Reporting David Madden
Filed underBusiness & Economy, Consumer News, Heard On, Leisure, New Jersey, News, Syndicated Local, Tourism, Watch + Listen
By David Madden
NORTH WILDWOOD, N.J. (CBS) — You’ve heard it time and again: “Now’s the time to buy that vacation home!”
Well, if we’re talking “down the shore,” that statement might just be true.
The real estate market remains weak, and interest rates are low. The difference now, according to Island Realty Group president Joe Zarroli, is what properties are selling for these days.
“Now we’re more down to where they should be, which is about 2005 levels,” Zarroli (right) tells KYW Newsradio. “So a property that was selling for, let’s say, 588 (thousand dollars) in 2008, you can realistically purchase in the 350-325 range.”
But not everywhere. Some locales, like Ocean City and Sea Isle City, have stayed pretty constant, he says.
Bargains can be found, however, in Brigantine, Atlantic City, and the Wildwoods, where developers are looking to unload properties. Look for foreclosures and short sales.
Zarroli expects the trend to continue as long as those loan rates don’t change much.