Let it Wash Away
A reader of this blog sent in this article about beach replenishment on LBI from The New Yorker. It's pretty amazing that the whole debate about beach replenishemnt and beach access and who will pay for what and when seems to be unique to New Jersey, as if we are the only state in the union that has beaches.
snip...
[In order to start pumping sand, the NJDEP and Army Corps need about 800 oceanfront property holders to sign easements. The documents do two things: First, they grant the government the right, in perpetuity, to rebuild the dunes on private land. “This is not a one-shot deal,” says Dave Rosenblatt, administrator of the NJDEP’s Office of Engineering & Construction. “We’re going to have to come back and redo this.”]
full article...
snip...
[In order to start pumping sand, the NJDEP and Army Corps need about 800 oceanfront property holders to sign easements. The documents do two things: First, they grant the government the right, in perpetuity, to rebuild the dunes on private land. “This is not a one-shot deal,” says Dave Rosenblatt, administrator of the NJDEP’s Office of Engineering & Construction. “We’re going to have to come back and redo this.”]
full article...
posted by Little_Silvered at 7:47 PM
16 Comments:
Anybody have any predictions on how Red Bank will hold up in next few months as summer shore appeal fades?
A local realtor friend told me that the only people who are looking (and looking, not buying) at properties now are DINK's. They posit that this is because it is now difficult to close on a sale before the end of August for any kid's enrollment in local school.
I have heard that sellers are starting to panic at the lack of offers that have come in during the "spring market" and have begun to start to drop prices significantly.
Anybody else hear anything similar? Care to share?
Talk about prices being dropped significantly. I saw three houses in a recent copy of Homes and Land magazine (Vol 11 No. 4)when I looked them up on the MLS website I was surprised to see their prices drastically reduced. One house was in Bradley Beach MLS# 10078964 - $739,000 /$629,900. The other two were in Little Silver 1) MLS # 10076212 - $669,000 / $629,000 2) MLS # 10072919 $429,000 / $369,900. Significant reductions. Maybe this blog should feature a weekly list of price reductions like they do on the North Jersey blog.
And, when the storm(s) come, let the mansions wash away with no option to rebuild. Barrier island movement at it's best.
Uh, that article wasn't in The New Yorker...it was in New York Magazine. The two are not the same.
Love your blog, though. Read it every day.
to Anonymous; the site is quaint but not know for it's accuracy
dude, that's a weak attempt to discredit this site. The best you can do is to denegrate it for a typo???
What is a DINK?!!
I have seen some small reductions, (5-10k) but the houses are overpriced to begin with, so it doesn't make too much of a difference. The shore houses on the market now are mostly crap...small, outdated and way too much $$.
real estate booms come and go. they always last about five years or so. but, people who wanting to go to the beach and relax/have fun is forever. i for one love that the boom is ending, i want my old jersey shore back! what's left of it anyway.
RBYZELL:
Amen! You can set up your towel next to my family.
-Jamey
I live about six houses from the house pictured in the article. I have seen the beach up to the dunes and 60 yards from the dunes. Most of what the corp of engineers have done over the years has been folly. Don't get me wrong, the corps does it's best to "fix" the things we humans think are wrong with mother nature. They just never get that right, because mother nature; just is. As for surfers complaining about surfing, the ratio of surfers to sunbathers is about 50 to 1 on the beach pictured. So in a democracy, they would lose the vote.
DINK = Dual Income, No Kids
Excellent & very interesting story IMO. Mother Nature will always win in the end.
I put a bid on a home in Bradley Beach 10% under the asking price but the realtor wouldn't budge (MLS10073223)
We've been vacationing on LBI for over fifty years. It's a barrier island subject to periodic flooding. The '62 storm was catastrophic, and it's only a matter of time until it happens again. You just don't put a million bucks into a summer house on a barrier island --- you put a tenth of that in it, and fix the damage when it occurs. Prices have a long way to fall before they are reasonable. The crazy New Yorkers who pay a million bucks for a 400 square foot apartment think it's a great deal because they can buy a house at the beach for the same price. Unfortunately, it doesn't work that way, and they are going to find it out the hard way.
It is always the old people that complain that hot dogs are no longer 5 cents and that real estate is 90% over valued. If you think you can get a house on LBI for 100,000 in your lifetime, you are smoking something...
If you check the newspapers occasionally you might notice that NYC is THE financial capital of the WORLD! So those who work there can and do spend their money as they see fit. They don't sit around and bemoan that prices are too high, they fit their lives to reality.
I'm the LBI guy. Read my blog again. I'm not saying that houses will be 100 grand, but that's probably what they're worth if you don't have flood insurance. What I DID say, and stand by it, is that New Yorkers don't have a clue as to what reality is. You live in an artifical market that survives because you sell air. Well, I'm not that old, but old enough to know that it doesn't last forever. Technology alone is changing the world, and you don't have to live in Manhattan to make money. I'm also not sure that New York is still the financial capital of the world. And a million bucks for a 400 sq. foot apartment? It's nuts by any measure, and I don't care where it's located.
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