Friday, March 03, 2006

“Put your makeup on fix your hair up pretty

And meet me tonight in Atlantic City”

The NY Times has an extensive article today about the real estate market in Atlantic City. It looks like the appeal of Atlantic City is that it is cheap relative to the other shore towns up and down the beach since there are many parts of AC that would rival Camden in decrepit ness. The article didn’t specifically mention that condos were being bought by “investors” however; I would imagine some of the demand in AC has been investor related. Many real estate investors seem to confuse affordability with value. They think that since an area is affordable, it must posses some untapped value, sort of like when amateurs by the stock of bankrupt companies because that can acquire 50,000 shares for $500, even though the value of the stock is close to zero.

“THE view outward from Brett Wartenberg's 20th-floor luxury condominium in Atlantic City is a thing of beauty, a sweeping panorama of the Atlantic Ocean, the historic Absecon Lighthouse and the shoreline of nearby Brigantine.

But glance straight down, onto the streets of the Southeast Inlet neighborhood, and the majesty fades. Decrepit row houses patched with plywood are scattered among vacant lots; plastic bags of trash slump against them. Pigeons peck on empty Doritos bags and stray cats prowl the deserted streets.

Dr. Wartenberg, 41, a chiropractor whose full-time home is in Medford, N.J., is unfazed. He paid in the $400,000's more than a year ago for his new condo at the Bella, a redevelopment of an existing apartment building. High-floor units in the project are already listed at substantially more than he paid. “

More…

2 Comments:

Blogger Long Island Guide said...

This comment has been removed by a blog administrator.

Saturday, March 04, 2006 12:54:00 AM  
Blogger pesche22 said...

lonny,, have you no shame

Saturday, March 04, 2006 8:51:00 AM  

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