The Historical Roots of Asbury Park Real Estate
26 Apr 2010
The decades between the 1970’s and the 1990’s saw a massive decline in Asbury Park real estate. Once a place for rock and roll musicians the city of Asbury Park was destroyed by riots in the 70’s. The city gradually declined and crime became a constant problem. Much of the city’s notable real estate was abandoned, many of the buildings being torn down. Homes were also left vacant or housed people involved in criminal activity. The beach was no longer a drawing point for families or young couples. Over the past decade, the city has slowly seen improvement in both residential and commercial real estate and development.
The late 1990’s began a new beginning for Asbury Park. A billion dollar redevelopment project was underway for the boardwalk and real estate developers were planning oceanfront condos. New Yorkers, used to spending thousands of dollar on rent, became interested in the single family homes available for cheap. Young couples began buying starter homes in Asbury Park and impressing friends and family with the size of the home, the proximity to the beach, and the low cost of the price tag. A renaissance was happening in Asbury Park.
Homes for Sale
Ranked as having the sixth best beach in New Jersey, Asbury Park is a magnet for people and families who enjoy living on the shore. With the price of single family homes ranging below $70,000 just a few years ago, many people who purchased then are seeing a mass appreciation of their home’s value. A home purchased in the late 80’s or early 90’s may sell for three times its original purchase price.
One issue the city has dealt with in the redevelopment phase is the grandfathering in of single family homes that were converted into multi-family dwellings. After the riots, many property owners converted their single family homes into rental units. Some of these homes still exist today, but most have been converted back into single family homes. The city no longer allows for the home conversions. The redeveloped homes boast custom floors, windows, counters, and other amenities.
With new businesses opening along the Jersey shore, Asbury Park real estate is once again a desirable investment for homebuyers and investors. Many of the redeveloped homes are within walking distance from the beach and the boardwalk, where all of the nightlife and social activity takes place. A younger crowd is definitely drawn to Asbury Park, with many young couples finding affordable start homes.
Business Property for Sale
The boardwalk is home to many new restaurants serving up a variety of different foods. Hot clubs and bars also draw a crowd at night, making Asbury Park a wise business location for investors. The Stone Pony is probably the most notable bar on the boardwalk, with many Bruce Springsteen fans considering it the place he got his start. For this reason, many investors show interest in Asbury Park.
The redevelopment of the boardwalk has allowed for more than just bars and clubs to prosper. Commercial businesses, stores, antique shops, and museums have all found a place in the city. Asbury Park Real Estate professionals have seen a climb in requests for both commercial and residential property listings. Asbury Park’s close proximity to New York has New York investors clamoring to snatch up some property. The renaissance of this ocean side city has once again made it a desirable place to live and visit.