Here’s some insanity for you.

With the home inventory still low in New Jersey and sellers still in the proverbial catbird seat, home prices of course are crazy. Buyers are in bidding wars, waiving inspections, and are plenty frustrated.

Even with all this craziness, this story, to me, still stands out.

A house only 544 square feet (I’ve had many apartments bigger than this) just sold for $1,195,000. Why?

Location.

It’s in Stone Harbor. It’s one and a half blocks from the beach. But still, a 2 bedroom home with tiny rooms selling for almost $1.2 million is insane. I mean, it’s a bungalow. It has only one bathroom. It’s almost the stuff you’d see on those tiny houses shows.

Crazier yet, it took only one day on the market for someone to offer this. Why?

The listing agent Steve Frame with Diller Fisher Realtors explains,

“They come up for sale maybe once or twice a year. There’s not many of them. Probably 30 bungalows on each court. When they do go up for sale, they sell really quickly.”

And that’s in normal times. Now even fewer homes are for sale.

Still, I can’t imagine being near the beach is worth $2,196.69 per square foot. That’s what we’re talking here. I mean my home is only a couple hundred bucks per square foot. This is bonkers.

For some perspective this same property last sold in 2019 for $715,000. That’s a 67% increase in three years. Someone made out big time.

By the way, that’s still modest for Stone Harbor. The current median home price there?

$2.6 million.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.

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