Waves of shoppers land on the Jersey Shore in search of a place to relax
Like waves crashing on the beach, a tsunami of eager shoppers hit the Jersey Shore. Motivated by COVID-19 restrictions, new remote work opportunities, low interest rates and love of sun and sand, buyers from as far away as Connecticut are flocking to the Shore for better quality of life.
“The Jersey Shore market is not hot… it’s on fire,” said Perry Beneduce, executive director and broker at Diane Turton Real Estate Agents. Founded in 1985, Diane Turton Realtors has 18 offices in Monmouth and Ocean counties.
“The biggest problem in the market today is inventory,” Beneduce said. “In addition to a good supply of local buyers, people are moving to the shores of northern New Jersey, Manhattan, the Hamptons and even Connecticut. It’s common for a home to be sold a day or two after listing. We receive bids above the asking price, and there are bidding wars for some properties.
Rob Norman, President of Coldwell Banker Realty in New Jersey and Rockland County, NY, added that Coldwell Banker’s offices in Monmouth and Ocean counties are also selling at a record pace.
“Robert White, who manages our Spring Lake office, shared local sales data, which speaks volumes about this high level of activity,” Norman said. “Days on the market are about 45 days today compared to 67 days in 2020. The inventory supply is now 1.7 months. It was 4.1 months in 2020. ”
Norman noted that Coldwell Banker represents many small seaside communities that have an average of 60 to 75 sales per year. In 2019, the average Shore community had around 45 to 55 home sales. He explained that in 2020, sales increased by around 50% to 60% in most of these markets with 75 to 85 sales.
David Schoner, vice-president of Coldwell Banker New Homes, added that there has been a major “paradigm shift” in the real estate market, which has impacted sales of existing homes and new construction.
“For years, the trend, especially among young people, was towards large urban areas,” Schoner said. “People who worked in Manhattan wanted to live close to their jobs and the amenities of city life. Now that many can work remotely and that restaurants, nightclubs and other points of interest are either closed or open at reduced capacity, there has been a shift in priorities and the outward migration of urban markets. ‘is accelerated.
The Jersey Shore new home communities marketed by Coldwell Banker New Homes are selling fast. Only two of the semi-detached single-family homes in the famous Officer’s Row collection in East Gate to Oceanport remain available. Coldwell Banker New Homes also represents North Pointe to Sea Bright, a waterfront condominium community that is about 50% sold, and 365 Boulevard de l’Océan, an upscale condominium community in Long Branch that is about 90% sold.
The Jersey Shore new construction market is strong in all types of communities and styles of construction, according to Craig Cherry, president of the New Jersey division of Toll brothers.
“We have experienced strong demand for our new homes on the Jersey Shore, and we have exceeded our sales forecasts in every category,” Cherry said. “Our luxury single-family homes, townhouses and adult active living communities are all very busy.”
In response to the housing shortage on the Jersey Shore, Toll Brothers is building “fast delivery” homes that can be occupied in less than 90 days. While these homes offer fewer options for selection than those built for the buyer from scratch, “quick delivery” homes incorporate the styles, finishes, and technological features that are popular in this rapidly changing market.
According to Cherry, homebuyers are looking for flexible space and more customization in new homes, as well as advanced technology and multiple home offices to accommodate work-from-home and distance-learning scenarios. Energy-efficient items, like home electric vehicle charging stations, are now a priority for homebuyers.
Toll Brothers is currently building a single–family homes, low-maintenance townhouse communities and–adult resort in Monmouth and Ocean counties. Prices start as low as $ 600,000 for assets–adult communities and $ 1.2 million for large, Single–family estates.
Jane Betancourt, Director of Sales at The village of the Lofts pier, explained that Jersey Shore home buyers want stylish new homes in a resort setting. The Lofts, located in the heart of Pier Village in Long Branch, offers a collection of stylish condominiums in a picturesque oceanfront environment. The community is distinguished by a full range of indoor and outdoor recreational facilities.
“We have both main residents and second homes who love the seaside town atmosphere and the many lifestyle amenities of Pier Village, ”said Betancourt. “Good restaurants, shops, the beach and the boardwalk are within walking distance of our luxury condominiums. In addition, our owners can take their laptops to their private decks and work from home while enjoying a magnificent view of the ocean.
Betancourt explained that people are leaving the New York area and paying top dollar for homes in communities in northern New Jersey. Home sellers in northern New Jersey then took their profits, downsized, and opted for the pleasure of living in a resort on the shore. She added that Lofts offer a tax abatement, or PILOT (Payment in lieu of Taxes) program, which makes Lofts a place of economic life. She also pointed out that owners of The Lofts can save up to $ 400,000 in property taxes over a 30-year period.
The attics embraces the Jersey Shore lifestyle with amenities such as a beautifully landscaped oceanfront deck that features a lap pool, huts, gas grills and comfortable seating areas by the fire. Inside, the state-of-the-art private fitness center features locker rooms for men and women, along with the latest fitness machines and a yoga / personal workout studio. Indoor facilities also include a club room, game room, and children’s playroom, make Family Lofts.
The Lofts condominiums are richly furnished by the same Extell Development company design group that is responsible for the company’s opulent Manhattan residences. The Lofts are currently around 85% out of print. A–bedroom condominiums start at $ 619,000.
Experts agree that the Jersey Shore real estate market is hot, and it’s getting hotter and hotter. With the summer season and the peak selling months are now in full swing, they expect the competition for homes on the shore to intensify even more.
Stan Lemond is an award-winning marketing consultant and writer with over 40 years of experience. His work has appeared in The Star-Ledger, Staten Island Advance, Trenton Times and South Jersey Times as well as Jersey’s Best.
This article originally appeared in the Summer 2021 issue of Jersey’s Best. Subscribe here for in-depth access to all that makes Garden State great.