Storm waves cut across the barrier island at Mantoloking, NJ, eroding a wide beach, while depositing sand onto the island and into the back-bay, where many of the houses and roads just vanished. Not many years have passed since Hurricane Sandy devastated the Jersey shore and caused serious economic losses. Storm waves cut across the barrier island at Mantoloking, NJ, eroding the wide beach, while depositing sand all over the town and into the back-bay, where many of the houses and roads just vanished. Years after this devastating event, most of New Jersey’s seaside towns have entirely rebuilt their boardwalks and have created dunes to protect them from future storms. No matter what happens in the state of New Jersey, the shore area will remain an enduring popular destination, says FEMA.
New Jersey Shore Area is Still Desirable
According to the real estate data published by Trulia, Jersey Shore market trends indicated an increase of $98,250 (77%) in median home sales during 2015, where the average price per square foot rose to $114, up from $84, during the same year. Moreover, 2015 witnessed a rise in the number of homes selling for more than $1 million.
The shore area is a seller’s market as the inventory is low. Location being the key factor, the area is desirable, being in close proximity to the water, along with low mortgage rates. It is the view of the ocean that makes real estate here even more valuable. Many residents from New York and Philadephia are expressing a desire to buy a home at the Jersey shore. As more people are looking to buy, homes are expected to be sold at a higher listing price.
However, buyers are looking for an open land type design, with raised homes that have elevators, following Hurricane Sandy. Other than living in the shore area, people are using it as a vacation spot, mainly due to the incredible beaches.
Home Construction Now
With current forecasts indicating peaceful weather, the economic predictions indicate an upward trend in the prices of residential real estate in the shore area in the future. New homes are now focused on higher elevation, using stronger materials to prepare for unforeseen events, while assuring the low sinking rates of the foundation soil, says Richard Donnelly, of Donnelly Real Estate in Point Pleasant, NJ. Buyers, preferring houses up to nine feet from the ground, are leaving the room below for storing things like bicycles, surf boards and for parking cars.
With a long list of recreational activities available along the beaches of the Atlantic Ocean, living at the Jersey Shore can undoubtedly be extremely satisfying.