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NJ Beach real estate

NJ Beach real estate




So prices in the outer banks have been soaring recently. But it's been dead money over the past 10 years compared to the Jersey Shore. But real estate there now is completely crazy.

I've got a friend that owns two homes in Brigantine, one a tear down for personal use the other a remodel for renting. His cleaner tells him that a woman she works for is looking to sell her home privately for $400k and it's two blocks further away from the beach on his street. It's 3 bed 1.5 bath 1200 square feet and hasn't been updated since the 1970s. He knocks on the door takes a look tells her he'll think about it and calls her back the next day. He offers $400k cash 30-day close. She says the price is now $469k.

He walks away but tells a builder friend of his about it. He calls her, offers her the $469k, cash 10-day close, no inspections. She says the price is now $525k. He walked away.

This was last week. Brigantine, crazy times.


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RE: NJ Beach real estate




Friend has a second home in Groton Long Point (CT). She said it's crazy there, too.


RE: NJ Beach real estate




We always went to the OBX when I was a kid, and the Jersey shore was practically my backyard. I bought my house in Nags head in 2019 to get away from NJ, and the house I bought was on the market for a 26 months listed/delisted, etc. and was a 75% discount compared to a similar house in NJ.(and 1/6 of the taxes i would pay in NJ) . Now it is simply a countdown to retirement, and I won't miss the crazy taxes here in NJ either. I doubt the prices of houses will drop as drastically as the did back in the last debacle, but I feel that gold rushes last only so long, We will see what I get for the house in NJ in a year or two. Maybe I can get lucky twice, but life always seems to have its own schedule.


RE: NJ Beach real estate




Interesting perspective. I hadn't considered that before.

PaulO, I know that town. Not surprising it's having a crazy surge too.


RE: NJ Beach real estate




I think the craziness extends well back inland from the shore. Cash offers are now the norm around me since the stock markets have exceeded all records and people are looking to secure those gains in something more stable. But with the real estate prices, I'm not sure that is a good idea. When the bubble pops, that real estate will take a long time to bounce back.


RE: NJ Beach real estate




My cousin reached out to me the other day to let me know that the family beach house we spent our childhood summers in Strathmere is on the market. My grandmother sold the place for about $250k in 1994 after my grandfather passed away and my father and aunt were not in a position to take it over (much to the dismay of us grandkids!). We had such wonderful memories of the house and the town.

So as soon as we can scrape together $2.3m among us four cousins we’ll be back in business...

Click to follow link...

In the meantime, I’m enjoying our place in Frisco. To my suburban Philly cousins, Hatteras Island is like traveling to the surface of the moon.


RE: NJ Beach real estate




The story you just shared is about the same on the Delaware Beaches.

We built new but saw the prices skyrocket, and when we looked for used homes found them to be in lock step with new construction only requiring massive updates.

We looked at an All Inclusive style community outside of Bethany and decided we liked the beaches North of the Inlet better than down south, but the cost of that home has increased my 25% since we looked at it. That house was 500 SF smaller than what we built and was further from the beach than what we built.

Meanwhile the base price of our model is now selling for more than we paid for ours with all the upgrades.





RE: NJ Beach real estate




It's everywhere - FL is bongo - check what's happening in Palm Beach or Naples. And, it's not just coastal...if you have any "space" around your place, it's attractive to others.

But, say you sell your place, for even 10x; if your primary what are you gonna buy as those are all jacked as well - many, though, are doing just that only they are then renting to buy on the dip?


RE: NJ Beach real estate




It IS happening everywhere. I live in PA and someone in my neighborhood put there house up way high and still got 25k over asking. Sellers market for sure...crazy


RE: NJ Beach real estate




Who cares, Jersey sucks and so do the people.

Grim_Smoker


No sleep lost here. We don’t like you either. Wink smiley

For the original poster, it’s not just the shore it’s the whole state. Homes are going for way over asking, cash buyers. It’s like 2005 all over again in terms of prices.


RE: NJ Beach real estate




When I was a teen, Brigantine was just for fishing off of the haunted house pier or buying drugs. Honestly, the parts I saw were rough. My husband thought it would be a good idea to buy a condo there or in N Wildwood for under 100K around 1997, but I disagreed. Boy, was he right. Now, there's NOTHING under 500K in Brigantine.


So prices in the outer banks have been soaring recently. But it's been dead money over the past 10 years compared to the Jersey Shore. But real estate there now is completely crazy.

I've got a friend that owns two homes in Brigantine, one a tear down for personal use the other a remodel for renting. His cleaner tells him that a woman she works for is looking to sell her home privately for $400k and it's two blocks further away from the beach on his street. It's 3 bed 1.5 bath 1200 square feet and hasn't been updated since the 1970s. He knocks on the door takes a look tells her he'll think about it and calls her back the next day. He offers $400k cash 30-day close. She says the price is now $469k.

