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Wildwood News Notes

(From Page 48) ven to be a veritable storehouse of useful information, and I trust this circumstance will prove him equally well informed. THE SECOND Ward special election for City Councilman has been slated for Aug. 13. In addition to the four candidates who ran in the "contested" election, this round finds a fifth entrant, pharmacist George J. Stile, who is stamping the streets telling aU to "Go With Stile". Re-entrants are Curtis Miller, the "Defender For Your Rights", Joe Gaines, who "Cares About Ail the People", Fred Wager, "Councilman, 2nd Ward," and Walt Cottman, "For Continued Good Government". When the Charter Study Commission recommended a switch from the commission form of government to the present council-mayor form, one of the primary reasons for the change of format was to insure representation from Wildwood's Second Ward. Barring some other voting irregularities, the Second Ward will again have representation on City Council the night of Aug. 13. ANOTHER ONE of Wildwood's fine motel establishments is going "condo". I had a brief conversation with Bill Gannon, over chocolate ice cream at Little Danny's, of all places, and he stated that the Premiere Motel, owned by Gannon and his wife, has just made the necessary legal maneuver-

ings to convert the property to condominiums. Is this the wave of the future for the lodging industry in the Wildwoods? It would seem so! The possible remificafions are many. When a motel makes a switch to "condo" ownership it really makes little difference to the touring public, as the alteration is unperceivable to the guest's eye. The Acacia Motor Inn made the switch to condo several years ago;-, and I doubt if any tourists\ who resides ther even x knows the difference. WHAT IS the difference L then? Simple! If a 55-unit r motel goes condo, each unit is sold to individuals as an investment and collectively the owners then make use of the facility's management to rent the units as motel rooms. For a fee, to be sure. The economics are simple. If a motel generates $10,000 in gross receipts per room for the season and the owner sells the unit for $80,000 he/she has essentially generated eight years of income in one fell swoop! Not a bad idea. Concurrent with the sale is the frequent stipulation that the "previous" owner will remain and "manage" the facility as he/she has done for years. Not a bad idea, again! Seven or eight years of income from the property lumped into one transaction, and then a tidy income for years to come as a manager of the facility. HOW MANY condo conversions can our fair Island take? How many investors are out there that "need" to find a tax saving investment at the shore? One

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thing for certain, with a flurry of condo conversions, the average price for a "non-condo" facility would seem to rise. Just a few years ago, a motel on the island could be sold fairly for about $30,000 per unit. I have seen some sell recently in excess of $60,000 per unit. Interesting. Also, what is certain is that the recent phenomenon called condo conversion is sure to be a boom to the real estate world. A 55-unit motel's gov ing condo is just like a developer's building 55 new homes at the shore. Realtors like that. IT IS ALSO a shot in the arm for the local legal community, as the conversion from rental property to real estate requires legal assistance and a massive amount of paperwork to be filed in Trenton. Lawyers like that. Communities also benefit, as 55 taxable units as condos usually will generate more tax revenue than one 55-unit motel. City officials and tax collectors like that. Problems? There do not seem to be any as very few changes to the eye of the tourists are apparent. The Wildwoods will still have the same number of rental units available; the difference is in the number of owners: where once there was one, there are now 55! It is with sadness that we must note the passing of local entertainer "Mickey" Shaughessy. For decades "Mickey" had brightened the life of many a tourist and local resident. He will be missed by many. Land Snails To Be Topic STONE HARBOR - Guest speaker at the meeting of the Jersey Cape Shell Club 8 p.m. Monday, Aug. 5, will be Richard Goldberg, specimen shell \ dealer and TV producer and director. His topic will be "Exotic Land Snails". The meeting will be held at the Wetlands Institute, Stone Harbor Boulevard. It is open to the public and there is no admission charge. Bust Made By Alert CAPE MAY -The Coast Guard Cutter Alert returned to home port here July 7 after a one-month patrol off the Bahamas and Haiti. During part of the patrol. Alert was in charge of the Haitian Migration interdiction Operation (HMIO). While involved in HMIO, ALERT seized the marijuana laden French motor vessel Kuluska on behalf of the French government and arrested the crew under U.S. law for trafficking (7.5 tons of marijuana worth $10 million) with intent to import. ALERT WAS also diverted to a Search and Rescue case involving a downed light plane with one man on board.

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