Tuesday, December 20, 2005

Everything Is Great at the Shore

This article paints a very euphoric picture of the real estate market down in Atlantic and Cape May counties (NJ). While I don’t doubt that serious money has been made, I’m pretty sure that the party is over down in the Stone Harbor area and that lots of people who bought within the past three years will be looking to sell in the next couple of months.

“STONE HARBOR - Dale Pritz comes to the shore for its sandy beaches, cool ocean breezes and a $1,000 per day. That isn't what Pritz pays for his shore vacation. That's what he gets every day his investment property sits here. "They're going up $1,000 a day. I did the math," Pritz said. Pritz, who owns a body shop in York, Pa., is one of many real estate investors flocking to the New Jersey shore to make some quick money. Eight months ago, Pritz bought a modest rancher on 87th Street for the not so modest price of $965,000. He demolished the rancher, for the value is in the land, and built a $390,000 mansion more befitting this island of upscale homes.”

More…

2 Comments:

Blogger MazNJ said...

Methinks he may be a little bit late to the party.

Wednesday, December 21, 2005 9:59:00 AM  
Anonymous Anonymous said...

new jersey shore is down 40% and nobody knows yet!!!!!

it going to be a mess

Monday, December 26, 2005 7:58:00 AM  

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