THE JERSEY SHORE MARKET: FROM RENTERS TO RESIDENTS
With fun to be had in the surf and sand, memories to be made on the boardwalks, and generations of locals calling it home, it’s hard not to call the Jersey Shore a paradise. Just miles from the busy city, the many picturesque towns of the Jersey Shore offer relaxation to locals and visitors alike.
AVALON
"Cooler by a mile" has always been Avalon’s motto, but there is nothing cool about the current Real Estate Market” states Compass Agent Craig Worton. “Competition for properties is at an all time high, leaving everyone wondering why and how long it will last.
Avalon homeowners come from across the Northeast, spanning from Philadelphia, DC, Pittsburgh and New York. It’s no wonder why, as Avalon has committed to elevated lifestyle offerings with beautiful beaches, amazing restaurants, family activities, and a vibrant nightlife.
Avalon has an abundance of single family homes with zones for multi-family living and a strong commercial district to balance the offerings around town. Bayfront properties have seen the strongest interest due to the endless opportunities living on the water provides. Enjoy boating, paddle boarding, swimming, kayaking, fishing, and more, while enjoying beautiful sunsets night after night.
The current market is certainly aggressive, but there are always opportunities for buyers who are motivated. Making sure you are working with a broker who specializes in the market full time is the key!”
Significant Sale: 410 22nd Street, Avalon, NJ
Significant Sale: 7801 Bayshore Dr, Margate City, NJ
MARGATE CITY
According to Compass New Jersey Agent Linda Novelli, “Margate is now the go-to destination for year-round beachfront bliss. The Margate real estate market has long established itself as a desirable vacation destination, but with an influx of people choosing suburban life over city living due to the pandemic. Those fleeing the cities see the Downbeach as an opportunity to own a home a few blocks from the water, with a mortgage at a fraction of what they paid for rent.
With remote work becoming the norm, the Downbeach has shifted from what was once made up of second homeowners and renters. Now, visitors who came to the shore for a summer escape have decided to stay full time, increasing the demand for year-round housing, businesses and activities.
Margate provides the desirable small-town feel those fleeing the city are looking for. The benefit will only become more significant knowing that when the summer weekends end, home is only a short walk away."
OCEAN CITY
"Ocean City is American's Greatest Family Resort and it is turning into more than just a summer destination” says Compass Agent Jeremy Kershbaumer. “Ocean City High School is up 30% on enrollment for the 2021 school year and there has been a large influx of new restaurants and shops opening in the past 9 months. Summer rental weeks have been sold out since early March and there are still requests coming in which is forcing vacationers to come earlier in the Spring or later into the Fall. The boardwalk is the ultimate outdoor dining, entertaining and exercise spot for the whole family."
SEA ISLE CITY
“Over the past 10 years, we have experienced a lifestyle shift in Sea Isle City,” says Compass New Jersey Agent, Dustin Laricks. “The majority of our clients are purchasing beach houses as second homes for their families as opposed to rental properties as strict investments. We are seeing a greater demand for custom builds, renovations, landscaping and pools. With all of this money infused into their properties, the homeowners are spending more time on the island, therefore creating more of a year round community.
The local government and businesses are also investing into capital improvements. The city is adding additional recreational facilities like the new kayak launch, fishing pier, and pickle ball courts. There is also a plan for a new community center to be developed in the next few years. Restaurants have embraced the outdoor dining concept (even before Covid-19) and have expanded the outdoor fine dining experience. Sea Isle City provides a wonderful lifestyle all year round!”
STONE HARBOR
“The demand for vacation homes (2nd homes) has increased tremendously in the past year as families are looking to improve their quality of life, and getting away to the Jersey Shore is as good as it gets” says Compass New Jersey Agent, Hugh Merkle. “Families are purchasing more for personal use than investment. Stone Harbor and Avalon, although the premier beach communities along the New Jersey Shore, are still affordable for a wide variety of vacation home buyers with sale prices ranging from $250,000 to over $10,000,000.
The majority of properties in Stone Harbor and Avalon are single family dwellings, which means much less density than most vacation destinations and along with strict zoning codes and quality construction contributes to solid values through the ups and downs of the economy.”
Significant Sale: 101 113th St, Stone Harbor, NJ 08247
VENTNOR CITY
“Historically, Ventnor has maintained a balanced make up of year round, primary resident owners together with vacation/second home owners” says Anthony D’Alicandro of Compass New Jersey. “The combination of affordability with close proximity to Atlantic City makes for an attractive quality of life for those fortunate enough to live just a few steps from a beautiful beach and boardwalk. In recent years, we are seeing even greater demand. Newer and more modern beach homes together with even more interest from those seeking year round residence!
Over the past year, the Covid-19 pandemic created change in the work lives of many industries. As WFH redefined many businesses, homeowners seeking residence in communities 1-2 hours away from City Centers has become a strong trend. Ventnor now enjoys an even more diverse make up of younger millennials migrating from Philadelphia into emerging neighborhoods in and around Ventnor. Together with baby boomers retiring and of course traditional second home owners that continue to enjoy one of the most beautiful seashore communities New Jersey has to offer.”