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. Some of the Wesley listings are contract purchasers. There seems to be some speculative investors who are holding the ball right now.
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. These numbers omit the majority of new condo sales.
The MLS 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 building because I have been there a number of times. Esperanza reports good sales activity. North Beach coming out of out of Kushner is another large player.
There is money flowing into Asbury, but things take time. It will be a while before buyers see ROI or have the ability to sell at break even or a profit.
Deborah Madey - Broker
Peninsula Realty Group
732 530-7755 Main
732 530-6350 Direct