It is amazing, the deals that are currently available for waterfront & oceanfront homes on the jersey shore. The stability of the "waterfront community", has proven to be worth the investment. With national home values declining over the past year and a half, waterfront homes have not been hit as hard and continue to be bought and sold.

The best of both worlds seems to be the scenerio for both buyers and sellers. Allow me to explain.

On the buying side, i have spoken with people who have gotten amazing deals on waterfront. The first of which, were able to offer $276,000 for a nice size waterfront home in Brick, NJ. This is a foreclosure, and a knock-down, but the property value is extremely worth it. This particular home was sold in 2005 for approximately $565,000 then foreclosed. The bank then listed it at $275,000. They plan to build a new home for $200,000. That leaves them at a $476,000 cost.

However, the property’s backyard is waterfront and frontyard is waterview. Homes in the surrounding area are currently going for approximately $500,000-800,000 with the home they plan to build. It is this type of smart investment that is available in this current market for those who are on top of the market and have a real estate agent who notifies them when properties like this come available.

Another waterfront purchase in Toms River that i have recently become aware of, is my own family. They have recently purchased a waterfront home for $430,000. This home is in move-in condition. Originally listed at $550,000.

The deals are out there! That is why it is important to have a knowledgeable real estate agent that keeps you updated. These homes go fast. Real fast! My advice, is not to procrastinate. If you find a home that you are very serious about buying, put in an offer.

On the Selling side, waterfront and oceanfront homes are moving. If you were fortunate enough to purchase a waterfront or oceanfront home at a great price in the past 8 years or so, you still stand to make a great profit. Don’t be fooled by the Bubble that was created in the past 5-7 years. If you think that your home has lost a large amount of value since 2001 (say), it really hasn’t. I tell my friends, look at your return on investment in other areas, and look at your current return on investment, if you were to sell your home now. Most of them will still make $100,000 – 200,000 now. Yes, compared to 2 years ago, when the market would have gotten them $200,000 – $350,000, it seems like a loss. But the fact is, those numbers were not realistic. They were a part of a bubble that burst.

So if you’re thinking of buying or selling, amazingly, this is a great time for both. You just need to find the deals. My advice is to find a realtor that will give you personal attention and keep you updated.

Jeremy, Toms River

This entry was posted on Friday, June 26th, 2009 at 11:43 am and is filed under Market Conditions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.