On today’s show, property values in Asbury Park have climbed 20%, this is the latest sign of the city’s rapid transformation.
In another sign of the hot ticket the Asbury Park real estate market has become, property values climbed 20% in the preliminary assessments for 2018.
Real estate professionals and city officials said the property value growth was a reflection of the growing popularity of the city, which was named the Coolest Small Town in America by Budget Travel magazine earlier this year. To get a glimpse on how the city has changed over the years, watch the video below:
The condo market is definitely a hot commodity – on the east side anything close to the beach is in demand.
Investors are buying the properties, rehabbing them and bringing them back to market at a higher price, which is definitely contributing to the increase in home prices across the market, We are seeing that when things do come to the market price at fair market value, they’re here today, gone tomorrow. It’s a strong seller’s market in Asbury Park.
Mayor John Moor said it’s still too early to see if the new assessments will result in a lower tax rate, which will be determined by the total tax levy next year.
And if you are interested to know which home in Asbury Park has the single highest assessment, it’s 704 Seventh Avenue. The owner bought the home in 2010 for $ 250,000 and it’s now valued at over a million dollars.
Even iStar, the city’s master waterfront developer’s assessment is jumping from a total of 55 million in 2017 to 92 million in 2018. One of iStar’s properties that increased the most was the 1101 Ocean Ave. site, which sat vacant for over a decade and is now expected to open in 2019 as a 128 unit high-rise building along with a 54 room boutique hotel. The assessment on that property jumped from $5 million in 2017 to more than $15 million in the 2018 assessment.
There is no doubt that progress is being made across the entire city. While all this progress is being made, some citizens want to insure that the city remains a diversified community where all who have been participating in the growth are remembered.
If you are interested in being part of the Asbury Park re-development or if you are already an owner and are looking to cash out on your investment, now is the perfect time. Give me a call and we can discuss your options. (732) 607-8000 http://www.GetRealAP.com