From the Courier Post:
There is a house for sale in Brick that overlooks a cove adjacent to Barnegat Bay. It has five bedrooms, 6 1/2 baths and an oversized kitchen with two granite islands. It has a three-car garage, a swimming pool and sweeping views.
And it can be yours for $3.3 million. Make that $2.5 million. Make that $2.25 million.
“It hasn’t been able to sell because of the market,” Jo Vocisano, a Piscataway resident who owns the home, said. “The house is beautiful. Beautiful view. And very different. And you need a person with that taste because the house is so beautifully different.”
The Shore’s million-dollar housing market has been struggling to gain traction. The number of homes for sale seem to outweigh the number of qualified buyers, making for a formula that is no different than the overall market.
Real estate agents say there are signs of hope. Prices have fallen in a correction that puts the market more in line with the economy. But a major hurdle remains: Banks, still burned by the housing bubble, are scrutinizing buyers’ creditworthiness more closely.
“The underwriting guidelines for jumbo loans — $1 million plus — are much tighter than they have ever been,” said Sean Clark, vice president of Advisors Mortgage Group LLC, a mortgage banker in Wall. “Higher down payments are required. Higher (credit) scores. Just all around much tougher.”