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GREETINGS FROM ASBURY PARK, NJ

Asked by Voices Member, Fri Dec 14, 2007

Although a drive through Asbury can be quite mind boggling, new major developers have arrived on the scene, infrastructure changes are happening, sales continue and the community-at-large are believers. What are your thoughts about how long it will take to reach its full potential . . . . . . 5, 10, 15 years?

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The money has been made ... at least for the short term.... poor asbury delayed building when the market was good for sellers (when bruce did the today show) now too many homes are owned by investors that are losing money everyday.

I lived across the lake bought the house for $289,000 and sold it 3 years later for $651,000 now it would sell for 500,000...
1 vote Thank Flag Link Sun Feb 10, 2008
I agree with you. Property values in most places are down at least 22% from the peak when the money was made. Investors came into town and overpaid for Asbury, particularly for single family homes. When people are paying more in Asbury Park for fixer-uppers than comparable homes in good condition are selling for in top-tier towns with top-tier schools, they are overpaying. Some individual investors from out of town paid way too high, who's going to pay high prices to rent single family homes with such poor performing schools?
Flag Tue Jul 23, 2013
Always hard to say when an area will reach its full potential. I've been following what's going on down there and many are keeping a close eye. What's important is that there is dramatic development and activity. If you look at cities like Hoboken and Jersey City. They are continuing to grow and improve even after as much as 15-20 years and it's hard to say when they'll reach their full potential. Even Newark has enjoyed a renaissance. I would expect Asbury Park to continue to have equity growth and hopefully become more and more desirable and have more and more equity growth as time goes on.
0 votes Thank Flag Link Sat Dec 15, 2007
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