The other South Jersey market

From the Press of Atlantic City:

South Jersey beach construction booming

John Van Duyne heads into a house he recently finished building, a few doors off the beach in Ventnor.

He points out the quartz shower seats and countertops in the downstairs bathrooms. In the living room, a giant TV is recessed into the wall, and rows of speakers are built into the ceiling.

The master bedroom includes a bar and refrigerator hidden under a sink. And when Van Duyne approaches a separate room that houses the toilet, the lid lifts automatically as soon as he reaches the door.

This could be a dream beach house to almost anyone. Van Duyne figures that on the grand scale of today’s luxury homes, this one is maybe a 4 out of 10.

Construction is still busy on the islands that stretch along the South Jersey coastline. And builders say much of their market now is for high-end homes with elevators and pools and luxury gadgetry built right in, from automatic vacuum systems to automatic irrigation systems for the plants that decorate the decks.

News about South Jersey real estate often includes fair amounts of gloom and doom. Atlantic County is still the national leader in mortgage foreclosures. And sales figures from New Jersey Realtors, the trade group, show the median value of a single-family home in Cape May County dropping last year by 5.8 percent to $290,000.

For those reasons and more, a local home-building industry that boomed for decades along with Atlantic City’s casino business has slowed almost to a halt in much of the region. But building hasn’t stopped entirely. It just moved to the beach.

“The focus is always on the water, whether it’s beachfront or bayfront,” says Van Duyne, a Ventnor native who builds on Absecon Island.

“They’re basically two separate markets now, with outsiders buying up the islands,” says Richard Perniciaro, a veteran Atlantic Cape Community College economist. “The two housing markets — mainland and island — are very separate and influenced by different housing trends.”

“The investors, or second-home owners or retirees from outside the area, are making housing decisions based on the value of their homes in (Philadelphia), North Jersey or Cherry Hill,” he says.

Those markets have largely recovered from the housing debacle that fed the national recession, he said.

With home values growing in those areas, Perniciaro said, “The shore is a bargain to them.”

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51 Responses to The other South Jersey market

  1. Mike says:

    Good Morning New Jersey

  2. yome says:

    It maybe a bargain to buy. Wait till you want to sell. No takers is frustrating

  3. grab them by the puzzy says:

    “And builders say much of their market now is for high-end homes”

    same everywhere else. those 1970s developments for the high school, working class never coming back. gini coefficient deteriorates, neo-nazi, pro-trump groups on the rise

  4. Grab them by the puzzy says:

    @jbarro

    Milo-to-CPAC demonstrates how
    thoroughly the pretense that
    conservatism is about socially conservative morality
    has been abandoned.

  5. 30 year realtor says:

    Currently have a house on the market in Crystal Springs in Hardyston, Sussex County. House was built in 2003 and is about 4000 square feet plus a finished basement. We paid about $350,000 and put about $80,000 into renovation. There are 2 other homes of the same style currently on the market on the same short street priced at $599,900 and $579,900. My property is priced at $539,900. Last sale was in 2007 for $730,000.

    After 35 days on market we have had about 12 showings. Agents have told me the house shows great. Better or equal condition compared to higher priced competition. There is even talk of an interested buyer considering making an offer.

    No one knows where market value is for this property. Last sale for this style home in Crystal Springs was just down the street in 2015 and sold for $575,000. Clearly the market has depreciated since then.

  6. Xolepa says:

    Is that $240 figure a monthly association fee? If it is , that’s madness. Add $3k to your expenses, non-deductible on top of your $15k property taxes. Front facing garage? wtf? I see…quarter acre lot sizes. In Sussex county? It’s risky, but hey, some fool will buy it.

  7. The Original NJ Expat says:

    Wealth inequality in Montclair – I drove a school bus in Montclair in 1983. I was the “radio bus” which meant I drove the whole town and picked up at stops other drivers missed or finished their routes if a bus broke down. Mission Street to the Estates section looked exactly the same back then too.

  8. Fast Eddie says:

    Last sale was in 2007 for $730,000.

    Ooofa!

  9. D-FENS says:

    Violence and vandalism in NJ schools are reported via an “honor system”. Seems like a bogus report.

