SOLEIL SOTHEBY’S INTERNATIONAL REALTY
THE SHORE REPORT
The Shore Towns
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Introduction
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The Housing Market
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2017 Single Family Homes Analysis - Q1 2018 Single Family Homes Analysis - Q1 Sotheby’s Auction House
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2017 Condominium Analysis - Q1 2018 Condominium Analysis - Q1
INFO www.soleilsir.com info.soleil@sothebysrealty.com (609) 487-8000 LOCATIONS
8502 Ventnor Avenue, Margate, NJ 08402 1012 W. Brigantine Avenue, Brigantine, NJ 08203
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THE SHORE TOWNS Absecon Island
The Jersey shore is unrivaled when it comes to its beaches, world-famous boardwalks, nightlife, and local cuisine. Each shore town in Atlantic County has its own unique aspects that serve both the local communities and the population that flocks to the shore to spend the summer. Known for the peaceful pace of life and relaxing atmosphere, there is plenty to discover in each town.
BRIGANTINE
ATLANTIC CITY
VENTNOR
Serving as its own island, Brigantine is known as “an island you’ll love for life”. It is easy to see why- from short commutes to its beautiful beaches and scenic streets.
Atlantic City is bursting to life with attractive new projects that appeal to everyone. The atmosphere is unmatched with plenty of great eats and exceptional nightlife.
Ventnor’s famous boardwalk stretches for miles, and is only one of the many allures it has. With its strong community, and active yet relaxing pace of life, Ventnor is one of the prime locations along the Jersey Shore.
MARGATE
LONGPORT
Although it is a popular vacation spot, Margate doesn’t slow down in the winter. Margate is an ideal family-friendly atmosphere, and is home of some worldfamous attractions.
Longport is known for its luxurious lifestyle, quiet pace, and close-knit community. It features stunning views and short commutes to both the ocean and bay, making Longport an ideal shore home location.
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INTRODUCTION A word from the New Jersey coast... Each quarter, Soleil Sotheby’s International Realty creates a report showcasing the local market. It offers an overview and comparison of the housing trends in Brigantine, Atlantic City, Ventnor, Margate, and Longport for each quarter year over year.
We believe that having access to more information gives you the knowledge you need to make the right decision.
In our ongoing effort to become an invaluable resource to our clients and neighbors, this quarter-by-quarter analysis of the local housing market helps us achieve that goal.
The Jersey shore has seen many new developing projects in the past few years, which, in turn, is creating more career opportunities that have the potential to impact the housing market. Projects such as The Hard Rock Casino, Ocean Resort Casino, Stockton University, are all set to open this year.
This report compares the average prices and units sold in each town from the previous year, which gives clients an understanding of local market trends quarter-by-quarter and also year over year.
As always, if you have any questions or if you are looking to spend your summer at the beach or find a new home - Soleil Sotheby’s International Realty is here to discuss and help you in any way that we can!
Donald “DJ” Gluck Broker / Owner
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THE HOUSING MARKET For years, Brigantine has been an affordable option on the Jersey shore that offers fabulous beaches, great recreation, and an amazing pace of life. Brigantine has been one of the hottest markets up and down the Jersey coast for the past year, and we have seen a large increase in activity and unit sales, which has directly resulted in appreciating values and higher average sold prices. We have seen this trend develop over the past few years: where second homeowners are transitioning from other shore communities and relocating to Brigantine because of the exceptional values. Brigantine is a fantastic place to buy, live, and to make your home. Atlantic City has had some tough times over the past years, which has led to decreasing values in real estate. As of late, we are seeing a renewed interest in commercial properties, multi-family investments, summer rental investments, and restoration to some of the larger classic Atlantic City Shore homes bordering Ventnor. As Atlantic City continues to fight through their difficulties and development increases, it seems a certainty that Atlantic City property values will continue to move in a positive direction as well. For the first time in a long time, we are seeing supply and demand in Ventnor move into the seller’s favor. Moving forward, we expect Ventnor to see some excellent investment opportunities, and an influx of second homeowners that had been summering further South, who are transitioning into the area. These buyers are realizing that there is great potential in Ventnor.
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As long as these trends continue, we are expecting Ventnor prices to continue to appreciate slightly. Margate continues to be one of the best values up and down the Jersey Coast. Margate offers one of the shortest commutes from Philadelphia Area, high elevations, great infrastructure and amenities, a phenomenal yearround community that caters to second homeowners, a high ratio of owners to renters, a relaxing pace of life, and excellent real estate values.
appreciate slightly, and we predict homes further than 6 blocks to the beach will hold their value. New construction homes and condos continue to be the engine that drives the real estate market in Margate.
