Here’s what $5M 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:

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.

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.

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.

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

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