Reporting David Madden
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