Ventnor, Margate, Longport, Lower Chelsea, and Brigantine. All South Jersey shore towns are separate, unique, real estate markets. Can’t compare the Downbeach Real Estate market to EHT, Cherry Hill or Linwood.
When pricing a home, do you place a cash value (comp) on the structure and location?
Recently, we hear more talk about ‘land’ value rather than ‘home’ value. This helps explain popularity of teardowns and new construction. Even with a 10 yr old home.
Watch Sherri Lilienfeld of EXP Realty on the DownbeachBUZZ Real Estate webcast from Aug.25.2023
People hate to lose their 3% interest rate. So, a growing number of residents are just upgrading their current home instead.
Move in, upgrade or tear down.
11 North Sumner. Margate. $1,499,000
Home upgrades. Dealing with contractors and builders.
Contractors taking on too much new business.
Some customers waiting far too long for a new kitchen, and paying way too much too!
Being a contractor/Developer for almost 3 decades and growing up and living in older homes, the value of the older is nostalgia excepting the structure as a livable home and not as investment. If you had not bubble effect from the pandemic causing limited supplies and flight from urban areas you’d see folks remodeling more and calling it good enough. That ship has sailed. And so goes the character and community of the beach towns we loved.
Josh is correct, except for the time frame. Destruction of real homes and neighborhoods and homes lived-in year-round, started in mid 2000’s.
Most newer McMansion owners never set foot on Absecon Island to even check up on their homes from early October to mid April.
Most never get to know original “neighbors” that live there year-round {a dying breed} .
Did someone force homeowners to sell, in order to make way for tear downs and larger/newer properties (with much higher taxes)? NO. Therefore I’m missing your point and its relevance. Time marches on.