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When people start traveling again and when government checks stop.. will the nj shore take a hit? Right now so high, no where to travel to. The loss of NYC jobs will also have a huge impact on NJ. Maybe hold off and wait for the foreclosures?!
how is it doing now? we rented a house last summer and i was satisfied with the price and it was available without much lead time. we are now looking for a house this summer and it looks like the house we had is no longer available and slimmer pickins online. i have a call in to a realtor and she hasnt gotten back to me in a week now.
We recently booked our week at the shore for the summer. Definitely seems like fewer options and priced a bit higher, but I guess that's to be expected with people vacationing closer to home. Last year, especially at the beginning of summer, felt like an aberration with people not knowing if they should be going down etc.
In terms of long term outlook, who knows. If you're talking about actual real estate prices (to purchase), I don't think that activity is being impacted by people who are even eligible for the government checks. And, a large part of the shore is more tied to Philly than NYC so is more aligned to the economy there. Too early to tell if NJ will be hurt by jobs leaving NYC, or if it will benefit from residents leaving NYC for the suburbs, or if NYC is even impacted in the long run at all.
But inventory is tight and prices are high right now, no doubt about that.
When people start traveling again and when government checks stop.. will the nj shore take a hit? Right now so high, no where to travel to. The loss of NYC jobs will also have a huge impact on NJ. Maybe hold off and wait for the foreclosures?!
The south Jersey shore was still booming this summer. In fact it’s doing better in the off season too because many second homeowners who are remote working stayed down this winter. If you went to the Ocean City Boardwalk this past summer it was as packed as ever. Everything was open including the rides. Except restaurants, indoor dining wasn’t allowed till September so they took a hit. But rentals really didn’t. I don’t think there are going to be many bargains forthcoming.
Prices will remain high for the foreseeable future. Interest rates very low, programs freezing mortgage payments, a very healthy stock market and people staying home and putting their money there. Prices down the shore wont flip unless you see a turn in the stock markets or until we have another Sandy.
so we paid $10,500 for a rental house last summer that we were very happy with. it seems to be booked but the house next door is exactly the same and available for $16,500. a pretty huge jump and one id prefer not paying (split 3 ways).
so we paid $10,500 for a rental house last summer that we were very happy with. it seems to be booked but the house next door is exactly the same and available for $16,500. a pretty huge jump and one id prefer not paying (split 3 ways).
im not sure what to do as an alternative.
Keep looking, you still have time. My ex and I got priced out of beachfront years ago (we used to rent with a big group but eventually it was just us) but we found an awesome bayfront place that was cheaper than some of the places that were 2-3 blocks from the beach. Not sure if that's changed since then, but most people want to be as close to the beach as possible. We had an 8 block walk to the beach, which several of our out of shape guests complained about, but we didn't mind it and we ended up falling in love with the bay.
I do think prices will be higher this year though as I think more people are going to vacation close to home.
I had a friend who used to wait until May or June and then call around and ask if there were any cancellations. There always were--people get sick or plans change or something. She and her family were flexible timewise so would take off whichever week something was available.
I had a friend who used to wait until May or June and then call around and ask if there were any cancellations. There always were--people get sick or plans change or something. She and her family were flexible timewise so would take off whichever week something was available.
I think Captain is looking for the entire summer or half the season? $16,500 sounds like a lot for a week, lol. If you wait too long the homeowner will start renting weeks then you have very few places that have a place available for the season.
A good thing to keep in mind is one of the fastest-growing places in NJ is Lakeville. The NJ Shore is growing with permanent residents that are either looking for a lifestyle change or are retiring and want to stay close to their family. NJ
Also, if people/New Yorkers are tighter on cash they won't be making big luxurious beach weekend/week trips to Maine, Florida or Cape Cod/Nantucket. I would say there will be more conservative trips to cheaper, more affordable regions, like NJ.
I already know one family who canceled their annual trip to Nantucket at a $950 a night hotel and are renting a condo in NJ in July for $3000 for the week.
I honestly think the NJ coastline will do better this summer. I mean im from MA and usually go to Marthas Vineyard... this summer im going to settle for NJ since Im already here. It just makes logical sense for me and my wallet.
I wouldnt worry at all. Booming Housing Market + Changing Lifestyles + More Conservative Vacations will make NJ busier this summer or next summer I would imagine...
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