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Real Estate
in Spring Lake NJ
Real Estate in Spring Lake New Jersey is a very valuable commodity. It’s one of the most exclusive New
Jersey Communities and probably the most exclusive community by the New Jersey Shore. The proximity to the beach make this
small shore community a beautiful place to live or vacation.
Homes
For Sale in Spring Lake NJ
On this website you
will find resources on real estate in Spring Lake
NJ and a tremendous
amount of information. We are
interested in assisting anyone wishing to buy sell or rent property in Spring Lake NJ.
Spring Lake
NJ News
Home prices up, but sales cooling down
Median price at Shore $374,100
BY DAVID P. WILLIS
BUSINESS WRITER
While home prices
still are rising, the Jersey
Shore real estate
market is showing signs of cooling off.
The median sale price for an existing home in the region that
includes Monmouth and Ocean counties was $374,100 in the first quarter of
2006, up 9 percent from $343,100 in the first quarter of 2005, according to
the National Association of Realtors. That means that half the homes in the
area sold for more and half sold for less.
Although a 9 percent increase more than a year ago is still
well above the overall rate of inflation, it is down from the double-digit
increases that characterized the market over the past several years.
"Clearly, the glory days of the housing market are now
history," said James W. Hughes, an economist and dean of the Edward J.
Bloustein School of Planning and Public Policy at Rutgers University.
"With rising interest rates, rising energy costs, the
housing market is des-tined to slow." The number of homes on the
market is rising as houses take longer to sell, he added.
Faced with a large number of waterfront homes on the market in
her area, Lacey resident Mary Beth McKay made a decision last Friday: She
lowered the price for her home, a multilevel contemporary home with a view
of the Barnegat Lighthouse, from $700,000 to $675,000.
"The two offers I have had are below the asking
price," said McKay, 49. "I just think it is a reflection of the
market. There are so many pieces of waterfront that are available."
Marlboro resident Sharon Wasserstein and her husband recently
put their colonial-style house on the market for $547,800.
"We priced our house at a pretty reasonable number,"
said Wasserstein, 62. But she figures she may have to come down in price,
given the number of homes available.
"We will come down in price, but not a whole lot. We are
fairly close to our price," she said. "It is not frustrating yet.
We have had a fair amount of people coming in and out so far."
The year is off to a slow start, said Mindy North, broker and
owner of Paramount Properties Unlimited Inc. in Marlboro.
"There are still buyers out there, and the buyers are
looking to get the best for their money," North said.
The market at the Jersey
Shore is going through a
transition, said Jim Joeriman, manager of Prudential Zach Shore Properties'
office in Lacey's Forked
River section.
"A lot of sellers have been pricing their homes based on
what (the market) was (like) six months to a year ago," said Joeriman.
"More and more people are trying to test the market, and
they are learning that the market won't go up to that price now,"
Joeriman said. The result is more price reductions, he said.
Albert S. Veltri, broker, president and chief executive
officer of Veltri & Associates in Dover Township,
said he foresees home sale prices rising 3 to 5 percent annually in the
future.
"That is a normal, healthy real estate market," he
said. "I think we have reached a saturation point with the pricing.
The buyers are saying, "I had enough.' "
The homes that are going to sell are those with owners who are
motivated to put an appropriate price tag on the house, North said.
"Those sellers that don't understand the volume of
inventory that is available to the buyer are going to stay on the market
substantially longer until they themselves witness that the house is not
moving as quickly as they anticipated," North said.
There is also increased competition, said North.
She recently contracted with a builder in Jackson who offered to take $150,000 off
the purchase price, selling a $940,000 house for $790,000, in return for
closing in a short period of time. The home had various upgrades, such as a
premium lot location, North said.
"The value there was tremendous," she said. "So
certainly any seller that was selling a home in the 700s could not compete
for what was being offered in this home."
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Tip #19
Home Buying Tip, Online Searching:
Searching online is a very effective way to look for real estate in New Jersey, or
anywhere for that matter. Good
websites allow you to search through multiple MLS’s so you can
cover a wide range. For example
here you can Search for
NJ Real Estate.
After you find the house you are
interested in you can inquiry with the real estate agency to find out
more information or to arrange an appointment to view the house.
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Tip #18
Home Selling Tip, Targeting Out Of State:
When you sell your home you sometimes have to put yourself in the
potential buyers’ shoes. In New Jersey many home buyers are from the
surrounding area, like New York or Pennsylvania.
Knowing this can allow your agent to
market your house more effectively.
If he/she will advertise in a New York publication they can describe
the proximity to NY. This allows
your potential Buyer Base to expand.
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