There is an ongoing building boom along the shore resort islands of New Jersey, as more and more people spend more and more money to get close to the ocean.
Builders League of South Jersey Vice Pesident Rick Van Osten says while South Jersey’s economy may not be all that hot, shore island homes are.
“It is still a great place to vacation, to have a second house. It is easy to get to from Pennsylvania or down the Parkway from New York,” he said.”
He says the uptick on shore house construction really started taking off in January, when uncertainty over the election and the economy started to ease.
“People were a little unsure about the Trump administration and what was going to happen. So until January, things were kind of on the slow side.”
People are building high-end homes on Long Beach Island and in Ocean City, to name just a few shore island hot spots. Builders are installing high-end refrigerators and ovens, even if they do not use them, because some are building for a second home for vacations. Others are renting out what they build.
“They want to make it luxury, and certainly this is the place to do it. You get a great view, close to the beach, and it is cheaper than flying to Hawaii or down the Caribbean.”
On the mainland, things are still on the slow side. Foreclosures are higher. Everything that is going on with the casinos in Atlantic City has not helped the building industry. But second homes on the islands are doing great.
Van Osten says Ocean City’s building boom continued, even in 2010, during the economic downturn.
“It sort of seems like the shore, buying a shore house, is almost recession proof.”
Article Courtesy of Joe Cutter New Jersey 101.5.