During the past 30 days, a total of 44 properties SOLD (settlement).
Of the 44 properties:
34 were single family homes.  The sold prices ranged from $555,000 for a 4 bedroom cottage on Weber Court in Stone Harbor; to $3,425,000 for a 3 level beach block home on 75th Street in Avalon.  The overall median selling price was $1,550,000.
9 were condo/townhouse units.  The sold prices ranged from $400,000 for a 3 bedroom condo in Holly Bay- 107th and Third Avenue, Stone Harbor; to a large side by side style unit with a garage at 81st and Second Avenue for $980,000.  The overall median selling price was $670,000.
One vacant lot transferred-  50′ X 110′ parcel at 33rd and First Avenue- the beach block side, for $1,100,000.
In addition, there are 70 properties sale pending, with settlements scheduled in the near future.  The median asking price of those sale pending: $1,324,500.
Questions about the market? Â I am here to help! Â 609-967-7950 Â or ann@anndelaney.com
Thank you for your interest.
High and Dry
Sandy and Biggert-Waters Flood Insurance Reform Act.
Both became part of our vocabulary in 2012, and continue to affect real estate ownership/construction along the New Jersey coast.
If a structure does not conform to the height elevation requirements of FEMA, the property owner pays a substantially higher flood insurance premium (regardless of actual flood damage from Sandy).
And if a major renovation project is planned, the municipality will require the owner to bring the house up to code for elevation (a long standing construction regulation).
Examples of house lifting projects underway in Avalon (metal beams around the house in preparation) and Stone Harbor (masons building the new foundation):