The Real Deal New York

From the July issue: The cheaper alternative to summering in the Hamptons is becoming even more economical.
The credit crunch has slashed prices on the Jersey Shore, offering
buyers and renters — some of whom are deserting the Hamptons — the best
deals in years.
Significant price drops can be found up and down the northern and
central Jersey coast — not only in shore towns such as Asbury Park,
which saw a building blitz when the economy was peaking after a period
of struggle, but also in wealthy enclaves that until recently were
widely considered bulletproof. Though few properties are trading in desirable beach towns such as
Bay Head and Mantoloking — both known for their shingle-style homes
reminiscent of Nantucket — and Spring Lake, which boasts block after
block of Victorian-era mansions with wrap-around porches — brokers say
a smattering of deals illustrate that there are opportunities to be
had.