More “For Sale/For Rent” Signs
Driving around the Shore this past week I noticed more “For Sale/For Rent” signs. I have come to conclude that “For Sale/For Rent” really means “house won’t sell, will not negotiate.” If you really want to advertise you are an “investor” who bit off more than you can chew, then by all means put that sign in the front yard of your house.
posted by Little_Silvered at 7:09 PM
9 Comments:
spoke to some friends who tell
me that on the jersey shore,many sellers are now going to wait for
the spring.
Rent , hopefully , for the winter.
After all , shore land is not
going away.
built it and they will come.
I figured screw it, and posted a sign, House free with Wife, just pay credit card bills.
Still no takers!
well, true, shore land is not going away but there are a bunch of homes for sale either right on the beach or a block from the beach in belmar so, go figure. and some of them have been there for over a year! there is one big house, i think it was on 15th, that is selling for under 750. a block from the beach! we'll see. oh yeah, plenty of beach front stuff in asbury!
If I had a dollar for every time someone wrote "shore land is not going away," I'd have enough money to offset the losses of homeowners who are forced to take comfort in the belief that shore land isn't going away...
Shore land isn't going away? Talk to some former home owners in and around Gulfport, MI.
Shoreland is not going away BUT the desirability of it will.
Perhaps people will finally realize that owning a vacation home in a climate that prevents it from being used more than 4 months a year is dumb.
What was it that made these Philly and NYC office workers think that they needed a vacation home anyway? I call it a Vanderbilt complex.
Jayman:
You can ask Trent Lott.
Prices at the shore go down and can stay down for long periods -- there was a big run up in the 80s (although nothing compared to recent times), then prices fell in 89 and did not get back to the 88 level for 7 or 8 years. You can look it up. We're heading there again now.
In the long run, you won't lose your shirt buying real estate at the shore, but if you're heavily leveraged and need a quick pay day, you're going to be stuck. I'd bet we don't see 2005 prices again until 2009 or 2010.
I disagree with your time frame. Prices haven't declined much because most sellers are still in denial. My prediction is that when reality hits,price declines will accelerate. I don't think the bottom will be reached until at least 2009.
Ain't this the truth! If you look on the NJ Apartment MLS - http://www.GardenStateApartments.com and look at some of the descriptions for the properties, there are more and more "lease options" than I've ever seen before. And more "second home" condos that are popping up as "winter rentals" cuz they won't sell... we have officially turned a corner....
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