Saturday, January 14, 2006

Asbury Condos Will be Up in Time for Crash

As much as I would like to see Asbury become livable, I can't help but think it is jinxed, and that the latest efforts to rebuild the waterfront are too late. I'm guessing that a lot of people buying condos in Asbury are speculators and will head for the nearest exit when it becomes more clear to them that we are now on the downside of the nationwide housing boom.


["For 30 years, we had a lot of apathy about Asbury Park," Sanders said. "But we decided to keep our nose to the grindstone and just keep going with one vision. This is it."

The to-be-constructed condos — in buildings with names like Barcelona, Monterrey and Seville — are selling for around $600,000 up to $2 million for a luxury penthouse. Lower priced units, at around $400,000, have already sold, said Peter Engle, a spokesman for Paramount. Engle declined to cite the total cost of the construction.

The developer sold 80 percent of the 157 units in the eight-story Barcelona, four-story Seville and eight-story Monterrey buildings in 55 business days. Those prices started in the mid-$400,000s and go to more than $1 million.]

Full article...


Anonymous Anonymous said...

Ahhhh Asbury Park. Newark-on-the-Sea.

Does that half-built hi-rise skeleton from 1988 still sit there in its concrete and rust stained glory? If it does, I wonder how the new condo peeps reconcile the two.

Sunday, January 15, 2006 9:25:00 AM  
Blogger MazNJ said...

*jawdrop* 600K to 2MM for condos in Asbury? Uhhh.... Is this the same Asbury Park just south of LongBranch/Deal, east of Neptune and North of Ocean Grove? I didn't know there were two of them... because hell, I knew there was a housing bubble from watching houses in Asbury Park that I know go above 100K as no one would live there who generally didn't have to.

Sunday, January 15, 2006 12:15:00 PM  
Anonymous Anonymous said...

"I can't help but think it is jinxed, and that the latest efforts to rebuild the waterfront are too late."

Yeah, it won't be long until something or someone queers the deal. Heh.

Monday, January 16, 2006 10:56:00 AM  
Blogger rbyzell said...

i've done some business in asbury(non-real estate related) and if the town keeps the boardwalk commercial, which they keep saying they will, i think that the town has a shot. people love to go to the beach, if they bring some nice clubs and amusements, it will work, but just condos, i don't think so, i love asbury, but it's a really rough place to live and most people wouldn't dream of raising a family there. but, make it a resort town, and there you go, that will make it livable.

Monday, January 16, 2006 1:47:00 PM  
Blogger MazNJ said...

Heck, there's entertainment only a block from the waterfront right now... However, the last I checked, drugs and prostitution weren't legal, so it's not exactly family oriented. Heck, I just drive through the area every so often and I would never utilize said amusements, but its quite obviously exactly where they are. I wonder if these condo developers have considered trying to sell to them, I'm sure they have the cash flow even if its undocumented.

Tuesday, January 17, 2006 12:43:00 PM  
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Tuesday, January 17, 2006 2:14:00 PM  

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