Quote:
Originally Posted by GiantRutgersfan
Particularly in the areas within 5 minutes walking of the beach?
My grandparents sold their small house a couple minutes walk away from Ortley beach in the late 1980s and still talk about regretting selling it to this day because it would be worth a fortune.
Out of curiosity I searched Keansburg and I see apparently well kept, 3 bedroom homes within 1/3 of a mile from the ocean selling under 150k.
I know the town is not too desirable, but if you worked in the area, did not presently have kids, and had money to invest in a real estate to live in/speculate on, what would you think of Keansburg near the water?
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In that situation, I would. It's a gamble--potential is there to go either way. I know from area cops that there is some gang activity in Keansburg, and the crime problem is real. I also did a lot of driving through Keansburg when I first decided to move to Monmouth County, and much of the town is really kind of cute. With its location on the water, I think that sooner or later, developers with big bucks are going to be in there.
The fact that it's near water is a minus as well as a plus. This past year FEMA redrew its flood-zone maps for NJ, and entire town of Keansburg now is high risk and requires flood insurance. The government said it could no longer guarantee the levees. It is inevitable that at some point in the future there will likely be a hurricane or other flood-causing storm that will cause extensive damage. It could be twenty years from now, or forty, but it will eventually happen.
Taking all that into consideration, yes, I would buy something there if I didn't have a kid in college and I had money to invest.
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