Waves of homebuyers land at the Jersey Shore in search of leisurely setting – Jersey’s Best

Like wavescrashing on the beach, a tsunami of eager homebuyers has hit theJersey Shore. MotivatedbyCOVID-19 restrictions, new remote working opportunities, low-interest ratesanda love of sun and sand, buyers from asfaraway as Connecticut are flocking to theShore fora betterquality of life.

Northern New Jersey home sellers are taking their profit from the sale of their homes, downsizing and opting for the fun of resort-style living at the Jersey Shore. Photo courtesy of Coldwell Banker Realty

The JerseyShore market isnt hotits on fire,said PerryBeneduce, executivedirectorand broker at Diane Turton Realtors.Founded in 1985,Diane Turton Realtors maintains 18 offices in Monmouth and Oceancounties.

The biggest problem in todays market is inventory,Beneducesaid. In addition to a good supply of local buyers,peoplearemovingto theShore fromnorthern New Jersey, Manhattan,the Hamptons and even Connecticut. Itscommon for a home to be sold a day or two after its listed.We aregettingoffers above asking price,andthere arebidding wars for someproperties.

Rob Norman, president of Coldwell Banker Realty in New Jersey and Rockland County, N.Y., added that Coldwell Banker offices throughout Monmouth and Ocean counties also are selling at a record pace.

Robert White, who manages our Spring Lake office, shared local sales data,which speaks volumes to this high level of activity, Normansaid.Days onmarket are coming in at about 45 days today vs.67 days in 2020. Inventorysupply is now 1.7 months. It was at 4.1 months in 2020.

Motivated by COVID-19 restrictions, new remote working opportunities, low-interest rates and a love of sun and sand, buyers are flocking to the Shore for a better quality of life. Photo courtesy of Coldwell Banker Realty

Norman noted that Coldwell Bankerrepresents many smaller beach communities that average 60 to 75 sales a year. In 2019, the averageShore communityhadabout 45 to 55 home sales. He explained that,in 2020, sales increased about 50% to 60% in most of those markets with 75 to 85 sales.

DavidSchoner, vice president ofColdwell Banker New Homes,addedthat there has been a major paradigm shift in the real estate market,which has impacted sales of both resale homes and new construction.

For years,the trend, especially among younger people,was toward major urban areas,Schonersaid. People who worked in Manhattan wanted to live close to their jobs and the lifestyle amenities ofTheCity. Now thatmany can work remotelyand the restaurants, night clubsand other points of interest are either closed or open at reduced capacity, theres been a reversal of priorities,and the outward migrationfrom urban marketshas accelerated.

New-home communities at the Jersey Shore marketed by Coldwell Banker New Homes are selling quickly. Only two of the attached, single-family homes in the famed Officers Row collection at East Gate in Oceanport remain available. Coldwell Banker New Homes also represents North Pointe at Sea Bright, a waterfront condominium community that is about 50% sold out, and 365 Ocean Boulevard, an upscale condominium community in Long Branch that is roughly 90% sold out.

Coldwell Banker New Homes represents North Pointe at Sea Bright, a waterfront condominium community that is about 50% sold out. Photo courtesy of Coldwell Banker Realty

The new construction market at theJersey Shore is strong across all community types and construction styles, according to Craig Cherry, New Jerseydivisionpresident of Toll Brothers.

Weveexperienced a strong demand for ournewhomes at the New JerseyShore,and weve outpaced oursalesprojections in every category, Cherrysaid. Our luxury single-family homes, townhomes and active-adult lifestyle communities are all very busy.

In response to the shortage of housing inventory at the Jersey Shore, Toll Brothers is building quick-delivery homes that can be occupied in less than 90 days. While these homes offer fewer opportunities for selections than those built for the buyer from scratch, quick-delivery homes do incorporate the styles, finishes and technological features that are popular in this fast-paced market.

Toll Brothers is building quick-delivery homes that can be occupied in less than 90 days, like its Hammond home design in Monmouth County. Photo courtesy of Toll Brothers

According to Cherry, homebuyers are looking for flexible space and more personalization in new homes as well as state-of-the-art technology and multiple home offices to accommodate work-from-home and remote learning scenarios. Energy-efficient elements, like home charging stations for electric vehicles, are now priorities for homebuyers.

Toll Brothers iscurrentlybuilding singlefamily homes, low-maintenance townhousecommunities, and activeadult amenity resortcommunitiesin Monmouth and Ocean counties. Prices start as low as the $600,000s foractiveadult communities and from $1.2 million for large,singlefamily estates.

Jane Betancourt, director of sales at The Lofts Pier Village,explained that homebuyers at the Jersey Shorewantstylish new homesinresort-stylesettings.The Lofts,which is set in the heart ofPier Village in Long Branch,offers acollection of elegant condominiumsin a scenic,beachfrontenvironment.The community is distinguished bya full complement of indoor and outdoor recreational facilities.

We have both primary and vacation home residents who love the city-by-the-sea atmosphereandnumerous lifestyleamenitiesof Pier Village, Betancourtsaid. Fine restaurants, shops, the beach and the boardwalk arewithin walking distance ofour luxurious condominiums. Plus, our homeowners can take their laptops out to their private terraces and workat homewhile they soak in magnificent ocean views.

The Lofts, which is set in the heart of Pier Village in Long Branch, offers a collection of elegant condominiums in a scenic, beachfront environment. Photo courtesy of Extell Development Co.

Betancourtexplainedthatpeoplearemovingout of the New York Cityareaand payingtop dollar for homes innorthern New Jersey communities.NorthernNew Jerseyhome sellersare thentaking their profits,downsizingand opting for the fun of resort-styleliving at theShore.She addedthatthe Lofts offers a tax abatement,orPILOT (Payment in Lieu of Taxes) program, whichmakes The Loftsaneconomicalplace to live.Shealso pointed outthathomeownersat The Loftscan saveup to $400,000 in property taxes over the course of 30 years.

The Loftsembraces the Jersey Shore lifestyle with amenities such asabeautifullylandscapedoceanfrontdeckthatfeatures alap pool,cabanas,gas grills and cozy fireside seating areas.Indoors, the private state-of-the-art fitness center is complete with both mens and womens locker rooms, plus the latest fitness machines and a yoga/personal training studio. Indoor facilities also include a club room, game room and childrens playroom,making The Lofts family friendly.

Condominiums at The Lofts arerichlyappointed by the sameExtellDevelopment Co.design group that is responsible for the firms opulent Manhattan residences.The Loftscurrentlyis about 85%soldout. Onebedroom condominiums start at $619,000.

Experts agree that the real estate market at the Jersey Shore is hot,andits onlygetting hotter. With the summer seasonandthe peak selling months now in full swing, they expect competition for homes at the Shore to intensify even more.

Stan Lemond is an award-winning marketing consultant and writer who has more than 40 years of experience. His work has appeared in The Star-Ledger, Staten Island Advance, Trenton Times and South Jersey Times as well as Jerseys Best.

This article originally appeared in the Summer 2021 issue of Jerseys Best. Subscribeherefor in-depth access to everything that makes the Garden State great.

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Waves of homebuyers land at the Jersey Shore in search of leisurely setting - Jersey's Best