Great more jaded , sour puss faces , oh and the worst drivers ........ moving to the shore.........I'M SO GLAD MY 2.5TH RESIDENCE IS IN SOUTH NJ MORE AND MORE

well isn't such a bargain for youo NYers? Helll tons of for sales deals , why haven't you moved , get out of Wall Street while you can.............you can work at the Diner they need servers.................i'll rent you my back house in Lake Como too

And if your a numbers / math / person ....if you dont have a primary home number ! , NUMERO UNO
than statisticly how can you call your proposerd belmar beach house youR secondary home?
0 + 1 is 1 not 2

OH I FORGOT wall street speculates and guesses ........silly me....... hell just say it's part of your portfolie and you may have 7 homes like McCaine Get a loan you can't afford when get your pink slip and just coninue the mess YOUr industry led out country into...........

sorry but belmar is over YA'LL NY ers You should buy one of the spankin' new beach front condo's that are in FC iin Asbury Park.........
.........

Thank you for your response - however, I have noticed that properties in the 400s continue to come down 20K every other week there is a new one. That as well as the over abundance of supply in the Belmar beach area makes me quite weary of jumping in as within a week the prices drop another 20K.

My husband and I make too much money for the almighty Obama 1st time buyer refund. His plan is really hurting the middle class, but that is another conversation.

Hi Stacy,

I cannot answer your initial question regarding purchasing a vacation home vs a primary residence. A lot will depend on your tax situation, your ability to carry 2 mortgages (if you decide to purchase a primary) and your intention in the way you will use your summer home. Are you looking to rent it out at all? In season, out of season? For a month, or the whole season?

The Belmar market has shown great stability during the downturn since 2005. So have most of the shore towns. The fortitude is in part to the desirability of these towns not only for year round living, but for vacation homes, as well. You are buying a lifestyle. (Some towns had increased median sales prices in 2008 over 2007. )

The financial experts predicting a decline of 30% in Manhattan and surrounding areas may be doing so (for Manhattan at least) because it has taken that market longer to see any depreciation. It was only 2 years ago that Manhattan real estate was at it's highest in history--$1200/sf! So, if that market sees depreciation to the tune of 30% (and remember that no one has that crystal ball to accurately predict) it will be a part of the natural correction the real estate market has taken on since it's peak in 2005. I have heard that in NJ, areas within the rail lines to NYC will remain stable (Jeffrey Otteau, Fortune 500 Appraiser.) The same can be said for the Jersey Shore. The towns along the water are stable and holding value well; however, if you go just 5 miles inland, the story is quite different.

There is a good supply of inventory in Belmar. The last 3 weeks have brought the buyers back out and things are starting to move--even the high end in towns like Spring Lake where multi-million dollar houses have recently sold! Typically the shore market starts to move in February or March as not only the vacation home buyers come down to look so they can be in for summer, but annual residents start their searches, setting themselves up for the coming season/school year. The last 2 years, that Spring market has been delayed. The most inventory sold later in the year in May. Can't say what this year will bring.

So do you buy sooner or later? While inventory is high, homes are taking longer to sell. Prices are generally stable. I have found that in the Fall, homeowners are a little more likely to negotiate because (in general) they know that if they don't sell by July, they will most likely be holding their home until the next year's buying season.

I have to add that the amount you are looking to spend is also a consideration because homes at the lower end are moving and moving quickly. (300-400K) Mid range homes are almost as difficult to sell as the high end, which are the hardest and take the longest. Also, keep in mind and watch interest rates. They are predicted to go up later this year and finally remember that the $8000 1st time homebuyer credit (if you qualify) will expire on December 1, 2008.

Dear Stacy,
Belmar will not see the enormous downward spiral of home prices as some other areas. Belmar is a solid year round community. It's great to be able to enjoy the quality of life whether it's in winter or summer. With that being said if I were looking for homes from a buyers perspective, the Spring market will only have so much more to offer a buyer then waiting until October '09. People are looking now for 2nd homes and keep in mind the rates will not be as low. As soon as the market starts to show a rebound in home sales, you know that the rates will go up as well. In the long run, it's better to get a good deal in a home purchase but it's also better to get a good deal in a home purchase and get a low rate to boot.

Hi Stacy,
It is hard to say whether or not home prices will decline in Belmar after the summer... in my opinion, they will remain about the same.

Now is a good time to buy because there is alot of inventory, home prices are low, interest rates are low and you also have the 1st time homebuyer tax credit.

I would expect the inventory to be less after summer, which will work against you. Usually if there is less inventory home prices do not decrease.

Feel free to contact me if you would like to discuss this further.

Thanks,
Heather Daccurso
Weichert Realtors-Howell
626 Route 9 South
Freehold, NJ 07728
Office: 732-577-0440
Cell: 732-580-5309
Email: heather@heatherdaccurso.com

oh I see - maybe after the summer may be better but then think you will have the whole winter in a widely summer town. Depending on what you are looking to buy your house/bungelow may not have substantial heat for all year round inhabitance. (alot of shore towns have homes like this). Just something to think about......Maybe waiting in fall may be the wise....but I believe you will have less inventory and I don't know if the price of the homes would drop that sunstantially....maybe......but maybe not.

Stacy,

Here are properties currently available in Belmar for sale listed in the Monmouth multiple listing service. Please feel free to click on the link and scroll through. Should you want to take a look at any, contact me.


http://mls.momls.com/MonmouthReports/listings.asp?ID=6433279554

Stacy,

Here are properties currently available in Belmar for sale listed in the Monmouth multiple listing service. Please feel free to click on the link and scroll through. Should you want to take a look at any, contact me.


http://mls.momls.com/MonmouthReports/listings.asp?ID=6433279554

To make clear - Should I wait till the end of 09 like Oct, Nov when the summer is far over?

I used live right by Belmar and I can tell you home prices at the shore areas - especially Belmar don't ever seem to follow the same market predictions that apply to mainland areas. I'm not sure that places like Belmar will ever truly deflate completely since its got a great location and is hoping all summer long. If you wait for summer I believe you will automatically be paying higher prices because that area is such a summer haven. What's not fall in love with during the summer when the shore town is hoping? I would look now and if saw what I loved - purchase and only if I didn't see anything then I would take a laid back approach. I would caution waiting to buy in summer though in a beach town......