He walks away but tells a builder friend of his about it. He calls her, offers her the $469k, cash 10-day close, no inspections. She says the price is now $525k. He walked away.

This was last week. Brigantine, crazy times.

craicncrabs



RE: NJ Beach real estate




Taxes - $16,401.54
No thanks. AND, NJ has an exit tax ON TOP of yearly tax and sales tax.


My cousin reached out to me the other day to let me know that the family beach house we spent our childhood summers in Strathmere is on the market. My grandmother sold the place for about $250k in 1994 after my grandfather passed away and my father and aunt were not in a position to take it over (much to the dismay of us grandkids!). We had such wonderful memories of the house and the town.

So as soon as we can scrape together $2.3m among us four cousins we’ll be back in business...

Click to follow link...

In the meantime, I’m enjoying our place in Frisco. To my suburban Philly cousins, Hatteras Island is like traveling to the surface of the moon.

Brad Z



RE: NJ Beach real estate




I can attest CT is insane right now, a house needing a lot of work near me just went on the market Friday, highest and best offers due today by 4pm, and they got 8 offers. It is tempting to sell here now, but really not quite ready to go.


RE: NJ Beach real estate




Everywhere is nuts....here in NJ, beach or not.
Same in New Hampshire friend was telling me.
And my friend in Long Island said people from NYC are buying to get out and the prices are crazy, even with the insane property taxes there.

Glad I am not actively looking for real estate anywhere but wish I could sell my place here in NJ...not yet, but soon.


RE: NJ Beach real estate




Taxes - $16,401.54
No thanks. AND, NJ has an exit tax ON TOP of yearly tax and sales tax.


TaraNJ


No, but that's one of the more common misconceptions that drive CPAs and REI and trust & estates attorneys mad.

NJ doesn't impose an additional tax. It requires prepayment of the state tax. The tax is not an additional or special tax. It is not in addition to income tax, just payment of the state income tax at the time of sale. It avoids passing on to taxpayers the cost of recovery measures and decreases the ability to tax cheat and profit. But it's not ON TOP of anything, much as people who think you aren't savvy enough to understand the tax will tell you otherwise.


RE: NJ Beach real estate




"What goes up will come down" When we sold our house in Maryland to move here in 2004 our house sold in one day with multiple offers above asking price with NO (as in zero) contingencies. The downside to that windfall is we paid top dollar to buy here. Then the bottom fell out of the market. Tim could probably tell us how many houses were for sale here during the bust. From my house in Colington to the gate is 2 miles and I remember counting 40 for sale signs between here and there at that time. Our son is now caught like 100's of other workers in the OBX no long-term rental housing shortage. My hope is when the next bust comes he'll find a house sale. Maybe that bust won't happen with all the folks fleeing high taxes, crime, pandemics, whatever and moving here to paradise. Of course his buying then hinges on will he still have employment here. Pray


RE: NJ Beach real estate




My sister paid 515 for a house near me in NJ exactly a year ago, the people across the street from her are asking 750k for an identical house.
It’s the same thing in OBX, just met one of my new neighbors who think they got such a great deal, little do they know or didn’t care, the house sat on the market on and off for 5 years until the China flu.
Once reality kicks back in all of these new owners are going to be disappointed with actual house values.


RE: NJ Beach real estate




I live in Florida, near St. Augustine. Real Estate is going crazy here. The building is insane and resells go within a day or two, sometimes over ask.
Our house was the highest priced house in the neighborhood 4 years ago.
Now houses are going for nearly $200,000 over what we paid. Lots are going for nearly twice what they cost pre Covid.
Most of the people moving here are from NY and NJ so surprised to hear real estate is so high in NJ.


RE: NJ Beach real estate




I think the craziness extends well back inland from the shore. Cash offers are now the norm around me since the stock markets have exceeded all records and people are looking to secure those gains in something more stable. But with the real estate prices, I'm not sure that is a good idea. When the bubble pops, that real estate will take a long time to bounce back.

Greg MD
Greg, One of the guys I work with has a house out by Loch Raven Reservoir that went up $50,000.00 in a 30 day period. It's crazy outside of Baltimore right now.


RE: NJ Beach real estate




My sister paid 515 for a house near me in NJ exactly a year ago, the people across the street from her are asking 750k for an identical house.
It’s the same thing in OBX, just met one of my new neighbors who think they got such a great deal, little do they know or didn’t care, the house sat on the market on and off for 5 years until the China flu.
Once reality kicks back in all of these new owners are going to be disappointed with actual house values.

Jbrew74

The same thing happened next door to us. The couple that bought the house roughly 10 years ago put a TON of money into a remodel. Feels like the house was on & off the market for about 5 years. My WAG is they dropped the price $100k+ slowly over those years and it finally sold 2 months ago. Probably finally sold only due to the tight supply.


