Joe, Home Buyer in Connecticut

Are there bargains at The Grand at Wildwood Crest, NJ?

Asked by Joe, Connecticut Wed Jan 21, 2009

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Hi Joe,

Good seeing you on here.....I have not forgotten that you really want a "bargain" in WW Crest, specifically The Grand.

As I have mentioned in the past, and is mentioned below, there are incentives, but no Bargains..i.e.-Short Sale, etc.

Hope to hear from you again soon!
1 vote Thank Flag Link Fri Jan 23, 2009
I would call a bargain "something that could pay the mortgage payment if you want to rent it and maybe even show a profit after paying the taxes" I know that is unheard of over the last 7 years but history shows us that the price of shore property should be justified by the rental generated by the property. A shore property is typically a second home or an investment so shouldn't your investment make you money. Currently you can buy a condo in the Grand for around $650,000 for a 2 bedroom 2 bathroom unit at about 2000 square feet. If you put down 20% ($130,000) and finance $520,000 this would give you a mortgage payment of $3286.75 a month or $39441.04 a year. This amount does not reflect Taxes (which would be at least $7000.00 on a $650,000 property) or the condo fee (which is not yet determined but I am sure you are talking about a minimum of $600 a month or $7200.00 a year). These amounts total to at least $53,641.04 a year and don't forget you have to furnish your 2000 square foot condo. This resort is in Wildwood Crest, NJ (or Lower Township for tax purposes). The season is at best from Memorial Day to Labor Day for a condo like this and I would ask the question to all of the realestate agents that commented on this property how many condo they have rented in the past 5 years that even came close to renting for this amount (do not forget this is only a 2 bedroom unit). So unless you call a tax right off on the loss you will take on this investment a bargain. I feel prices need to fall a little further along the jersey shore before there are bargains.
2 votes Thank Flag Link Tue Aug 25, 2009
Dear Grand Owner,
Recently sold properties in Wildwood Crest
205 E Newark Avenue 80x80 lot, 3 bedrooms / 3 bathrooms $437,000 sold date September 2009
208 E Newark Avenue 60x80 lot 3 bedrooms / 2 1/2 bathrooms $440,000 sold date August 2009
8801 Pacific Avenue 80x100 lot 6 bedrooms / 3 1/2 bathrooms $485,000 sold date October 2009
The Grand units start at $499,000 for a 2 bedroom / 2 bathroom condo with a $1500/month assocation fee. I have lived in this area my entire life and I can tell you there is no other place as luxurious as the Grand in Wildwood Crest. There is also no other place as expensive as the Grand in Wildwood Crest. If I had to guess I would say that the statement by "Grand Owner" is actually a realtor because why would you care to justify your recent purchase at the Grand. I have been reviewing the newspaper for the recent sales in Wildwood Crest and still feel that the Grand is still overvalued for the price compared to what you can buy a single family home for in Wildwood Crest (with no assocation fees). And when you want to compare the Grand in Wildwood Crest to other properties try Stone Harbor and Avalon. The taxes are cheaper in both of these communities and when you add in the $1500 assocation fees you could afford a beautiful single family home. People not only rent there homes in these two communities with Viking appliances, Subzero refrigerators, and high end finishes but the renters expect these amenities. The biggest problem with the Grand in Wildwood Crest is the "time old tale" never buy the nicest house on the block because there is no return on that investment.
1 vote Thank Flag Link Sun Oct 25, 2009
There are bargains in Wildwood Crest. If you would like more information I can be contacted at 800-916-2289
MIke Rayno
Realtor
1 vote Thank Flag Link Wed Jan 21, 2009
would you know how many condos are sold? I think there are 125 units total; but I am not certain.
0 votes Thank Flag Link Tue Oct 27, 2009
Right on the money Gus. I believe the people who bought in this building will be selling within a year after they realize significant negative cash flow. I also feel the owner/builder/investors want to get out of this project asap.
0 votes Thank Flag Link Thu Sep 17, 2009
Joe,
I own a Real Estate Company and can see the Grand from my home. It is a spectacular building.
Can you make a great deal? Absolutely! At every price point. The Grand , by the way is not in Wildwood Crest but in Diamond Beach (lower township).
0 votes Thank Flag Link Thu Jun 25, 2009
Hi Joe,

I do not specialize in the Crest, not to say that I could not represent someone in another area, I just personally like to keep it to what I know best.

However, I do have a Partner, Walter, who knows the Crest inside and out...I thought I had mentioned that in the past communications. If not, I apologize.

Let us know if we can be of service to you in any way.

Good Luck!
0 votes Thank Flag Link Fri Jan 23, 2009
Hi Tare I am still checking; my memory is that you don't cover the Crest.
0 votes Thank Flag Link Fri Jan 23, 2009
Hi Joe,

Laura is correct in that the term "bargain" is very subjective. I can say as a professional that works on the island and in Wildwood Crest that there are quite a few of what I would call " bargains" . The Grand is quite a unique property , unlike no other down here. There have been some new incentives offered recently but knowing the financial backers on that project they have very deep pockets and chances are you won't see any go back to the bank.

The views from the upper floors are breathtaking and you can see all the way to the lighthouse in cape may and on a clear day the lights of atlantic city.
0 votes Thank Flag Link Wed Jan 21, 2009
One man's bargain might not seem so to another. There are some very good prices, so contact me and I'll email you what's available.

Laura Giannotta
Keller Williams Atlantic Shore
Laura@JerseyShoreViews.com
609-384-6121
0 votes Thank Flag Link Wed Jan 21, 2009
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