Keep in mind, the following real estate transaction was only about the land value. The existing cottage will be torn down and replaced. -nvp
Sale of tiny Stone Harbor beachfront cottage sets record
On Jersey Shore’s tony Seven Mile Island, even small homes carry huge price tags.
One of the few remaining mid-20th century beachfront cottages in Stone Harbor sold in an off-market transaction that closed last week for $10 million. The nearly 70-year-old home, as it stands today, totals 1,225 square feet, making the purchase price equate to $8,163 per square foot. Jack Vizzard, who brokered the deal representing both the buyer and seller, believes it represents a price-per-square-foot record on the island encompassing both Stone Harbor and Avalon. The three-bedroom, two-bathroom home on 111th Street sits on a 57-foot by 100-foot parcel.
“The view sells itself,” said Vizzard, who leads the Vizzard Group.
The beachfront home is part of a quickly waning inventory of historic homes on Seven Mile Island. Vacant land, and properties housing cottages reminiscent of the Jersey Shore’s yesteryear, are selling for millions to make way for buyers to build their dream beach houses. Land values in Stone Harbor and Avalon have soared, making the cost of a home — especially a dated one — almost inconsequential compared to the lots they sit on…
Vizzard said that price increases have slowed on “inside homes” — those not on the bay or beachfront — but properties along the ocean or bay continue to carry huge price tags, no matter their size.