BEACH NOTES ... January 11, 2012 ... Ocean City, New Jersey

Northen/Gardens Sections of Ocean City, New Jersey ... Sold Properties in 2011

The last two blog postings highlighted sold properties throughout Ocean City in 2011 and introduced sale properties now listed for 2012 again throughout Ocean City (NJ). However, I also do an analysis in my area of interest and expertise (the Northend and Gardens).

There were 632 sales throughout all of Ocean City (NJ) in 2011, and 145 of that total in the Northend and Gardens (or about 23% of the total sales). That's not a bad total for our little corner of the world from the north of Sixth Street to the end of the island at the Longport Bridge. Let's break down that total:

Singles ... 38/116 or about 33% of the total single family sold properties in 2011

Multi-Units ... 17/27 or about 63% of the total multi-unit sold properties in 2011

Condominiums ... 90/489 or about 18% of the total condo sold properties in 2011

Those are some interesting stats (which can be reviewed in terms of average & median sold prices in an earlier blog posting. Let's just break it down a bit more.

The single family property category has really four sections in the Northend: the "800" and "900" rental blocks from north of Sixth Street to south of North Street where a very limited number of singles exist in the Northend, the rest of the Northend from Atlantic Avenue west to the bay where a much larger number of interesting single families exist, the oceanside of the Gardens Parkway where almost all of the single family properties are increasingly selling close to and over the $1 million mark, or will require enough work and renovation to get to that figure, and the bayside of the Gardens Parkway where there are also all single family properties with often a much lower selling price unless you are closer to the bay or new construction.

The multi-family property category is now almost as low as it can get with what is left being slowly renovated and improved (with all of the potential teardowns about finished with limited exceptions). Many of these are located further west from the "800 and 900" rental blocks identified above.

The condominium property category has the same breakdown areas in the Northend and Gardens ... but the larger new and newer construction types remain in the "800 and 900 blocks" ... those further west tend to slowly get lower sold prices until you hit the bay. The Gardens has just a few sections that permit condominium building with parts of Morningside Road and East Atlantic Boulevard being two of them with larger new and newer types and parts of Central Road being another area.

We'll provide some additional analysis in the next blog posting. dap