Looks like the Bay Head and Mantoloking luxury real estate markets are making a nice recovery two years after Superstorm Sandy hit the Jersey Shore with a knockout punch.
A new, mid-year report prepared by Clayton and Clayton Realtors shows the Bay Head and Mantoloking areas of the Shore have experienced a true market revival over the past 12 months. Total sales were way up through August 2014 with a whopping 421% increase, while homes were selling for 21.4% more than a year ago. These figures all indicate an improving luxury market. The properties sold reflect the ‘trophy safe haven,’ the theory mentioned earlier in that buyers are looking to invest in luxury real estate for the long term. Although the days on the market are a bit longer in 2014, the strength in sales points to a boost in consumer confidence and a healthy thriving market.
Superstorm Sandy damaged over 300,000 New Jersey homes, about 500 in the Borough of Mantoloking. However, the Ocean County gem has been rebuilding at a rapid pace. Currently, there are four points of entry to the 2.2-mile stretch of beach. The construction of a sheet metal revetment will definitely help protect Mantoloking homes and beaches from another major storm. Mantoloking, once named the wealthiest community in New Jersey, is recovering beautifully.
The statistics across the board for Bay Head and Mantoloking clearly point to a healthy equilibrium between buyers and sellers. Affluent buyers from around the globe are choosing real estate as a primary investment, both personally and professionally. From the perspective of Clayton & Clayton, we continue to advise buyers to move while prices are still favorable (even though they are rising). With the limited inventory, we suggest that buyers act quickly if they find a suitable property
Bay Head and Mantoloking offer some of the most exclusive, luxurious waterfront residences in New Jersey. Therefore, a unique perspective is required when it comes to market analysis. With the diverse properties, facts and figures alone do not give an accurate picture of the area. Clayton & Clayton will provide our clients with insights in the different communities, general data and market trends. We hope you will find this 2014 Mid-Year Market Report interesting and we encourage you to consult with one of our professionals, whether you are a buyer or a seller, as it pertains to specific Bay Head and Mantoloking properties.
We make careful pricing suggestions to our sellers. We try to price properties to entice buyers and possibly bring multiple offers. Plus, we take time to properly market the property to further attract buyers. Mantoloking and Bay Head are being rebuilt with new barriers, new dunes, and beautiful homes. “The communities will soon be whole again,” says owner/broker Shawn Clayton. The infrastructure is being restored, businesses are back and running, there’s been an increase in building permits to restore damage from Sandy and our community is back. Yes, there has indeed been a Bay Head and Mantoloking real estate market renaissance.
You can view the full report by clicking here.Posted by Shawn Clayton on
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