    Newark, Camden claim lower school violence rates than many Sussex County schools

    http://www.njherald.com/20170219/newark-camden-claim-lower-school-violence-rates-than-many-sussex-county-schools

    If the state Department of Education’s violence and vandalism report released Monday is to be believed, Sussex County schools last year were, on average, equally or more violent than a number of large urban districts located smack dab in the middle of cities with some of the highest violent crime rates in the nation.

    A plain reading of last week’s report, when adjusted for student population, would give rise to numerous disparities that could be perceived as alarming or questionable, or both. A few random examples from the report, in no particular order, would show the following:

    º Students attending Wallkill Valley, Lenape Valley, and High Point Regional high schools would have been between two and three times more likely to encounter violence than students enrolled in the Newark Public Schools and more than four times as likely as students enrolled in Paterson.

    º Students attending the Newton Public Schools would have been 10 times more likely to encounter violence than students attending school in Jersey City.

    º The Vernon Township School District would have had a rate of violent incidents about equal with that of schools in Camden, a city known to have one of the highest violent crime rates in the nation.

    º The Camden City Schools also would have been a somewhat safer place for K-8 schoolchildren to get an education than Frankford, Stillwater or Stanhope — and a much safer place to do so than the Blairstown, Great Meadows and Sussex-Wantage school districts.

    Lest there be any doubt, the above examples are NOT intended to suggest that the aforementioned local school districts are more violent than their urban counterparts. Nobody, for example, is arguing that Camden is a safer place to go to school than Stanhope or other Sussex County school districts.

    Instead, these examples are offered as an illustration of what persists as a criticism of the self-reporting “honor system” by which the violence and vandalism data for each school district are collected and curated by the state, as well as the perceived lack of a clear uniform standard as to the types of incidents that are required to be reported in the first place.

  10. D-FENS says:

    I’m really skeptical of these reports. I swear they do it with crime stats too. There could be a violent home invasion and it would show up as “criminal trespass” on a report.

  11. The Great Pumpkin says:

    Honestly, let them do this. Do we really need to waste more tax money hiring people to report this, and then deal with paying for all the other costs if they are arrested? If they are arrested, will anything even change? Stop advocating for opening up the tax faucet to waste money on this.

    “Instead, these examples are offered as an illustration of what persists as a criticism of the self-reporting “honor system” by which the violence and vandalism data for each school district are collected and curated by the state, as well as the perceived lack of a clear uniform standard as to the types of incidents that are required to be reported in the first place.”

  12. The Great Pumpkin says:

    The free market at work. No money to be made making housing for the lower class in most areas. So builders only focus on creating what makes them the most profit, which is building for the money class.

    Only places where they build for the working class are in the lower cost areas with an endless supply of land. This way they put up a 1000 home development, cut corners, and make off selling 200-40o knew houses.

    grab them by the puzzy says:
    February 21, 2017 at 8:08 am
    “And builders say much of their market now is for high-end homes”

    same everywhere else. those 1970s developments for the high school, working class never coming back. gini coefficient deteriorates, neo-nazi, pro-trump groups on the rise

  13. The Great Pumpkin says:

    and make off selling 200k-400k for new homes

  14. The Great Pumpkin says:

    So AC does have a chance, and it’s what I suspected. Buy up anything close to the water.

    “For those reasons and more, a local home-building industry that boomed for decades along with Atlantic City’s cas!no business has slowed almost to a halt in much of the region. But building hasn’t stopped entirely. It just moved to the beach.

    “The focus is always on the water, whether it’s beachfront or bayfront,” says Van Duyne, a Ventnor native who builds on Absecon Island.

    “They’re basically two separate markets now, with outsiders buying up the islands,” says Richard Perniciaro, a veteran Atlantic Cape Community College economist. “The two housing markets — mainland and island — are very separate and influenced by different housing trends.”

  15. The Great Pumpkin says:

    Stated that Seaside and AC are prob the last areas where a normal individual can buy close to the beach, but for how long?

  16. Fast Eddie says:

    Stated that Seaside and AC are prob the last areas where a normal individual can buy close to the beach, but for how long?

    I did say this about Seaside Heights and that was long before Sandy and the fire.

  17. yome says:

    12:52
    Between me and my wife, will get $3,000 in SS benefits. Taking $1,000 a month from 401k will give us $4,000 a month. Double the $2,000 a month they spend. If interest rates go back to 4.5%, monthly dividend on 401k will be more than enough to cover $1,000 a month. Do not have to worry 401k will run out. SS will not be fed taxable and $12,000 a year on 401k will not be fed taxable.