Over the past two years, we have seen both single-family homes and condos trickle down in average sold price and increase in units sold.
Longport is an extremely unique market. It is one of the smallest municipalities in South Jersey with approximately 1,800 total housing units. Over the past two years, the trend in other Jersey Shore communities is that unit sales are up, and average sold prices remain unchanged. In Longport, it has been the exact opposite.
We are expecting average sold prices to start moving in a positive direction as these newer spec homes continue to be completed and selling in 2018. We are forecasting an increase in new construction sales for 2018. Homes within 5 blocks to the beach will continue to
We forecast that Longport will continue to have robust volume, and actual values should remain constant. moving forward. Longport is an ideal location for luxury home buyers who value more of a private, exclusive, and quieter piece of life and lifestyle.
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QUARTER 1 - 2017 BRIGANTINE AVERAGE PRICE $460,000
THE NUMBERS
UNITS SOLD 59
SINGLE FAMILY HOMES ATLANTIC CITY
VENTNOR AVERAGE PRICE
AVERAGE PRICE
$71,000
$295,000
UNITS SOLD 47
UNITS SOLD 39
MARGATE
LONGPORT AVERAGE PRICE
AVERAGE PRICE
$722,000
$1,607,000
UNITS SOLD 36
UNITS SOLD 6
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QUARTER 1 - 2018 BRIGANTINE AVERAGE PRICE $380,000 | -17% UNITS SOLD 61 | +3%
THE NUMBERS
SINGLE FAMILY HOMES ATLANTIC CITY
VENTNOR AVERAGE PRICE
AVERAGE PRICE
$86,000 | +21%
$397,000 | +35%
UNITS SOLD 39 | -17%
UNITS SOLD 44 | +13%
LONGPORT
MARGATE AVERAGE PRICE
AVERAGE PRICE
$653,000 | -10%
$1,059,000 | -34%
UNITS SOLD 46 | +28%
UNITS SOLD 4 | -33%
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Fine Jewels
The Burgundy Collection
Fine Books & Manuscripts
Impressionist & Modern Art
FINE JEWELS
THE BURGUNDY COLLECTION
FINE BOOKS & MANUSCRIPTS
IMPRESSIONIST & MODERN ART
June 6, 2018
June 9, 2018
June 18, 2018
June 19, 201
Number of Lots:
Number of Lots:
Number of Lots:
Number of Lots:
379
205
To be determined
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About:
About:
About:
About:
“An iconic collection of jewels by Ravasco, as well as stylish retro jewels from the 1940s. Cartier, Van Cleef & Arpels and Bulgari will also be featured.”
“This superb collection is studded with the most sought after wines from Burgundy, Armand Rousseau, Domaine du Comte Liger-Belair, Comte de George de Vogüé and Leroy.”
“This sale brings together a diverse array of printed and manuscript material from artists and authors ranging from Albrecht Dürer to Tennessee Williams.”
“A wonderful selection of paintings, works on paper and sculpture by leading artists of the late nineteenth and early twentieth centuries...as well as a Pablo Picasso masterpiece.”
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SOTHEBY’S AUCTION HOUSE “Particular highlights include an extraordinary copy of History of the Expedition under the Command of Captains Lewis and Clark in the original printed boards, a first edition, first printing, first issue of Edgar Allen Poe’s Tales with the original wrappers.”
Fine Books & Manuscripts Sotheby’s Auction House
a
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QUARTER 1 - 2017 BRIGANTINE AVERAGE PRICE $207,000
THE NUMBERS
UNITS SOLD 42
CONDIMINUMS ATLANTIC CITY
VENTNOR AVERAGE PRICE
AVERAGE PRICE
$90,000
$178,000
UNITS SOLD 46
UNITS SOLD 22
MARGATE
LONGPORT AVERAGE PRICE
AVERAGE PRICE
$296,000
$500,000
UNITS SOLD 23
UNITS SOLD 1
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QUARTER 1 - 2018 BRIGANTINE AVERAGE PRICE $203,000 | -2%
THE NUMBERS
UNITS SOLD 22 | -48%
CONDOMINIUMS
VENTNOR
ATLANTIC CITY AVERAGE PRICE
AVERAGE PRICE
$122,000 | +38%
$178,000 | 0%
UNITS SOLD 43 | -7%
UNITS SOLD 21 | -5%
MARGATE
LONGPORT AVERAGE PRICE
AVERAGE PRICE
$385,000 | +30%
$360,000 | -28%
UNITS SOLD 24 | +4%
UNITS SOLD 2 | +100%
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ADDRESS 8502 Ventnor Avenue, Margate, NJ 08402 ONLINE www.soleilsir.com info.soleil@sothebysrealty.com CALL (609) 487-8000