Asbury Park's Residential And Commercial Real Estate Flourishes
Asbury Park real estate has seen a climb in prices and development over the past decade. Once known for its rock and roll roots, Asbury Park was hit hard by race riots in the 1970's. Between the 70's and the early 90's, commercial real estate was abandoned, much of it being torn down. Residential real estate was also being abandoned or rented out to people who contributed to the areas growing crime problem. Even the miles of beautiful beachfront couldn't attract business owners or wealthier residents to the area.
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.
The Place to Live
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.
The city's redevelopment has led Asbury Park real estate to prosper. The proximity of the beach, boardwalk, night life, cultural life, and social times to many of the homes has attracted young couples and families. The ability to still find affordable starter homes is another attraction of the city. Investors are also interested in fixing up homes and offering them as rentals to tourists and visitors.
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.
Other Asbury Park real estate ventures that have taken off include retail shops, commercial service businesses, antique stores, and museums and galleries. New York investors who enjoy the close proximity of the city to New York are eager to open businesses or invest in businesses on the boardwalk. Realtors are full of listings for both residential and commercial real estate. And with the city's new projects underway, the city is slowly becoming a desirable vacation or living destination.
Article Source: FxTradingStock.com
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by: Jessica Monroe
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Date: Wed, 26 May 2010
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