By Heidi Heath

Mid pleasures and palaces though we may roam, be it ever so humble, there's no place like home.
—John Howard Payne
It may be that casino workers understand Mr. Payne's sentiments better than most, for they labor day after
day in what are effectively palaces of pleasure, yet nothing comes close to the comforts of home.
From beachfront condominiums to rural country estates, active adult to family neighborhoods, South Jersey has a home style to suit just about everyone within a reasonable commuting range of Atlantic City.
Though interest rates are a bit higher than they have been over the past few years, area realtors say that shouldn't be a barrier to owning a home. "The Federal Reserve raised the prime rate twice last year and there's a rumor that they're going to raise it again early this year," says Gustavo Perez, a realtor with Prudential Fox & Roach. "With the increase in interest rates and the inflated prices of houses, the market is not growing as fast as the previous two years, but there are still plenty of options for homebuyers."
According to Perez, the era of putting a house on the market and selling it within two weeks is over. "We used to have one seller with ten buyers. Now the inventory of houses for sale is going up, so it switches the scenario to a buyer's market," he says. "But it's nothing to panic over; it's just the market correcting itself."
Perez believes that some of the best bargains to be had are located in the Inlet section of Atlantic City as new investors begin building there. One such project is the Bella Condominiums, located on Pacific Avenue and Connecticut. "Nobody was looking there before and now they're selling very high-end, luxury apartments for $400,000," Perez says. "And in that same neighborhood, you can find townhouses and semi-detached homes in the range of $130,000 to $180,000. I would say all that area, once it's fully developed, is going to be the next hot market. Anybody who owns property there, within the next five years, is going to own a goldmine."
With 14 housing developments in the southern half of the state, K. Hovnanian Homes is one of the largest builders in the region. They build both active adult and family homes in a variety of price ranges.
"We've always believed that people deserve a choice in where they want to live and the type of home they prefer," says Christy Kass, manager of public relations for K. Hovnanian. "Not everybody wants a condo, not everybody wants a four-bedroom colonial, and so we try to offer a choice. That's why we have so many communities and different home styles throughout New Jersey as well as the other 16 states where we build."
The company's single-family homes include Hidden Pines in Egg Harbor Township and The Woods at Millville. Both have homes that range from 2,000 to 3,000 square feet. Hidden Pines is a community of 62 homes with prices starting in the mid-$300,000 range. The Woods at Millville will have only 41 homes with prices starting in the mid-$200s.
On the higher end of the scale (and a bit farther away), Hovnanian has what they call their "distinctive properties," which include Cross Creek at Chesterfield in Burlington County, Franklin Village in Gloucester County, and Edgewood Estates in Salem County. These developments have homes that range from approximately 2,500 square feet to over 3,600 square feet with prices starting in the $400s to $500,000 and beyond.
Another of their high-end properties is The Tides at Seaboard Point located in North Wildwood. "For someone interested in a condominium, this is a gorgeous community," says Kass. "The property is surrounded by the ocean and the Hereford Inlet, so you have great water views, and it's adjacent to a marina if you have a boat."
The Tides also boasts its own clubhouse with a fitness center, outdoor pool and tennis courts. "You might assume a place like this is just a vacation spot, but we have a lot of people making this their full-time home," Kass says. The Tides are priced from the upper $800s.
K. Hovnanian also has five active adult communities in South Jersey: The Four Seasons in Historic Smithville, The Four Seasons Mirage in Barnegat, The Four Seasons at Sea Oaks in Little Egg Harbor, The Four Seasons at Forest Meadows in Gloucester Township, and The Four Seasons at Weatherby in Woolrich. Age-restricted to those 55 and older, these single-family homes are priced from the mid $200s to the low $300s.
According to Kass, owning a home built by a nationally recognized company comes in handy when it's time to sell. "It's a fact of life that we live in a mobile society today," she says. "People have to move because of their jobs. We're told time and again by our homeowners that our homes retain their value. A house sells quickly when people see that it's a K. Hovnanian home."
Another nationally recognized builder in the area is Beazer Homes. Beazer has six developments in South Jersey including two active adult communities: Gatherings at Bel Aire Lakes in Absecon and Gatherings at Cape May in Rio Grande. "We have a number of homeowners in the Gatherings at Bel Aire who work in Atlantic City," explains Beazer's vice president of marketing, Lisa Poggi. "There are a lot of casino employees who are over 55 and are not nearly ready to retire. This gives them the lifestyle they want within 20 minutes of their jobs."
Gatherings at Bel Aire are upscale carriage homes priced in the mid $200s. "These homes have great entertaining possibilities because they have a more open floor plan," says Poggi. Gatherings in Cape May opened in July 2005 and features single-family homes priced in the mid $300s. "We built this development in response to active adults who are looking to stay close to their families, but maybe have a second home in an area where they have a lot of memories and can experience a longer summer season," Poggi says. "Wildwood is literally 10 minutes away and Atlantic City is only a 35-minute drive."
Like K. Hovnanian, Beazer Homes also has beachfront condominiums in North Wildwood. The Pointe at Moore's Inlet will be opening in March with 60 luxury units starting at $800,000.
Another new Beazer project is in Vineland, a town recently named by the Federal Deposit Insurance Corporation as one of the few affordable housing markets left in New Jersey.
