County with 1,301.
…
Burlington County Freeholder Christopher Brown of Marlton, who owns ReMax real estate and title insurance agencies, said short sales now represent about 55 percent of the home resale market.

Greater Philadelphia Housing Prices Decreased 7.4 Percent in the First Quarter of 2009; (no link)

reater Philadelphia region* median home sale prices decreased 7.4 percent to $199,000 in the first quarter of 2009, according to Prudential Fox & Roach, REALTORS’® HomExpert Market Report©. The median sale price in the first quarter of 2008 was $215,000. The region’s median sale price decreased 8.7 percent compared to the first quarter of 2007 when the median sale price stood at $218,000.

In the first quarter of 2009, the region saw 9,162 homes sold, a 26.2 percent decrease, compared to 12,408 homes sold in the first quarter of 2008. The region decreased 45.7 percent compared to the first quarter of 2007 when 16,883 homes sold. The average number of days a home remained on the market increased from 81 days in the first quarter of 2008 to 95 days in the first quarter of 2009. In the first quarter of 2007, homes remained on the market for an average of 70 days. Additionally, monthly average inventory for the first quarter of 2009 was 54,891 compared to 58,553 in the first quarter of 2008 and the first quarter of 54,833 in 2007.

Delaware County performed the best in the region with a 3.1 percent decrease in median sale price in the first quarter of 2009. The county median price of homes sold fell from $194,950 in the first quarter of 2008 to $188,875 in the first quarter of 2009. Philadelphia County and Gloucester County median sale prices both fell 3.7 percent to $128,500 and $192,500 respectively. With a 16.3 percent decrease in median sale price, Mercer County saw the region’s largest decrease in the first quarter of 2009 falling to $220,000, compared to $262,825 in the first quarter of 2008. Burlington County saw the region’s largest decrease compared to the first quarter of 2007, falling 14.9 percent to a median sale price of $199,900 in the first quarter of 2009.
…
Center City median home prices decreased 18.2 percent to $326,000 in the first quarter of 2009, compared to the median sale price in the first quarter of 2008, which stood at $398,750. In the first quarter of 2009, Center City saw 149 homes sold, a 50 percent decrease, compared to 298 homes sold in the first quarter of 2008.

The average number of days a home remained on the market increased from 109 days in the first quarter of 2008 to 137 days in the first quarter of 2009. Average inventory decreased 4.8 percent in the first quarter of 2009 to 1,634 homes for sale.
…
Main Line median home prices decreased 13.7 percent to $309,500 in the first quarter of 2009, compared to the median sale price in the first quarter of 2008, which stood at $358,575. In the first quarter of 2009, the Main Line saw 344 homes sold, a 22.5 percent decrease, compared to 444 homes sold in the first quarter of 2008.

The average number of days a home remained on the market increased from 82 days in the first quarter of 2008 to 89 days in the first quarter of 2009. Average inventory decreased 0.8 percent in the first quarter of 2009 to 1,687 homes for sale.
…
New Jersey Shore Counties (Outside the Greater Philadelphia Region)

Atlantic County median home prices decreased 15 percent to $216,700 in the first quarter of 2009, compared to the median sale price in the first quarter of 2008, which stood at $255,000. In the first quarter of 2009, Atlantic County saw 396 homes sold, a 35.3 percent decrease, compared to 612 homes sold in the first quarter of 2008. The average number of days a home remained on the market increased from 110 days in the first quarter of 2008 to 124 days in the first quarter of 2009.

Cape May County median home prices decreased 19.6 percent to $410,000 in the first quarter of 2009, compared to the median sale price in the first quarter of 2008, which stood at $510,000. In the first quarter of 2009, Cape May County saw 152 homes sold, a 32.7 percent decrease, compared to 226 homes sold in the first quarter of 2008. The average number of days a home remained on the market increased by one day in the first quarter of 2008 to 141 days in the first quarter of 2009.

January Pending Home Sales Index© Shows 28 Percent Drop from Last Year’s Greater Philadelphia Region Real Estate Activity

DEVON, PA – February 3, 2009 – The Greater Philadelphia region* saw an 14.8 percent decrease in January real estate activity moving to an index of 65 from the December index of 76.3, according to the Prudential Fox & Roach, REALTORS® HomExpert Pending Home Sales Index©. January’s decrease in the region’s activity follows a 9.4 percent increase in the December index, but is 27.8 percent lower than January 2008 when the index stood at 89.9.

Compared to findings reported by the National Association of Realtors® (NAR) Pending Home Sales Index, real estate activity in the Greater Philadelphia region fell faster than both the Northeast and the National indices. The NAR index showed a 12.7 percent decrease in pending sales in the Northeast and a 7.7 percent decrease across the nation. In December, the NAR index indicated a 1.7 percent decrease in pending sales in the Northeast and a 6.3 percent increase nationwide.

Based on the forward-looking indicator, real estate activity in the five-county Southeastern Pennsylvania area decreased 16.8 percent from an upwardly revised index of 81.5 in December to 67.8 in January. The November index stood at 74.6. Each county in Southeastern Pennsylvania saw decreased activity. Chester County saw the largest decrease, falling 21.7 percent to an index of 53.2, which is the lowest index report since October 2007 when it stood at 47.4. Philadelphia County saw a 16.9 percent decrease in January activity, falling to an index of 86.8. Last month, the county increased to 104.5.

