The Asbury Real Estate Market’s Great Comeback

Just twenty years ago, Asbury Park didn’t have anything near the real estate market it does today. Oh, how the times have changed. Now, Asbury is one of the most sought-after towns to move to. People from all over the country are looking to buy property in one of New Jersey’s most famous towns. Let’s take a closer look at the Asbury real estate market’s great comeback.

Coolest Small Town in America

Last year, Budget Travel Magazine named Asbury Park the “coolest small town in America.” This is quite the honor to have, but it didn’t come easily. Decades of neglect left the once-famous boardwalk and town in disrepair. However, big-time investors kept bringing large investment properties to the town, the tourists started coming back. There are now several well-known five-star hotels that see thousands of weekenders every month. The boardwalk is the place to be in the summer, and the trendy nightlife spots bring people from the city to the suburbs.

The Booming Asbury Real Estate Market

Luxury condos flock the shoreline of the new and improved Asbury Park. One of these buildings, the Monroe, sold 31 of its 34 units almost immediately. The prices for these lush condos begin at $400,000 and go up to over $1 Million. These prices would have been unheard of just a decade ago.

The influx of new buyers and developers are pushing up the prices for single-family homes as well. Home values are finally exceeding pre-recession levels. The average price of a home hit $301,300 this summer, which is almost a 20% rise from the previous summer. Home prices are up 25% from 2015.

The future looks bright for Asbury Park! If you’ve been considering purchasing a property in this area, now is the time. Remember Michael J. Gutman for all your real estate attorney needs.