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Real Estate update for Berkeley Shores:

While 2017 is just about finished I thought you might find an update on how our waterfront homes are faring in this changing real estate market.

2017 was clearly a stronger year for waterfront homes sales reducing inventory levels, however prices have only nudged up slightly. Actual full NJ state reports show a slight decline in prices, but effectively flat. Inland homes and especially the adult communities enjoyed brisker sales and better price development over last year.

Here are some interesting points:

Flood insurance rates have remained basically stable with only slight increases reported by some of our clients. One factor that may help our market and other waterfront homes on the bay is buyer apprehension of living on the barrier islands.

While massive rebuilding has taken place since Sandy, some buyers have made the move to the bay side giving the extra level of protection.

Conversely, one area of uncertainty will be how the new tax laws will impact second home sales and values. Losing the ability to deduct property tax and interest on a second home can only place downward pressure on these markets. One would hope this will only be temporary until we all adjust to the new normal. Also if consumer confidence continues to rise, buyers should feel more confident in buying into the waterfront life style. After all, that’s why most of us purchased on the water, it’s all about the experience.

If you wish to watch a short video on NJ real estate comparing Q3 2016 to 2017 here is a link that is worth a few minutes to view.

https://youtu.be/2x_zrZMDiow

Sales data from Monmouth Ocean MLS

Bob & Kathi Nunn are Realtors with Coldwell Banker Riviera Realty, 1055 Lacey Rd. Forked River NJ. Bob is second VP for BSHCA