The Burke & Co. Weekly Market Report for Avalon, Sea Isle, and Stone Harbor– Week ending November 7, 2020
Go big or go home? It’s old news that the surprising end result of a chain of circumstances related to the Covid pandemic has been a dramatic rise in home sale prices. At least locally, it appears this dramatic escalation has been especially focused on the high-end with Avalon in particular outpacing other local markets for rise in average sale price and reduction in supply.
It’s undeniable that prices have climbed at the bottom range of the Sea Isle, Stone Harbor, and Avalon markets and that mid-range home prices have climbed as well. However, it’s a well noted fact of real estate “recessions” or temporary price corrections that markets compress so that the gap between the lowest priced homes in a market and the highest priced homes shrinks. We’re witnessing the inverse of that phenomenon now. Some new entries to the market this week are A+ spectacular examples of homes in their markets, but they have arrived at listing prices that will test just how strong the appetite of some buyers is for the best of the best in different places.
For instance, 6709 Pleasure South is an enormous 5 BR townhome at over 3200 square feet and features a preserved footprint that extends it away from neighboring beachfronts for excellent views. It’s also a highly desirable Sea Isle address on Pleasure Ave. Will that be enough to justify its asking price, an extraordinary number for a pre-existing beachfront townhome at $2.3 million. Check it out here and you can decide.
Will a west side new construction beachblock townhome by a renowned Sea Isle City (and 7 Mile Island) builder in what seems to be everybody’s new favorite section of town– the wildly popular “The 50s”– quickly find a purchaser at its $1.725 million offering price? Rich Mashura coming build at 25 56th St. will find out. (It’s this realtor’s opinion that this home at that location by this builder will sell fast, but take a look here and you make your own determination.)
And then of course there’s Malibu East. This is one of the biggest, most stunning homes on the coast at about as sexy of an address as exists at the southern NJ shore: 1 107th St., Stone Harbor, NJ. It is undoubtedly one of the best homes at one of the best locations in perhaps the best market in all of the area, but asking $13.5 million it will certainly test what all those variable in combination may or may not be capable of. Want to be the judge? Take a look here.
If you are ready to start your plans to buy or sell, call us at our team line at 609-478-0333 or email [email protected]
And of course, take a look at all of this weeks new listings, under contract, and sold homes with these links.
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