New Jersey High-End Real Estate Top Heavy

New Jersey Real EstateWHEN a newly built house beside the beach in Sea Girt went into contract for $3.6 million last month, it was sort of a good news-bad news occurrence, in the eyes of real estate brokers and agents.

The good news — obviously — was the handsome price, fetched in a market overflowing with expensive homes in this part of Monmouth County. The not-so-good news was that the sale had taken three years. And the really bad news was that the sale price amounted to only 68 percent of the original asking price of $5.288 million for the house, at 9 the Terrace.

“Sea Girt, Spring Lake, Manasquan — these towns are still highly desirable and holding on to their assessed value,” said Richard Wight of Ward Wight Sotheby’s International Realty, the agency that secured the buyer for the Sea Girt property. “But the area has definitely been affected by the overall downturn in the last several years, especially at the higher end of the market,” he said. “The things that are selling are those where the seller got real with the price.”

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