Traffic Keeps Growing
Since I started this blog in late April, traffic to this site has grown pretty steadily. In May I was averaging about 25 unique visits a day and now I'm averaging well over 200, with somedays hitting 500 visits. Although I certainly don't get the kind of traffic Ben Jones' excellent blog gets, I'm pretty encouraged by the amount of interest in the Jersey Shore and the real estate bubble in general.
Suggestions have been made that simple awareness of over valued real estate price will lead to an eventual correction. Reading some press accounts and the other blog suggests to me that this is true. Many prospective buyers, at this point, have got to be asking themslves if it isn't better to wait before diving in and making a major purchase that may go bust in only a few months. In addition, many home owners sitting on tons of paper profits are probably wondering if now might be the best point to head for the exits. Whether people are potential buyers or sellers, it doesn't hurt for them to be informed about the current discussion, or even frenzy, surrounding the state of the real estate market at the Shore, in NYC, or Fresno California. Therefore, if you know some people that haven't exactly been paying attention, e-mail them with a link to the http://thehousingbubble2.blogspot.com/ and mention the interesting outlook Ben Jones and some of the commentators there have. Also, if they have a particluar interest on what is happening in Rumson, or Manalapan or Brick, send them this link too; http://shorebubble.blogspot.com/
Suggestions have been made that simple awareness of over valued real estate price will lead to an eventual correction. Reading some press accounts and the other blog suggests to me that this is true. Many prospective buyers, at this point, have got to be asking themslves if it isn't better to wait before diving in and making a major purchase that may go bust in only a few months. In addition, many home owners sitting on tons of paper profits are probably wondering if now might be the best point to head for the exits. Whether people are potential buyers or sellers, it doesn't hurt for them to be informed about the current discussion, or even frenzy, surrounding the state of the real estate market at the Shore, in NYC, or Fresno California. Therefore, if you know some people that haven't exactly been paying attention, e-mail them with a link to the http://thehousingbubble2.blogspot.com/ and mention the interesting outlook Ben Jones and some of the commentators there have. Also, if they have a particluar interest on what is happening in Rumson, or Manalapan or Brick, send them this link too; http://shorebubble.blogspot.com/
posted by Little_Silvered at 8:52 PM
4 Comments:
I enjoy your blog. Thanks.
I too enjoy your blog. I grew up in NJ. Did day trips to Phillips Beach (Deal) in summer with my family. Later, rented homes in Belmar and Manasquen with friends. I am in FL now, but hope to be a reversed snowbird in a few years, if prices ever come down. I really enjoy your drives through the shore towns. Keep filling us in a Asbury Park. I hope I am alive to see that town come back. (I am only 36.)
For anon 9:53 AM
I grew up in Deal and it sure is different now (I now live in West Allenhurst). The town is almost completely dark in the winter as the homes are only used in the summer. Allenhurst has gone the way of Deal. Prices skyrocketed as New York residents scooped up house after house. You cannot touch a house in Allenhurst for under 1.5 million now. The homes in the the ocean block are in the 4-5 million dollar range.
I have worked with Asbury Partners, the new Asbury Park developers, (I am in the concert industry). I can't figure them or their motives out. I know they are reluctant to develop their property (Convention Hall to the Casino) until they see the success of the condos which they don't own. It becomes a conondrum because people don't want to invest in a (very expensive) condo if they don't see the beachfront improving. In the meantime Convention Hall continues to crumble as the owners are forced by the historical committee to keep to the original architecture. They can't replace a window unless it it the same as the original copper window- the high cost keeps them from doing any repairs. Asbury Partners would love it if Convention Hall and the Casino fell into the ocean. I'm not saying these bastions of the glory days of Asbury Park don't deserve a loving restoration- it's just the current owners don't feel that way about them.
I tell everyone that squeezes their way onto the beaches of Allenhurst and Loch Arbour that they could go less than a 1/2 mile and have practically a whole beach to themselves and be able to park right at the boardwalk but people still have a fear that Asbury Park, even in the daytime, is a war zone. I can tell you from experience that the beaches of Asbury in the summer are delightful and one of the best kept secrets of the Jersey Shore. There is even a Tiki Bar on the south porch of Convention Hall where you can grab a tropical drink and a bite to eat. If you look east and not at the tattered town behind, you can almost imagine that you're at a great resort area. I think I am like everybody else around here, I'd love to see Asbury come back but I don't want to risk any of MY money on it. Although the owners of Moonstruck restaurant have certainly been rewarded for investing in Asbury- their place is packed all the time.
I hope that fills you in a bit. I went to college in Florida and really missed the seasons of NJ.
Cheers!
anon
1:19 PM
Thanks from anon 9:53am. Next time I am in NJ and going to Vics (Bradley Beach) I'll try to check out the Tiki Bar. It is alot closer than Jenkinsons.
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