  18. yome says:

    $3,000 a month SS benefit retiring at 62

  19. yome says:

    Retiring in Asia this will be more than enough. House is paid. Buy a car cash. Only monthly expense will be gas electricity and water. Plus eating out. Putting aside money for unexpected health problems

  20. 3b says:

    Comrade: we were. And it makes perfect sense auto loans which show the first sign of strain probably followed by credit card receivables with mortgage backed third.

  21. Juice Box says:

    DOW is now up 15.96% and S&P is now up 13.4% since Trump was elected on Nov 8th 104 days ago…

  22. ProudLiberal says:

    So, no one here thinks deportations are a big deal?

  23. yome says:

    If they are here illegally, they know they broke the law. Chances of deportation is much in play. I don’t think it should even be up for debate. Why have immigration laws and not enforce it?

  24. ProudLiberal says:

    @yawn,
    First, learn a bit of American history.

    Second, do you know how broad a term “illegal” really is? and how many people it covers?

    If you really care about legal immigration – Why not arrest the illegal employers?

    Oh, and do you know how much *you* will pay for all the deportations out of your tax dollars? I am not a genius, but I’ll tell you it will be more than the business/growth and revenue they will be bringing for this country.

    This is just another move to satisfy Bannon’s racist itch.

  25. yome says:

    Did you question the cost of deportation before Trump? Did you call Obama a racist? There are laws about employers hiring illegals. They don’t get arrested. They get $10,000 fine for each illegals. You know any employer that hires them? Report them to the authority. No complainant no case

    How many people have been deported under Obama?

    President Barack Obama has often been referred to by immigration groups as the “Deporter in Chief.”
    Between 2009 and 2015 his administration has removed more than 2.5 million people through immigration orders, which doesn’t include the number of people who “self-deported” or were turned away and/or returned to their home country at the border by U.S. Customs and Border Protection (CBP).

    http://abcnews.go.com/Politics/obamas-deportation-policy-numbers/story?id=41715661

  26. Grab them by the puzzy says:

    “When police first found a hunting guide and his client bleeding from gunshot wounds on a south Texas ranch in early January, everyone on the scene had their stories straight.

    The hunters told police they suspected the shooters were undocumented immigrants they had seen on the ranch earlier in their trip. Their story soon jumped into online right-wing circles, thanks in part to Texas Commissioner of Agriculture and Donald Trump ally Sid Miller.

    But it was a lie, according to police and, now, a grand jury. Investigators determined that guides Walker Daughetry and Michael Bryant in fact shot at one another by accident, striking Daughetry and hunter Edwin Roberts in the process. Daughetry and Bryant were indicted for third-degree felonies last Wednesday.”

  27. Grab them by the puzzy says:

    @PaulKrugman

    Somehow this seems to capture a lot of what’s happening

    Grab them by the puzzy says:
    February 21, 2017 at 5:57 pm
    “When police first found a hunting guide and his client bleeding from gunshot wounds on a south Texas ranch in early January, everyone on the scene had their stories straight.

    The hunters told police they suspected the shooters were undocumented immigrants they had seen on the ranch earlier in their trip. Their story soon jumped into online right-wing circles, thanks in part to Texas Commissioner of Agriculture and Donald Trump ally Sid Miller.

    But it was a lie, according to police and, now, a grand jury. Investigators determined that guides Walker Daughetry and Michael Bryant in fact shot at one another by accident, striking Daughetry and hunter Edwin Roberts in the process. Daughetry and Bryant were indicted for third-degree felonies last Wednesday.”

  28. Grab them by the puzzy says:

    @ACLU
    We’re ready.

    @jaketapper
    New Trump travel ban order nearing completion

  29. ProudLiberal says:

    @yawn,
    The devil is in the details. There’s a difference in how previous administrations (not just Obama) implemented deportations vs how Orange Turd is mandating. Oh wait, it hurts for you to learn the details of course!

    That said, Obama was also wrong – and a lot of folks called him out on it then. But let us not get distracted. We live with this Turd now and it’s about the current.

  30. yome says:

    As I have said it is not even up for debate. It is the law and the law is clear. If you have an expired stay in this Country , you are here illegally. No but.It is about implementing the law. You do not like the law call your Congressman.

