WILDWOOD, N.J. (CBS) — A gorgeous view overlooking the Atlantic would have cost you close to a million dollars two years ago, but since that time, the price has taken a dip.
“Right now the developer is going to take these to auction and we have published bids of $125,000,” said Glen McDonald.
McDonald is with Max Spann Real Estate. He showed Eyewitness News the Penthouse of a 3 bedroom, 16 condo on Monterey Avenue in Wildwood Crest. It’s among nine other condos in the building, that are now on the auction block this Sunday.
“This project like so many was conceived at a time when the economy and real estate market were at much higher prices,” said McDonald.
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In this buyers market, those prospective buyers are leaving the shore. The latest U.S. Census shows most of the towns and boroughs that border the Atlantic Ocean from Sea Bright to Cape May Point, suffered a population loss from 2000 to 2010. Sea Isle City, Brigantin and Ocean City each reportedly had a 25 percent drop.
Wildwood Crest borough lost 18% of its population, over the last 10 years according to the census.
” If there’s less buyers out there, than it certainly is reasonable to think that the asking prices would come down with that,” said McDonald.
Reported by Jericka Duncan, CBS 3