For the fourth straight month, Center City pending home sales activity rose. In January, the index reports a 19 percent increase to an index of 96.8. Meanwhile, the Main Line area decreased 26.6 percent, falling from an upwardly revised index of 87.8 in December to 64.5 in January.

Southern New Jersey pending home sales decreased 16 percent in January. The index dropped to 58.9, from the upwardly revised December index of 70.1. The October index stood at 47.3. Each southern New Jersey county reported decreased activity, however Camden and Salem counties remained about even falling 0.1 percent and 0.2 percent, respectively. Burlington County saw the largest decrease in the 12-county region, falling 30.3 percent to an index of 51.3 in January. This drop comes a month after the county recorded its highest index number since the January 2008 index.

Delaware real estate activity remained about even moving 0.6 percent higher in January to 66.2 from an upwardly revised index of 65.7 in December. Following a large decrease in December, Kent County saw a 11.6 percent increase in pending home sales. Kent County is the only county in the 12-county region to see an increase in activity. New Castle County activity decreased 1.8 percent to an index of 67.8 in January.
…
While the January pending homes sales index for the Greater Philadelphia region decreased 14.8 percent, it is 27.8 percent below the January 2008 index, moving from an index of 89.99 in 2008 to 65 in 2009. The Southeastern Pennsylvania index is 31.9 percent below a year ago, Southern New Jersey is down 19.5 percent and the Delaware area fell 21.3 percent below last year’s January index.

Unseasonably Cold Weather Leads to Dip in Southern New Jersey Real Estate Market

According to The Prudential Fox & Roach, REALTORS® HomExpert Pending Home Sales Index©, the number of sales under contract was down in March due to winter storms and cold weather

April 30, 2007 – DEVON, PA – Pending home sales in March fell due to continued unseasonable weather throughout the five-county Southern New Jersey region. With several winter storms and a colder than average month, the HomExpert Pending Home Sales Index©, declined 13.2 percent from 99.9 in February to 86.7 in March, according to Prudential Fox & Roach, REALTORS®.

“Unseasonably frigid weather throughout the country and particularly in this region kept the pace slower than what is traditionally expected, “said Steve Storti, senior vice president of marketing for Prudential Fox & Roach. “As we enter the spring and the busiest time of year for buying and selling, we will look for the market to pick up.”

The following is the March 2007 HomExpert Pending Home Sales Index for the five-county southern New Jersey region:

Burlington
March Index 81.0
February Index 88.7
Percent Change -7.5

Camden
March Index 86.2
February Index 103.1
Percent Change -16.2

Gloucester
March Index 83.5
February Index 102.7
Percent Change -15.4

Mercer
March Index 92.6
February Index 107.5
Percent Change -15.6

Salem
March Index 97.5
February Index 111.8
Percent Change -10.1

So much spent, still so far to go
By Dwight Ott

New Jersey taxpayers have bet $114 million on Camden’s recovery. But four years into the state’s ambitious plan to revive the struggling city, progress has been slow.

Camden remains a sump of poverty, crime and lost hope, sucking down increasing amounts of outside tax dollars to maintain city services. The city is still in the clutches of corruption, scandal, high crime and mismanagement.

Oct. 28 marks the fourth anniversary of the state’s Economic Recovery Act. Its state-appointed chief operating officer, Melvin R. “Randy” Primas Jr., who resigned last week, is required to report his accomplishments to Gov. Corzine before he leaves his job and explain what happened to taxpayers’ millions.

But questions remain about whether the Recovery Act is already doomed.

“We need more money from the state today to balance the budget than we did before,” said Kelly Francis, vice president of the Camden Taxpayer’s Association.

The 15-member Economic Recovery Board in charge of saving Camden has spent almost $114 million of the $175 million earmarked for the city’s revival. The money gushes into the city in exchange for control of day-to-day operations, which was Primas’ job.

Condo developer bullish on Camden
By Dwight Ott

Philadelphia region housing starts are sagging, condo projects have stalled, and Camden is taking hits in the news again.

None of it dents developer Carl Dranoff’s optimism. He’s still forging full-speed into Camden, still bullish on building luxury loft condos in America’s poorest and most dangerous city.

This week, the state Economic Recovery Board, which doles out state aid to the distressed city, agreed to pay $1.9 million for environmental cleanup of the condo site to be known as the Radio Lofts, a former RCA Victor building just off the city’s waterfront near a spectacular view of Philadelphia.

The money was delayed but, combined with $2 million from the New Jersey Redevelopment Authority, will cover environmental work needed to start the renovation, Dranoff said yesterday. He expects the Radio Lofts to be ready for occupancy in early 2008.

Dranoff, who renovated the waterfront Victor Building into luxury apartments in Camden, speaks with the same bouncy optimism as when he first envisioned that residential project – one of the first private investments in Camden’s waterfront renaissance. He’s still jaunty despite the state crackdown on the city’s finances, a corruption probe into one of the city’s major politicians, and law enforcement subpoenas that indicate a deepening investigation of city finances.

“Our enthusiasm and confidence never waned,” Dranoff said yesterday in a phone interview. “Persistence wins the race, and we’re persistent.

“I still believe Camden is the next hot neighborhood, a great place to invest.”