New Jersey

Here’s what $5M will get you at the Jersey Shore

Published

4 months ago

July 20, 2024

Here’s what M will get you at the Jersey Shore

Five million dollars is certainly a lot of money. But if you’re looking to sink it into a Jersey Shore house, you probably won’t get everything on your wishlist.

You should be able to find a new construction home. It will probably have a pool. But you might be walking at least a block to get to the beach.

The prices of homes at the Jersey Shore have nearly doubled since the coronavirus pandemic. And the continued low inventory is pushing prices even higher.

“There’s still an extreme lack of inventory,” said Brendan Pierce with Keller Williams Shore Properties. “Sellers are really benefitting.”

Five million dollars is the mid-range of the market, nowadays, especially in places like Seven Mile Island, where home prices top out at more than $20 million.

Prices were expected to stabilize when interest rates rose but that isn’t happening.

“People have just become more tolerant of the higher rates and they have a greater belief the market isn’t going to be negatively impacted,” said Jack Binder, Jr. of Ferguson Dechert Real Estate, Inc. “They’re watching other people’s transactions … and those transactions are giving them confidence. When this round sells, the dirt is going to be even more expensive.”

The $4 million to $5 million price range is a very active segment of the market, said Shawn Clayton of Clayton & Clayton Realtors, who works primarily between Point Pleasant Beach and South Mantoloking.

“There are probably four to five listings that just went under contract in the past 60 days,” he said.

And the market is picking up steam as the summer wanes.

“People who were down for the summer start heading home and feel like they’re missing out,” Clayton said. “So they want to step it up and purchase something for next year.”

Here are some homes that were recently listed at the Jersey Shore for about $5 million:

The custom-built home is listed for $4,999,9999.Courtesy of Brendan Pierce with Keller Williams Shore Properties

This home was custom built in 2022 for the current owner. The six-bedroom, four full- and two half-bathroom residence has 75 feet of water frontage and is located in the Normandy Beach private enclave. It has an elevator, a salt water pool, a chef’s kitchen and ornate millwork.

The home was on the market for about 50 days, “then we received several full price offers within 48 hours of each other,” said Brendan Pierce with Keller Williams Shore Properties. It is currently under contract.

1702 Beacon Lane Point Pleasant Beach — This oceanfront home is listed for $4,895,000.Courtesy of Shawn Clayton with Clayton & Clayton Realtors

This oceanfront five-bedroom, four-bathroom home was built in 2004. It’s about 4,300 square feet and has lower and upper decks with ocean views, multiple balconies, a two-car garage, a fireplace in the living room and a custom kitchen.

“The house is on Beacon Lane, it’s a very unique, oceanfront street. Everything is very custom. The neighborhood is built by design. It really does stand out and is a desirable area,” said Shawn Clayton of Clayton & Clayton Realtors.

242 36th Street, Avalon — The price of this new build has been reduced twice from $5.195 million to $4.699 million.Courtesy of Jack Binder, Jr. of Ferguson Dechert Real Estate, Inc.

A six-bedroom, six full- and two half-bathroom home is brand new. It’s a couple of blocks from the center of town and 16 homes from the beach. It was listed in January for $5.195 million. The price was reduced in March to $4.995 million and at the end of June the price was changed again to $4.699 million.

“It was built by people who did not intend to sell it and therefore it is ammenitized in a way that is finished beyond your typical … home built for resale,” said Jack Binder Jr. of Ferguson Dechert Real Estate, Inc.

Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.

Thank you for relying on us to provide the local news you can trust. Please consider supporting NJ.com with a subscription.

Allison Pries may be reached at apries@njadvancemedia.com.

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New Jersey

Surprise 7 to 11 inches of snow hit these N.J. towns. Latest forecast.

Published

2 hours ago

November 22, 2024

Press Room

Surprise 7 to 11 inches of snow hit these N.J. towns. Latest forecast.

Up to another quarter-inch of rain is likely to fall by Friday evening across most of the state. Northwestern parts of the state will get another dusting of snow, while some higher elevation spots are expected to get a a few more inches.National Weather Service

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New Jersey

New Jersey winemaker says drought helps the grapes, but he’s grateful for the rain this week

Published

10 hours ago

November 22, 2024

Press Room

New Jersey winemaker says drought helps the grapes, but he’s grateful for the rain this week

New Jersey winemaker says drought will make for better wine

01:50

The much-anticipated rain finally made its way into the Philadelphia region this week.

