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South Jersey Realty Agent Sees Soft-Market Opportunity For Shore Buyers

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(An Avalon, NJ cottage offered for sale at $550,000.  File photo)

(An Avalon, NJ cottage offered for sale at $550,000. File photo)

David Madden David Madden
David Madden is a Philadelphia native with virtually a lifetime of...
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AVALON, N.J. (CBS) - For those of you who dream of owning a vacation home “down the shore,” now may be the best time in a long time to do it — if you can afford it.

The real estate bust of the last couple of years has bottomed out, realtors say, and prices aren’t going to get any lower.

In the high-priced Avalon/Stone Harbor area, for example, Avalon Realty co-owner Paul Leiser says prices dropped about 30 percent during the lean times.

Sale prices since the first of the year have averaged $1.4 million, Leiser says, and you’d be surprised who’s buying.

“There are quite a few younger people nowadays, it seems, who have made it big in technology, industries, what have you,” he says, “so we have seen some fairly young people — I would say in their 40s.”

If that $1.4-million mark is still a little pricey for you, he suggests you might try Ocean City, Sea Isle City, or the Wildwoods.  And bayside properties are more of a bargain, too.

But Leiser sees prices heading up sooner, rather than later.

Reported by David Madden, KYW Newsradio 1060

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