Home News Jersey Shore real estate: Avalon lots sell for $21 million – a Seven Mile Island record

Jersey Shore real estate: Avalon lots sell for $21 million – a Seven Mile Island record

by admin
0 comment

The combined sale of two adjacent lots south of Avalon for $21 million set a record for Seven Mile Islands, including Avalon and Stone Harbour.

Seaside glade at 163 68th St. Sold for $11.5 million in OctoberThe second lot is located at 165 68th St. behind the beachfront lot and has a 4,700 square foot home.sold to the same buyer $9.5 million.

Joe Butler of A. Louis Purdy Real Estate said, Cape May County Herald The two lots will be the site of an 8,000-square-foot “dream home” of an unnamed businessman who purchased two properties under the LLC.

Butler said the new owners plan to demolish the existing 14-year-old home and build a new home in an area that covers both lots. The vacant lot used to house a 1970s house that was demolished last year by the previous owner.

The owner purchased the beachfront property for $6.25 million in 2011 and both lots for $3.7 million in 2006.

Butler explained that the availability of two adjacent parcels in South Avalon is extremely rare. He added that the lot is in one of Avalon’s least flood-prone areas.

According to the Philadelphia Business Journal, Avalon’s real estate market soared last year, making it the most expensive housing market in the southern Jersey Shore and the greater Philadelphia area. report.

The median home in Avalon is currently selling for about $2.825 million, up 19.7% from last year, according to the company. Jiro.

Last summer, a six-bedroom mansion on 100 70th Street, not far from two lots on 68th Street, went public for $15 million.this Sold last month for $11,885,000.

Butler told the Herald that the southern tip of Avalon has become a more competitive and priced area over the past decade. It was most coveted due to its easy beach access. Residents of Avalon resented illegal beach passes on adjacent high dune properties, reducing the exclusivity of high dunes and shifting more attention to the southern tip.

The sale of two lots on 68th Street has surpassed the highest selling price in Avalon in 2021. Sold for $11.15 million.

You may also like