For many gardens, nurseries and farms, the rain was needed.

But in Hammonton, New Jersey, Sharrott Winery says the drought wasn’t all that bad.

Sprawling on 34 acres, 22 of those under vine, the owner of the South Jersey winery says the drought conditions actually helped their vines.

Owner and winemaker Larry Sharrott said in the spring, the rain helped their vines grow.

Come August, the rain tapered off and the dry weather from there on out was used to their advantage.

“For grapes, if it’s dry starting in August and then running through the entire harvest season, that’s really good,” Sharrott said. “It helps concentrate the juice basically, so especially with red wine it makes a much more robust red wine. They take on much nicer fruit flavors.”

Sharrott said the team was also happy when it finally rained after the long stretch.

Wine for sale is seen at Sharrott Winery. A sign says Sharrott like carrot — CBS News Philadelphia
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He said it was perfect timing because the vines could use a boost of hydration.

“But the fact that we have some rain now is really good for the vines because at this point they really need a good drink so they can begin shutting down for winter. We want them to be nice and hearty by the time we get the cold January and February temperatures,” he said

And if you are looking on the bright side, too, Sharrott say they are looking forward to future wines.

“We are going to have some great wines in a couple years when these come out of barrel,” he said.

Kerri Corrado

Kerri Corrado joined CBS News Philadelphia Eyewitness News as a reporter in July 2021.

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New Jersey

Justice Department finds pattern of misconduct by Trenton Police

Published

20 hours ago

November 21, 2024

Press Room

Justice Department finds pattern of misconduct by Trenton Police

From Camden and Cherry Hill to Trenton and the Jersey Shore, what about life in New Jersey do you want WHYY News to cover? Let us know.

The Justice Department said Trenton’s police department have made arrests without legal basis, officers have escalated situations with aggression and used pepper spray unnecessarily.

The results of the yearlong investigation were contained in a 45-page report released Thursday morning during a virtual press conference with U.S. Attorney for New Jersey Philip Sellinger and Assistant Attorney General Kristen Clarke from the Justice Department’s Civil Rights Division.

“The people of Trenton deserve nothing less than fair and constitutional policing,” Sellinger said. “When police stop someone in Trenton, our investigation found that all too often they violated the constitutional rights of those they stopped, sometimes with tragic consequences.”

Maati Sekmet Ra, co-founder of the Trenton Anti-Violence Coalition, said she is not surprised about the Justice Department’s findings.

“You cannot talk about violence that happens and occurs in a place like Trenton without talking about police violence,” she said. “Police have historically brutalized, harassed and now it’s proven that they’re violating the civil rights of folks who live in Trenton.”

Officers violate the 4th Amendment in 2 areas

The two main findings of the report are that Trenton officers use excessive force and conduct warrantless traffic stops, searches and arrests. Both violate the Fourth Amendment to the United States Constitution.

According to the report, officers reported using force in 815 incidents between March 2020 and December 2023. The majority of them involved physical force; pepper spray was used by officers 120 times. A firearm was used once.

In one incident mentioned during the press conference, a 64-year-old man died from respiratory failure after he was sprayed in the face with pepper spray. Officers went to the man’s house to arrest his son who was involved in an earlier domestic incident.

The man, who was not involved in the incident, met with officers outside his front door informing them they would not be allowed in his house without a warrant. As they waited for a supervisor to come to the scene, one of the officers escalated the conversation, taunting the father and son, according to the federal report.

The officer said the son was “talking like he was ‘retarded’ and asking if the father was ‘crazy,’” according to the report. The language the officer used according to the report is considered outdated and a slur toward people with mental disabilities.

As the father was about to re-enter his house, an officer threw him across the porch, against the railing and slammed him face down on the porch steps. As officers were arresting the father, another officer sprayed him in the face.

“The officer who escalated the encounter inaccurately reported that the father physically presented a ‘threat/attack’ to the officer,” the report stated. “He also claimed that he grabbed the father because he feared that a dog inside would come out—a factor that no other officer mentioned and that video footage discredited.”

The father died 18 days after the incident.

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