  31. Blue Ribbon Teacher says:

    So, no one here thinks deportations are a big deal?

    No, a lot of people in America need good quality jobs. We can start to worry about your social agenda after we’ve reestablished a high standard of living for the middle class.

  32. Juice Box says:

    re: “So, no one here thinks deportations are a big deal?”

    Actually it is a massive deal! (Points for Trump reference?)

    There is allot of waste in this whole human experiment of border wack a mole. We should be using our hegemony to effect change in the countries that these people fled.

    Let’s start with Nicaragua. Thirty Four years ago we never did finish that skirmish between the Contras and the Sandinistas thanks to our pesky Congress.

  33. ProudLiberal says:

    @BlueRibbon-so-called-Teacher,
    >> We can start to worry about your social agenda after we’ve reestablished a high standard of living for the middle class.

    Really?
    Think.
    You want to throw away your tax money on this? Just ‘cuz of your political affiliations?

    Yes, it’s a social agenda – to make sure common folks like you are not stripped off their hard earned dollars!

  34. Blue Ribbon Teacher says:

    So let me get this straight, you are worried about my dollars being stripped by the cost of deporting them. Yet, you are not worried about my dollars being stripped being forced to educate their children and pay for their healthcare with my dollars? You are only against it because it counteracts your ideological agenda…so you are now using tax dollars as an excuse.

    Personally, I say, if they are working and have no criminal record other than the illegal entry, give them clemency at a cost of $10,000. It would be as if they paid property taxes for a year.

  35. ProudLiberal says:

    @so called teacher,

    I’m showing how narrow minded and stupid you are. You are getting ripped off as far as deportations are concerned and you don’t even know it. But you know enough to pivot from the issue!

  36. ProudLiberal says:

    And you are paying for that stupid yet wall as well. It is going to be beautiful!

  37. Blue Ribbon Teacher says:

    I’m showing how narrow minded and stupid you are. You are getting ripped off as far as deportations are concerned and you don’t even know it. But you know enough to pivot from the issue!

    No you’re not. You just claim you are. You haven’t done the math. If you think the cost of deportation outweighs the cost of supporting them for the next 4 decades, then by all means you are right.

    I already told you my solution, yet you still want to project the same position on me. In the meantime, I don’t give a crap if people are deported. There are bigger issues that this country faces other than protecting the rights of people who are not even citizens of this country.

  38. Ventura says:

    The point is moot. Only ‘some’ communities are affected currently and once the mass deportations occur, these schools will be mighty empty.

  39. 3b says:

    Proud so we should not deport anyone? No rule of law? No border? Everyone welcome? Criminals too? So what advantage is there to being a so called citizen? Would you will be willing to have hundreds perhaps thousands in your neighborhood?

  40. ProudLiberal says:

    There is a whole economic agenda in a country’s acceptance of immigrants that people don’t seem to get.

    @some teacher – I can’t believe you think $10k/clemency is the solution! What kind of ‘teacher’ are you?

    Tax the poor undocumented immigrant for $10k a year, but let the guy who runs a fake university ripping $30k off each student off the hook.

    Take money out of education and pour it into “weapons” for the police.

    Cry that the media is fake news, while outright lying to the camera.

    and I can go on.

  41. Blue Ribbon Teacher says:

    I said offer them clemency for the cost of $10,000, not tax them $10k a year. They can pay that once they are citizens owning property and paying property taxes in NJ just like us.

    I’m the kind of teacher that recognizes someone who is incapable of forming a reasonable argument against an individual or his ideas because they are too preoccupied with arguing against ideas and projecting those ideas onto anyone they want to argue with.

    I think you need to look up the definition of straw man. You’ve set up enough of them to field your own team.

  42. ProudLiberal says:

    The straw man here is the “illegal” immigrant.

  43. Essex says:

    Trump won based partly on fear and the desire to turn around a nation vlearly in decline.

  44. Shaq says:

    Proud,

    So an illegal immigrant family decides to squat in your home. They’ve got a couple of cute young children, and have taken a nice liking to your home, with no intention of leaving. You’re not going to have them thrown out are you?

  45. ProudLiberal says:

    @Shag, false equivalency. Maybe if you think harder you will come up with a better metaphor?

  46. chicagofinance says:

    why?

    ProudLiberal says:
    February 21, 2017 at 11:13 pm
    @Shag, false equivalency.

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