Serving the Military Despite Sticker Shock

 Print Article

Serving the Military Despite Sticker Shock

Chuck Meyer

Broker

CENTURY 21 Alliance

Mount Laurel, New Jersey

Years in real estate: 19

Originally from: New Jersey native – “I grew up in Medford, South Jersey”

Career path: After several years working as a product placement specialist with a North Carolina food brokerage firm, transitioned to real estate and acquired one office. “One of my brothers was in residential construction, so I decided to go into real estate. I was 22 at the time. Today, I’m about to open our 12th office in the region. We also have a small homeowner’s insurance company, a title company and a mortgage partnership. Since then our other two brothers have joined in the construction business, and we all work together investing in and developing communities.”

Number of offices: 11 at press time

Number of agents: 500 licensed with more than 340 full-time producing licensees. “Our agents will do approximately 3,600 transactions this year.”

Average number of days on market: Under 60 days for more than four years, now.

What you love the most about your area: Very close to the ocean, but very convenient to Philly and New York City. “I’m very familiar with the area and it has a great real estate economy.”

Awards/achievements: No. 1 fundraiser for Easter Seals in New Jersey. Personally volunteers on four community councils including chairman of Parks and Recreation, also volunteers for local historical building committee.

Favorite activities: Former tri-athlete, ocean kayaking, hiking, skiing and snow boarding. Currently training to climb Mt. Kilimanjaro in Feb. ‘05

Personal motto: “Life is the greatest adventure.”

What is the average sales price of a home at your company? $225,000. Our affordable-level homes in predominantly military communities start at about $125,000 up to homes in the exclusive island and beach communities where homes could range from about $1.1 million on the shore to upwards of $2 million on one of the self-sustaining islands.

What is happening in your market?

Four of our 11 offices deal almost exclusively with new construction homes in the $350,000 to $500,000 range. These offices are aggressively in pursuit of the latest inventory for customers seeking new upscale homes. The other seven offices, including those in and around military communities focus on existing inventory that runs between $125,000 and $300,000.

Do you find that your market is transient due to the communities that support a military population?

Since September 11 things have gotten progressively more active in these communities, and while there are many military personnel and their families coming and going, the values of homes have risen up to 60% over the past three years. This makes it more and more challenging to find available, affordable homes for those serving. Now we’re seeing more sticker shock, especially from those coming from other less expensive areas of the country. Our relocation team is working overtime to match our incoming military personnel to homes, but in some areas, individuals who foresee they’ll be here for a short cycle of duty may have to get into a rent.

For others who have been able to hold on while the market inflates, they’ve done well for themselves and moved away with added value in hand. In some of these neighborhoods it is not unusual for homes they moved into at $175,000 to now be valued at more than $300,000.

What is the best advice you’ve been given?

Sacrifice whatever you can afford to buy as much real estate as you can early in life-it will pay off. I set a goal early-on, that by age 47 I will be able to take 26 weeks of vacation, each at a different spot that is at no expense to me. So far I have a property in Colorado, a property in Florida and a couple here on the Jersey shore.