Jersey Shore bottoms out

TRD New York /
May.May 04, 2012 04:00 PM

Housing prices at the Jersey Shore are finally bottoming out, according to brokers and economists, cited by The New York Times. A recent surge of activity has sales up 15 percent over the first quarter of last year. Brokerages like Avalon Real Estate and Childers Sotheby’s International Realty are showing their strongest numbers since the recession.

Prices are down too, some 3.5 percent compared to March 2011. “The high-end real estate has come down to where people are getting back into it. The one-percenters have the money, and they’re seeing there are good deals out there” Joel Naroff, president of Naroff Economic Advisors of Holland, Pa. and Jersey Shore homeowner, said.

As The Real Deal previously reported, the housing market at the Jersey Shore has been stabilizing over the last year and heading towards a solid bottom. Yet some are still hesitant to declare the market stable. “We’re still experiencing some drifting downward, particularly in the upper end,” Lee Childers, broker-owner of Childers Sotheby’s, said. “There’s still plenty of seven-figure stuff sitting on the market.” [NYT] 


Related Articles

arrow_forward_ios
Jersey Shore towns bank on eminent domain to build dunes

Jersey Shore towns bank on eminent domain to build dunes

Jersey Shore towns bank on eminent domain to build dunes
A rendering of the interior of the Waves

Pelican, Philadelphia set to make “Waves” on Jersey Shore

Pelican, Philadelphia set to make “Waves” on Jersey Shore
Seaside, N.J. during hurricane Sandy

Jersey Shore real estate expected to bounce back

Jersey Shore real estate expected to bounce back
The pool at Revel, a new hotel on the Jersey Shore

Atlantic City’s Revel partners with trendy Manhattan hospitality group

Atlantic City’s Revel partners with trendy Manhattan hospitality group
Placeholder image

Faith Hope Consolo lauds NY, ribs New Jersey

Faith Hope Consolo lauds NY, ribs New Jersey
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...