By the Numbers: Jersey Strong

Prices are rising in the neighboring state’s summer playground,
but fall far short of the Hamptons

Jun.June 01, 2015 07:00 AM
BTN-Jersey-Shore

Crowds pack the boardwalk at the Jersey shore

The Hamptons aren’t the only summer game in town. Jeff Sutton, Joe Sitt and Stanley Chera are among the New York City real estate titans who call the Jersey Shore their (second or third) home. Their multi-million dollar properties, which are all located in the tony community of Deal (no pun intended), reflect the upswing in the residential market along the Jersey Shore. Nine years after the housing bust and two-and-a-half years after getting clobbered by Superstorm Sandy, the Shore’s real estate market is reviving,  albeit slowly. Average home values in the coastal stretch from Sandy Hook to Cape May are up modestly, though prices remain well below pre-crash peak levels in most communities. But the volume of residential properties, especially at the top end, is setting  records. Meanwhile, a great white shark that’s being tracked by a research foundation was spotted off the Jersey Shore coast last month, spawning a spoof Twitter account and national attention. Below is a rundown of some of the latest real estate trends near the boardwalk-and-cotton-candy filled summer getaway. 

127

Miles of New Jersey shoreline. By comparison the shoreline between Shinnecock Inlet, the traditional gateway to the Hamptons, and Montauk Point, stretches 62 miles.

1.9%

Jump in home prices on the Shore in 2014, matching the figure for New Jersey overall, but far short of the rate for Manhattan, at 13 percent, and the Hamptons, at 31 percent.

329

The number of Jersey Shore houses and condos priced over $1 million sold in 2014. That was 35 percent more than the 242 $1 million-plus sales in 2007. The Hamptons had 1,162 sales over $1 million last year.


$14.7 million

BTN-housePrice of the most expensive Jersey Shore residential listing on Zillow, a nine-bed mansion in Middletown. That’s about one-tenth the $140 million asking price of the Hamptons’ priciest listing, an 11.2-acre estate in East Hampton Village with a 10,300-square-foot Georgian Revival home.

125 feet

Height of the drop of the new “Shore
Shot” ride at the Casino Pier in Seaside Heights. It joins 2013’s “Super Storm” ride and 21 other rides (plus Go Karts) at the still-recovering amusement area, which had 37 rides before Sandy.

$100,000

Season-long rental price for the most expensive Jersey Shore listing on Zillow, for a five-bed beachfront house in Ventnor City. The priciest Hamptons rental was listed at $1.6 million.

$579.9 million

The total winnings at Atlantic City’s remaining casinos in the first quarter. That’s a 5.9 percent gain from the $547.4 million last year, despite the shutdown of five major casinos, including the Trump Plaza and Revel. But it’s a far cry from the $950 million in the first quarter of 2009.

5% to 15%

Estimated hit in value a Jersey Shore home has taken if it has flooded in the past. Owners must also pay flood insurance, which in some cases has jumped to as much as $30,000 a year.

BTN-boat$838 million

Amount awarded to 8,914 homeowners statewide for reconstruction, elevation and storm mitigation under New Jersey’s largest Sandy recovery program. Just over $480.6 million has been dispersed. Of that total, $283.4 million went to 4,663 homeowners in Ocean County, the hardest hit section of the Shore.

$145

Annual price per foot for a boat slip at Navesink Marina in Sea Bright. For a 100-foot yacht, that comes to $14,500 a year. By comparison, Manhattan condo building 15 Renwick in the Hudson Square neighborhood, charges $1 million a year for one of its three parking spaces.

BTN-shark700

Distance in meters off Chadwick Beach where Mary Lee, a 16-foot 3,456-pound great white shark equipped with a tracking device, was spotted in May. There have been 15 confirmed shark attacks along the Shore. The worst was in 1916, when four people were killed and one injured between July 1 and 12. The incidents inspired “Jaws.”

Sources: NJ.com, North Jersey.com, Shore News Today, DNAinfo.com and TRD reporting.


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