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Continuing with my review of 2010 market conditions & predictions for OCEAN CIT (NJ), we will focus on the "single family property category" in this posting. This property category is the one that many buyers aspire to, but often can't initiate in their first purchase in our resort community. Why? Mostly, it is building location, condition, and the major buzz word ... listing price. In particular, all of these factors come together in terms of what a particular buyer might want to do. If they want to rent, it costs much more to find a single family close enough to the beach at a reasonable price. Often the single family requires much more work, repair, and renovation in order to get it into the shape for a decent rental. So the result of all of this is the many buyers introduce themselves into the market here in Ocean City (NJ) via another larger and more attractively priced property category ... the condominium (which we will cover in another posting).
As of January 20m, 2010; we had 220 single family sale listings throughout Ocean City ... only 80of that number in the Northend/Gardens ... my particular area of interest and expertise. But 106 out of the 220 listings (about half of them) had a listing price over $1 million ... another 43 out of the 220 (almost 20% of the total) were priced under $500,000with most of these in weaker locations, poorer condition, etc. That may help to justify my earlir paragraph.
Our agency happens to have almost a dozen of these single family sale listings ... all located in either the Northend or Gardens with many of our listings in better or great locations and in that price range between the $500,000 and the million mark. Go to www.FrenchSales.comto check some of these out. My area of interest and expertise, as well as where I both live and work, is in the Northend and Gardens sections of Ocean City (NJ) ... so consider giving me a call to talk about the single family sales market here ... I can be reached at Dustin@BeachNotes.net or 888-2215-9935 - thanks for taking the time to read the posting.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.