Opening this month, Garrison Estates will consist of 78 single-family homes ranging from 2,500 to 3,100 square feet. Prices will start in the mid $300s.
Beazer also has three communities in East Greenwich in Gloucester County: Greenwich Meadows, which has 68 single-family homes of 2,700 to 3400 square feet priced in the upper $300s; King's Gate East with 19 homes; and King's Gate North with 94 homes. "These are high-end luxury homes which go from 3,800 to 4,600 square feet and the prices are in the low to mid $400s," says Poggi. "We truly offer a value, no matter what your budget constraints."
Another nationally recognized builder in the area is Lennar Corporation. With four new communities opening soon in South Jersey, Lennar's distinguishing attribute is a vast list of standard home features including three-car garages, gas fireplaces, hardwood floors in entry, kitchen and powder room, Silestone countertops, 42-inch kitchen cabinets, and double wall ovens. "Rather than choosing through dozens of upgrades that cost extra, homebuyers can have our most sought-after options already included in their new home," says Don Bompensa, regional vice president of Lennar's South Jersey Division.
Lennar's newest South Jersey developments include The Reserve at Creek Run in Gloucester County; The Estates at Upper Deerfield and Newcombtown Crossing, both in Cumberland County; and Cedar Point at Mays Landing in Atlantic County. Prices had not yet been set for homes in these developments as of press time.
Homebuyers looking for a good value might also consider taking a look at Sherwood Forest III in Millville. According to Larry DePalma, the broker representing the development, driving a few extra miles can add up to major savings.
"Several years back, I ran some ads in the paper that said, ‘Drive another 25 minutes and save $25,000,'" DePalma says. "That's gone to about $100,000 today."
Sherwood Forest III is a development of 58 homes from 2,300 to 3,300 square feet priced in the high $200s to the low $300s. "We offer all the amenities that other new home builders have, as far as upgrades go," DePalma says. "And we also offer a great standard feature package, so they don't have to upgrade to get a great house." Standard features include nine-foot ceilings on the first floor, fireplaces, soaking tubs, and exterior brick or stone face accents.
DePalma says the development's location in the revitalized and growing community of Millville is yet another amenity. "We have the arts district downtown, some really fine restaurants, and a lot of recreation, like fishing and sailing on Union Lake," he says. "We're also just 10 minutes from the Cumberland Mall, which is expanding to include Target, Best Buy, Circuit City and Pets Mart. It's a growing area and it's worth a look."
Sherwood Forest Homes also has another three projects that will be opening in the next year or two.
Clearly, opportunities abound for anyone who is in the market for a new home in the Atlantic City area. Those willing to take on some risk with the prospect of making a huge return on their investment might consider Atlantic City's Inlet section. Commuters looking for a shorter drive to work can look in Galloway and Egg Harbor Township. Those who crave a lot of house for not-too-much money can check out Cumberland County, and those 55 and over looking for a community that caters to their interests might find it in an active adult development.
Whatever one's concept of "home sweet home," it can be found right here in South Jersey.
[WANTED: AFFORDABLE HOUSING]
Although new homes in the area are typically going for $200,000 and up, you don't have to be earning a six-figure income to afford your own property.
It is still possible for a first-time homebuyer to find reasonably priced housing in the resale market, especially if you're willing to consider a townhouse or condominium.
According to Timothy Hollingsworth, a representative with Family Home Lending Mortgage Bankers in Margate, potential homeowners may want to consider Pleasantville, Hamilton Township, Washington Township, or Cumberland County.
"Those are areas that are still developing and still have growth," he says. "For instance, the Woodlands Condominiums in Mays Landing are extremely affordable. The typical townhouse there is priced from $140,000 to $160,000."
Other possible locations include the Tall Timbers Condominiums in Little Egg Harbor with two-bedroom, two-bath condos listed at $192,000, and the Brighton Towers in Atlantic City, where a two-bedroom, two-bath condo can be had for under $200,000.
Hollingsworth said another bright spot for first-time buyers is the fact that lending laws have become less stringent. "A lot of people think they can't afford a $300,000 home, but the average income of $60,000 can," he says. "There are a lot of ‘new century' programs out there that work as well as the 30-year loan, but are easier to qualify for."
Family Home Lending recommends that potential homebuyers visit a lender first to get pre-qualified for a loan. "Before you go to see a realtor, have a mortgage company run your credit and tell you how much you're allowed to borrow," Hollingsworth says. "Typically, it only takes a day to do that. If you call me in the morning, by that afternoon I can tell you how much house you can afford."
To get pre-qualified, a prospective borrower must provide personal information including a Social Security number, birthday, current address, place of employment and length of time employed.
Based on your income, mortgage lenders can also tell you if you qualify for a Federal Housing Authority loan. FHA loans guarantee a lower rate than is commercially available and require only a 3 percent down payment rather than the usual 5 percent.
Another option to consider is 100 percent financing. According to Gustavo Perez of Prudential Fox & Roach, it has become a popular alternative.
"In our market, six out of ten of the deals we close are using 100 percent financing," he says. "Instead of making a down payment, people can use the money to furnish the property. The interest rate is higher, but it's an option for people trying to buy their first house. They can refinance after a year and get a better rate."