Real Estate in Marlboro New Jersey

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This is from a recent article from Atlanticville

Housing is million-dollar baby


County report details soaring prices in Monmouth market
BY TALI ISRAELI
Staff Writer

 

The Monmouth County Planning Board's annual report on new residential development shows a continuing trend of more expensive houses being built in the county.

The board's report, which was issued in May, surveyed 147 new residential developments (8,066 units) in 2005. These developments included 109 single-family home developments, 20 multifamily housing developments, 16 age-restricted housing developments and two mixed-use housing developments.

A mixed-used development consists of residential and commercial units. The board's survey only covers the residential units.

According to the report, between September 2004 and August 2005 the median price of a new single-family home in Monmouth County (excluding age-restricted units) was $752,500; a 7 percent increase from the previous year and a 34 percent increase from 2003.

The lowest-priced new single-family housing development in Monmouth County is the Orchards in Aberdeen Township with a starting price of $410,000. The highest priced development is a 20-unit oceanfront development in Sea Bright, with homes priced as high as $4.7 million.

Compared to the rest of the United States, homes in Monmouth County continue to increase sharply in cost, according to the report. The median price for a home in the United States in 2005 was $231,400, up from $221,000 in 2004. The least expensive new single-family home in Monmouth County in 2005 was $410,000, compared with a price of $278,950 a year earlier.

The median price means half of the homes sold for more and half of the homes sold for less.

As for new multifamily homes in Monmouth County, the median price rose from $480,000 in 2004 to $550,000 in 2005, according to the report.

A significant indication of Monmouth County's escalating price trend is the number of $1 million homes being built. Approximately 17 percent of the total single-family, non-age-restricted units included in the survey cost $1 million and up.

 

In 2003 there were 195 single-family homes that cost $1 million or more. That number rose to 343 units in 2004 and to 485 units in 2005.

The million-dollar developments are primarily located in the western and central regions of the county, where land is still available for large-lot development, according to the report.

Marlboro, which has 147 units that cost $1 million or more, tops the chart as the Monmouth County municipality with the most new single-family, million-dollar homes.

Manor at Riverbrook and Hidden Estates are single-family-home developments in Marlboro where homes cost between $900,000 and $1.2 million. Buckley Estates, Emerald Hill Estates and Cannon Hill Farms are all single-family-home developments where houses are priced between $1.25 million and $1.65 million. Four Columns is a single-family-home development in Marlboro where homes are priced between $1.6 million and $2.2 million.

Marlboro Mayor Robert Kleinberg said he is not surprised his community has the most million-dollar homes being built. He said Marlboro probably has the most housing units in general compared with the other municipalities mentioned in the report.

"Marlboro still continues to be a great place to live. People want to move here for the school system," Kleinberg said.

The Monmouth County municipalities that follow Marlboro with the most million-dollar homes are Colts Neck, 129 units; Holmdel, 62 units; Manalapan, 45 units; Freehold Township, 43 units; Millstone Township, 23 units; Sea Bright, 20 units; Wall Township, 15 units; and Howell, 1 unit.

Attorney Gerald Sonnenblick, who represents home builders in front of local planning boards and is a longtime resident of Manalapan, said he never would have thought that this area would turn into such an expensive place to live.

In 1967 houses in the Monmouth Heights development in Manalapan were priced between $24,000 and $31,000. Homes in the Yorktowne development and the Holiday North development, both in Manalapan, were selling for between $18,000 and $20,000 that same year, Sonnenblick said.

In 1971 homes in the Holiday Park development, Manalapan, were selling in the $45,000 range. By 1983, the $100,000 level had been reached in that neighborhood. According to information published in the real estate section of a local newspaper, homes in Holiday Park are now selling for more than $400,000.

According to Sonnenblick, in the mid-1980s prices in Monmouth County rose rapidly and more people moved into the area. However, things slowed down when the stock market crashed in the early 1990s, he said.

By 1997, Sonnenblick said, the demand for housing began to climb, and by 2000 developers could not build the homes fast enough. Although he said the more expensive homes are still being sold, they are not moving as quickly as they were three years ago.

