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Market Conditions in Asbury Park : Real Estate Advice

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  • Home Buying8
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Activity 5
Mon Jun 8, 2015
thinz answered:
Depends on many factors...and when someone says it depends on many factors, that is a clue that you should reconsider your choices. Are you looking at the east or west side of main street?
West side is rough...possibly a better choice on the east side. Better option is to look for something on the west side from 3rd avenue north to Locust drive, or the east side from 3rd ave...
Good luck. Tom Hinz www.shortsaletosell.com
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Tue Jul 23, 2013
thomas o'keeffe answered:
Hi Mary, not in this particular home. You can give me a call 908-217-9971 to discuss this further. I would be happy to help !
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Sat Apr 26, 2008
Deborah Madey answered:
Hi Maria,

Here's an update on the inventory stats for Asbury. Condo sales are up 25% in 2008 compared to 2007. Inventory levels for condos have averaged 18 months for 2008. Each month the data changes, and data must be looked at over a period of time to understand the market. Looking at only one piece of data cannot paint a true picture of the market. It's easy for one to take one piece of data and quote it out of context, even when the data is real. My offer to send you a PDF of inventory and absorption stats over time still holds.

Absorption rates are not guesstimates, but rather factual pieces of data. However, their usefulness depends upon taking data over a period of time into account. Making decisions or total assumptions on the status of a market based upon only one statistic is of like making an investment analysis or decision based upon the income on an income statement without a look at the expenses, the balance sheet, or a cash flow analysis. At November month end, inventory levels hit 49 months.

I heard someone indicate that Otteau suggested only aggregated county data be considered. I have followed Otteau for years, and recall Otteau stressing that local markets within a county can vary. When I advise clients, we look at local data, county data, and to a lesser extent state data. Discussions pertaining to national data are always part of my dialog w/ my clients, also.

There are also other factors that skew inventory stats for Asbury. Developers include some, but not all of their available units in the MLS, for example. Although the above are facts, not guesstimates, it is important to look at all influencing factors within a market, and not rely on isolated extractions of data.

Regards,
Deborah Madey - Real Estate Broker
Peninsula Realty Group - New Jersey
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Sun Feb 10, 2008
Chris answered:
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...
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Tue Nov 27, 2007
Francesca Patrizio answered:
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.
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Market Conditions in Asbury Park Zip Codes

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