With Memorial Day weekend just a few short weeks away, the BBQs are heating up along with real estate activity at the shore. Married to a self-proclaimed Jersey Girl and a beach lover myself, our summer at the Jersey Shore begins with a margarita and a weekend at the beach. But as a New Jersey real estate attorney, this time of year also kicks off an annual look at the market to see the difference a year makes.
So far it seems that the Summer of 2012 is off to a terrific start and the forecast is far from gloomy. Although the recent activity in sales and rentals can be seen as simply a wave of seasonal transactions, most brokers are reporting an increase in contracts and more solid footing. In northern Ocean County, in particular, the market is showing signs if not of full recovery, at least perhaps of normalcy. In addition, even with the softening southern shore markets, second home buyers seem to be impatient at the waiting game. As many economists and industry experts tend to believe that the bottom has been hit at the beach, eager buyers are ready to make a deal and are back in greater numbers than past years. For sellers, however, profits on a home bought before 2008, may still be a few cycles away. For those individuals who hope to recoup their value, they might just want to keep their toes in the sand a few more summers.
For more information, please contact Felix Nihamin & Associates, P.C. at 212-502-4868 ext. 302.