Sonnenblick said he believes the school system and the accessibility to a train line for commuting purposes are the key factors for why people move to a certain town and are willing to pay the going price for a home, whatever that price may be.

Combine those factors with a builder or developer trying to make the biggest profit, and that is why the homes are so costly, Sonnenblick said, adding that the profit is in the larger homes with the most amenities.

Another factor Sonnenblick noted that has affected the price of homes is the cost of land. A developer cannot sell a home for $200,000 when he paid $100,000 for the property, the attorney said.

According to the county report, an increase in redevelopment is a trend that has taken place in Monmouth County's coastal communities such as Long Branch and Asbury Park. Both communities have large-scale waterfront developments under way. Older lower-priced homes are being replaced by units costing hundreds of thousands of dollars.

According to the report, it appears this region will continue its upward trend during the next few years.

Mixed-use developments with a residential component were a small percentage of Monmouth County's new housing market. Pier Village, Long Branch, is being developed on a 10-acre piece of oceanfront property and includes 320 rental apartments and 100,000 square feet of upscale retail space and restaurants.

Wesley Grove is along Wesley Lake in the heart of Asbury Park's downtown shopping area and includes the construction of 91 town homes, condominiums and duplexes. The final phase of the project will include a total of 750 homes and 35,000 square feet of retail space.

In the 2004 housing report, age-restricted homes were added as a new category due to the large number of those units being constructed in Monmouth County. Between 2003 and 2005 there was an 87 percent increase in the number of age-restricted homes in Monmouth County.

In 2005 there were 3,277 age-restricted units compared with 3,162 units in 2004 and 1,728 units in 2003.

The majority of new age-restricted development is in Ocean Township, 867 units. The other municipalities with significant new age-restricted development are Manalapan, 807 units; Freehold Township, 450 units; Wall Township, 384 units; and Marlboro, 242 units. The remainder of the county has a total of 477 more recently developed age-restricted units.

Included in the report are some of the new developments constructed throughout Monmouth County. These developments have housing that ranges in cost from $300,000 to $5 million.

Many of the lower-priced developments in Monmouth County are multifamily projects or age-restricted developments, according to information provided in the report.

New multifamily developments priced between $310,000 and $385,000 include Oxford Crossing, Englishtown; Cedar Glen, Howell; and Park Place, Tinton Falls. Nobility Crest, Ocean Township, is a multifamily age-restricted development ranging in price from $350,000 to $450,000. Four Seasons, Upper Freehold Township, is a single-family home, age-restricted development with homes priced at $320,000. Xanadu, Wall Township, is a multifamily age-restricted development priced with homes priced at $320,000.

In terms of new development, a town like Manalapan has homes at both ends. The Village Grande at Battleground and Four Seasons are both single-family home, age-restricted developments with houses priced between $350,000 and $470,000. Premier at Manalapan Ridge is a development of single-family homes priced between $950,000 and $1.35 million. Other million-dollar developments in Manalapan are Deerbrook Farm and Orchard Meadows.

Some other developments in Monmouth County where housing costs between $1 million and $2 million include Preakness at Wall and Preakness at Ramshorn, Wall Township; Beachfront North and Diamond Beach, Long Branch; and Potter Glen, Freehold Township.

Some developments in Monmouth County where housing may cost more than $2 million include Riverfront Estates, Wall Township; Corinthian Cove, Red Bank; Borden's Brook, Hazienda, Tenant 79/Tilelli, Stillwell Estates in Holmdel; and Colts Neck Country Club, Abbatello, Somerset Estates, Kureti Homes and Blackburn in Colts Neck.

 

Tip #23

Home Buying Tip, Big Ticket Items:
Before you buy a home you should avoid buying any big ticket items.  When this is found out during the credit process or reporting it can make mortgage banks nervous.

Even if you will be able to get a loan, you might not be able to get the best available interest rate.

 

Tip #24

Home Selling Tip, Listing Right:
A common mistake when people list their house (especially in a buyers’ market) is list the house at a high price that they don’t anticipate to sell it at.  They figure that if they get it then GREAT but if not they can always lower the price.

This is not a good practice because what mostly happens is it will stay on the market for a while and make potential home buyers nervous because it’s been on the market so long.