The Historical Roots Of Asbury Park Real Estate
Once known for its musical roots and miles long beaches, Asbury Park real estate declined greatly after 1970. Up until the late 1990′s, much of the city’s real estate was vacant and dilapidated, with the city having to tear down many of the area’s original buildings. The riots in the 70′s took a toll on this once prosperous Jersey shore city. However, in the past couple decades the city has slowly begun a re-growth, with real estate prices rising and new developments being built along the shore.
In the late 1990′s, a billion dollar redevelopment project began what is now known as the renaissance of Asbury Park. The boardwalk was redeveloped and oceanfront condos were built. Individuals from parts of New York began showing an interest in Asbury Park because fixer upper homes could be purchased for less money than a summer rental upstate. As people began relocating to Asbury Park, friends and family who visited were attracted by the burgeoning new social scene, the beach, and the rock bottom real estate prices. Asbury Park was on the brink of a rebirth.
Residential Real Estate
Ranked as having the sixth best beach in New Jersey, Asbury Park is a magnet for people and families who enjoy living on the shore. With the price of single family homes ranging below $70,000 just a few years ago, many people who purchased then are seeing a mass appreciation of their home’s value. A home purchased in the late 80′s or early 90′s may sell for three times its original purchase price.
A common practice of property owners in the late 70′s and 80′s was to turn single family homes into multi-unit dwellings and rent out the rooms to three or four different families. Some of those homes still exist as multi-family dwellings, but many have been redeveloped back into single family homes with custom floors, windows, and counters. The city has since disallowed the conversion of single family homes into rental units, but some were grandfathered in by the city before redevelopment started.
Asbury Park real estate has again become a desired asset for investors and first-time homebuyers. The location of many homes to the city’s active boardwalk scene makes it a great city for young couples. Many of the homes are situated within walking distance from the beach and nightlife, with many new clubs, bars, and restaurants opening along the shore.
Commercial Real Estate
Investors aren’t only looking at residential real estate in Asbury Park. With the attraction of the historical Stone Pony drawing the rock crowd, and die hard Bruce Springsteen fans, many commercial investors are looking at the boardwalk as a profitable business venture. Bars and clubs attract people interested in the nightlife, but there is also a variety of restaurants that serve all different types of cuisine.
Other Asbury Park real estate ventures that have taken off include retail shops, commercial service businesses, antique stores, and museums and galleries. New York investors who enjoy the close proximity of the city to New York are eager to open businesses or invest in businesses on the boardwalk. Realtors are full of listings for both residential and commercial real estate. And with the city’s new projects underway, the city is slowly becoming a desirable vacation or living destination.
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