Anti, Both Buyer and Seller in Brigantine, NJ

Taking into consideration the boom in 2004/2005, and the decline by this year, If the home was purchased in

Asked by Anti, Brigantine, NJ Mon Dec 17, 2007

2002 what would be an average/reasonable increase in market price. I'm looking in Brigantine NJ and it varies from 20% to 80% increase in home asking price. I just need some kind of guideline. Also if we're talking relatively newer homes what is an average square footage price. I know this is a hard question, but I've seen an ave price on a newer home at $187 to $350 on an older home. I'm just trying to get a reasonable feel before puchasing in Brigantine.

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I took a look at what was going on in the Brigantine market and created these two charts to visually show what has been going on from 2000 to 2007. The charts show list price and sold price and listings and sold homes.

Please click on the link to my blog below to view the charts and analysis.
1 vote Thank Flag Link Tue Dec 18, 2007
According to Jeffrey Otteau, Fortune 500 Appraiser in NJ, DE, and PA--Housing prices on average in NJ increased 187% between 2001 and 2005. Since then, there has been a depreciatiion of 28% (on average.) This brings us back to 2003 prices. However, all markets are local and you really need to speak with an informed local agent who can give you the exact percentages for Brigantine.

I sell out of Southern Monmouth and Northern Ocean Counties, but if no one answers you specifically, email me either through Trulia or my website and I will do some research for you to see if I have the Brigantine statistics in my notes from Jeffrey's last seminar.

Good luck
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0 votes Thank Flag Link Tue Dec 18, 2007
Hi anti,

Here is a rough idea, very rough. The boom market ended around September 2005. At that point appreciation rates were 10-20% per year. So let's use 15%. From mid 2002 to mid 2005 add 45%. In fact make it 50% for compounding. Since that peak, values are down about 10%. So very rough add 40% to 2002 prices.

As far as price per square foot, don't use it for the following reasons:

1) Accurate square foot data on most homes is unavailable. Tax assessor data is useless when it comes to square footage. I've measured thousands of homes exactly right down to the foot as an appraiser, the assessor's figure is usually off, often way off, and sometimes not even in the ballpark.

2) Single family homes are subject to too many intangibles that don't translate to price per square foot. Something as simple as an ocean view could make 2 identical homes sell at vastly different prices. There is often little rhyme or reason between the size of a home and its selling price. Condition, floor plan, and site amenities often trump mere home size.

Good luck finding your home in Brigantine anti!

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0 votes Thank Flag Link Mon Dec 17, 2007
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