All of the prior posts are on point. There are a number of critical buying decisions that must be satisfied prior to pursuing a purchase at this community. The location of the E&S is unparalleled at its price point. However, the lack of a kitchen, the significant maintenance fees and the communal dining facility must be absorbed and experienced before committing to an E&S purchase. Fortunately, there are a number of very appealing alternatives to the E&S that I'd gladly share with you. Kindly reach out to me at your convenience. Thank you.
Ward Wight Sotheby's International Realty
1117 Third Avenue
Spring Lake, NJ 07762
The E&S (as it is known to locals) is a wonderful condominium association with elegance and old world charm. Nothing like it at the Jersey Shore, and nothing less than $3MM can be found on Ocean Avenue for sale in Spring Lake. So, from a dollar value point, it's a great deal.
However, the rooms are small. Think of a studio as one hotel room, and a one bedroom as two hotel rooms joined together. And, HOA monthly dues are very high, but taxes are very low!
Prices are determined by the desirability in the building, with ocean front units getting the most money, ocean views next, and finally lake views usually are the lease expensive. The higher in the building you go, the more $$ you will most likely spend. (A good idea is to be on the 3rd floor or higher to be over the roof tops in town!)
I owned a unit for several years, and was a resident in town for over 20 years. I would be happy to give you a tour, if you think the building will work for you. Just reach out to me via Trulia or my website below where you can find a plethora of information on Spring Lake!
Are you aware:
-very few banks, if any will finance Essex Sussex, therefore, you will have to pay cash.
-there are no kitchens, this is an old hotel converted to condos
-there is a $225/month charge for the dining room, whether u use it or not
-minimum age is 55
-MONTHLY MAINTENANCE FEES range from $500 to over $100
I share this with you because most people see the list price as attractive, but when they add us the expenses, it becomes unaffordable and impracticle.
If Essex/Sussex works for you, feel free to give me a call for a tour @ 732.606.2931 or if other oceanfornt near oceanfront property would work, email Francesca@PatrizioRE.com and I will send you some likekind properties.
Francesca Patrizio, Broker Sales Associates, ePro, SRES
GLoria Nilson REALTORS, Real Living - Spring Lake
Let me give you a little background on what was going on there. In Feb 2011 the HOÃ… (homeowners assoc) settled with the Borough of SL on some very important issues that were stifling buyer's attention.
The first major victory for the HOA was the lowering of the min age from 62 to 55. This will expand the eligibility of buyers creating more demand for the unsold units.
The next was the dining hall services. These units do not have full kitchens. They are mostly equipped with micro, refrigerator and sink. Therefore, the residents were mandated to eat/pay for 3 meals a day 365 days a year in the dining room. The new agreement left that quota up to the management and now it is much more palatable.
There were also issues on length of stay for visitors that was relaxed a little. Now they are available for 3 month min rentals as well.
They have a banquet hall on premises which was restricted for use only if the resident was present. Now residents can sponsor use of the banquet hall and not necessarily need to be present. They are allowed up to 18 events a year.
There were some other small issues but mostly the agreement was ruled in favor of the resident home owners.
The E&S has a majestic appeal that rivals no other property at the shore. All this in one of the most desirable and pristine shore towns., On premises there are exercise & Internet rooms, media center, Library and 24 hour concierge service, along with elegant dining. Less than an hour to most northern nj towns and slightly longer to NYC. You can get to NY by train or the easily accessible park and rides en route.
Now that the agreement was ruled in Feb combined with a weak real estate market the prices are cheaper than ever.
There are 14 units for sale on MLS ranging from $129,000 to 689,000 ( this includes short sale unit). Of course size of unit and ocean views play heavily on pricing. Assoc fees range from $700's to $1500 month. Taxes are very low $700 and up from there all are extremely reasonable. Dining room prices about $225 month.
If you would like to see some units or want more information call or email me anytime. Diane Turton Realtors has been very involved in this condo development since inception and remains informed and very involved with the buyers and sellers.
It has all the benefits of hotel living with an on-site restaurant, valet parking, fully equipped business center, billiards room, library and exercise room. Housekeeping and spa services are also available. The views range from spectacular ocean vistas to non-water view "Garden" units, many of which have patios.
The only down side that I can comment on is that aside from the corner and penthouse units, many residences are rather small for a primary home (450-650 sf) and they do not have standard kitchens (no stove/oven, just a microwave). There is a fully equipped community kitchen with Viking range.
Of course, I would be happy to give you a tour of this incredible building. I also worked at the E & S in the 1970s as a teenager, so my exerience with the building stretches way back!