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302w

Is there such a thing as affordable Shore vacation homes?

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Once upon a time average people built summer homes on the Jersey Shore, Lake Hopatcong, Poconos, etc. Over time as the land became valuable these seem to have disappeared 

Do affordable summer homes still exist on the Jersey shore? I briefly looked and only saw tenement condos in Atlantic City. I'm in no shape to buy a vacation home, but it's nice to dream. 

The only average people who own vacation homes seem to have them passed down from family.

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16 minutes ago, 302w said:

Once upon a time average people built summer homes on the Jersey Shore, Lake Hopatcong, Poconos, etc. Over time as the land became valuable these seem to have disappeared 

Do affordable summer homes still exist on the Jersey shore? I briefly looked and only saw tenement condos in Atlantic City. I'm in no shape to buy a vacation home, but it's nice to dream. 

The only average people who own vacation homes seem to have them passed down from family.

The land became valuable BECAUSE people have been building summer homes on it. There's still plenty of relatively inexpensive homes on lakes and such in the Poconos and SNJ. On the Jersey Shore, probably not unless you're ok with buying in flood zones.. lol
Expect to have to travel to the deep boonies for anything decent though. A s***hole in the boonies of SNJ with nothing fancy is still 200k... been looking here in the Glassboro area to move out of the 'rents..

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3 hours ago, 302w said:

... Do affordable summer homes still exist on the Jersey shore? I briefly looked and only saw tenement condos in Atlantic City. I'm in no shape to buy a vacation home, but it's nice to dream. 

 

302w,

Not sure what number you class as affordable, but the answer to your question is yes and no.

I live in Ventnor, just south of AC, (full time) 8 blocks from the beach and 1 block from the back bays. I was able to pick up a 3 bed/2 bath rancher for $240k which in my mind was a great deal. There are currently at least a dozen properties listed for under 200k with a number of foreclosures being listed in the area of 100k.

On the other side of the coin, If you want to live in the beach block, that is a whole other matter.  Generally speaking,you are going to need as an absolute minimum $1,000,000 just to have the real estate agent even show you a property with most beach block properties selling between 1.75 and 3.25 million.

Jerry

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I’m in no position to buy anything either but i like to look at vacation homes too. For me , I’d rather be on a quiet lake somewhere in the opposite direction of shore traffic. I’ve see homes with lake frontage ( they aren’t palaces!) for under 100k. 

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2 hours ago, Salty said:

302w,

Not sure what number you class as affordable, but the answer to your question is yes and no.

I live in Ventnor, just south of AC, (full time) 8 blocks from the beach and 1 block from the back bays. I was able to pick up a 3 bed/2 bath rancher for $240k which in my mind was a great deal. There are currently at least a dozen properties listed for under 200k with a number of foreclosures being listed in the area of 100k.

On the other side of the coin, If you want to live in the beach block, that is a whole other matter.  Generally speaking,you are going to need as an absolute minimum $1,000,000 just to have the real estate agent even show you a property with most beach block properties selling between 1.75 and 3.25 million.

Jerry

I would consider 240k 'permanent residence' pricing. 

Everyone has different opinions on $$$, but I couldn't imagine buying a second residence at that price. 

Ideally, I'd love a bungalow 

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On 8/4/2018 at 2:25 AM, 302w said:

Do affordable summer homes still exist on the Jersey shore?

They certainly do. Here's on on a lagoon with a dock. Only $139K

https://www.realtorbobm.com/listing/21746767-19-compass-road-waretown-nj-08758/

 

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They certainly do. Here's on on a lagoon with a dock. Only $139K
https://www.realtorbobm.com/listing/21746767-19-compass-road-waretown-nj-08758/
 


That's exactly like what I had in Bayville. 2 bed 1 bath bungalow on a lagoon. If I didn't despise this state so much I would buy another one. Perfect for owning a boat. Park in the backyard go right out Barnegat inlet or some crabbing off the dock or in the bay.


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1 hour ago, Sniper22 said:

They certainly do. Here's on on a lagoon with a dock. Only $139K

https://www.realtorbobm.com/listing/21746767-19-compass-road-waretown-nj-08758/

 

My aunt an uncle have a place right up the road from there. It’s says as is Sandy damage, my uncles place had about 6 foot of water in it. If this place has been sitting since Sandy it’s in need of a complete gutting if not torn down. The property is sweet , but I’d bet you’ll need another 100k to get that place livable.

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My aunt an uncle have a place right up the road from there. It’s says as is Sandy damage, my uncles place had about 6 foot of water in it. If this place has been sitting since Sandy it’s in need of a complete gutting if not torn down. The property is sweet , but I’d bet you’ll need another 100k to get that place livable.


Good point. Probably also have to raise it 6-10'


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3 minutes ago, capt14k said:

 


Good point. Probably also have to raise it 6-10'


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The feds were giving big bucks to raise homes, not sure if they are still doing it though. I’m not sure if raising them was mandatory is this area but you definitely won’t be insured if you don’t. Hell I’d demo the house and park a nice mobile where the house was! Not sure the neighbors would be happy . 

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The feds were giving big bucks to raise homes, not sure if they are still doing it though. I’m not sure if raising them was mandatory is this area but you definitely won’t be insured if you don’t. Hell I’d demo the house and park a nice mobile where the house was! Not sure the neighbors would be happy . 


It's mandatory to raise if you don't want your insurance to be more than your taxes. Not sure if money is still available. It was 2 years ago.


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On 8/5/2018 at 0:00 PM, JMich3 said:

The feds were giving big bucks to raise homes, not sure if they are still doing it though. I’m not sure if raising them was mandatory is this area but you definitely won’t be insured if you don’t. Hell I’d demo the house and park a nice mobile where the house was! Not sure the neighbors would be happy . 

Feds were only helping raise houses if it was your primary residence.

I have 2 rental houses in Mystic Island, no federal money for me.

1 house didn’t have flood insurance, other one did but no major damage. Still made good money on insurance. Rates started going up so high I paid off mortgage on house and dropped flood insurance.

both houses are 60’s shore shacks that all the value is in the lagoon front lots.

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