Depressed real estate market yields deals at the Shore

The market for Jersey Shore real estate could be at low tide, but are investors jumping in?

The down economy has also depressed real estate values at the Jersey Shore where many are buying properties for investments or second homes.

“So you take the very top of the market, which would be 2005, and look at those prices and where they are today, you are 25 percent off,” said Nicholas Marotta, head of the Ocean City, N.J., Board of Realtors.

He disputes claims that tighter mortgage rules are making it difficult to purchase a second home.”It’s all negativity because it’s not true.  You don’t need 30 percent down.  The mortgage companies, what they are doing right is what they have been doing for the past year, they have tightened up and are scrutinized where peoples’ credits are concerned,” he said. Marotta saids hotel rooms that have been converted into condos are available for as little as $25,000.  Of course, homes on the beach can cost millions. 

For would-be investors in Shore real estate, Marotta said there is still mortgage money available for those with good credit.

“In April, I did a 10-percent down second home, investment,” he said. “Wells Fargo did the mortgage.”

Elsewhere along the Shore, foreclosures have helped drive down prices. At least one developer auctioned off condos he needed to move quickly.

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“It’s all negativity because it’s not true.  You don’t need 30 percent down.  The mortgage companies what they are doing right is what they have been doing for the past year, they have tightened up and are scrutinized where peoples’ credits are concerned.”

Marotta says hotel rooms that have been converted into condo’s can be bought for as little as 25 thousand dollars.  Of course, homes on the beach can cost millions.