Monday, July 11, 2005

Best Article About Jersey Shore Real Estate Yet

You can’t afford a house at the shore because this guy owns three. As the article points out, prices at the Shore have gone through the roof. I think what will help force prices lower eventually is when Mr. Swanick decides he only needs two houses (one in Philly and one at the Shore) because the other two houses the he owns are not increasing in value by 15% each year, and he decides to sell.

“The rise in prices along the 127-mile (204 kilometer) stretch of Atlantic Ocean is three times as fast as in the rest of the U.S., according to data from the association. The surge was featured in a June 29 broadcast by Philadelphia's WPVI-TV entitled ``Jersey Shore Housing in Demand,'' which said area residents are taking advantage of low mortgage rates to buy second homes in areas where they grew up.

John Swanick, a partner at a Philadelphia-area accounting firm, is one of those who returned. After vacationing in Sea Isle City as a child, he bought a place in 1992. Swanick, 44, currently owns three properties in town and said he may buy one more in the next few weeks. He estimates the four-bedroom townhouse he bought in January 2001 for $485,000 is now worth $1.3 million.”



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