RE: NJ Beach real estate




I live in Florida, near St. Augustine. Real Estate is going crazy here. The building is insane and resells go within a day or two, sometimes over ask.
Our house was the highest priced house in the neighborhood 4 years ago.
Now houses are going for nearly $200,000 over what we paid. Lots are going for nearly twice what they cost pre Covid.
Most of the people moving here are from NY and NJ so surprised to hear real estate is so high in NJ.

bizbach


Most of these people aren't moving out of NJ, just taking the windfall they've made in pandemia, adding it to their cash reserves that lose buying power by the day just sitting, and adding homes.

Anyone who can afford to do so has a house in FL and a house in Not Florida, as so many who part time in the Outer Banks do already.


RE: NJ Beach real estate




I live in Florida, near St. Augustine. Real Estate is going crazy here. The building is insane and resells go within a day or two, sometimes over ask.
Our house was the highest priced house in the neighborhood 4 years ago.
Now houses are going for nearly $200,000 over what we paid. Lots are going for nearly twice what they cost pre Covid.
Most of the people moving here are from NY and NJ so surprised to hear real estate is so high in NJ.

bizbach


Most of these people aren't moving out of NJ, just taking the windfall they've made in pandemia, adding it to their cash reserves that lose buying power by the day just sitting, and adding homes.

Anyone who can afford to do so has a house in FL and a house in Not Florida, as so many who part time in the Outer Banks do already.

KDHBreeze


Yes some are second homes that they are buying in FL but some are permanent as well. More from NY than from NJ but still a lot of both.


RE: NJ Beach real estate




I live in Florida, near St. Augustine. Real Estate is going crazy here. The building is insane and resells go within a day or two, sometimes over ask.
Our house was the highest priced house in the neighborhood 4 years ago.
Now houses are going for nearly $200,000 over what we paid. Lots are going for nearly twice what they cost pre Covid.
Most of the people moving here are from NY and NJ so surprised to hear real estate is so high in NJ.

bizbach


Most of these people aren't moving out of NJ, just taking the windfall they've made in pandemia, adding it to their cash reserves that lose buying power by the day just sitting, and adding homes.

Anyone who can afford to do so has a house in FL and a house in Not Florida, as so many who part time in the Outer Banks do already.

KDHBreeze


Yes some are second homes that they are buying in FL but some are permanent as well. More from NY than from NJ but still a lot of both.

bizbach


Our new neighbors bought this home as a second home to be near their kids/grandkids, but he speaks ALL THE TIME about the price of his new house compared to their place in NY, the dramatically different tax rates, etc. Their long term vision was to eventually move here full time, but they seem to be closing in on the full-time move sooner than later. Here in the NC Triangle area folks have been fleeing from NJ and elsewhere up north for a very long time. Good jobs, schools, housing, and crazy property tax rates up north come up from every transplant that I know. Home prices have been increasing here just as with everywhere else, but I suspect there's still much better deals to be had on similar homes compared to up north.


RE: NJ Beach real estate




Our new neighbors bought this home as a second home to be near their kids/grandkids, but he speaks ALL THE TIME about the price of his new house compared to their place in NY, the dramatically different tax rates, etc. Their long term vision was to eventually move here full time, but they seem to be closing in on the full-time move sooner than later. Here in the NC Triangle area folks have been fleeing from NJ and elsewhere up north for a very long time. Good jobs, schools, housing, and crazy property tax rates up north come up from every transplant that I know. Home prices have been increasing here just as with everywhere else, but I suspect there's still much better deals to be had on similar homes compared to up north.

Mstaszew


No question that even with the price increases in OBX, homes here are still a steal compared to the Jersey Shore.


RE: NJ Beach real estate




Taxes - $16,401.54
No thanks. AND, NJ has an exit tax ON TOP of yearly tax and sales tax.


TaraNJ


No, but that's one of the more common misconceptions that drive CPAs and REI and trust & estates attorneys mad.

NJ doesn't impose an additional tax. It requires prepayment of the state tax. The tax is not an additional or special tax. It is not in addition to income tax, just payment of the state income tax at the time of sale. It avoids passing on to taxpayers the cost of recovery measures and decreases the ability to tax cheat and profit. But it's not ON TOP of anything, much as people who think you aren't savvy enough to understand the tax will tell you otherwise.

KDHBreeze


The crowd that helps complicate the tax code gets mad at the plebes who don't understand the flustercluck of a tax code? LOL

Anyway, it's not on top of, it's in addition to all of the insane taxes one pays in this state to finally get out of this state.

I cant wait for the day I can say here, take my money for the last time, I am out of here! File my non resident for one last time, get what I can back and never look back.

Only three tiers to go to Junk Bond status for NJ....ouch, why pay principal when you can pay extra interest to the street. ugh.


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