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I am considering buying an investment property in Asbury Park, NJ. I don't know too much about the area, but I did grow up in NJ nearby and have some knowledge. Can anyone provide insight on the good/bad areas and what they think of investing in Asbury Park generally? It looks like there are some good values south of Asbury Avenue and west of Main Street, but my (limited) understanding is that this is also the most troubled area. Thanks in advance for your insights and info.
All I can say is that up where the Amusements use to be and around the board walk has been very nicely re built.Never wrong the closer to the Ocean you are.
It's a dangerous city, but very enjoyable near the boardwalk. An ocean property/condo would probably be the best as it's away from the ghetto. I would recommend Long Branch as an alternative.
Thanks everyone. I hear what you are saying. The cash flows of the property near the ocean are, as you can probably guess, nowhere near as good as in the less desirable areas. So the question is whether the trade-off is worth it.
Anyone out there who has invested in, or considering investing in, Asbury Park that can chime in?
While I might agree AP as a whole still has some warts, there is absolutely no hotter beach town right now. Every bar and restaurant on Cookman and near the beach is absolutely packed every weekend (and this includes the off season). It is not unusual to wait a very long time for a table.
The Asbury Hotel opened last summer and is beautiful. More businesses have opened in the last year or so.
What AP has done in the last ten or so years is nothing short of remarkable considering how poor the boardwalk was just 10-15 years ago. The arrow is pointing way up for AP. If they can somehow work on the crime and poorer areas, the sky is the limit.
The better investment may be Ocean Grove as it is walking distance to the great parts of AP and doesn't have any crime at all (although certain areas of Neptune are dicey). There was a write up on nj.com recently about OG.
Agree that AP is an up and comer, by the boardwalk/restaurants. The real question here is what could happen in the not so desirable areas. Thanks!
yeah- think AP east of the tracks is good, but other side is terrible. Thinking prices are already on upswing in the trendy areas....Long Branch might be a better bet then. Friend just bought a 3BR house two blocks from the ocean for like 200K; lots of value potential there....
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