J, Other/Just Looking in Washington, DC

We just pulled our 1B/1B off the market is Asbury. It is a condo conversion in great condition. It has been

Asked by J, Washington, DC Fri Nov 2, 2007

on and off with 3 different realtors for two years. It was aggressively priced but no takers. What is going on in Asbury?

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A few of the new waterfront developments are getting traffic and activity. Esperanza, has some of their new units in MLS, but not all. Wesley Grove and North Beach units appear in MLS as private owner resales. In order to grasp the market, one needs to look at what is going on w/ the new developments as well as resales.

MLS STATS.....In 2005, there were 117 condos/townhomes sold in Asbury. That number dropped to 54 in 2006. This year is outpacing 2006, with 55 closed sales as of Oct 31, 2007. Part of what the impact on the resale market has been the offerings of new units competing in the market. Many of the new units are quite expensive, and come with a long list of amenities.

The inventory for condos in Asbury stood at 46+ months as of the end of October. There were only 3 sales, yet 139 listings during the month. That is simply too much inventory for buyer to absorb.

Still, buyers are showing up at Esperanza. I mention that builidng because I have been there a number of times. Esperanza reports good sales activity. The price points there are substantially higher than a 1 bedrm condo coversion.

Aggressive must take on a very bold meaning in Asbury in order to be one of the three that went under contract from a choice of 139. Unless you are willing to compete that boldly, you might be better holding a few years.

Asbury continues to attract investors. We just represented a commercial builidng purchase there for an investor. Metro Homes, the developer behind Esperanza, is well established and experienced in areas that experienced regentrification. North Beach comes out of Kushner, another large player.

There is money flowing into Asbury, but things take time.

If you do want to sell, you will need to embrace the word aggressive as it applies to pricing.

We service your area, and if you are interested in further discussion on this, feel free to reach out to me.

Regards
Deborah Madey - Broker
Peninsula Realty Group
732 530-7755 Main
732 530-6350 Direct
2 votes Thank Flag Link Fri Nov 2, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
Diane's comments are accurate. Indeed it is not the Asbury of the 70's and 80's if you remember what it once was. Another item to keep in mind is the unusual spike in murders and gang activity within the last 2 years in the central Asbury Park area. If you're not aware, search the Asbury Park Press for this information and then put your feet in the shoes of a buyer.
1 vote Thank Flag Link Fri Nov 2, 2007
Asbury Park is trying to renew itself. There has been a ton of devlopment there in the last 5 years or so.

There are currently 60 1BR units for sale ranging from a little over $100,000 to almost $1,000,000. There have been sales lately as 12 units are under contract, and approximately 70 1 bedroom units have sold in the last 2 years. Most of those were in the condo conversions of Ocean Arms or along Deal Lake Drive. I can give you average days on market, average sales prices, etc. But, if you provide additional information, perhaps your MLS #, I can help you better.

As far as what's going on in Asbury Park? There are a lot of things affecting that market. Unfortunately, not all of it is good. If you live there, you have seen for yourself some of the beautiful new construction and may be aware of the business owners association who is aggressively trying to clean up the area and keep it that way. They have been responsibile for things like the beautiful street lights in the business district . You also know that there are still plenty of pockets of poverty, run down buildings, and police issues. It has been a town in turmoil since its inception and the cycle seems to repeat itself. If you haven't read the book 4th of July, Asbury Park, you should. It gives you insight into the towns history and the problems plaguing that town to date.

Real estate wise, the bargain market of Asbury Park is long gone. People who bought prior to 1995 bought cheap properties. Once the press was made aware of the regentrification around 10 years ago, prices started to climb substantially. I know. I thought of purchasing there myself in 1998, thinking I would find a bargain and get in before things heated up. Even then, I missed the boat!

I think Asbury has a long way to go before people who bought there recently will see appreciation. That is due in part to the overall skepticism in the public's eye. Locals who read the papers every day know what's happening there. At this point, it's a nice place to visit for dinner or the Friday night strolls, but most people still don't want to live there. The other shore markets in South Monmouth county are doing wonderful. Prices are stable, homes (when priced right) are selling and some towns have seen 2X the amount of homes sell this year, compared to last. I think there is hope for Asbury, as the proximity to the ocean and the prices offerred are fabulous. If you can hold onto your property, do so. Otherwise, if you need to sell and would like to discuss this further, you can contact me via Trulia or my website, below.
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Fri Nov 2, 2007
J,

If can tell me which conversion your unit is in, I can give you some detailed feedback. I spent all of last year marketing in Asbury and continue to remain on top of the market.

This is not an attempt to solicit your business as I have moved on from Asbury. Knowing which conversion you are referring to will help me give you more concise feedback.
0 votes Thank Flag Link Tue Nov 27, 2007
J:

You have had 3 different Realtors try to sell your property over a two year period. During that time, did any other property like yours sell? If so, how much less than yours? How long had your house been "aggressively priced"?

In the last 24 months if you could not sell your property then it just might be the price and not the Realtor. Just quessing.
0 votes Thank Flag Link Fri Nov 2, 2007
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